Blockchain is just what the name says-a block of transactions linked together in a chain. Originally created to support the cryptocurrency, Bitcoin, Blockchain technology has taken off and has the potential to revolutionize our lives, the economic system, and the world. One of the greatest things about Blockchain is that all transactions are public. This means you can trace everything back to its origin.
For instance, imagine a food-borne illness breaking out. The contamination can be able to be tracked from the dinner plate to the supermarket and back to the source of the product. Let’s take this transparency a step further. We live in a weaponized society. There are many weapons being traded illegally. Blockchain technology will not only eliminate illegal trades, but will also be a way to hold the source of illegal weapons trading accountable. In addition to permitting transactions to be public, Blockchain transactions are also fast.
Blockchain may potentially change current trading platforms because traders who are selling stocks via Blockchain will have immediate access to their funds instead of the typical wait time. Transactions made on a blockchain occur extremely fast, at a low value, and most significantly are more secure than many, if not all platforms. Security is a huge factor in Blockchain transforming the world as we know it. Resulting from its design, Blockchain is basically unhackable. Its transactions ledgers are decentralized, which means copies of these transactions exist and must be verified by nodes. As soon as a transaction is verified, it is “sealed” into a block and changing it is close to impossible. Because this platform is so safe, it might be used as a medium for voting in the United States-and even worldwide.
There are so many alleged situations of corruption and fraud that voting utilizing Blockchain would remove those fears. Again, everything is public. It’s instant. And it may be very secure. There will be no worries about votes being modified or votes not being counted. The irreversible ledger will confirm that. In addition to be public, reliable, and safe, Bitcoin is also very cost efficient. For most transactions, it will eliminate the middleman. There won’t be a terrific want for third parties to handle or review transactions. Companies will not need to waste costs on security to forestall fraud because Blockchain has that covered. Companies 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 platform to support Bitcoin and now, this technology is bigger than the one it was created to support. Even though the Blockchain technology is comparatively new, there are many benefits which can be too good to overlook. Blockchain technology is transparent. The entire transactions happen throughout a public ledger. Blockchain technology is each fast and value efficient. And ultimately, blockchain technology is safe and secure.
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