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Blockchain technology and cryptocurrency has been on a constant growth ever since it was invented a few years ago… At the moment, blockchain technology has gotten too big and advanced that various institutions, industries, sectors, and big names in the business and corporate sector are not only seeing the benefits and potential of blockchain technology but are also utilizing the powers of blockchain technology in their various industries and sectors.
At the moment, we are seeing both old and new cryptocurrency projects making headlines and getting the attention that they deserve, gaining more and more adoption and showing why blockchain technology and cryptocurrency still have a lot more to offer…
In part one of this series, I talked about some of the imperfections of blockchain and cryptocurrencies, and while there are a lot of benefits and huge potential, there is still a long way to go to get to where it ought to be. This means that there is always some loopholes here and there. Nonetheless, blockchain and cryptocurrency are proving to be a valuable technology that when utilized effectively can be of great benefits to many industries and sectors all around the world…
We all know that the basics of blockchain technology it operates as a data structure that represents a ledger that has been coded to record anything that has value in a secure, distributed, transparent and immutable manner. Looking at this, you can already tell why using blockchain technology can be highly beneficial to any industry.
Transparency
If you look at the main characteristics of blockchain technology, you will see that transparency is one of the core characteristics of blockchain technology… by transparency it means that everything recorded on the blockchain is accessible and transparent to everyone. This is great for industries because since blockchain is a distributed ledger, it means that all records are transparent and visible to anyone, which helps in trust in any industry.
Stored data/records cannot be altered
This is another very good benefits of utilizing blockchain technology in various industries because one of the characteristics of blockchain is that any record or data cannot be altered once it is recorded on the blockchain. Using this become very beneficial in various industries as a secure way to store information using blockchain technology – as it means that no one can change anything in the future which promotes integrity and truth in the industry.
Decentralization
Another characteristics of utilizing blockchain technology is due to decentralization. We have all seen the downsides of central entities or authorities having so much power and control over decisions in their various industries which could lead to biased and unfair decisions. With blockchain technology and decentralization, the people will have the power to make decisions which encourages fair and unbiased decision making.
