In 2009, it would have been unimaginable to anyone during the launch of Bitcoin how the underlying technology, blockchain, would become such a huge influence beyond just supporting the cryptocurrency. For many years, Bitcoin’s blockchain technology remained underutilized and only now is its great potential becoming more apparent. But what does blockchain technology promise to change lives?
What is blockchain technology?
Before we understand how we can leverage Bitcoin’s blockchain technology to change lives, we must first understand what it is or what the technology involves. In a nutshell, blockchain is the technology behind Bitcoin. Bitcoin wouldn’t be there without the blockchain. However, beyond this rudimentary explanation, blockchain is an exciting technology.
Blockchain technology is a shared, decentralized digital ledger without jargon or being overly sophisticated. It’s like a universal digital asset with multiple users, where each user can see and validate every transaction on the network. Decentralization means that there is no single control or single authority. The network distributes energy and shares it among everyone on the blockchain network.
Another fundamental element of the blockchain network is its level of security. In general, you cannot hack or tamper with the blockchain due to the level of protection. There are too many nodes or users. Likewise, each transaction goes into a block and when an addition occurs to a transaction, it is added to the same block, hence the term “block chain” or blockchain. Once registered on the blockchain, data cannot be changed or edited.
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Leveraging the Bitcoin Blockchain to Change Lives
The very nature of blockchain technology provides opportunities to leverage it to change lives in different ways. As a highly secure and decentralized technology, blockchain has significant potential to impact almost every aspect of life.
Improve financial inclusion
One of the most practical ways blockchain technology can change lives is by improving financial inclusion. For various reasons, many people around the world cannot access financial services from the mainstream financial system. For example, poor and illiterate people may not have access to 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 technology does not discriminate and does not impose unnecessary impediments.
fight corruption
Corruption is a big problem in many developing countries. Corruption leads to the diversion of development resources into the pockets of the few. This has exacerbated poverty as corrupt officials deprive the poor of their fair share of resources. Many people suffer from the effects of corruption. Blockchain technology is the solution to this scourge.
As blockchain technology is not under one or a few entities and each transaction is permanently recorded without the possibility of tampering, funds sent via Bitcoin to development projects will be easy to track. This will eliminate the situation where corrupt individuals cover their tracks simply by manipulating the records.
Conclusion
If people take advantage bitcoin technology correctly, can significantly change lives. It could improve financial inclusion and have a ripple effect in improving economic conditions. It would also fight corruption and ensure that the vast amounts of resources in the pockets of the few at the expense of the many finally end up in their proper places.
