Top ways blockchain will transform everyday lives

Top ways blockchain will transform everyday lives

Top ways blockchain will transform everyday lives

Information about Top ways blockchain will transform everyday lives

Kevin David Scam or Legit

We cannot deny the recent impact of blockchain on the world. Without it, there would be no bitcoin or any other cryptocurrency that has been a hot topic in recent years. Governments, banks, and world-leading financial institutions have very few complications dealing with the questions they raise about the flawed systems they preside over.

Blockchain is not limited to the use of digital currencies. We are already looking at a wide range of areas where this technology can transform the way information is collected and shared and impact almost every industry that exists. 

Blockchain becomes essential beyond cryptocurrencies

Blockchain technology is used by bitcoin and other cryptocurrencies enabling instant transfers, security, low fees, and decentralization, which cryptocurrencies are famous for. Similarly, cloud computing services from IBM, Microsoft, Google, and other providers depend on the same cloud technology just like vital cryptocurrencies are dependent on blockchain. 

Blockchain data is shared across peer-to-peer networks and cannot be changed by any individual making it challenging to fix figures or commit fraudulent transactions on this technology. This is because any changed copy needs to perfectly match up across every other copy of the same data.  Let us read through the different ways blockchain can change the world and predict where it could take us.

Blockchain will change ways to handle money

The rise of blockchain could allow banks to rethink their way of working and reduce their impact on the government. For instance, the British government paid GBP 500 billion in 2008 as a response to the financial crisis since British banks proved how unstable they were despite having money. Blockchain empowers currency owners while reducing the costs of wealth storage and transportation. With this, banks that use blockchain technology find reducing cost process effectively cheaper, part of which is passed on to customers. But the fact that there are decentralized options for keeping money in the bank means bankers can no longer make all the decisions.

Blockchain will change the way businesses work

Blockchain technology at a corporate level enables businesses easier eliminating the frustrating delays in sending and receiving exchange rates and payments. These precious few percent of transactions grow in the year, and avoiding unnecessary costs related to exchange rates and payments is a great benefit to any global organization. 

Another major impact that blockchain technology has already had on businesses is smart contracts. In contrast to ordinary contracts, which are only legally enforceable if they comply with contract law and are also digital agreements, smart contracts are, in most cases, programs that perform functions agreed upon between two or more parties. Smart contracts are programs used to automate the execution of an agreement without any time loss or intermediaries, and ensuring accuracy, trust, and transparency among people involved in the agreement. 

Blockchain enables protection from theft and scams

Blockchain makes counterfeiting extremely difficult because it provides open access to the entire manufacturing and distribution channels of the product. Many developing countries suffer from major problems as there are several stores selling counterfeit medicines in pharmacies and contaminated food in the market. People are not able to trust the food they eat and the medicines they take. With blockchain technology, one can digitally stamp all purchased products to let them know that they belong to the respective person and are safe to use.  Not only does it gives more confidence to buy things but also protects one from theft. Also, reselling an item to another person can be done within seconds by just transferring that asset. In case of theft, the digital properties are engraved and it’s easy to track location history, so minor thefts tend to be meaningless.

Blockchain will change travel, ID, and voting procedures

Recently, Canada announced plans to partner with SecureKey and IBM to create a blockchain traveler identification program. This initiative makes it easier for Canadians to travel around the world by reducing waiting times at airports. With instant identification of the ID card, travelers: 

  • Do not have to wait to arrive at the airport to get permission for their next trip. 
  • This technology can also streamline visa applications, employment background checks abroad, and other documentation issues including passport verification at the last minute.
  • The Digital ID Card greatly improves security and reduces the inconvenience of the majority of travelers who want to reach their destination safely as soon as possible.
  • Singapore is also working on an option for a potentially blockchain-based national identification system
  • Estonia has already implemented KSI, a digital identity scheme that uses this technology. 
  • India, Kazakhstan, and Japan are among other countries already known to test similar applications. 

Digital IDs also provide a more secure system for voting, making fraudulent elections, hacking, and data loss nearly impossible. This is intended to make elections more transparent. This is especially welcomed in countries where:

  • Alleged corruption violence obscures polls. 
  • Digital IDs make it much more difficult to steal or scam your personal information. 

For most of us, this removes concerns about credit card invoices, contracts, and other costs that pile up without our knowledge. Furthermore, this also means that authorities can efficiently deal with issues such as trafficking, illegal immigration, and other important humanitarian issues.

 

The post Top ways blockchain will transform everyday lives appeared first on Datafloq.

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