Blockchain is exactly what the name implies – a block of transactions together in a chain. Originally created to support cryptocurrency, Bitcoin has adopted blockchain technology and can 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 source.
For example, imagine a foodborne illness spreading. The contamination will be able to go from the dinner plate to the supermarket and back to the source of the product. Let’s take this clarity one step further. We live in an armed society. There are many weapons being traded illegally. Blockchain technology will not only eliminate the illicit trade, but will also be a way to hold the source of the illicit arms trade accountable. In addition to allowing transactions to be 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. Blockchain transactions are extremely fast, low cost and most importantly more secure than many if not all platforms. Security is a huge factor in the transformation of the blockchain world that we know of. Due to its design, the blockchain is basically stagnant. Its transaction sectors 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 the platform is so secure, it can be used as a means of voting in the United States এমনকি even globally.
There are so many so-called examples of corruption and fraud that voting using blockchain removes that fear. Again everything is public. Instant. And it is very safe. There will be no worries about changing the vote or not counting the votes. Irrevocable Khatar will ensure it. In addition to being public, reliable and secure, Bitcoin is also very affordable. This will eliminate intermediation for most transactions. There will be no need for a third party to conduct or review the transaction. You don’t have to spend business security to prevent fraud because the blockchain has it. Businesses will be able to use blockchain to evaluate their own supply chains and identify inefficiencies.
How blockchain started as a small platform to support Bitcoin and you find it fun now, this technology is bigger than the technology 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 cost efficient. And finally, blockchain technology is safe and secure.