How Blockchain Technology Can Change Our Lives?
Tags: Smart Contracts, Blockchain, Blockchain Technology, Third Party, Election 2020

Technology has always changed human lives in many ways. In ancient times, some fundamental innovations could help humans fight with dangers that the natural world persistently gave rise to them. For example, imagine the time that humans started to use military equipment. For sure that equipment was simple, but during time they went through the procedure of evolution and development. Blockchain technology is the kind of innovation that has commenced a shift from the traditional approach of discovering nature’s potentials to a more noble one.

Blockchain Technology Is a Decentralized Ledger That Distributes the Information Throughout All Possible Nodes.

Simply put, Blockchain technology is a decentralized ledger that distributes the information throughout all possible nodes. But this definition might be rather technical and hard to grasp. We better think about how traditional banking works in order to have a deeper knowledge of how Blockchain works primarily in modern finance.

Traditionally said, banks are centralized establishments that store a huge amount of private information. Therefore, banks always have this power to control the way citizens behave specifically when it comes to the financial issues. Banks on the other hand have a kind of monopolized right to issue bonds and other facilities without the permission of account holders. In a broad sense, traditional banking is a concept that prevails injustice. This is not uncommon to say that there are still millions and surprisingly billions of people out there who do not have any access to bank facilities.

When it comes to traditional banking, only few people have their interests secured, but many of them are pushed to the corner or ignored. Blockchain technology has been invented to provide financial inclusion, although it must be said that Blockchain nowadays is employed in many fields such as supply chain, voting mechanisms, real estate processing, personal identity security and so many other fields.

Blockchain Removes Third Party Supervision

In traditional banking, the government authorities or centralized agencies control account holders’ private data and if they please they can modify the policies to gain more profit. But with the advent of Blockchain technology, the power has been delegated to people who are engaged in financial activity. Therefore, all the possible traders in the Blockchain territory can see and confirm the data that are stored constantly in the blocks.

With The Help of Smart Contracts, Everything Becomes Simpler

One of noble features of Blockchain technology is smart contracts. These contracts pave the road for the autonomous implementation of transactions. Therefore, we can expect that with the help of smart contracts not only there would be no need for heavy piles of legal papers, but also a considerable amount of time can be saved instead of spending it on unimportant tasks.

With the help of smart contracts, Blockchain automates the manual and time consuming tasks which traditionally require a substantial amount of work.

Blockchain Implementation in Supply Chain and Its Implication

Foods and goods are produced and distributed in a hugely complex network in which many actors such as producers, distributors, consumers, and transporters play significant roles. In the traditional manual paperwork, there might occur different errors and disparities between institutions which are involved in the process of supply chain.

Blockchain technology can improve the process of distributing goods via providing the trade centers with advanced infrastructure for certifying and tracking the goods. For automatic payments in the supply chain, smart contracts can also be implemented.

Blockchain Technology Can Solve the Election Disputes

Political elections have always ignited disputes among parties, specifically we have witnessed that the losing party avoids to concede the results and try to accuse the other party of rigging votes and stealing the election. Therefore, how would it be possible to provide a comprehensive solution for such occasions? The implementation of Blockchain technology in the process of collecting and counting the votes can significantly protect democracy from the threats that endanger the sovereignty of freedom in the modern world.

Blockchain technology, via providing a secure and decentralized platform, will never allow prefabricated structures nor any party which enjoys the dominance in the system to confiscate the election results as desired.

Conclusion

It has not been a long time since the advent of Blockchain technology, but in this period of a decade long, this technology has been able to change the world as we always used to perceive, but in an entirely different manner. Blockchain technology, although is the fundamental concept of cryptocurrencies, but its application is not limited to just financial issues. We can nowadays trace back the use cases of Blockchain technology in a wide range of areas such as higher education, smart identity confirmation, KYC protocols, and so on. It has been predicted that in near future, all businesses and trade centers be obliged to use some forms of Blockchain technology just to keep themselves adjusted to the dramatic changes of postmodern era.