Beyond cryptocurrencies: the many faces of Blockchain

Beyond cryptocurrencies: the many faces of Blockchain

Beyond cryptocurrencies: the many faces of Blockchain

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With the growth of cryptocurrencies, the word Blockchain has also become very popular. Blockchain is the base technology around cryptocurrencies; essentially, it is a series of blocks of data that exist in an online database in which transactions, quantities, dates and participants are recorded through codes.

But the uses of this technology go far beyond finances and cryptocurrencies; being unforgeable, and having implemented the use of intelligent contracts, makes Blockchain a promising technology, with endless potential applications to promote financial transparency, avoid corruption and create the necessary social changes to protect individual rights .

Financial inclusion  

Blockchain technology can be used to perform the functions that banks currently have for the population groups that do not have access or sufficient resources to have a bank account; the only thing that is needed to access a means of payment, is a smartphone. Being a decentralized system there are no charges for handling fees, Blockchain technology makes sending money cheaper for immigrants and refugees who send remittances to their homes, which account for a large percentage of the income of developing countries.

It also creates opportunities to open businesses in countries with political or socioeconomic barriers which represents an opportunity to reduce extreme poverty in these countries.   

Electoral regulations  

In the same way that Blockchain acts as a public and unforgeable registry for cryptocurrencies, its principles can be applied to create a permanent and public record for votes, which promises a future of equitable democratic elections throughout the world. Frauds and manipulations of governmental elections at any level and in any country, are a recurrent problem to the point that many people have stopped believing in the democratic system.

Blockchain technology has the ability to create a voter registry, as well as an electronic vote counting system impossible to falsify, and thus ensure that votes can not be manipulated.

Government transparency     

Transparency is important for the success of any government, and represents a means to strengthen the confidence citizens have in the system. The potential implementation of intelligent contracts can help to reduce costs and time processes of real estate transactions, as well as to avoid financial intermediaries in government procedures such as obtaining.

Management and allocation of funds can also be regulated through Blockchain and this information could be monitored by the population that contribute to public spending through their taxes. All leaders claim citizen trust is an important thing to regain, and Blockchain technology has the answer for our demands for transparency.  

Blockchain technology has a lot to contribute to the world and has the potential to change digital exchange processes of any kind, not just cryptocurrencies.

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