Harnessing the Bitcoin Technology’s Promise to Change Lives
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
You may wonder what potential Bitcoin’s technology holds to change people’s lives. This article explains how to harness this technology.
It would have been unimaginable to anyone back in 2009 during the launch of Bitcoin how the underlying technology, blockchain, would become a massive influence beyond supporting the cryptocurrency. Speaking of bitcoin, you may join trading by using this crypto through a reliable platform like Bitcoin 360 AI. For many years, Bitcoin’s blockchain technology has remained underutilized, and it is only now that its great potential is becoming more evident. But what promise does blockchain technology have in terms of changing lives?
What is Blockchain Technology?
Before we can understand how we can harness blockchain technology to change lives, we must first understand what the technology is or entails. Most simply, blockchain is the technology that underlies Bitcoin. Bitcoin would not be there without blockchain. However, beyond this rudimentary explanation, blockchain is an exciting technology.
Blockchain technology is a shared, decentralized digital ledger without applying jargon or being too sophisticated. It is like a universal digital asset with multiple users, where every user can see and validate every transaction on the network. Decentralization means that there is no single control or authority. The network distributes power and shares it among everyone on the blockchain network.
Another critical element of the blockchain network is its level of security. Generally, you cannot hack or interfere with blockchain because of the level of protection. There are multiple nodes or users. Additionally, every transaction goes to a block, and when an addition to one transaction happens, it is added to the same block hence the term ‘blockchain.’ Once recorded on the blockchain, the data cannot be changed or edited.
Harnessing Blockchain To Change Lives
The very nature of blockchain technology provides opportunities to harness it to change lives in different ways. As a decentralized and highly-secure technology, blockchain has significant potential to affect almost every aspect of life.
Enhancing Financial Inclusion
One of the most practical ways blockchain technology can change lives is by improving financial inclusion. For various reasons, many people worldwide cannot access financial services from the conventional financial system. For instance, poor, illiterate people may not access financial services because they are unemployed and lack certain documents.
Blockchain technology makes it possible for anyone to access financial services through Bitcoin. All you need is internet connectivity to open a Bitcoin wallet, and you can access the range of financial assistance available there. Bitcoin’s technology does not discriminate and does not impose unnecessary impediments.
Alleviating Corruption
Corruption is a significant problem in many developing countries. Corruption leads to the diversion of resources from development to the pockets of a few. And this has exacerbated poverty because corrupt officials deprive the poor of their rightful share of resources. Many people are suffering because of the effects of corruption. Blockchain technology is the solution to this scourge.
Since blockchain technology is not under one or a few entities and every transaction is recorded permanently with no room for manipulation, funds sent through Bitcoin for development projects will be easy to track. It will eliminate the situation where corrupt individuals hide their tracks by simply manipulating records.
Conclusion
If people harness Bitcoin’s technology correctly, it could significantly change lives. It could improve financial inclusion and have ripple effects on improving economic conditions. It would also alleviate corruption and ensure that the massive amounts of resources in the pockets of a few at the expense of the majority finally end up in their rightful places.
