Blockchain is exactly what the name says – a block of transactions linked together in a chain. Originally created to support the cryptocurrency Bitcoin, Blockchain technology has evolved 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 example, imagine an outbreak of foodborne illness. Contamination will be traceable 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 gun society. There are many weapons that are traded illegally. Blockchain technology will not only eliminate illegal transactions, but also be a way to hold the source of the illegal arms trade accountable. Besides allowing transactions to be public, blockchain transactions are also fast.
Blockchain can potentially replace current trading platforms, as investors who sell shares via Blockchain will have immediate access to their funds instead of the typical waiting time. Transactions made on blockchain are extremely fast, low cost and most importantly 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 unhackable. Its transaction ledgers are decentralized, meaning that copies of those transactions exist and must be verified by nodes. Once a transaction is confirmed, it is “sealed” in a block and is almost impossible to change. Because this platform is so secure, it can be used as a means of voting in the United States – and even around the world.
There are so many alleged cases of corruption and fraud that voting using Blockchain would eliminate these fears. Again, everything is public. It’s instant. And it’s very safe. There will be no worries of votes being changed or votes not being counted. The irreversible ledger will confirm this. In addition to being public, reliable and safe, Bitcoin is also very profitable. For most transactions, it will eliminate the middleman. There will be little need for third parties to manage or review transactions. Businesses won’t have to waste security spending to prevent fraud because Blockchain covers that. Businesses will also be able to use Blockchain to assess 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 what it was created for. Although Blockchain technology is relatively new, there are many benefits that are too good to be ignored. Blockchain technology is transparent. All transactions take place on a public ledger. Blockchain technology is both fast and cost-effective. And ultimately, blockchain technology is safe and secure.