Even if you never heard about Blockchain, somehow your personal and professional life is being impacted by the next big thing of today’s Fintech portals. Everyone is talking about Blockchain. Mostly appreciating and welcoming the concept and discussing its uncertain future.
Nevertheless, the popularity of Blockchain technology is increasing like wildfire. In case you didn’t come across the term, basically, Blockchain is the simplest platform for verifying and recording so that people cannot erase or see them later.
So why is everyone excited?
- Bye Bye Scams: Most important features of this technology is the buyer and seller protection with smart contacts.
Since all the transactions are recorded, every cent is accounted for,and once the token or coins are spent, no one can reuse them. But mostly what the Blockchain is praised for is avoiding situations where the buyer buys a product,but the seller doesn’t follow through.
Besides, all the transactions are placed in the ledger. So, the transaction only happens when both parties authorize it with their unique digital signature that can’t be copied.
- No Middleman: When you need to send money in other countries, the traditional banks usually take a percentage from you. But Blockchain is kind of a peer-to-peer transaction system where the whole transaction depends on the sender and receiver, no outside influence or monitoring. That’s why you don’t need to pay the bank fee or the currency conversion fee that you had to bear all these years.
Another advantage of Blockchain is you don’t have to go through the lawyers or banks for transferring any property title. By avoiding this process not only the entire work will be done quicker, but also you’ll save some cash that you had to pay on the lawyer and banks.
- Faster Transaction: Unlike other traditional banking methods or payment systems, with Blockchain, you don’t need to wait hours, days or weeks. It is almost instantaneous. The receiver receives the money in minutes. That’s why the Peer-to-Peer system is getting so much hype.
- The storage: You don’t have any kind of control of the cloud computing infrastructure of Google, Apple, Facebook, Microsoft,etc. But for the transactions you make, you hope to have full privacy and control over the transaction. That’s where Blockchain excels.
Since Blockchain transactions require the specific encryption key, there is no way someone else can access the data of your transaction in your absence. And this is a crucial development for both payer and receiver.
- Rewarding Users: Rewards are freebies are the things that attract people the most. Although there can’t be any free coins for your transactions (at least for now) but the Blockchain can improvise a loyalty program by letting the customers trade points among each other, as the transactions are placed on the public ledger.
The possibilities will be endless if using points at different vendors is allowed. For instance, you can use the airline points to get a new pair of sunglasses.
There are other benefits that people will eventually find outwith Blockchain. So it’s no mystery why there is so much hype and excitement for Blockchain.