Today, trust is the foundation of our daily communication and commerce. We put money in the bank hoping to be safe there. So we provide information on the basis that they will not share it with anyone without our prior consent – Impact of Blockchain
We also put a lot of trust in the pieces of paper – money, world records, transaction details, etc. But someone can easily steal these pieces of paper, forged or easily altered. Nowadays while we continue to install information, computers can still be hacked and easily opened.
What is Blockchain?
Blockchain is a series of records or data that is distributed through a computer network so that no computer or central database contains data, instead, every computer contains data that makes it a completely transparent system.
Why the blockchain is so impressive is because of its unavailability. Each exchange, transaction, or record entered into a database is stamped on time and verified by a large group of trusted computers before it is placed as a block in a chain of other transactions, transactions, or records.
Once installed, the “block” of information cannot be changed or removed because that would mean changing or removing the chain from all computers at the same time which is almost impossible.
The social impact of blockchain technology
The social impact of blockchain technology can be enormous. And involves solving many of the global problems facing today in various fields. In many developing countries, agriculture contributes much of its GDP; however many farmers suffer due to lack of funding, land shortages, and the lack of various resources needed for farming.
Even if the farmer has a large plot of land, it will often misinterpret. Property titles are also prone to fraud and are expensive and costly to manage.
Blockchain can be used to make the world digital and farmers will no longer have to be afraid of someone hacking a database and committing fraud with land ownership as all forms of record keeping will work well.
Technology will not only tell you who owns the land now, but it can also tell you who owned the land in the past which makes it much easier to track a series of titles.
Blockchain can effectively update records of who owns a portion of the land. And allowing farmers to earn the required amount of money?
Blockchain technology in the health sector
Among many other things, blockchain technology can help in the field of health care. Maintaining public health records is a chronic problem in many countries with their inaccessibility to doctors and patients.
By creating a high-quality ‘ledger’ of medical information, we are able to remove the paperback from health care. And make patient medical records available to patients and physicians easily and efficiently.
Such a change is not only practical but also needed when the confidentiality of doctors and patients becomes even more important.
Blockchain technology in Finance
Currently, the blockchain is widely a part of financial records. Blockchain can accurately record transactions between individuals, and because each transfer is small without charge.
It has the potential to disrupt modern financial institutions that make money by charging each transaction or transfer made. This creates a peer-to-peer network, in which there is no need for a third party for the transaction to take place.
In the financial world, this means that if a person wants to buy something, usually the bank and the place/place of purchase. It will take a fraction of what you pay.
And because there is no blockchain transaction fee or the transaction fee is small to the transaction value. Most if not all of the money goes directly to the creator or distributor of the product.
Blockchain technology in Music Industry
The same principle is for the music industry. In fact, it is already in use today. Instead of buying a song through a streaming service such as Apple Music or Spotify, they will pay directly to the artist and gain the rights to listen to and use the music.
This eliminates the need for a ‘middle man’ and makes all transactions between 2 organizations only.
These are just a few examples of how blockchain can be used to completely change the way things are, actually changing our lives, our economy, and our world. Blockchain is a multi-faceted technology that can be used in almost every business sector in some way. An exciting technology that can change society for the better; a change that is not easy but necessary.