Blockchain and its uses

Rohan Mathew


In cryptocurrency trade, blockchain has spread its roots into bitcoin and ethereum. All the transactions pertaining buying and selling of cryptocurrency as well as exchanges are recorded in the blockchain. With the rise of more investors coming into play and showing interest in trading cryptocurrency, the more blockchain gains popularity and may well find its way into many other sectors of operation in the business world.

Owing to the high volatility of bitcoin as a cryptocurrency, it has not yet been implemented that they be used to procure goods and services, although some governments have been witnessed to declare the use of cryptocurrency in their countries. According to Forbes, the use of cryptocurrency in buying and selling of goods and services may change as witnessed by money service businesses like PayPal and square working towards making digital asset services broadly available to vendors and retail customers.

If you are interested in transferring ownership of assets like land, vehicles or estates, you can make use of the blockchain technology. This has been witnessed to take a notch higher in the recent past in Non Fungible Tokens as one of the digital assets that show ownership of artistic content like video and music. In case a party wishes to dispose of such an asset, the blockchain would be used by both the seller and potential buyer to verify that indeed they own this asset, and the latter has the specified amount of tokens needed to buy it off. Thereafter, the transaction is initiated without necessarily having to involve parties like the local county governments. Upon effecting the transfer, the changes to ownership are instantaneously recorded on the blockchain. As such, procuring such assets is made smooth, easy, secure and effective.

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Using smart contracts, fraud and corruption instances are greatly reduced when transactions are carried out on the blockchain. Payment for a particular good is arranged to be released as soon as certain criterion are met as specified between the buyer and seller. Legal contracts could be automated using smart contracts, thereby limited chances that either buyer or seller bolts out of a contract prematurely, leaving the other party to face unprecedented losses.

During voting, if the blockchain technology is implemented, the process is made faster and transparent. Corruption case of candidates luring voters or even having pre cast votes before the voting procedure actually starts would be cut off. The technology would allow clean voting where none of the process is tampered with. The process in the long run will be faster and smoother as the part where manual votes are counted is completely cut out. Accuracy of transactions is also assured. Data about turn up versus the total expected population will also be easily generated.

Forbes indicates that, beyond cryptocurrency, blockchain is being implemented in processing transactions involving fiat currency. Which could be faster and more convenient in comparison to conventional money transfer methods that would demand that they are only done during official processing hours.

Several supply chain companies such as the IBM food trust have in the recent past been witnessed to implement the use of blockchain technology in its operation to monitor and facilitate the supply chain. It has also been implemented in ensuring that the chain runs smoothly by generating order and storage data that is useful in planning. This happens so because the supply chain involves a lot of information to facilitate its operations as goods transcross different parts of the world.