Blockchain is just what the name says — a block of transactions linked in a chain. What was originally created to support cryptocurrency, Bitcoin, Blockchain technology has disappeared and has the potential to change our lives, economy, and world. One of the best things about Blockchain is that all transactions are public. This means you can trace everything back to its origin.
For example, imagine a food -borne illness that erupts. Contamination can be traced from the dinner plate to the supermarket and back to the source of the product. We will make this transparency in one step. We live in an armed society. There are many firearms being illegally sold. Blockchain technology will not only eliminate illegal trade, but can also be a way to hold accountable the origin of illegal arms trade. In addition to allowing transactions to be public, Blockchain transactions are also fast.
Blockchain can replace current trading platforms because investors who sell stocks through Blockchain have quick access to their funds instead of the usual waiting time. Transactions done on a blockchain happen very quickly, at low cost, and most importantly much more secure than many, if not all, platforms. Security is a big factor in Blockchain that is changing the world as we know it. Due to its design, Blockchain basically cannot be hacked. Its transaction ledgers are decentralized, meaning that there are copies of transactions and must be verified by the nodes. Once a transaction is verified, it is “sealed” into a block and changing it is almost impossible. Because this platform is so secure, it can be used as a voting medium in the United States — and even around the world.
There are so many alleged instances of corruption and fraud that voting using Blockchain can allay fears. Once again, everything is public. Immediately. And it’s very safe. There are no worries about votes being changed or votes not being counted. The irreversible ledger will confirm that. In addition to being public, reliable, and secure, Bitcoin is also cost -efficient. For most transactions, this will eliminate the middleman. There is no longer a great need for third parties to manage or review transactions. Businesses don’t have to waste security costs to avoid fraud because Blockchain has its scope. Businesses can also use Blockchain to identify their own supply chain and identify gaps.
You find it funny how Blockchain started as a small platform to support Bitcoin and now, this technology is bigger than the one it was created to support. Even if Blockchain technology is relatively new, there are many benefits that are too good to be overlooked. Blockchain technology is transparent. All transactions take place in a public ledger. Blockchain technology is both fast and cost efficient. And finally, blockchain technology is safe and secure.