Blockchain is what the name says – a block of transactions linked together in a chain. Blockchain technology, originally created to support the cryptocurrency Bitcoin, has become widely known and has the potential to revolutionize our lives, the economy, and the world. One of the greatest advantages of Blockchain is that all transactions are public. This means you can trace everything back to its origin.
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 take this transparency a step further. We live in an armed society. Many weapons are traded illegally. Blockchain technology will not only eliminate the illegal trade, but will also be a way to bring the source of the illegal arms trade to justice. In addition to the ability of transactions to be public, blockchain transactions are also fast.
Blockchain can potentially replace current trading platforms because investors selling stocks through Blockchain will have instant access to their funds instead of the usual waiting time. Transactions made on the blockchain happen very quickly, at a low cost, and most importantly, are more secure than many, if not all, platforms. Security is a huge factor in Blockchain that is changing the world as we know it. Due to its design, Blockchain is virtually impossible to hack. Its transaction ledgers are decentralized, meaning that copies of these transactions exist and must be verified by nodes. Once a transaction is verified, it is “sealed” into a block and is virtually impossible to change. Since this platform is very secure, it can be used as a voting environment 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 these fears. Again, everything is public. It’s instant. And it is very safe. There will be no worry of votes being tampered with or votes not being counted. The irrevocable book will confirm this. In addition to being public, secure and secure, Bitcoin is also very cost-effective. For most transactions, this eliminates the middleman. There won’t be much need for third parties to manage or review transactions. Companies won’t spend on security to prevent fraud because Blockchain has it covered. Companies will also be able to use Blockchain to assess their own supply chain and identify inefficiencies.
You find it funny that Blockchain started as a small platform to support Bitcoin and now the technology is bigger than what it was created to support. Although Blockchain technology is relatively new, there are many benefits that are too good to ignore. 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.