Why do we need blockchain technology?

I M BU THE INSTIGATOR May 28, 2023

Despite common misconceptions, blockchain and cryptocurrency are not the same.

Blockchain and crypto are ushering in a new era of finance, providing a long list of possibilities and advantages. Such as?

First, blockchain and crypto allow us to circumvent the legacy banking system so that we can manage our funds independently. Thanks to the advent of crypto, we can securely and quickly send money anywhere in the world, regardless of fiat currencies and bank restrictions, while incurring low transaction fees.

Second, blockchain technology creates a network that stores and processes information securely and reliably, which is being applied in many industries, such as healthcare, logistics, and energy, to name a few. By storing their data on a blockchain, companies can rest assured that no information or data leaks will ever happen — it’s simply impossible. For instance, the security benefits of blockchain technology would be seen as valuable in healthcare because it would only allow doctors and their patients to view sensitive information.

Finally, blockchain and crypto provide new possibilities for financial innovation, which could profoundly impact worldwide. We can create new digital assets and tokenize anything: apartment deeds, car ownership or even toothbrushes and chairs.

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