A blockchain is exactly what the name says – a block of chain-linked transactions. Originally created to support cryptocurrencies, Bitcoin, Blockchain technology has taken off and has the potential to revolutionize our lives, the economy and the world. One of the biggest things about Blockchain is that all transactions are public. This means you can trace everything back to your origin.
For example, imagine a foodborne illness. Contamination could be traced from the dinner plate to the supermarket and back to the product source. Let’s take this transparency a step further. We live in an armed society. There are many weapons that are traded illegally. Blockchain technology will not only eliminate the 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 public, Blockchain transactions are also fast.
Blockchain could potentially replace current trading platforms as investors selling stocks through Blockchain will have instant access to their funds instead of the usual waiting time. Transactions made on blockchain happen 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 that is transforming the world as we know it. Due to its design, Blockchain is basically non-hackable. Its transaction books are decentralized, which means that copies of these transactions exist and must be checked by nodes. Once the transaction is confirmed, it is “sealed” into a block and its change is almost impossible. Because this platform is so secure, it could be used as a voting medium in the United States – and even around the world.
There are so many alleged cases of corruption and fraud that voting with Blockchain would eliminate that fear. Again, everything is public. It’s right now. And it is very safe. There will be no worries about changing votes or counting votes. A non-refundable book will confirm this. In addition to being public, reliable and secure, Bitcoin is also very profitable. For most transactions it will eliminate the intermediary. There will be little need for third parties to manage or review transactions. Companies will not have to spend costs on security to prevent fraud, as Blockchain covers it. Businesses will also be able to use Blockchain to assess their own supply chain and identify inefficiencies.
It’s funny to you how Blockchain started out as a small platform to support Bitcoin, and now this technology is bigger than the one it created to support. Although Blockchain technology is relatively new, there are many benefits that are too good to ignore. Blockchain technology is transparent. All transactions take place in the public ledger. Blockchain technology is fast and cost effective. And finally, blockchain technology is safe and secure.