Why have people remained so happy about the advent of Blockchain? Why have they continued unimaginably excited about it? These two similar questions have been major concerns to me for over some time now. However, I had to carry out a research in the quest of providing answers to them.
You will agree with me that the Blockchain technology is an interesting force that has come into existence for some years now, and has kept receiving an increased recognition globally. That is because it possesses the ability to:
- Impede payment scams
The most overwhelming advantage of the Blockchain technology is its power to hinder scams in the course of payments. It uses “smart contracts” for newly joined users; it is via this medium that both sellers and buyers are protected. This is its best way of avoiding cases where a seller will fail on his/her side after a buyer has paid for a product or service.
Another great way by which it counters payment scams is by keeping records. It records every transaction and stores the record; with this, no coin would be feigned or spent twice. No coin that has been spent will be reused to make another payment.
This feature definitely helps in eradicating price gouging amongst companies, businesses, and individuals. The possibility of funds embezzlement is also minimised since every token, cent, or electronic currency spent is recorded. Much thanks to Blockchain’s ability to keep records of transactions.
- Get rid of the middleman totally
Blockchain’s technology involves peer-to-peer transaction; this means transactions are always between one party and the other, or between a user and another user. This technology is up to make payments from one part of the globe to another part so stress-free and secured. This technology has entirely eradicated the issue of the parties involved in a transaction, paying a certain amount of fee for a transaction to be carried out. Who would not be happy about this?
This innovation has gained a whole lot of acceptance and recognition in different parts of the world, especially in Asian and African continents. The Blockchain technology has also lived to eradicate banks, lawyers, realtors, and agents when a property title or house deed is being transferred. In addition to saving a user from having many fees to pay, it hastens the procedure from days to hours.
- Settle any transaction within hours
Have you ever thought of obtaining a signed contract or vehicle title within few hours? Definitely, this is one of the reasons why people cannot stop being enthusiastic and happy about the advent of Blockchain.
In addition to this technology’s ability to settle payments within few hours, it also takes few hours to resolve contracts and kinds of transactions you can think of. With this in place, the issue of waiting for days and weeks before a transaction is marked completed has become extinct.
- Augment storage
Does it make any sense to have your storehouse being controlled by someone else without your full authorisation? Of course, it does not!
Blockchain technology provides its users with the chance to store their data without anyone having any form of access to it. Since your data cannot be accessed without an encryption key, this means that no one can access it on Blockchain technology, except you.
- Repay its loyal users
This amazing technology can enhance its users’ loyalty by letting them trade points among themselves. This is as a result of the transactions being stored in an unrestricted record book.
This same Blockchain technology could also provide its users with the opportunity to make use of the points at any vendor they wish, on the condition that the vendor does not reject such payments.
Going by the reasons listed above, you can now see the bright future Blockchain technology already has in stock for its potential users, users, and the globe at large. Blockchain’s ability to cause a positive change has led to so much buzz encompassing its technology today.
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