Blockchain technology is the gift of the 21st Century. Why would I say that? What does it mean that it is a gift for the 21st Century? It is very simple. But first we need to talk about what Blockchains are first. After that only we can talk about why it is a gift. We need to first know what it does before diving into what it can help us with.
Blockchain technology is a Network that you can store data on and it will help with transactions and more. It is individual data that is stored in a block and when it is full it is linked to a chain on the next block and hence it is called blockchain by combining the blocks and chain. It is truly that simple to understand what blockchains are. Each blockchain can be created and put in the network which then it can be used.
Now then why do we say that Blockchain is a gift for the 21st Century? We know that in today’s world everything is made online. Everything is through the internet and we cannot deny there will be more of this kind of thing in the future. As now in the 21st Century most things are already made online. Just imagine the 22nd Century, what will it be like. Everything will be in network format and everything is online now and the future will also be. So Blockchain until now is the gift and so we need to talk about benefits of Blockchain
We all know that data is a very sensitive thing in today’s standards. Blockchain can help by reducing risk of hacking because it is all isolated in different places in the network hence hackers will find it hard to connect the dots and view your data. Furthermore, It has records of who viewed the data before and that data that is stored cannot be altered and it is also encrypted meaning that as long the person has no authorisation to that then they will not be able to view it. Security is tight and it is a god thing.
When before blockchain there are ledgers. But we all know ledger as a physical record and that means it cannot be updated the same as let’s say department to department. Blockchain can do that for you. Blockchain can make it as all the ledger being the same all at once and at multiple locations. That means there will not be a time for anyone to commit fraud because all are recorded and date and time stamped as well that means it cannot be changed and all records are in. having more transparency for everyone.
Traceability is also something that we are concerned about. We all know the feeling of buying something online and maybe fearing that logistics might mess things up and your parcel is stolen or things as such. But if blockchain is included into this that means from point A to point B to point C and to point D being you, all are recorded and it is easily traced and logistics can help you understand where you item or if you are a huge business in buying things then you will also know what is happening to your assets.
Efficiency and Speed
In the past when everything that we know was used on paper and pen systems, it was very slow because the paper and pen also needed to go somewhere in order to be viewed or processed for clearance or approval. It takes time and effort but with Blockchain and everything is in the network everything can be fast. Like electrical impulse fast. You are able to approve or clear it as soon as possible making everything faster and smooth.
There you have it, and that is why Blockchain is a gift to the world because of these benefits and security and convenience all this will help and be good for us to be used. Blockchain tuly is a gift for us in this world of online and networks. If you would like to set up or know more you can seek for certified blockchain expert malaysia.