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Blockchain is advertised as the next disruptive technology after the Internet because of the advantages it offers.
The emergence of a new technology often involves the deposition of an existing concept. In most cases, the traditional technique is improved by a factor of 10 and this makes technology attractive to investors and users.
Blockchain is one of these revolutionary technologies with the potential to drastically provoke a global paradigm shift. In this article, we will discuss what makes Blockchain truly radical and how Blockchain will change your life.
What makes Blockchain technology special?
When the Internet arrived, it provided a means of connection for the whole world. The World Wide Web is one of the reasons for the rapid technological progress we have enjoyed in such a short time. Facebook, Google and other successful technology startups have prospered rapidly as the Internet.
However, the only problem with the existing infrastructure is centralization. Our data is stored in a centralized hub that, although protected with sophisticated technology, is still subject to attack. Blockchain technology tries to correct this anomaly with three intrinsic characteristics explained below.
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Blockchain technology facilitates faster transfer speeds
At this point you must have heard about cryptocurrencies, especially Bitcoin. The processing time for transactions on this network is approximately 10 minutes. Ethereum and Ripple are even faster, verifying and authenticating the transaction blocks in 30 seconds and 5 seconds respectively.
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The Blockchain network is secure
For transactions involving a huge amount of money, trust and security are two important issues that should be addressed. Blockchain specifically solves the underlying problem by using a double layer of authentication and verification for each transaction.
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Blockchain allows anonymity
In the past, several financial institutions were controlled by the government for fraudulent activities that thrived on the basis of how they operate. With Blockchain technology that has been widely used in cryptocurrencies, transactions can be performed very easily without necessarily disclosing your personal information.
Now it's time to explore the different ways Blockchain will change the world according to the research of renowned organizations.
Blockchain will facilitate easier bank payments
Regular users of Western Union or other payment solutions for sending funds at sea attest to the pains and difficulties of this simple task. Blockchain will change your life by authenticating and allowing high volume transactions to go through a very impressive and reassuring way.
The advent of cryptocurrency has also promised to revolutionize the traditional banking system. Financial institutions are already using decentralized technology for some of their operations with Ripple and Ethereum that lead the group. Without doubt, the technology will be widely adopted in more countries and the cryptocurrency will become a generally accepted medium of exchange.
Blockchain will improve computer security
It is very likely that you know a colleague or a friend who is the victim of fraud on the Internet. Perhaps, you have been a victim of their great project. Do not be agitated, Blockchain technology will put an end to this. Minimizes the need for human interference or compromise by using smart contracts and advanced cryptography concepts.
This means that human error is reduced. Therefore, unauthorized modifications or hacks are limited. Moreover, unlike centralized servers that can be easily compromised or corrupted, the Blockchain network is immune to any form of data attack.
Blockchain will improve crowdfunding
According to statistics, we are constantly becoming an entrepreneurial economy, with the startup rate of startups increasing day by day. Unfortunately, many companies die even before their first year due to lack of funds. Blockchain will change the world with solutions that support crowdfunding without interruptions.
Improvement of the health system
When we say Blockchain will change the world, we literally mean it will change. Imagine a situation where you no longer need to bring medical documentation with you. Did you know that one of the main causes of hospital death is due to an incorrect diagnosis due to incorrect or incorrect information?
Now you know. Using Blockchain technology, you can create a secure centralized system that contains medical records, history and facts about each patient. The improved level of security will ensure that only authorized doctors have access to this privileged information.
Better logistics for manufacturing companies
Companies often face the challenge of tracing elements in the supply chain. Their main problem is in looking for ways to optimize the distribution process. With Blockchain technology, companies can monitor every move, identify inefficient methods and offer better solutions.
In fact, IBM, one of the leading technology companies, recently announced its partnership with Nestlé and Walmart to improve its supply chain using Blockchain.
Crypto will facilitate copyright protection
In today's music industry, piracy is the biggest scourge. Many times, artists complain about the losses suffered due to inadequate protection rights and distribution of earnings.
When cryptocurrency is involved, users can access media content on the Blockchain network when they pay a particular fee. This commission allows them to access content but not to share it.
Now the animators can rest assured knowing that they will be adequately rewarded for their problems.
Cryptocurrency will create more job opportunities
So far we have thousands of cryptocurrencies in circulation. Slowly, cryptocurrencies are becoming the preferred means of payment and this is evident since several online stores accept payments in Bitcoin, Ethereum and other altcoins.
Without a doubt, the cryptocurrency market is at an early stage and is expected to prosper further. To support this growth, we need crypto miners, traders, analysts, developers, programmers, etc. This, in turn, will create more opportunities and demand for work in the future.
Improved voting technology
The scandal that accompanied the 2016 US presidential election has secured fear and doubt in the hearts of many citizens and people are skeptical about the vote. Blockchain technology is the Messiah with the ability to transform people's minds, letting them see the reasons for adopting an efficient system.
Unlike the digital voting system that is vulnerable to tampering, Blockchain will use a verifiable system that can be verified even after the process. This will also allow a system where votes can be confirmed and the timestamp is legitimate.
Improvement of the communication system
In over a decade, we have moved from GPRS to 5G in communication. As impressive as it is, Blockchain, after successfully completing the communication infrastructure, aims to obscure the progress made so far.
The impact of automated digital communication based on existing algorithms is already appreciated in some sectors. One of the first supporters of Bitcoin mining, Matt Peterson, said that Blockchain technology can change the world of communication by allowing bi-directional authorized communications.
Better the energy market
The energy market is not excluded from the party. With renewable energy enjoying widespread adoption with significant government support.
The imminent challenge will be to create an effective system for the management of energy generated from renewable sources. A decentralized system will be the preferred solution for this problem.
Matter of time
Experts, experts and critics have praised the ingenuity of Blockchain technology, in particular the ability to influence different industries. Cryptocurrencies, in particular Bitcoin and Ethereum, have marked the paradigm shift in the financial sector and in many other markets.
The question is no longer whether Blockchain will change the world, it's just a matter of time.
