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 economy, 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 would 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 allowing transactions to be public, Blockchain transactions are also fast.
Blockchain could potentially replace current trading platforms because investors who are selling stocks via Blockchain will have instant access to their funds instead of the typical wait time. Transactions made on a blockchain occur extremely fast, at a low cost, and most importantly are more secure than many, 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 unhackable. Its transactions ledgers are decentralized, meaning copies of those transactions exist and have to be verified by nodes. Once a transaction is verified, it is “sealed” into a block and changing it is close to impossible. Because this platform is so secure, it could be used as a medium for voting in the United States-and even worldwide.
There are so many alleged instances of corruption and fraud that voting using Blockchain would eliminate those fears. Again, everything is public. It is instant. And it is very secure. There will be no worries about votes being changed 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 great need for third parties to manage or review transactions. Businesses will not have to waste costs on security to prevent fraud because Blockchain has that covered. 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 platform to support Bitcoin and now, this technology is bigger than the one it was created to support. Even though the Blockchain technology is relatively new, there are many benefits that are too good to overlook. Blockchain technology is transparent. All of the transactions occur across a public ledger. Blockchain technology is both fast and cost efficient. And ultimately, blockchain technology is safe and secure.