As the name suggests, blockchain is a block of transactions connected to each other in a chain. Originally created to support the cryptocurrency Bitcoin, Blockchain technology has taken off and has the potential to transform our lives, our economy and our world. One of the greatest aspects of blockchain is that all transactions are open. This means you can trace everything back to its origin.
For example, imagine a foodborne illness outbreak. Pollution will be traceable from the dinner plate to the supermarket and the source of the product. Let’s take this transparency a step further. We live in an armed society. There is an illegal circulation of many weapons. Blockchain technology will not only eliminate illegal trade, but will also be a way to hold the source of the illegal arms trade accountable. In addition to allowing transactions to be open, Blockchain transactions are also fast.
Blockchain can potentially replace existing trading platforms, as investors selling shares through Blockchain will have immediate access to their funds instead of the typical waiting period. Transactions on blockchain are extremely fast, low-cost, and most importantly, more secure than many, if not all, platforms. Security is a huge factor in Blockchain, which is changing the world as we know it. By design, Blockchain is essentially unhackable. Its transaction ledgers are decentralized, meaning that copies of those transactions exist and must be verified by nodes. Once a transaction is confirmed, it is “sealed” into the block and is next to impossible to change. Since this platform is very secure, it can be used as a voting tool in the US and even around the world.
There are so many alleged cases of corruption and fraud that voting using Blockchain will eliminate these fears. Again, everything is public. It happens instantly. And it’s very safe. There will be no worries about votes being tampered with or votes not being counted. The irrevocable book will confirm this. Besides being public, secure and safe, Bitcoin is also very economical. It will cut out the middleman for most transactions. There will be little need for third parties to manage or review transactions. Businesses won’t have to waste security spending to prevent fraud because Blockchain has it covered. Businesses will also be able to use Blockchain to assess their supply chains and identify inefficiencies.
You find it funny how Blockchain started as a small platform to support Bitcoin and now it is bigger than what the technology was created to support. Although blockchain technology is relatively new, there are many advantages that are too good to overlook. Blockchain technology is transparent. All transactions take place in the public ledger. Blockchain technology is both fast and cost-effective. And finally, blockchain technology is safe and secure.