The blockchain technology has already made some great progress such as decentralized exchanges and prediction markets but also made everything to be efficient, secure and transparent. In the following years, it is highly likely to disrupt many industries. For many people, blockchain has much more important than just being the technology behind cryptocurrencies. The benefits that blockchain offers are far greater and useful in the everyday life.
The blockchain can be used to allow access to all financial services for all the people around the world including countries where traditional banking is impossible. This means that money transfers can be done globally in just a few minutes for very low costs. This can change the entire banking a payment system as one of the biggest industries in the world.
The ledger technology allows you to control every information and transactions that users make. Once transactions are made, the blockchain data is accurate, complete and consistent with every member. Every member can make a change in a public blockchain and this creates a perfect transparent system. Also, transaction recording is done by using a single public ledger thus complication of multiple ledgers is reduced.
One of the key benefits that we addressed before. Today we can see governments testing how efficient and effective the blockchain can be in elections. One of the governments giving a chance to blockchain is Denmark’s and Moscow’s government. They are trying to create a fast, and efficient voting system which would be more practical and disruptive. Although it may sound a little crazy, this can help with the issues of rigged election results. Voters can register and only the legitimate votes to be counted without votes being deleted or changed. This can be a great step ahead in making elections more democratic.
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