Blockchain is exactly what the name says – a block of transactions linked in a chain. Originally created to support cryptocurrency, Bitcoin, Blockchain technology has taken off and has the potential to revolutionize our lives, economy and world. One of the biggest things about Blockchain is that all transactions are public. This means you can trace all the way back to its origins.
For example, imagine a foodborne illness. Contamination could be traced from the plate to the supermarket and back to the source of the product. Let’s go a step further than this transparency. We live in an armed society. There are many weapons that are trafficked illegally. Blockchain technology will not only eliminate the illegal trade, but will also be a way to hold the source of the illegal arms trade accountable. In addition to allowing transactions to be public, Blockchain transactions are also fast.
Blockchain could potentially replace existing trading platforms as investors selling stocks through Blockchain will have instant access to their funds instead of typical waiting times. Transactions made on the blockchain take place extremely fast, at a low price and, most importantly, are more secure than many, if not all platforms. Security is a huge factor in Blockchain that is transforming the world as we know it. Due to its design, Blockchain basically cannot be hacked. His transaction books are decentralized, which means that there are copies of those transactions and they must be verified by nodes. Once the transaction is verified, it is “sealed” in a block and change is almost impossible. Because this platform is so secure, it could be used as a voting medium in the United States – and even around the world.
There are so many alleged cases of corruption and fraud that voting using Blockchain would eliminate those fears. Again, everything is public. It’s right now. And he is very safe. There will be no worries that the votes will be changed or the votes will not be counted. The non-refundable book will confirm that. In addition to being public, reliable and secure, Bitcoin is also very profitable. For most transactions, this will eliminate the middleman. There will be little need for third parties to manage or review transactions. Companies will not have to lose security costs to prevent fraud because Blockchain covers it. Businesses will also be able to use Blockchain to assess their own supply chain and identify inefficiencies.
It’s funny how Blockchain started as a small platform to support Bitcoin, and now this technology is bigger than the one it created to support. Although Blockchain technology is relatively new, there are many benefits that are too good to overlook. Blockchain technology is transparent. All transactions take place through the public ledger. Blockchain technology is fast and cost effective. And finally, blockchain technology is safe and secure.