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Problems solved by blockchain technology

We are now living in a truly revolutionary time of decentralization, cryptocurrencies, and tokenized economies. However, none of this would be possible if it were not for the development of the Blockchain.

So there is some example solved by blockchain technology.

Currency and Transaction Support

Presently, sending money to someone either within the country or internationally (be it your local bank or PayPal account) requires the use of a third party. Is there anything bad about that? Well, these third parties usually charge huge fees, and transactions can take lots of time. More also, we must trust these third parties in not disclosing our personal data. It is also worth taking note that not everybody has access to banking services.

One out of many benefits of Blockchain technology is that these databases work continuously with cryptocurrencies, which are simply put digital cash secured by cryptography. Blockchain technology allows for people to send cryptocurrencies between each other as a transfer of value. This is done without the need of third parties.

Supply Chains and Item Histories

Have you ever been to a store or mall and be suspicious about whether or not an item or good of your choice was actually authentic? Could an expensive bottle of wine actually be a knockoff? This happens often in our society today. Thankfully, with the effect of Blockchain technology, the history of any good or item can be trace back to its source in such a way that it will be impossible to tamper with it unnoticeably.

With the help of Blockchain technology, we can easily find out where a product or good is made, by whom, and if the quality and condition of this product or good is of an acceptable quality

Voting

Voting has always raised suspicions, most especially during tough presidential elections. This was exactly what happened with Hillary Clinton vs Donald Trump’s election in 2016, during which foreign intelligence agencies (for the most part, Russia) were accused of influencing the United States’ presidential election.

But if Blockchain technology were to be used for voting purposes, there would be no cause for alarm as to the results’ authenticity and legitimacy, simply because all entries in a decentralized ledger are immutable and irreversible.

Government Operations

When it comes down to politics and transparency, they don’t always go hand in hand with each other just like two parallel lines that will never meet. Government bodies have budgets and responsibilities that they need to carry out when it comes to their citizens. Presently, it is completely difficult to supervise everything that they do expense-wise and also difficult to make sure that the money is being spent ethically.

Therefore, Blockchain technology usage in terms of political operations will allow us to ensure that no transactions or odd deals take place “off the books”. The transparency provided by the decentralized ledger will also assist in increasing the overall integrity.

Intellectual Property

Today, piracy and theft of intellectual property such as movies, music, texts, and works of art is a huge problem. Lots of great artists and authors have had their contents leaked all over the internet with a reduction in their anticipated revenues.

However, there will soon be opportunities for individuals to have the intellectual property rights to their contents with the help of certain Blockchain projects, regardless of where it ends up, and everyone else would be aware of this too.

Cloud Storage

Presently, the cloud storage market is controlled by certain trustworthy organizations such as Google Drive, Dropbox, and among few others. However, it is risky and totally centralized for a single entity is in possession of all your files.

Thankfully, there are projects that use decentralization to encrypt and improve cloud storage security of your personal files using cryptography. This signifies that you are in full control of your data and only you who can access it.

Real Estate

When it comes to buying and selling real estate, there are numerous issues attached with the majority relating to fraud, transparency, and errors in public records.Consensus Algorithms: The Root Of The Blockchain Technology

Blockchain technology has made life easier with improvement in transaction speeds of buying and selling of real estate, as well as making record-keeping more efficient and reliable by accepting the need to keep paper-based records that can be altered or lost.