Blockchain is what the name of the transaction is said to be associated with the chain. Originally made to support Cryptocurrency, Bitcoin, Blockchain technology has taken off and has the potential to revolutionize our lives, economics, and the world. One of the biggest things about Blockchain is that all transactions are public. This means you can trace everything back to it.
For example, imagine the disease that is transmitted through food. Contamination will be able to be tracked from the dinner plate to the supermarket and return to product sources. Let’s take this transparency a step further. We live in armed societies. There are many weapons traded illegally. Blockchain technology will not only eliminate illegal trade, but it will also be a way to hold an accountable source of illegal weapons trade. In addition to allowing public transactions, Blockchain transactions are also fast.
Blockchain has the potential to replace the current trading platform because investors who sell shares through Blockchain will have instant access to their funds instead of distinctive waiting time. Transactions made on Blockchain occur very quickly, at low costs, and most importantly safer than many, if not all platforms. Security is a big factor in the blockchain that changes the world as we know. Because of the design, blockchain basically cannot be released. The transaction ledger is decentralized, which means the copy of the transaction exists and must be verified by the node. After the transaction is verified, it’s “sealed” into the block and turn it almost impossible. Because this platform is very safe, it can be used as a media for voting in the United States – and even throughout the world.
There are so many corruption instances and fraud that choose to use blockchain will eliminate the fear. Again, everything is public. It’s instant. And it’s very safe. There will be no worries about the sounds that are being changed or the sound is not counted. The irreversible ledger will confirm it. Besides general, reliable, and safe, Bitcoin is also very cost effective. For most transactions, it will remove intermediaries. There will be no great need for third parties to manage or review transactions. Business does not have to waste security costs to prevent fraud because blockchain has a closed. Businesses can also use blockchains to evaluate their own supply chains and identify inefficiencies.