Blockchain technology is here to stay. Many organizations are already investing in blockchain solutions, despite the initial challenges it may face. Further, emerging trends such as IoT and AI will leverage blockchain. In other words, if you are working in the tech industry or willing to become one, you need to learn more about blockchain technology.
The cryptocurrency bitcoin is on most people’s lips, and you can hardly turn on the TV without hearing about blockchain. So what is it? And what does the future hold? Here are ten reasons why blockchain technology will always exist.
Blockchain’s decentralization makes it impossible to take down or control any government or institution. This is because there is no central server or key access point but instead a network of computers around the world that can be accessed by anyone who downloads the blockchain software.
If you want to use blockchain for voting, there would be no need for a centralized organization such as Election Day or even an election commission. Everyone can vote without counting their votes twice (or even once).
Blockchain Technology Is Transparent
The blockchain is a transparent technology that allows everyone to see everything. If you make an account, people can see the balance you have, but they cannot take a look at your personal information.
This transparency increases the users’ level of trust, thus the popularity of casinos without gamstop. It is an immutable system that does not allow anyone to make unauthorized changes to the stored data.
It is a decentralized system where every block has its ledger copy. There are no chances of data alterations and thefts in such a system.
It Eliminates the Middleman, Making It Cheaper and More Efficient
Blockchain makes it easier to use cryptocurrencies, digital currencies created by computers instead of people.
Instead of going through a bank or other middleman to make a transaction, you can just send money directly from one user to another. This means less fees for the banks, which means lower costs for consumers.
It also means that transactions happen faster since there’s no waiting period for approval from the bank.
It Is Immutable and Permanent
Blockchain is an immutable ledger and is thus permanent. After creating a block in a chain, it cannot get changed or deleted. No alteration of transaction or record at any point in time. That is because they get recorded on various devices (computers) across the globe in different locations, and all of them have to agree on a change.
This makes the system reliable and trustworthy, unlike other systems where hackers or central authorities can tamper with data.
Security of Transactions
Blockchain technology allows you to send money directly to someone without intermediaries such as banks.
You need a private key and a public address when you want to transact on the blockchain network. With this information, you can send money anywhere globally, and no one would be able to trace it back to you because blockchain is anonymous.
The best part is that miners verify transactions and ensure they are valid before adding them to the blockchain network.
Blockchains are useful for anything that needs recording and verification as having happened — this includes transactions, votes, property exchanges, and medical records. The main difference is that a transaction on the blockchain is permanent. You can look back at past transactions and verify that they happened.
That makes the blockchain perfect for creating tamper-proof documents. For instance, a government wants to track its citizens’ health records. It could put these records onto a blockchain and give each citizen access to their data.
Anytime a doctor or hospital adds data to a citizen’s record, it would get updated on the blockchain in real-time. There would be no way of changing or deleting past entries because they would always be visible on the ledger.
The Future of Blockchain Remains Bright!
Overall, you can have as many reasons to stand out by blockchain. You need not get influenced or be a star or say “be the future”, but only, as in the old saying, to sow an acorn so that a giant oak tree grows to the sky. It is still difficult to say what will happen with this wonderful world of fintech and bitcoin. Today Blockchain technology is the basis of all the developments and transformations in the whole financial market.