You have probably been hearing the word blockchain a lot lately, and it may end up playing a significant role shortly. But blockchain is already changing the world.
Here are seven ways in which blockchain is turning out to be a significant player:
What is Blockchain?
Originally intended to be used to make secure bitcoin transactions, blockchain is now finding use in a lot of other places as well. So what exactly is it? Simply put, it is a ledger, which can be programmed to record financial transactions and everything else of value. It is incorruptible and transparent as any change made to it is updated into it and reflected across the network.
Paying employees is becoming a lot easier using blockchain. This helps in the payment as per the contract when specific criteria have been met, does not involve third parties. So, missed payments due to manual errors will soon be a thing of the past.
Your payments are instant and secure. Also, you do not require any organization in the middle.
Sending money currently is expensive. Blockchain will enable you to carry cash quickly and at a much lower cost than you do. So more money ends up in your pocket.
The blockchain is highly secure to store all your info. Imagine a world where your doctor doesn’t have to ask for referrals and only has to check a central ledger that stores your medical info. That has been made available to him by your authorization.
Donating to charities
Ever donated to a good cause but would love to see where your money is going. Blockchain will enable your charities to upload that information to donors by smart contracts. So you get to check your money is being used in the correct ways.
All data in the blockchain is encrypted and verifies. Advanced cryptography is resistant to unauthorized changes, so your data is secure.
Governments have the disposition to become corrupt. But with blockchain, your officers are accountable to you and would need to upload official information.
Sounds a promising future? Blockchain has endless possibilities.