The Relevance of Blockchain: Why Does It Matter?

Over the years, blockchain technology has proved itself to be unstoppable. It thrives and continuously develops to improve tech solutions, industries and people’s lives.

Before blockchain technologies emerged, high transaction fees, lost data, double spending, fraud and other problems were standard when people would make financial transactions. But now, with the help of blockchain technology, things are about to change!

So why does it matter?

What exactly is blockchain technology?

Although the conceptand implementation of blockchain technology as a storage service emerged before the introduction of Bitcoin in the crypto market, it was Satoshi Nakamoto who improved the design and implemented it in practice.

Simply put, a blockchain is a public ledger that facilitates the process of recording transactions and tracking assets. Data is recorded in blocks of information that are interconnected, creating a chain; therefore, the name blockchain.

As a public ledger, any blockchain has the capability to serve several parties at a time. One of the advantages of blockchain technology is transparency and traceability. Since each transaction is recorded and publicly stored, users can take advantage of enhanced security and fast processing times.

But that’s not all!

How do we benefit from blockchain technology?

• The use of blockchain technology offers secure transactions as such an immutable public ledger is almost impossible to modify.
• Blockchains rely on unique encryption. This also guarantees safer transactions.
• Transparency is one of the main features crypto enthusiasts love. If any transaction transpired, rest assured that it is recorded, and the origin of a product/asset/service can be audited.
• Blockchain technology is decentralised, meaning it is not governed by any government or financial institution. Besides, transaction fees are also reduced since there is no need for an intermediary.
• As the creation of blockchain helped provide enhanced security, traceability and transparency, it is now used by businesses across different sectors and individual investors.

If you also want to enter the world of cryptocurrency and blockchain technologies, then there is nothing to worry about. Investing in the sector is not rocket science, and there are many platforms to help you get started. The increasing in popularity Bitcoin Loophole app, for example, is one of them. Just remember to do your due diligence!

Summary

The role of blockchain technology is evident. First, it is to make financial transactions more efficient. The decentralised nature of any blockchain allows faster and more convenient transactions at a low cost. Waiting, long lines and delays can be annoying… but not anymore!

In terms of security, blockchain technologies are outstanding as data are almost impossible to counterfeit or alter. The unique encryption principles employed make it difficult for hackers and cybercriminals to attack. Every data comes with a date and time stamp. In addition, this technology gives you confidence that your personal data is protected and anonymous.

Decentralisation is another revolutionary feature. Serving as a public distributed ledger, data and transactions on the blockchain are recorded, distributed and stored via different computers (nodes) in various locations around the globe.

At the same time, blockchain is also known for high transparency and traceability. Having a transparent database is crucial for any process and organisation. No wonder many big organisations are interested in the implementation of blockchain solutions. From healthcare to e-commerce and education, there are many uses beyond financial services.

So while there are some complexities and time needed to reach mass adoption, there is no doubt blockchain technologies are here to stay!