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Blockchain: Not Just for Cryptocurrencies

Posted on May 17th, 2018 by EM Search Consulting

When you think of blockchain technology, cryptocurrencies such as Bitcoin, Bitcoin Cash, Litecoin and Ethereum likely come to mind. Technically speaking, blockchain is an encrypted database of agreements, meaning neither party can go back on the agreement once it’s been made. Transparency and incorruptibility are two major pulls for this technology. While it’s a great tool to use for financial purposes, its technology is now being utilized for other areas of work in Philadelphia and beyond.

Helping the Impoverished

It’s no secret that not everyone in the world doesn’t have access to bank-like institutions. Because of this, blockchain technology has been used as a way to disrupt the normal socio-economic structure. Simply put, if you have access to a smartphone in Philadelphia, you have access to a financial institution. If you need to send money overseas, no problem. If you need to reach a certain part of the world for something business-related, that’s not a problem either. Think migrants, immigrants and refugees. In fact, blockchain technology is a great resource for fighting the refugee crisis, giving them direct access to donations. The convenience of this technology cannot be overstated.

Eliminating Voter Fraud

The definition of democracy comes under fire thanks to cybersecurity and voter fraud, something that was prevalent in the 2016 election. However, blockchain is unhackable, making it an ideal system for voting. And, just like blockchain acts like a public ledger for cryptocurrencies, it can also make for a permanent and public ledger to count tallied votes. The future of democracy is already looking bright!

Blockchain continues to establish itself as an important facet in all areas. If you have questions about blockchains or cryptocurrencies in Philadelphia, our professionals at Contact us today to get started.

Source: Forbes