The blockchain is a virtual, public ledger that registers everything in a secure and transparent fashion. Unlike banks that expedite transactions with traditional currencies, the blockchain allows the free allocation of cryptocurreny through a decentralized environment. All the data is then held in an interlinked network of computers, maintained and run by none other than the users themselves. Blockchain can be used for supply chain management. The technology offers the benefits of trace-ability and cost-effectiveness. In other words the blockchain can be used to track the movements of goods, the origin of such goods and quantity.
This is very ideal for business it’s like the blockchain provides its own balance sheet and tracking system. If an irregularity is detected within the supply chain. The blockchain can identify and pin point exactly where it is coming from. This provides businesses with a peace of mind, knowing they can run audits find the issues immediately and plan its resolution accordingly. The blockchain is its own accountant. Providing detail history of all transaction thereby eliminating human error. Time-consuming contractual transactions can holdup the development of a business, specifically for enterprises that process a torrent of communications on a steady basis.
With smart contracts, arrangements can be automatically validated, signed and enforced through a blockchain construct. This removes the need for mediators and thus saves the company time and money. Furthermore, blockchain has the ability to help with safe, fast and secure voting. Currently, opportunities that relate to government elections are being pursued. Lastly peer to peer global transactions. Since cryptocurrencies are made by the people and for the people this makes blockchain universal for the entire world to use and the currency is the same everywhere you go. So no more exchanging one’s own money to another countries currency since the blockchain is worldwide.