Blockchain is what the name says: a block of transactions linked together in a chain. Originally created to support cryptocurrency, Bitcoin technology, Blockchain, has taken off and has the potential to revolutionize our lives, the economy and the world. One of the most important things about Blockchain is that all transactions are public. This means you can track everything down to its origin.
For example, imagine a foodborne illness erupting. Contamination could be traced from the dinner plate to the supermarket and back to the source of the product. We 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 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 replace current trading platforms so that investors selling shares through Blockchain will have instant access to their funds instead of the typical timeout. Transactions made in a blockchain occur extremely quickly, at a low cost, and most importantly, they are more secure than many, if not all, platforms. Security is a huge factor in Blockchain that transforms the world as we know it. Because of its design, Blockchain is basically unacceptable. Their transaction logs are decentralized, meaning there are copies of these transactions that must be verified by nodes. Once a transaction is verified, it is “sealed” in a block and change is almost impossible. Because this platform is so secure, it could be used as a means to vote in the United States and even around the world.
There are so many alleged cases of corruption and fraud that voting through Blockchain would eliminate these fears. Again, everything is public. It’s instantaneous. And it is very safe. There will be no concern about changing votes or not counting votes. The irreversible book will confirm this. In addition to being public, reliable and secure, Bitcoin is also very profitable. For most transactions, it will remove the broker. There will be no great need for third parties to manage or review transactions. Companies will not have to waste security costs to avoid fraud, as Blockchain has it covered. Companies will also be able to use Blockchain to assess their own supply chain and identify inefficiencies.
You find it curious how Blockchain started as a small platform to support Bitcoin, and now this technology is bigger than the one that was created to support it. While Blockchain technology is relatively new, there are many advantages too good to overlook. Blockchain technology is transparent. All transactions take place through a general ledger. Blockchain technology is fast and economical. And ultimately, blockchain technology is secure.