The Blockchain is an incredible tool that safely and securely encrypts anything of value to be transferred digitally. Historically, that meant money. However, blockchain is being used for tons of other transactions and exchanges between companies and individuals alike these days.
Anyone can strike agreements, share contracts or send their personal data without fear of it being tampered with or altered by others. Blockchain locks away the information so it can only be accessed by those it was intended for.
When applied to something like the internet and paying for its use, blockchain opens up the possibility of the vital commodity to become a shared service. Just as ride-share allows people to split the cost of the service, it’s now possible to find routers that do the same using blockchain and cryptocurrency technologies.
How blockchain can benefit the financial system
Due to the decentralized structure of blockchain technology, whatever is using blockchain cannot be changed. This is in part because the information is securely stored in several places between multiple computers. With an infrastructure platform such as this, it builds trust between those who are using blockchain for their exchanges whatever they may be. There’s no need to have concern that the encrypted information might be altered, held out of control or even simply postponed due to middle management of the transaction.
Those who are using blockchain-backed cryptocurrency can make payments while bypassing banks altogether. Not only does blockchain cryptocurrency cut out the mediator in making payments, it also speeds up the entire transaction.
There is no need to wait for the bank to allow for funds to be sent. Using blockchain-backed currency also allows payments to be made immediately to other people with the infrastructure and service to accept such payments.
Blockchain used within the financial system creates a higher level of accountability and security. Anyone with access to the transactions can see exactly what occurred because everything is recorded when blockchain technology is deployed. Blockchain also allows the financial system to operate at a lower cost as well.
The risk of fraud is greatly reduced too, which means that personal data is also better protected. Key information such as social security numbers, addresses, phone numbers and more cannot be easily extracted. Finally, blockchain technology creates a heightened sense of transparency because all transactions made are recorded and encrypted so that they are immutable.
Those with a shared service offer who utilize blockchain technology can offer so much to consumers and businesses. For example, charities that take donations can provide a blockchain-encrypted receipt of the donation to the corporation or individual who made the contribution. That receipt, which cannot be changed, can then be used as evidence for tax write-offs. But blockchain-encrypted data or money can be used for so much more and even change the future of day-to-day life.
By decentralizing internet connectivity, cryptocurrency becomes one of the most efficient ways to pay for the service. But the added benefit of blockchain technology used within this shared service is that the internet activity is more secure than that of a traditional network. Using blockchain, both the payment and the service are more secure.
About Justin Caswell
Justin Caswell is the founder and CEO of RevoFi and an advocate for a decentralized wireless infrastructure platform owned and powered by the people. Caswell has numerous patents for wireless technology with Google and Dish Wireless. RevoFi’s Hotspot Devices ensure that anyone can begin building their own network by providing network coverage and sharing resources. Learn more at https://revofi.com/
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