Introduction
The blockchain market is possibly the fastest growing industry the world has ever seen because of the speed at which information travels nowadays. Blockchain is one of the contributing factors in transforming the economy globally and is becoming part of our everyday lives. Blockchain is the internet of money or we can say the internet of value.
Blockchain's key features include security, transparency, decentralization, immutability, and programmability, combined into a platform that does not need any centralized trusted intermediaries in order to process a transaction's value and information transfers. By doing so in a direct peer to peer way, the blockchain creates a completely new paradigm for global business.
Blockchain has the potential to fix many problems on a global scale. An enormous number of industries have become inactive and inefficient thereby proving unstable in their current state to grow economically, create value, or solve existing problems.
The financial sector is one of the sectors to be immensely affected by blockchain technology. Blockchain can bring new efficient solutions to various financial services and products contributing to the financial sector such as money transfers, global trade financing, insurance, and security trading, etc.
The Blockchain technology can improve various sectors such as accounting and audit, healthcare, media, consumer goods, internet and logistics, and supply chain management.
How does Blockchain help people?
Perhaps many companies are using illegal and immoral ingredients in their foods and other consumer products, which is often being discovered when it is too late. This is where blockchain technology comes into action. They can help remedy and prevent counterfeit consumer goods.
A startup called wabi has taken the responsibility to solve these kinds of problems by combining blockchain and combining RFID (radio frequency identification) technologies. They can track and verify the authenticity of all ingredients and components used in consumer goods.
Another example can be of a company called everledger which is working to resolve the longstanding issue with blood diamonds. The aim is to track the origin of each diamond and record it on the immutable database. Similarly, other start-ups are aiming to solve the problems of counterfeit art and other luxury goods with blockchain technology.
Blockchain is becoming part of our everyday lives. For example, it can improve the way we make payments and investments. It can be incorporated into how we register our properties. It can help in verifying our identity and even how we vote in elections.
