Contest: Blockchain role in economic growth by @habdallah
It is a distributed ledger of data because the series of blocks that are linked together contains or holds information or data of the preceding or the previous block. The data or information stored in these blocks are being kept or saved on different nodes around the world. There by making it impossible to alter or make any changes to the information or data stored. These information on the various nodes are not bound to a single node. That is to say that it is not kept at one particular place. The data being kept on different nodes is what makes the blockchain to be regarded as a decentralized technology. That is not governed by any third party.
The blockchain technology is primarily a decentralized system that stores and distributes information in a very secure and safe way. Monetary transactions using the blockchain technology are all anonymous. That is to say that monetary transactions can’t be traced when transactions are done using that form of technology. Taking a look at our banking system today. One can see the improvements on how fraudulent activities has been minimized, which is as a result of the introduction of the tamper proof banking system. This is a blockchain technology that makes it impossible to alter or tamper with the informations stored in a banking database. Also transactions performed these days can be done without the need for a third party or the involvement of a banking agent. The transactions also happens very fast and secure.
This has also helped to increase the trust between the banking system and their customers.
Our health care sectors are not also left out when it comes to the role of the blockchain technology in the contribution to the growth of our economy.
The blockchain technology is used in the healthcare system to help keep track of patients records. These records when stored in a blockchain system can’t be altered with, there by helping the healthcare centers with the accurate information of their patients. Also, fake or unrecognized bills can’t be imposed on patients anymore. This simply because their information is being stored in the blockchain and it is exactly what he or she has given it out to the center.
Transparency in our economic world. This is because all activities carried on using the blockchain technology is visible to everyone. This is because the blockchain system is a decentralized type of system. Which is to say there is no central body that controls any activities that involves with the use of the blockchain technology.
Immutability is simply how informations stored on the blockchain technology can’t be tampered with. That is to say, when an information is stored, it is being distributed on the various nodes. There by making it impossible for an individual to make any changes or tamper with it.
In conclusion, blockchain technology has helped in the growth of our economy in many ways. Some of which i have mentioned just a few from. What really contributed to the growth of the economy is how the blockchain technology works. That’s it being a decentralized system. Transactions today are made fast and easily using the blockchain technology. This is because there is no need for the involvement of a third party to perform them. Which has contributed to the matter of time conscious. We don’t have to go waste most of our time at the banking hall anymore because we can perform the transactions by ourselves with the help of the blockchain technology.
In conclusion,
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Ok understood and noted
too standard and technical too difficult to understand, but this is a good start you have tried to explain the benefits of the role of blockchain technology in the economic impact of society.
maybe you can read this article, to make understanding much easier, and this is written in Indonesian.