Interesting uses of blockchain

The enthusiasm for virtual currency trading is high, and the blockchain is indispensable

From March 2020 until January 2021, in less than a year, the price of virtual currency represented by Bitcoin has risen from US$3,800 to US$43,000. As of press time, on major trading platforms, the enthusiasm for virtual currency trading is still unabated, and there is no obvious sign of recession. International investment banks and institutions have also entered the market. In this feast for global investors, the role of blockchain as the low-level technology of virtual currency can be said to be indispensable.

              Image source: easyMarkets

One of the uses of blockchain: virtual currency

As a new method of transferring funds and/or recording information, why is the blockchain suddenly so promising? Blockchain is the vision of the first batch of people who develop blockchain. They believe that the current banking system is flawed. In particular, centralized banks will cause severe inflation, which in turn will affect the value of people’s property. They believe that the transaction fees charged by banks as a third party are actually completely circumvented. They even laughed at the time it takes to make payments, transfers, and settlement through banks, which often takes many days. International settlement times are even longer, which is a waste of time. Using the blockchain can avoid these many unfavorable factors, avoid the shrinkage of assets caused by inflation, shorten transaction time, and reduce transaction costs.

More interesting uses of blockchain

In addition to the use of currency, blockchain has other uses. You might be wondering what this game-changing technology can actually do in the real world, and what other interesting uses. Let’s take a look at the interesting uses of blockchain technology.

1. Payment processing and remittance

Undoubtedly, payment and remittance are the first conceivable in the practical application of blockchain. Today’s popular Bitcoin, Ethereum, UNI unicorn currency and other popular virtual currency transactions on the market benefit from blockchain technology. People’s belief in decentralization in blockchain technology not only promotes the appreciation of virtual currencies, but also makes them another choice for processing remittances and transfers after gold, silver or legal currency.

2. Digital voting

The farce of the U.S. presidential election from November 2020 to January 20, 2021 impressed people deeply. It was dubbed by some overseas media as a “splendid” voting machine, which immediately reminded people of blockchain technology. . Compared with voting machines that are easily questioned by people, blockchain technology is more secure and trustworthy. Blockchain provides digital voting capabilities. It is transparent enough that any regulator can see if there are any changes on the network. It combines the convenience of digital voting with the immutability (ie immutability) of the blockchain to make voting real and reliable.

3. Food safety

With the escalation of the epidemic, the number of imported cases reported by the National Health Commission has increased, and the pressure on overseas frozen shrimp frozen products has increased. In order to prevent and control overseas imports and protect the safety of the people, our country has invested a lot of manpower and material resources to detect cold chain foods from overseas. Imagine that if all cold chain foods can be traced from the place of production to transportation to the terminal retailing, will everyone feel more at ease when buying cold chain foods? Another interesting use of blockchain is to track food from the place of origin to your plate. Since blockchain data is immutable, you can track the transportation of food from the place of origin to the supermarket. More importantly, if there is food-borne disease, blockchain will make the source of pollutants significantly faster than it is now.

The above 3 points are the practical uses of blockchain that we can imagine combining with the things people are most concerned about in life. Although the blockchain is far from perfect, its decentralized concept is destined to play more and more important roles in the future world.

 

 

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