But what is this technology exactly? BitFortune.net explained this in Layman’s terms, as well as provided an insights into how different industries can benefit from blockchain.
To put it simply, blockchain enables decentralized transactions across a P2P network. There is no need for a middleman, resulting in almost instantaneous operations and most importantly, low fees. Plus, transactions carried out through a blockchain are much more secure, transparent, and private.
As mentioned earlier, different industries will have different benefits from implementing blockchain technology, and that is what this infographic is all about. For example, the banking sector will get faster transactions, lower costs, improved security, and better record keeping. Also, the blockchain technology can improve electronic voting systems. With this technology integrated into a voting system, governments won’t be able to tamper with votes because blockchain creates publicly viewable and singed transaction that can’t be changed or rewritten.
This infographic will help you understand how the blockchain technology can and will improve 16 different industries, from music to government. So, read on and find out what their future will look like.