There’s no blockchain blocking – 10 reasons to get on board
If you’re not aware, the blockchain is the thing that provides the framework for cryptocurrencies like Bitcoin. And to be clear, this is really just the start of what it can do, not the end of the conversation.
To help you appreciate the case for blockchain being the most disruptive and influential technology to come along in years, here’s an overview of the key benefits it has to offer.
It breaks down international borders
Sending money or transferring assets between countries has always been a process fraught with administrative hurdles, slow speeds and high costs.
The blockchain shatters this state of affairs, allowing individuals and organizations to send and receive funds fast and affordable.
It automates complex contracts
One of the biggest selling points of the blockchain is its availability smart contractswhich enables agreements between buyers and sellers to be executed automatically, transparently and indelibly.
This has implications in everything from real estate to professional sports and beyond, and the possibilities are almost endless.
It limits identity fraud
The innate security and resilience of the blockchain make it perfect for storing sensitive information and guaranteeing its accuracy.
From the perspective of protecting and managing identity for both individuals and businesses, this is incredibly appealing. It will be able to counter things such as voter fraud, and facilitate digital identity programs around the world without endangering its citizens.
It shakes up the investment opportunities
There are a number of persuasive digital currency stocks to buyand the blockchain is the technology that gives investors confidence in both the value and utility of the assets they acquire.
So if you are disillusioned with traditional investments, or you want to diversify your portfolio, there are many opportunities in this sphere.
It improves supply chain efficiency
Large organizations always struggle to stay on top of supply chain responsibility, and recent years have shown that minor disruptions here can have major consequences.
The blockchain is put to work monitoring supply chain operations, making each element more efficient, while strengthening oversight and minimizing the amount of manual input required.
It confuses censorship
As concerns about internet censorship increase, users looking for a way to share information freely without fear of being gagged can look to the blockchain to achieve just that.
It revolutionizes gaming
The gaming sector has embraced blockchain in a big way, with games to earn titles proving that it is possible for developers to give back to players who invest so much of their own time in virtual worlds.
That is to say nothing of the metaverse, which consists of virtual worlds where the lines between the real and the imaginary are blurred.
It empowers creators
Digital piracy brought many creative industries to their knees over the past decades since the dawn of the internet.
Today, the blockchain and the NFTs stored on it are bringing that power back to people who want to make art and make a living by selling it to others.
It empowers consumers
It is not only creators who benefit from this scenario, because the consumers who purchase digital assets can claim true ownership of them in the same way they would a physical possession.
It fights counterfeiting
There are even examples of blockchain technology being leveraged to deal with the widespread problem of counterfeit goods being manufactured overseas and shipped to the US to be sold as the real thing.
Thousands of brands and millions of products, as well as billions of consumers, could benefit from the end of this underhand trade as a result.
