A blockchain is exactly what the name says – a block of transactions linked together in a chain. Originally designed to support cryptocurrency, bitcoin, Blockchain technology has evolved and has the potential to revolutionize our lives, the economy and the world. One of the biggest things about Blockchain is that all transactions are public. This means that you can trace everything back to its origin.
For example, imagine a foodborne illness. Contamination can be traced from the dinner plate to the supermarket and back to the source of the product. Let’s take this transparency one step further. We live in an armed society. There are many weapons that are traded illegally. Blockchain technology will not only eliminate illegal transactions, 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 current trading platforms, as investors who sell shares through Blockchain will have immediate access to their funds instead of the typical waiting time. Blockchain transactions are extremely fast, 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. Thanks to its design, Blockchain essentially cannot be hacked. His transaction books are decentralized, which means that copies of these transactions exist and need to be checked by nodes. Once the transaction is verified, it is “sealed” in a block and it is almost 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 voting with Blockchain would eliminate these fears. Again, everything is public. It is instantaneous. And it is very safe. There will be no worries about changing votes or disregarding votes. The irreversible book will confirm this. As well as being public, reliable and secure, bitcoin is also very profitable. For most transactions, this will eliminate the intermediary. There will be little need for third parties to manage or review transactions. Businesses will not have to lose security costs to prevent fraud, because Blockchain covers this. Businesses will also be able to use Blockchain to evaluate their own supply chain and identify inefficiencies.
You find it funny how Blockchain started as a small bitcoin support platform and now this technology is bigger than the one it was designed to support. Although Blockchain technology is relatively new, there are many advantages that are too good to ignore. Blockchain technology is transparent. All transactions are made in a public ledger. Blockchain technology is fast and cost effective. Ultimately, blockchain technology is safe and secure.