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Blockchain is just what the name says-a block of transactions linked together in a chain. Initially created to support the cryptocurrency, Bitcoin, Blockchain technology has taken off and has the potential to revolutionize our lives, the economic system, and the world. One of many greatest things about Blockchain is that all transactions are public. This means you may hint everything back to its origin.

For example, imagine a food-borne illness breaking out. The contamination could be able to be tracked from the dinner plate to the supermarket and back to the supply of the product. Let's take this transparency a step further. We live in a weaponized society. There are numerous weapons being traded illegally. Blockchain technology will not only eradicate illegal trades, but will even be a way to hold the source of illegal weapons trading accountable. In addition to permitting transactions to be public, Blockchain transactions are also fast.

Blockchain could probably exchange present trading platforms because investors who are selling stocks by way of Blockchain will have on the spot access to their funds instead of the typical wait time. Transactions made on a blockchain happen extremely fast, at a low price, and most importantly are more secure than many, if not all platforms. Security is a big factor in Blockchain transforming the world as we know it. Attributable to its design, Blockchain is basically unhackable. Its transactions ledgers are decentralized, which means copies of those transactions exist and need to be verified by nodes. Once a transaction is verified, it is "sealed" right into a block and changing it is near impossible. Because this platform is so safe, it could possibly be used as a medium for voting in the United States-and even worldwide.

There are so many alleged instances of corruption and fraud that voting using Blockchain would get rid of these fears. Once more, everything is public. It's instant. And it could be very secure. There will be no worries about votes being modified or votes not being counted. The irreversible ledger will confirm that. In addition to be public, reliable, and safe, Bitcoin can also be very cost efficient. For many transactions, it will eliminate the middleman. There won't be an incredible need for third parties to handle or review transactions. Companies will not need to waste costs on security to prevent fraud because Blockchain has that covered. Companies will even be able to use Blockchain to guage their own supply chain and determine inefficiencies.

You discover it funny how Blockchain started as a small platform to help Bitcoin and now, this technology is bigger than the one it was created to support. Although the Blockchain technology is comparatively new, there are a lot of benefits which can be too good to overlook. Blockchain technology is transparent. All of the transactions occur across a public ledger. Blockchain technology is both fast and price efficient. And finally, blockchain technology is safe and secure.

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