In the case of blockchain use

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 roots.

For example, imagine a foodborne illness spreading. Contamination will be able to track from dinner plates to supermarkets and product sources. Let’s take this transparency one step further. We live in an armed society. Many arms are being traded illegally. Blockchain technology will not only eliminate illegal transactions, but will also be a way to hold the source of the illegal arms trade accountable. In addition to allowing transactions to become public, blockchain transactions are also faster.

Blockchain could potentially replace existing trading platforms because investors who are selling stocks through blockchain will have instant access to their funds instead of the usual 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 means of voting in the United States and even globally.

There are many allegations of corruption and fraud that voting using blockchain will allay those fears. Again, everything is public. It’s instant. And it is very safe. There will be no worries about the vote being changed or the vote not being counted. The unchangeable ledger will ensure 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 funny how Blockchain started to support Bitcoin as a small platform 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.