Blockchain technology allows the foundational structures of cryptocurrency which enforces it in a scalable fashion. It’s hard to imagine a more secure form of digital information than one protected by blockchain technology. The fact is, traditional forms of information storage are prone to breach. That is mere as they’re not updated to account for new threats. Blockchain technology can protect businesses and individuals from this type of intrusion.
E-commerce isn’t only safer and faster — it also means that you can protect your customers’ information. Because e-commerce transactions processing by a central service provider, they don’t require sensitive customer data to be stored on the client-side, in shopping carts, or on servers. This is especially important for companies looking to collect credit card data. Additionally, e-commerce sites don’t need complex security measures because they already operate under the protection of their service providers.
Inflation is a pressing economic and political problem in many countries around the world, as it erodes purchasing power, increases the cost of living, and makes life more expensive. In most countries, it’s the central bank that controls monetary policy and printing currency — but this means setting interest rates to keep inflation stable. Cryptocurrencies are immune to this process, as their supply is set and capped with new coins mined over time.
The integrity of the voting process is a cornerstone of democracy. Blockchain makes it harder to tamper with votes. This creates an environment where democracy can thrive.
One way in which blockchain can make elections more efficient is by reducing the cost required for tallying votes and removing third-party intermediaries from the electoral process. By putting votes into a blockchain, we can make sure that they haven’t been tampered with, creating a more secure environment for democracy to flourish.
In the charity industry, trust is an essential commodity — because charitable donations mean funding for life-changing causes. But without a level of transparency that citizens can trust, people are less likely to open their wallets. Blockchain technology like Bitcoin offers a great way to make donation information public. By decentralizing the database, the blockchain cuts out the middle man, and by storing data in a well-protected block that is guaranteed permanent, data can’t be changed or erased.
The only thing better than a secure transaction is an anonymous transaction. When you’re dealing with money, it’s important to take every precaution possible — even more so if you’re dealing with other people’s money. Most traditional financial transactions are done through banks, which makes the process as simple as possible. However, your bank also makes it quite simple for hackers to steal your personal details and access your money.
The popularity of digital currencies has soared in recent years, with many people accepting these forms of currency to avoid paying high fees on international transfers. With cryptocurrencies, money can be sent to any country or person in the world — with little or no fees attached. On top of that, digital payments are anonymous and don’t have to go through a bank account, eliminating the risk of identity theft.
A couple of years ago, there was a high-profile hack affecting the computer system of Sony. A number of other successful and costly cyber-attacks have occurred on even larger corporations in recent years, including credit card companies and banks. Such attacks have led to the loss of millions of dollars, not only for the company but for affected consumers as well.
Hackers are constantly finding new and innovative ways to steal information, defraud businesses, or gain unauthorized access to personal records. Blockchain technology can minimize this risk while keeping an immutable record of all transactions. Because blockchain is largely decentralized, it shares data across a huge network of computers rather than storing information on one individual machine — making data encryption more secure and increasing online safety for all.
Blockchain technology is one of the most promising technologies to emerge in recent times. This futuristic tech can help transform current business practices and introduce new industries that didn’t exist before. The blockchain infrastructure allows digital data to be distributed across networks and be shared by various stakeholders — without being copied or modified once entered into the ledger. It has many applications in every industry — healthcare, manufacturing, finance, real estate, music, art, etc.