The name blockchain is what it is, a block of transactions linked together in a chain. Originally created to support cryptocurrency, Bitcoin, Blockchain technology has advanced and has the potential to revolutionize our lives, economy and world. One of the biggest things about Blockchain is that all transactions are public. This means that you can return everything to its origin.
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For example, imagine that a foodborne illness is emerging. Contamination can return from the dinner plate to the supermarket and 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 traded illegally. In addition to eliminating illegal trafficking in blockchain technologies, it will also be a way to account for the source of illegal arms trafficking. In addition to allowing transactions to be public, Blockchain transactions are also fast.
Blockchain can replace current trading platforms, as investors who sell shares through Blockchain will have instant access to their funds instead of the normal wait. Transactions in the blockchain happen very quickly, at low cost, and most importantly they are more secure than many platforms. Security is a huge factor in transforming Blockchain the way we know the world. Because of its design, Blockchain can’t worry. Its transaction books are decentralized, meaning that copies of those transactions exist and must be verified through nodes. Once a transaction has been verified, it is “closed” in a block and cannot be changed. Because this platform is so secure, it could also be used as a voting medium in the United States as well as around the world.
There are so many cases of corruption and fraud that voting using Blockchain would eradicate those fears. Again, everything is public. It’s immediate. And it is very safe. There will be no concern about changing votes or counting votes. This irreversible book will confirm this. In addition to being public, reliable and secure, Bitcoin is very cost effective. In most transactions, it will eliminate the broker. There will be no need for third parties to manage or review transactions. Companies will not waste security costs to prevent fraud because Blockchain has covered that. Companies can also use Blockchain to assess their supply chain and identify inefficiencies.
You find it funny how Blockchain started as a small platform to support Bitcoin and is now bigger than what was created to support this technology. Even though Blockchain technology is relatively new, there are many advantages to forgetting that are very good. Blockchain technology is transparent. All transactions are made in a large book. Blockchain technology is fast and cost effective. And ultimately, blockchain technology is safe and secure.