Blockchain
technology is a revolutionary invention that, when it was first made public by
its anonymous inventor, never indicated it would give birth to so many
applications. The masses often seem to think blockchain is synonymous with
bitcoins - this is not true. At Money Trade Coin, we’d like to inform you of
the fundamentals, so you can fully appreciate its enormous potential impact on
the way we bank.
Before
we dive into its potential, let’s run through a quick lesson on what exactly it
is.
Unlike
regular cash, blockchain cannot just digitize your financial value, but
anything of value, including pure information. Think of the whole blockchain
market as a large Excel sheet of ‘blocks’ - numerical values that are available
to all participants. The blockchain is essentially a public ledger, with the
unique feature of being decentralized and requiring no intermediary (such as a
bank) to explain and process the data (financial or otherwise) to the end
customer, which is you. This gives the customer the ultimate power in
transactional activities, as it results in lower processing fees, reduced
processing time and anonymity, among other benefits.
How
does it do this?
The
blockchain is simply a set of blocks with values that denote transaction
history and value. Each of these blocks has a numerical value which cannot be
transformed or corrupted, as it encrypted. To add another block to the
blockchain, users must ‘mine’ (this can be done through devoting computer
resources) for the next block. The blockchain keeps track of every transaction
ever conducted and this information is shared with all users on the blockchain
network. It is this public distribution of information and incorruptibility
that makes blockchain technology so valuable for businesses, voting and
identity keeping. Every transaction and its value in the past is forever stored
and retrievable on the blockchain.
Now
that we have some understanding of how blockchain works, let’s look at how it
can be used in the real world.
Cryptocurrency
Bitcoin,
Litecoin, and Ethereum are just some of the currencies available. The benefits
have been explained - it’s secure, decentralized and anonymous.
Digital
Voting
With
all the worry about election hacking that has been transpiring, the need for a
secure form of voting has never been more essential. Some countries have
already begun using it, knowing that increases voter turnout and secures voting
data. By using blockchain in voting, a voter could guarantee that his or her
vote has been registered, without needing it to be verified by another person
(in the case of paper voting) or by a machine (electronic voting).
Digital
Identities
A
key aspect of identity - think passports, bank accounts, and PAN cards - is
security. Everything that’s truly valuable about yourself i.e. your personal
details, financial details and tax records require strong security. But current
technology is far from foolproof in the matter. That’s where blockchain comes
in. Anonymity and immutable data make blockchain immune to fraud and theft.
In
a world where processes and information storage becomes increasingly dependent
on technology, it is only advanced technology itself that can prevent misuse
and harm.
Money Trade Coin thinks it responsible to
educate the public about something that will revolutionize our lives. As
blockchain continues to grow, we can rest easy knowing that we have a solution
available to the many of the world’s digital challenges.
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