Blockchain – this is exactly what the name says – a block of transactions linked together in a chain. Originally created to support cryptocurrency, bitcoin, Blockchain technology has emerged and has the potential to change our lives, the economy and the 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 that a disease of food origin occurs. Contamination could be traced from the plate to the supermarket and back to the source of the product. Let’s take that transparency one step further. We live in an armed society. Many weapons are traded illegally. Blockchain technology will not only eliminate illegal trade, but will also be a way to prosecute the source of the illegal arms trade. In addition to the fact that transactions can be public, blockchain transactions are also fast.
Blockchain could potentially replace current trading platforms because investors who sell stocks through Blockchain will get instant access to their funds instead of the usual waiting time. Transactions made on the blockchain are extremely fast, at a low cost and, most importantly, 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, the blockchain is virtually impossible to crack. His transaction books are decentralized, which means that copies of these transactions exist and must be verified by nodes. Once the transaction is verified, it is “sealed” into a block and it is virtually impossible to change it. Because this platform is so secure, it can be used as a voting tool in the United States and even around the world.
There are so many alleged cases of corruption and fraud that blockchain voting eliminates these fears. Again, everything is public. It’s instantaneous. And it’s very safe. Will not worry about changing votes or not counting votes. An irreversible book will confirm this. Apart from the fact that bitcoin is public, reliable and secure, it is also very cost effective. For most transactions, this eliminates the middleman. There will be a great need for third parties to manage or view transactions. Companies don’t have to spend on security costs to prevent fraud because it covers Blockchain. Companies will also be able to use Blockchain to assess their own supply chain and identify inefficiencies.
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. Although Blockchain technology is relatively new, there are many benefits that are too good not to be noticed. Blockchain technology is transparent. All transactions take place through a public ledger. Blockchain technology is both fast and cost effective. And ultimately, blockchain technology is safe and secure.