Blockchain Technology in 2020 – How it changed the world

Blockchain is something that a lot of people don’t know about, so we decided to make an article where we point out some of the most important benefits of this technology. For those of you who are already familiar with all of the areas in which blockchain is applied, feel free to read until the end and you might find something new as well. Let’s not keep this introduction any longer and jump straight into the content.

Privacy like never before

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If you’ve ever heard about Bitcoin before, and we’re pretty sure you did considering the hype that took place a year and a half ago, you probably know that it’s one of the most private and secure ways of paying for something or getting paid.

Bitcoin is based on the blockchain technology that doesn’t allow any scams or frauds to take place, and in order for the transaction to go through, all of the previous nodes have to confirm that everything is legit and the way it should be. This removes the need for a middleman, or a third party, which in most cases means less or no fees at all.

If you are still not really sure what we’re talking about, take a look at this really basic example. Whenever we want to pay for something or get paid, the transaction has to go through a bank. The bank will, of course, charge something for the service, and even though in some cases it’s not a lot, it’s still a fee. Combine all of the fees that you’ve paid in your life and we’re already talking about a serious sum of money.

Transparency in terms of transactions

Although the transactions are completely anonymous, every transaction that was done on the blockchain will stay on the blockchain. And in order for any new transactions to be carried out, all of the previous ones need to be confirmed. This means that you can’t scam or get scammed, and it’s a fairground for everyone. Feel free to visit Block8 if you are interested in learning more.

Some blockchain enthusiasts believe that the banks are already afraid of the fact that people are constantly realizing how blockchain is able to change the way we live, and most importantly, how banks manage money.

Other uses of this technology

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One of the best examples where blockchain was able to provide a fair procedure is when a system of such nature was used for an election. When this happens, there are no chances of “fixing” and making any frauds. It can also be used for identity frauds, police records, and court cases. Every area in which things need to be confirmed and transparent is a good area for this technology.

You probably already got a slight sense of how powerful the blockchain technology really is, but it’s still relatively new and people are not very familiar with it so they don’t trust it as much. According to experts, however, things will really change in the future, so if you want to be a step ahead of everyone else when it happens, feel free to read a bit more on the subject.

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