It’s just what the name blockchain says: a block of transactions linked in a chain. Originally created as a cryptocurrency to support Bitcoin, Blockchain technology has advanced and has the potential to revolutionize our lives, economy and the world. One of the biggest things about Blockchain is that all transactions are public. This means that you can return everything to its origin.
For example, imagine that a foodborne illness is on the rise. The contamination could return from the dinner plate to the supermarket and to the source of the product. Let’s take that transparency one step further. We live in an armed society. There are many weapons that are sold illegally. In addition to eliminating illicit trade in blockchain technology, the source of illicit arms trafficking will also be a way to demand accountability. In addition to being public transactions, Blockchain transactions are also fast.
Blockchain can replace current trading platforms because investors who are selling shares through Blockchain will have instant access to their funds instead of the usual waiting time. Transactions in a blockchain happen very quickly, at a low cost, and most importantly, they are more secure than many platforms, if not all. Security is a big factor in transforming the world we know as Blockchain. Because of its design, Blockchain is basically impossible. Its transaction books are decentralized, meaning that copies of those transactions exist and must be verified by the nodes. Once a transaction is verified, it is “sealed” in a block and it is almost impossible to change it. Because this platform is so secure, it could be used as a voting tool in the United States and around the world.
There are so many cases of suspected corruption and fraud where voting using Blockchain would eliminate those fears. Again, everything is public. It’s immediate. And it is very safe. There will be no worries about changing votes or not counting votes. An irreversible book will confirm this. As well as being public, reliable and secure, Bitcoin is very effective. For most transactions, it will delete the broker. There will be little need for third parties to manage or review transactions. Businesses should not waste their time trying to avoid security fraud, as Blockchain has it covered. Companies can also use Blockchain to assess their supply chain and identify inefficiencies.
It seems strange how Blockchain started out as a small platform that supports Bitcoin and is now bigger than what was created to support this technology. Even though Blockchain technology is relatively new, there are many benefits that are overlooked. Blockchain technology is transparent. All transactions take place on a public record. Blockchain technology is fast and cost effective. And after all, blockchain technology is safe and secure.