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How is blockchain technology changing business and the internet?

Blockchain technology is having a huge impact on the way businesses are running. These are the few areas it is impacting:

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. In a nutshell, it eliminates corruption in many ways: having all activities visible, making unilateral changes impossible, record-keeping more consistent.

3) Ensuring fiscal transparency.

Governments could save up to $20 billion dollars per year by implementing blockchain technology according to Accenture, a leading company in consulting services and management. In addition to saving cost, it also enables information sharing securely within other government agencies without having details on the transactions being leaked or stolen from hackers. Information can be exchanged privately between two parties and no one else is involved but they as blockchain safely store only data related to users’ ID instead of storing their data with other private information.

4) Encouraging entrepreneurship and creating jobs.

Blockchain technology gives entrepreneurs the freedom to create new businesses without needing permission from other parties, authorities, or even investors.

5) Increasing ease of transfer for digital assets.

The ability to transfer large amounts of money securely, quickly, cheaply, and in a decentralized manner is an essential component of any business operation. Besides these advantages, blockchain provides ownership control by keeping track of digital assets that are being transferred. It could be anything from information to physical items such as houses or property deeds that can be documented on this system.

6) Preventing fraud when buying second-hand items through peer-to-peer (P2P) marketplaces like eBay and Amazon.

Because of the decentralized and transparent nature of blockchain, all information will be recorded, such as the product’s origin and history, inspection reports, and others.

7) Increased transparency and fairness in voting.

Therefore improving trust for citizens concerning global elections. With blockchain, the increase of fraudulent activities including buying voters lists and other miscounts could diminish significantly. The main advantage is that all information would be accessible to the public and recorded correctly. This would not only allow them to vote again but also look up their past votes easily.

8) The ability to transfer intellectual property rights without any third-party authorization is needed.

EY reports that currently there is “an estimated $2 trillion worth of intellectual property being traded internationally with an additional $540 billion in revenue flowing from licensing agreements,” however royalty payments, in particular, are often delayed or not paid at all.

9) The ability to track goods through the supply chains and reduce food waste with end-to-end tracking that can record any location changes along the way.

In addition to that, anyone will be able to trace where the products came from due to its traceability feature and transparency of the blockchain. This could be important as it is troublesome for “supply chain-related industries including pharmaceuticals, electronics, agriculture and luxury” due to different regulations across borders.

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