The global economy is expanding rapidly. Economies, corporations, international entities, and individuals are pursuing growth and sustainability in order to avoid losing out to the decline of natural resources.
With all these conversations and conferences that we are witnessed all over the world, we can agree that an intervening change bodes well. The adoption of blockchain is pointing the way to a sustainable global economy.
It’s evident that Blockchain will rewrite the future as far as major industries are concerned. Blockchain technology will shape how personal and corporate finance, education, medicine, humanitarian relief, identity verification, human rights, supply chain transparency, and other industries work for the better.
This is because trust has always been a major issue in these major industries, especially in the finance, medicine, and education sector. In fact, we expect to see more secure, consistent, and transparent communications and data. It’s however important to understand how the Blockchain technology works before looking into how it can help protect the global economy.
Transparency and data security
Blockchain systems are tamper-proof; therefore, it’s almost impossible to change any data or information. Also, no transaction can happen without the system flagging such. The system is a shared ledger of record keeping. Indeed, the Blockchain technology gets the plaudits for the increased development, success, and popularity of crypto globally.
Since blockchains are open- source and any changes in the data can be quickly noted, security is assured. Each block of data or transaction information has a history linked to it. The Blockchain technology is undoubtedly more secure in that most traditional Internet technologies. Majority of the centralized serves which most traditional servers use are prone to data loss, human error, hacking, and corruption.
With this kind of data security available in blockchains, we can now be able to maintain and secure any sensitive information. For instance, in the financial and banking sectors, the blockchain has made ways for accurate and secure financial activities. Better investment options are coming to light with the best crypto signals channels on telegram booming.
.Also, in the healthcare sector, a recent innovation known as Dentacoin uses the Blockchain technology to manage and secure patient records across all doctors, pharmacies, insurers, and hospitals among other main departments. These ways, the privacy, security, transparency, and fluency in the medical funds and data can be easily achieved.
With a decentralized Blockchain based system, we can mitigate the risks of data leakage, cybercrime, and data tampering globally. According to research, the losses to cyber crime globally presently top the $400 billion mark.
Clearly, the Blockchain technology can bring transparency in major sectors of the economy. We can, therefore, expect to see a more transparent and secure economy with the Blockchain technology in place. Also, we will save money, time, and resources used to investigate and audit data information in the major industries. Bitcoin for instance, offers safe and transparent money transfer.
Interoperability is the ability of more than two systems to exchange, share, and access the information that is shared between them. The Blockchain technology is decentralized to enable access to shared information.
Financial, education, and health sectors can be able to share and exchange important information. This is crucial to facilitate clients to have access to their data, give access to other parties, and add new information to their records. For instance, in the healthcare sector, hospitals can be able to pull, share, and push important details of a patient.
In addition, governments can be able to track how major sectors make use of the funds allocated to them. With Blockchain enabled systems, we can do away with the hassle and data reconciliation-related costs. This way, we can track and verify both historical and real-time important data.
Also, we can ensure that important records are shared in a non-proprietary methodology across platforms without losing their meaning, trustworthiness, and authenticity.
Faster and Cheaper Remittance
Remember that the Blockchain systems are decentralized and they are maintained and managed by all the participants. Therefore, there is no need to charge a certain fee to pay for supervision and central management offered by third-parties.
This makes it cheaper and easier for major sectors to store and transfer information. For instance, most cryptocurrencies allow faster and cheap transfer of money since they use the Blockchain technology.
For instance, Coinbase which is a major cryptocurrency exchange platform, allow you to send or receive coins without any hassle. Others who desire to send fiat money can also exchange their coins and tokens for the currency they desire.
In addition, Blockchain-based systems are faster. In the case of the banking and financial sector, banks are managed and secured by third-party organizations. It takes approximately up to seven business days for one to send money internationally. Also, due to currency exchange, substantial fees are charged.
According to the World Bank, remittance -the cost of the sending of funds from one party to the other, add up to an average of 7% of the total money sent. With Blockchain systems, we get access to faster, cheaper, and high-efficiency systems. Currently, financial institutions have witnessed the advantages of using the Blockchain technology.
Many banks are actually adopting the Blockchain technology for more comfortable, faster, more efficient, and secure money exchanges to improve their transactions. Technologies like RippleNet also cut the cost of money transfers substantially across the globe.
Blockchain systems enable faster, reliable, and safer automated communications. In fact, some major industries are adopting automated or digital communication established on pre-built algorithms.
For instance, according to Matt Peterson, the co-founder of Jive Communications, blockchain has many firsts. The technology can change how people and organizations communicate by allowing free, authorized, and bi-directional communications.
The flow of communication will not only be safe and reliable, but also it will enhance a permanent record of communication. Also, in other sectors such as charities, trust is also a major issue. Some of the donors may want to make sure that their donations are used and given to those they are meant for.
Most charity firms face the challenge of misuse of funds which can’t be traced back. With Blockchain-based systems, trust can be achieved, and donation funds and information can be secure and transparent.
For instance, the United Nations’ World Food Program has adopted the Blockchain technology. Refugees are now able to buy foods using Iris scans instead of cash, vouchers, or credit cards.
We have all witnessed the harmful effects of globalization on the environment. Also, many people nowadays use illegal means such as cybercrime and corruption to benefit and make money.
A Blockchain Future
With Blockchain-enabled systems, we can empower governments, corporations, and individuals make more informed decisions than before. We will have more transparent supply chains, trade, communications, and peer-to-peer interaction without the involvement of third-parties such as financial intermediaries.
Even with all these unique benefits of Blockchain system discussed above, we have barely revealed the potential of the Blockchain technology. In fact, we expect to see more innovations that can discover other important and unique ways to protect our global economy from challenges such as fraud, corruption, inefficient data management and security, cybercrime and much more.
The global economy hopefully will be the biggest beneficiary of the blockchain age from all indications. Apart from enabling a one-world economy, crypto offers a leeway for a decentralized financial system that benefits all and sundry.
Denise Quirk is a Health Advisor and fascinated by Crypto, Blockchain Revolution. She is a believer of transforming complex information into simple, actionable content. She is keenly interested in finding the value of crypto world. You can find her on Linkedin, Twitter and Facebook.