Blockchain 101



Why should you even care about blockchain technology?

Well, I hope I would’ve already convinced you at this point why it’s important, but i’ll tell you a little more.

Blockchain is going to change the way we interact when it comes to transactions. Most prominently it’s already changing the way we bank. With blockchain tech we have eliminated the need for there to be a central authority to verify transactions. Banks have a habit of charging us overdraft fees, minimum balance fees, transactions fees, maintenance fees, and whatever other kind of fee they can conjure. Almost all of these types of fees will be non existent in the coming years. International transactions will become quick and painless without having to wait over a week for a transaction to clear.

As I said earlier, banking is just like the man in the ticket booth in the circus, there’s so much else that blockchain will change. Some other big time potential applications for blockchain technology is voting and donations.

We’ve all heard the news stating that the voting numbers had been altered by an outside source, accusing the election of being inaccurate. Or how some of those big time ‘charity’ foundations, really aren’t so charitable. When you make a donation, you have no idea where that money goes! It could just go to funding some greedy CEO’s paycheck. Blockchain is going to fix both of those problems. Since blockchain acts as a public ledger, you would be able to track and see exactly what happened to your vote, and your donation. Since the blockchain is so secure, it will significantly reduce that chance of alterations during elections.

Imagine you’re a mid grade music artist and you have a few of your songs on Spotify, Apple Music, Soundcloud, etc. Instead of never getting royalties, or getting less than you should be due to improper tracking of downloads and torrenting, you would now be receiving the compensation you deserve. Or maybe you wrote a novelette that’s become popular, but instead of everyone buying it, people just keep sharing the same file. You’re not earning the income you deserve. Blockchain will change that.

With Blockchain, your stolen medical records would have never been stolen in the first place. No one can access your information without your say so. Ever. Blockchain is the new high standard of digital security.