A blockchain is exactly what the name implies – a blockchain in a chain. Originally created to support cryptocurrency, bitcoin, blockchain technology has grown, has the potential to revolutionize our lives, our economy, our world. One of the biggest advantages of Blockchain is that all transactions are public. This means that you can trace everything back to its origins.
For example, imagine an outbreak of a foodborne illness. Contamination can be traced back 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 sold 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 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 instant access to their funds instead of the usual standby time. Blockchain transactions happen very quickly, at low cost, and most importantly, they are safer than most, if not all, platforms. Security is a huge factor in Blockchain transforming the world as we know it. Due to its design, Blockchain is basically impossible to break. Its transaction logs are decentralized, which means that copies of those transactions exist; they must be checked by nodes. When the transaction is checked, it is “sealed” in the block, և it is almost impossible to change. 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 suspected cases of corruption and fraud that voting through Blockchain will eliminate those concerns. Again, everything is public. It’s instant. And it’s very safe. There will be no worries about changing the votes or counting the votes. The irreversible register will confirm that. In addition to being public, reliable, and secure, Bitcoin is also very cost-effective. In most cases, this will eliminate the broker. There will be no need for third parties to manage or review transactions. Businesses will not have to spend money on security to prevent fraud, as Blockchain covers it. Businesses will also be able to use Blockchain to assess their supply chain and identify inefficiencies.
You may find it funny how Blockchain started out as a small platform to support Bitcoin, and now this technology is bigger than the one created to support Bitcoin. 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 the public register. Blockchain technology is “fast” and cost effective. And finally, blockchain technology is safe and secure.