Is Blockchain Really a Problem Solver? [8 Facts to Prove]

Blockchain has recently been hyped worldwide due to several reasons, making people curious about this latest technology. Moreover, our Blockchain support has got numerous queries regarding what's blockchain all about, its benefits and what problem it can solve. If you have the similar query or you want to explore more about the blockchain, fortunately, you have landed on the right page.

What's blockchain?

Let's keep it simple. Blockchain is a network of a distributed database where every participant has access to the entire database. Furthermore, these participants can decide what information goes into the blockchain. Also, once the information is stored in the blockchain, it's impossible to alter it.

 

Is blockchain secure?

Blockchain is highly popular due to the ultra level of security it provides. You should know that it requires an excessive amount of computing and coding to take down the entire blockchain, which is near impossible with current technology. Besides being secured, the blockchain solves several complex problems as per the top blockchain companies. Here we have listed down the top 8 problems that world seems to be dealing with and which can be solved with blockchain technology. 

 

What problems can blockchain technology solve? 

Now that, you have learned what blockchain is and the benefits it has, its time to get a detailed version about what problems can it solve. Here we go.

 

1.    Seamless transactions

How do you send or transfer money to another account (domestically or internationally)? May be through PayPal or some other this party transaction website! Well, that charges you some severe amount along with excessive time is taken to transfer the amount. Additionally, you got to trust these third party websites about how they handle your personal information. Another aspect is that not all users have access to their online banking facilities. Fortunately, with blockchain technology, they won't have to worry about it. Moreover, the blockchain works excellently well with cryptocurrencies and offers a seamless way of transactions without relying on third party services.

 

2.    Data storage issues can be eliminated

Do you store data in Google Drive, Dropbox or some other dominating storage box? Well, most of the users trust these companies, but it might not be safe to store all your files in the same possession as it can cause centralization issues. Blockchain can help you solve your day data storage problems because of its decentralized and distributed nature. In a blockchain, the data is stored in smaller parts with every part encrypted and distributed in a way that authorized personnel can access them even if the network fails.

 

3.    Effective tracking of supply chain

You might have encountered a situation where you suspected that the item you have chosen is not authentic. It's quite common though. We frequently see a lot of such things happening around us. Fortunately, blockchain has proven its mettle in tackling such problems. It can track the history of any item and let us know if it has even tampered ever during its lifecycle or supply chain.

Moreover, you may know who has produced that product, where it has been made and if its quality is acceptable as per the standards or not. Additionally, it can facilitate the recording, assigning, tracking and improves the linking process. Blockchain support is also popular for providing excellent security service and transparency of transactions.           

 

4.    Undisputed elections

Election results are always under question that whether they have been conducted full-proof or not. Especially during US presidential elections the matter gets heat up a lot raising blame games between both parties. There have been many instances where the voting machine is hacked, and sometimes the vote-counting is tempered. The solution comes out to be the blockchain which carries an enormous capability to resolve such issues.

Once the blockchain technology is implemented in counting the votes, it can help in tracking them in real-time. To further add, all entries will be in a decentralized ledger which is immutable, irreversible and can never be changed. In that way, the election results can be authentic and legitimate.

 

5.    Transparency in government operations

Government operations are always under scanner due to corruption, bad policies, lazy work schedules, transparency problems etc. With the evolution of blockchain technology, the services to the public can be monitored and tracked effectively. Moreover, the blockchain can identify the management crisis, tax management, monitor the framework of policies and much more.

Blockchain has given a helping hand to the government so that they can fulfil all the needs of their citizens which was quite challenging to manage previously. Additionally, with Blockchain technology, the odd deals or off the record transactions can be easily tracked, thus reducing the chances of corruption. It enhances the overall integrity by promoting transparency across all government departments with the help of decentralized ledger.         

 

6.    The right use of charity money

There have been a lot of charitable organizations who raise funds for good deeds but use it for Ineffective or unethical activities. However, the same is not valid in all the cases, and sometimes the authenticated charitable organizations are labelled as corrupt or blamed for odd deals. Blockchain can work as a sufficient remedy to clarify which charitable trust is authenticated and which one is illegal. It can help in easy tracking of donations to make sure that the fund goes in the right hand. 

What can Blockchain technology do in that regard? Blockchain can build the trust of people by transparent donation techniques. The transaction costs, including other expenses, are reduced by including blockchain in charity dealings.

 

7.    Easy crowdfunding 

Blockchain has opened up different ways for start-up funding. And crowdfunding is a great example, which is now a much easier process for start-ups or existing businesses to scale them up. Blockchain helps in the deployment of projects for smart contracts with which the significant amount of funds can be raised to support future activities and developments. If an idea is great enough, then raising even millions of dollars is not an ordeal.    

Although blockchain is still in development face, it can make the funding process accessible from anywhere around the world with high security and transparency. What's more important is with Blockchain-sponsored crowdfunding the process will be free of borders, democratic, anonymous and highly secured.

 

8.    Protects intellectual rights

There have been a lot of examples where the musicians, artists, movie makers face trouble due to their content being leaked online and losing them massive revenues. All these unlawful activities come under piracy in which the copyrighted content is distributed digitally without consent. Blockchain has provided hands-on technology to fight such issues, thus eliminating piracy and giving the artist their intellectual rights. Several companies have already started the blockchain projects with which the creators will have an opportunity to distribute their content online and prove that they are the original creators. Also, with that, they will hold the intellectual property rights of their work, and everybody else would be aware of that too. Sound great!

 

The bottom line

It doesn't stop here; the Blockchain technology is capable of solving several other problems in addition to what we have mentioned here. What's more, is the blockchain is still in the development stage and once fully functional it will help in solving problems in several areas. If you have any questions related to this advanced technology, get in touch with the experts by dialling the Blockchain customer care number. We will be glad to assist you.