Number of problems Blockchain has solved successfully
Today I am going to discuss all advantages of Blockchain and number of problems it successfully solved. Blockchain is not just a digital currency, it is unique technology with various advantages that can be applied in various fields.
Let’s remember why Blockchain technology is so unique.
Information about transactions in Blockchain technology is stored in the form of units called blocks, they are connected to each other in a form of chain. Every block bears a unique hash value, the unique identity of its previous block and its total identity becomes a combination of the two. So, it means that each block can not be changed or removed without destroying all chain. Hence, the Blockchain technology is so secure and transparent. Also, a very important point that Blockchain has decentralised, immutable characteristics.
So, where these characteristics can be applied?
1. Fraud and corruption
As Blockchain can offer transparent transaction where information is stored in blocks, there is no possibility for a fraud, as well as corruption. This algorithm cannot be bought by more powerful forces, even government cannot control transactions. These characteristics of Blockchains can be used in various fields, for example in big governmental projects, where the problem of corruption exists.
2. Cross-Border Transactions
Usually when people want to transfer money abroad, they face a problem of extremely high fees of cross-border transactions. If we talk about poor and developing countries, the problem is really significant for them, they face with unavailability to make the transaction. But using Blockchain the problem disappears as there is no middleman, hence the transaction costs can drop down drastically.
3. Public health and Drug Safety
As Blockchain technology can store information safely and in a transparent way, it can be used in any manufacturer chains (where the standards are very high and crucial), for example drug manufacturing. Blockchain can keep all information about the drug from fabricating to a sale itself. Thus, any consumer can be sure the drug wasn’t modified from the original recipe, all components are safe and were fabricated according to protocols.
These were only several examples where the Blockchain advantages can be applied, but you can name even more. Share your ideas with me in the comments below! If you have your question, I would be glad to answer it or to introduce your project to my team at Astorts Group to be evaluated