Blockchain refers to the technological infrastructure and protocols that allow simultaneous access, validation, and record updating in an immutable manner across a network that’s spread across multiple entities or locations.
But how is blockchain changing the world for the better? Here are some practical examples.
Blockchain technology provides accuracy, safety and security.
In the case of banking, its applications provide safety and security for assets as well as faster, less costly and accurate record-keeping.
Transactions are more transparent, there is less human intervention and, as a result, fewer errors occur. Most banks today are exploring blockchain solutions to add efficiency.
Blockchain solutions also facilitate money transfers and other services for those excluded from traditional financial systems. With remittances in particular, blockchain applications offer frictionless, real-time solutions that reduce the costs and bottlenecks that are inherent in legacy systems, and which impede the timely transfer of cash.
Such applications provide realistic opportunities and services to persons living in unstable and underdeveloped countries.
Over one billion people on the planet cannot prove their true identity due to matters beyond their control, such as poor record keeping, poverty, corrupt systems, war and natural disaster.
Without an identity, it is impossible to fully participate in society.
Mobile phone usage is ubiquitous on the planet, penetrating deeply into all countries, including less developed ones. Blockchain solutions delivered via mobile phones offer clear options to the millions of inhabitants of this planet who are deprived of an official identity and thus unable to participate fully in community life.