Getting Familiar With The Blockchain Technology

in #crypto2 years ago


Over time, we've seen in different occasions and issues where Blockchain Technology proves itself to be a better, safe, and faster way to record ledgers and keep data up-to-date. Interestingly, the data can't be breached, manipulated, or accidentally deleted from the chain.

Here are some points on how Blockchain Technology will affect us in reality

  • Cross-border Payments Made Easy

Sending and receiving money from abroad has always been n issue f hassle. First, not every payment method is available in every country. Almost every state has a governing eye that maintains the overall process. Second, it takes about 4-5 days to transact money from a state to another.

Something had to be done! We are talking about a lot of money. About 150 trillion dollars have transacted from country to country only in the year 2015. Still, the process is very complicated, opaque, and questionable. Blockchain can be a lifesaver in this case. You could say goodbye to the annoying waiting times. What's the best part? No one would look at your money like vultures lurking over its feasts!

Cross-border payments are now a meter of a click with this tech. Moreover, there is scope for laundering money and other related crimes. There will undoubtedly be fewer disputes and life will be much easier for people supporting families from broad.

  • E-voting: Not Just A Myth!

Voting is one of the fundamental civil rights of all citizens of a democratic country, but the evil perpetration by politicians has made things harsh, and neither is there honesty and clarity. Voting processes could get immense Help from blockchain technology. There are two primary reasons for support the e-voting system - anonymity and security.

However, people always doubt such a system. This is quite reasonable because the competing parties could have a feeling that an election is getting rigged, but the 2016 US election and 2014 election of Denmark gave a definite reply to the doubters.

Blockchain technology is becoming more trustworthy and accepted by people and politicians all over the world gradually. Admittedly, it will take a while before everyone, and every government leader could realize the benefit.