The Impact of Blockchain on Our Society
Today, trust is the basis of many of our every-day activities. We put money into a bank trusting that it will be safe there, we give information to one another on what they promise not to share with someone else without prior permission and because those pieces of paper are easily stolen or forged; in order for us to have confidence in these transactions we need something secure like a computerized system. Nowadays while computers become more common place - data can still be hacked by hackers.
Blockchain is a decentralized database that can't be hacked because it's distributed to multiple computers. It makes the system transparent and unchangeable, making it perfect for secure transactions. Blockchain technology could have huge implications in finance and many other fields of business. If you follow news on blockchain and cryptocurrency, you can see blockchain technology has been developing at a very fast speed, in different fields such as Defi, crypto art, ICO and more.
Each new block entered into a chain of exchanges, transactions, or records is time-stamped and verified by trusted computers before it's put as part of the other blocks. The information isn't altered once it is entered because that would mean altering or deleting all the blocks in sequence simultaneously which can not be done without being impossible.
Blockchain technology can help in many ways to solve issues for developing countries. In some cases, farming is a very large part of GDP in these communities; yet farmers are suffering due to lack of money and resources required for agriculture. Blockchain has been implemented to enhance record keeping and provide secure land ownership. It is beneficial for farmers who have large plots of land as well as those whose property titles or data are susceptible to fraud, both cost-intensive tasks.
Blockchain technology allows for the accurate tracking of who owns land, which is also made easy through owning an entire chain of title. This means that farmers can get the correct amount of funding they need to produce food from their properties.
Blockchain technology can help the healthcare sector in many ways. It is a way of updating public records with ease. By using blockchain technology, we are able to remove the paper trail and allow patients easy access to their health records while also providing doctors with information they need quickly and easily without having to wait weeks or months for papers that may not even be processed yet. Doctors are now able to store their patients' medical information in such a way that they will not lose the records. This change is both convenient and necessary as more people need doctor-patient confidentiality where it's becoming increasingly important.
Currently, blockchain is mostly used in finance. Blockchain has the potential to disrupt today's financial organizations that make money by charging a fee for each transaction or transfer made. This makes what is called a peer-to-peer network, where there are no third parties involved in any transactions at all!
In the financial world, many transactions involve a fraction of what you're paying. This happens because there is no fee for any transaction in blockchain or the transaction fee is minuscule compared to the value of goods and services being transacted. The money goes directly to those who create or distribute products and/or services through this system.
The same logic can be applied to the music industry as well. What we are seeing occurs today and it is in fact being implemented by a lot of people. It allows artists to get rid of their middle-man, making every transaction between 2 entities only instead of 3 with traditional transactions.