Blockchain is the name given to a block of transactions connected together in a chain. Originally created to support cryptocurrency, bitcoin, blockchain technology and have the potential to revolutionize our lives, the economy and the world. The biggest thing about blockchain is that all transactions are public. This means you can get everything back to its origin.
For example, imagine a foodborne illness spreading. Contamination will be able to track back to the supermarket and product source from the dinner plate. Let’s take this clarity one step further. We live in an armed society. Many arms are being traded illegally. Blockchain technology will not only eliminate illicit transactions, but will also be a way to hold the source of the illicit arms trade accountable. In addition to allowing transactions to become public, blockchain transactions are also fast.
Blockchain could potentially replace existing trading platforms because investors who sell stocks through blockchain will usually have instant access to their funds instead of waiting time. Transactions made in a blockchain are extremely fast, low cost, and most importantly more secure than many, if not all platforms. Security is a huge factor in transforming the blockchain world that we know. Because of its design, blockchain is basically unhackable. Its transaction ledgers are decentralized, which means that a copy of that transaction exists and needs to be verified by the node. 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 can be used as a voting medium in the United States and even worldwide.
There are many allegations of corruption and fraud that using blockchain will allay those fears. Again, everything is public. It’s instantaneous. And it is very safe. There will be no worries about change of vote or non-counting of votes. Irreversible laser will confirm this. In addition to being universal, reliable and secure, Bitcoin is also extremely affordable. For most transactions, this will eliminate the intermediary. There will not be much need for a third party to conduct or review the transaction. Businesses don’t have to waste security costs to prevent fraud because blockchain covers it. Businesses will be able to use blockchain to evaluate their own supply chain and identify inefficiencies.
You find it interesting how Blockchain started out as a small platform to support Bitcoin and now, this technology is bigger than it was created to support it. Although blockchain technology is relatively new, there are many advantages that are too good to ignore. Blockchain technology is transparent. All transactions take place across a public ledger. Blockchain technology is both fast and affordable. And finally, blockchain technology is safe and secure.