The first use of this innovative and complex technology was to trace and document all activities that Bitcoins undergo. In this sense, Blockchain allows cryptocurrency users to securely track and observe every transaction that a specific good or product undergoes.
Blockchain is ground breaking because its encryption coding automatically records the activity details of a good or service as a new link or block in a linear data set that is non-repudiable and transparent within a public network.
Furthermore, while Blockchain allows users to observe the history and components of a specific article, it does not allow users to erase or alter it in any way. Rather, new transactions and activities are added as additional data links.
In recent years, technology and software companies have been developing ways in which the Blockchain technology from cryptocurrencies can be employed by industries such as banking, finance, manufacturing, trade, and even agribusiness.
Though still in the early stages, these developments are proving revolutionary for many industries. Allowing banks to trace international financial transactions more securely, helping financial watchdogs to better combat money laundering, simplifying shipping and regulatory paperwork for international trade, and informing consumers as to the specific sources of their produce, are just some of the processes that Blockchain technology has the ability to simplify and make more secure.
Furthermore, Blockchain technology would allow consumers and industry regulators to easily verify the origin of products, whether a product is responsibly produced, whether it has been illegally traded, assess the carbon footprint of its supply and distribution chain, and if it has paid the necessary taxes and duties.
Ultimately, Blockchain is revolutionizing industries worldwide and, in the near future, it will allow unprecedented levels of transparency, security, and accountability in world markets.
Simultaneously, Blockchain technology will allow companies, from start-ups to large multinationals, to compete on equal footing as it relates to certifications, such as fair trade and organic sourcing.
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