Bitcoin is considered one of the best innovations of our time. Today the cryptocurrency is a real alternative to fiat currencies, and you can use it for everything from online purchases to trading. But also, many businesses, organizations, and governments, are caught up in this trend.
However, the real innovation that is set to change the world isn’t Bitcoin, but it’s accompanied technology – the blockchain network. Let’s take a look at how Bitcoin has popularized blockchain technology and what are the advantages of its implementation.
Benefits of BTC and Blockchain
Although there are some scholars that have found early designs of blockchain technology, it was first launched to enable the existence of Bitcoin. Basically, the blockchain network is a decentralized database in which the data about the records is stored on a mutual distributed, digital ledger. Thanks to this technology, the users on the network can validate the transactions without the help of a central institution.
In fact, the main advantage of the technology is its independence from any banking institutions. Furthermore, as the records are added and processed by participants on the network or communally, there is total transparency regarding the information shared on the database.
Also, the transaction fees on the network are low and are rewarded to the miners who process the blocks of transactions. Other pros are that the users are anonymous on the network, the transactions are irreversible, and the blockchain network is tamper-proof. So, this is a trustworthy system that can be used as a solution for many other issues beyond the crypto world like secure transfers of funds, supply chain management, voting, to name a few.
Blockchain Technology and Other Cryptocurrencies
Blockchain technology is also used for other cryptocurrencies that were launched after Bitcoin. One cryptocurrency that has recently attracted a lot of attention is the digital Yuan.
This is the first cryptocurrency created by a government, specifically the central bank of China. It’s expected for the e-Yuan to quickly reach a high price of $5000, and there is huge interest in investing in e-Yuan. You can start trading at yuanpayapp.com as soon as the e-Yuan is released.
This app is designed to put you at an advantage when you start trading as it utilizes advanced trading algorithms, and you can create an account by investing at least $250. After the release of Bitcoin, there were over 2,000 other cryptocurrencies available on the market, and they rely on blockchain technology to operate.
Blockchain Technology in the Public Sector
Blockchain technology can be used to enhance transparency in the public sector, streamline processes, fight corruption, and reduce errors in the database. It has already been applied to improve the transparency of the elections, with the application Followmyvote by the UN.
For instance, the United Arab Emirates have been working on a project to improve the operations of the central bank with Blockchain technology. Another advantage of implementing blockchain technology is that the network is highly secure, and therefore, it’s well-equipped to protect the sensitive data of the citizens. Another example is the state of Delaware, where there’s a pilot programme based on a blockchain solution for a corporate registry system.
Blockchain Technology in the Business Sector
Blockchain technology is also very attractive for businesses, especially since it provides end-to-end tracking of goods. Hence, there’s improved traceability in the supply chain, and there are also again higher security levels and decreased chances of fraud. In addition, it can also be used to tackle problems with customers and employees.
One example is FedEx that is looking to apply blockchain technology to decrease customer complaints and efficiently solve their issues. In conclusion, blockchain technology holds a huge potential, and we are yet to see how it will reshape different sectors of our society.