Blockchain technology has the potential to change the world in the same way as the Internet once did, or maybe even more so. And the applications of this technology are virtually endless. Blockchain provides security, transparency, efficiency, traceability, and other benefits.
It can change everything: from your daily shopping trips, renting an apartment renting, or loan taking to hiring employees, healthcare, and banking.
But What Lies Behind the Blockchain Concept?
Blockchain is a digital database that cannot be altered without letting everyone know. It spreads across multiple devices joined by a network. To be a little more specific, it is, in fact, a chain of blocks of information that is encrypted. And each following block contains the information on the previous one.
Such a twisted scheme makes it practically impossible to alter, insert or delete a block on the Blockchain, making fraud unlikely or extremely hard to accomplish. In short, blockchain technology is a way to improve many business processes and seriously affect our daily lives. Let’s look at the main advantages of the blockchain systems and the ways Blockchain is changing everything:
- Anonymity, reliability, transparency are three main features of the blockchain technology. All personal information is encrypted, and it is impossible to access it. At the same time, you are guaranteed transparency and reliability of all transactions.
- No intermediaries. Today, all banking operations or legal contracts require intermediaries. But the blockchain transactions are based on blockchain smart contracts and don’t need verification by a third party.
- No additional fees. The bank, like any other intermediary organization, always takes a percentage for its services, and it can be quite substantial. There are practically no additional fees in the Blockchain. And the ones that exist are set by users themselves.
- Traceability. In Blockchain each time when an exchange of goods or money occurs, it is recorded in a block, and you can trace it later. It helps to verify the authenticity of the traded assets and prevents fraud in exchange-related businesses.
Blockchain Will Change the World
The globalization of blockchain technology is inevitable; there no doubt about that anymore. It is the most significant innovation in computer science since the invention of the Internet. The idea of a distributed database where trust is established through collaboration rather than through a central authority is simple, yet so long overdue.
Therefore, Blockchain has every opportunity to become a catalyst for a long-awaited change in a long chain of different industries. In the next decade, Blockchain is destined to go mainstream, and you won’t be able to avoid it even if you try, whenever you are booking a taxi, buying a car or a whole car factory, for that matter.