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How is blockchain technology going to change the world?
Blockchain technology is changing the way business is conducted. Although we know blockchain due to its application in the financial area but it is imapcting other sphares of business as well for example: Government, Blockchain technology is used for a series of political issues, for example, the storage of voting records. Education, blockchain solutions are used for simplifying the process of documents verification in the Californian Holbertson School, and many other institutions are on their way to implementing the network. Healthcare: Blockchain is a great tool when saving large amounts of patients’ confidential data, as well as securing it.
Here are some reasons how blockchain is impacting the industries:
1) Lowering costs for transactions. The transaction processing time would be much faster with less involvement from third parties. This means lower fees when using economical products like Bitcoin or Ethereum which are stored on blockchain technology. With blockchain infrastructure, information about ownership can also be secured easily as part of its decentralized framework.
2) Eliminating corruption. Because of the transparency and incorruptibility that Blockchain brings, it can be used to track any dubious transactions done by both public and private sector. In a nutshell, it eliminates…
