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What Can Blockchain Do?

BitForex Editor
Sep 24, 2020

Recently it's likely you find something about blockchain at least once every day. Also, many people are getting to know about the blockchain, and many people are investing in it and interacting with it. So if you're still in the dark about what the blockchain is you might soon be a part of the minority who don't know anything about it. However, what makes the blockchain so important, you may wonder? What can blockchain do?

Typically people trade cryptocurrencies on the blockchain and there are so many reasons to envy the blockchain technology there is speed, security, and transparency among other things.

In this article, we will be discussing everything that the blockchain can do; how they can impact businesses with security, accountability, bring about a new revolution of healthcare, and more.

Replace Human Jobs

Since the blockchain can record and ensure that transactions are executed, some professionals won't be required for transactions to take place. One would not need some professionals like lawyers, and could also boycott the banks. The banks are known to ensure that contract agreements are upheld but the blockchain has shown that it can do it better, faster, and with fewer resources.

Higher Level of Accountability

A blockchain technology expert once mentioned that instead of previous records to be replaced by new ones, they are simply recorded in addition. This is one of the ways the blockchain can do something important for you. The efficiency of accountability with the blockchain cannot be rivaled. Businesses can leverage the use of blockchain in the nearest future. The technology is already known to negate the need for middlemen like legal experts and banks.

However, It is important to note that the use of blockchain in this manner may not be possible in every situation. To understand if this particular quality of the blockchain is applicable in your use case then you need to learn more about the blockchain and how it works.

Earn via Blockchain Mining

The peer-to-peer networking on the blockchain is made possible by a group of people called miners. In a nutshell, the miners put in their resources to make sure that the blockchain keeps running. However, they get rewarded for it. But nothing comes easy they say, being a miner is immensely capital intensive.

This brings us to something that the blockchain can do, mining. Before anything else this one of the top-level things that blockchain performs. Mining is what keeps the blockchain going, it involves miners adding new data to the blockchain.

Because the miners are using their hardware resources (peer-to-peer connected computers) to keep the blockchain safe. The blockchain can prevent fraud.

Finance and security

The finance sector can benefit from the fraud prevention property of the blockchain. No one can manipulate the blockchain. It's programmed and runs as designed. Replacing national legal tender for cryptocurrencies is also becoming a consideration in very few countries. The transparency and speed of transactions will be a great plus to the finance sector.

Healthcare

When we talk about keeping records. The health sector is one that would need the blockchain. Perhaps an individual for a block and all their data gets added when due. The use of the blockchain means that patients' information is well protected with data encryption on the cloud. This would increase the speed of healthcare services without compromising safety and quality.  

Quality in Sales

The retail and manufacturing industry can benefit from smart contracts, strong cybersecurity, and the use of digital currencies on the blockchain technology. For instance, one can track the condition of goods, and their supplier. This is useful in the case of perishable food.

In addition, Manufacturing industries could conduct quality control. This could involve the use of sensors to detect materials whether they meet recommend standards or not.

Transparency

Since it's inception till now the blockchain is transparent. You can publicly track transactions on the public chain. If you worry that there is no privacy, this is nothing to worry about as individual addresses are made up of discreet numbers and letters.

Government

You already know the deal with transparency. If governments adopt the use of blockchain. Every transaction would become visible to the masses. Hence, the way government officials spend money will no longer become a mystery. This could drive better accountability and kill the existence of callous leaders at every level of government.

The uses of blockchain cut across several sectors already. The major characteristics of the blockchain technology that makes this possible are its speed, transparency, tight security, and resourcefulness. The only possible threat to cybersecurity according to critics is its susceptibility to hacking. Otherwise, we have one super way to run the world coming up on the horizon.

About BitForex:

BitForex is an exchange service platform that can be classified as one of the Top 10 cryptocurrency exchange services. It is focused on providing millions of users with a digital currency trading and investment tool that is not only safe but also professional and convenient. BitForex has a high customer-oriented culture and state-of-the-art financial technology.

BitForex is programmed in a way that it can quickly adapt to the changes of the Crypto market while introducing new features like margin trading, enhanced trading charts,  derivatives, and a host of others. The headquarter of BitForex is located in Hong Kong, while there are branch offices in countries like the United States, South Korea, and Singapore.

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