How is blockchain an ultimate technology?
Blockchain is the best kind of technology in the current era. Sometimes people think that the blockchain is just a synonym for crypto. However, the features of blockchain are a significant reason why cryptos are so popular at Bitcoinprime. But there is a fact that the use of blockchain is broader than just cryptocurrencies. But the correct point is that blockchain is now adopted in various industries for various purposes. First, you should know that the blockchain is the list in which all records are available. The blocks stored the data in a public manner, and that too chronologically.
The data that is stored in these blocks are secured by making use of cryptography. Moreover, there is no central authority that controls blockchain technology. Everything that gets recorded on the blockchain is permanent and impossible to alter. The transparency of bitcoin also ensures better security of info. There are several great uses of blockchain technology. You might not know of them because you think that blockchain only supports cryptocurrencies. Let us find out what else blockchain can do.
Blockchain for supply chain management!
Suppose that your order one kg of apples from the online website. But after getting the delivery, you see that most of those apples are already rotten. Now, if the shop doesn’t provide the service of refunds, then there is nothing you can do now, right? But think about it what if there was a way by which this whole thing can get avoided? You should know that the blockchain can help in resolving such issues. It is because blockchain traces the entire supply chain of the business.
This technology is instrumental in tracking all kinds of transfers in a better, safe and more transparent way. For example, you should know that in supply chain management, blockchain technology offers permanent record keeping, validation of the transfers and transparency that is shared among all the supply chain partners. With the help of this technology, any person can easily verify the legitimacy or the tracking of the product.
Blockchain for cyber security!
For instance, if person A transfers 30 dollars to another person B. When the transaction starts from A’s side, the transfer details are already stored on the cloud. Since the data is all available on the cloud, it becomes easier for the hacker to steal money from it. The present system is prone to cyber hacks and attacks, leading to money loss. But things are different when you use blockchain. When you send money to another person in bitcoin form, then this time, the transfer gets recorded on blockchain technology. In this system, every node has thousands of copies on the ledger.
All the info on the blockchain gets protected through cryptography. Moreover, the blockchain is also immutable, so making changes on the blockchain is not at all possible. Now the hacker doesn’t have any means to hack the blockchain. The efforts of hackers go in vain when it comes to blockchain. With the help of blockchain technology, it becomes easier to prevent malicious attacks because the p2p connections in the blockchain cannot tamper with them.
Blockchain for voting!
If you see the currency process of voting, then at first, the voters submit their ids, which are verified by using the electronic voting machine. After that, the voter makes their vote and offers it. But the hacking, as well as manipulation of the EVM, is very much possible because it is centralized. But blockchain, on the other hand, is a decentralized system where you can eliminate this vulnerability and ensure fair and systematic elections. So using blockchain technology, the voter first has to download the app for voting. After that, the user can submit their voter ids for registering to do vote.
After the verification, the user can cast their vote, and they can do it without revealing their identity. When the vote is added to the blockchain, the info is impossible to erase or alter. Furthermore, the authorities can count the vote with 100 per cent accuracy by using the blockchain. It is because only one vote can get added to every ID. In addition, the voters can also track their votes by using the blockchain. However, this whole thing is still under development, but using the blockchain in the voting process can bring more transparency and eliminate the involvement of the third party.Follow us on social media