We are living in a world where everything is centralized. There is almost always a central authority, government or (sometimes) just an individual scrutinizing and approving/rejecting the transactions based on criteria set by them.
This is about to change with blockchain paving the way for decentralization of power and moving towards autonomy.
No, it does not mean that the blockchain network cannot be trusted. It simply means there is no trust required in the network for it to function. We trust organizations and governments with our data. However, we have seen recent cases where sites including and especially social media sites have betrayed the trust of its users by selling their data to advertising agencies to earn profit out of it.
More concerning is the scenario when our information falls in the hands of someone with malicious intentions. With blockchain, this trust is drastically reduced, if not eliminated, in third party organizations.
Today government can censor any content or service that they do not wish their citizens to have. It’s feasible since currently we have client-server architecture in place. Restricting access is as easy as controlling the traffic to and from the server.
In peer-to-peer architecture, however, censorship will be rendered ineffective. In the blockchain network, its utterly hard, even to think, to restrict data that is going to every other node simultaneously.
A decentralized application (DApp) resides on the blockchain, and blockchain resides on every node of the network. Therefore, no matter how many nodes in the network are offline, the service will always be available on other nodes.
The same applies to any stored data or recorded transaction on the blockchain network. In other words, there is no single point of failure in the blockchain network. On the other hand, in a client-server architecture, if the server is offline, service cannot be accessed at all.
Faster Turnaround Time
In blockchain network, a transaction is broadcasted to all the nodes and once consensus is reached, its added as a new block to the blockchain. That’s all! It means time taken from initiation of the transaction to completion of transaction takes minutes in best cases, if not hours in the worst case.
This is a far greater improvement over the current situation where requests can be queued up, sometimes for days, to be approved by any central authority or a series of such agencies.