By Chloe Bennet
Blockchain is certainly a technology that has gained a lot of attention in the past decade – and for good reason. For one, it has enabled one of the most interesting concepts of the day, cryptocurrency. It has also made our lives a lot simpler and easier. And the changes and benefits that blockchain has brought us have just started. Take a look at some of the biggest changes that blockchain has brought to the world:
Considering that blockchain was created to enable safer transactions between parties, it’s no wonder that it’s enabling better security all across the web. There are already many blockchain applications across the web that enable safer data storing. No one wants their personal data – name, social security number, credit card numbers and so on – stolen. This is why blockchain is great. It’s protecting the world against cyber crime.
Streamlining Financial Operations
While traditional methods of wiring money to someone across borders are really complex and require high fees, blockchain payments are really simple and have low fees. Traditional wiring involves many banks and intermediaries; which not only takes a long time, but also costs a lot. On the other hand, you have the blockchain, which streamlines financial transactions, where the money is sent directly and with low fees. It’s also quick.
Blockchain technology is useful in advertising because it boosts credibility. Companies can check whether the clicks they receive are from bots or real people, which is really important in boosting and improving the content that they produce. Statistics are more valid and they can actually be useful in finding out what you need to improve and what you can keep.
Cryptocurrency as Funding
Blockchain has enabled ICO, or initial coin offering, which is a new way of funding for blockchain startups. The company creates a white paper explaining their technology and investors can buy tokens in exchange for cryptocurrency like Bitcoin, Ether, and so on. This has shown to be very useful as more and more companies are getting funding this way.
Considering how simple sending money through blockchain can be, you can imagine the reduction in taxes if all future financial aspects are done through blockchain. Buying a house will be easier, sending money will be easier, and we will have lower taxes in general because of the simplicity and accuracy of blockchain.
Digital IDs are an amazing use of blockchain because it means that your and everyone else’s identity online will be trackable and easy to identify. This means that there will be less cyber crime and the internet will be a lot safer in general.
“Online advertising will benefit greatly from blockchain because they will be able to better personalize what they are offering and to whom. They will have better metrics, statistics, and more awareness of what they are doing well and what they are not doing well at all,” says Andrew Marx, business writer at UKWritings.
Blockchain inherently means more transparency in your operations. Blockchain is a chain of blocks with data and each block is connected. If one is altered or tampered with, all other blocks change as well, alerting the parties involved that something is wrong. The person who tampered with it can also be traced through blockchain, so it would be practically impossible to anonymously harm the blockchain.
Smart contracts are another great product of blockchain. They enable a clear and simple cooperation between two parties. Blockchain can help companies have better connections with their suppliers, employees and so on.
“Some companies are already using blockchain to enable their customers to rent things in a simple and safe way. There are really no limits as to where we can go with blockchain,” says Randy Thomas, tech editor at Boomessays.
Reduced Medical Costs
Blockchain can be used to improve healthcare. For instance, blockchain can be used to add integrity to medical records for each patient if these medical records are written into blockchain. Patients who are diligent in self-care can then be rewarded with discounts and so on. Putting medical records can also reduce costs in hospitals and healthcare providers.
Blockchain is certainly making the world a lot better and simpler for us. These have been just some of the changes that blockchain is bringing but there are certainly much more that are in place right now. Blockchain technology is simpler, enables complete transparency and digital security. Mor great things are to come from blockchain.
Feature Image by TheDigitalArtist on Pixabay