What really is blockchain.
Before Blockchain: Traditional financial transactions were slow, costly, and relied on intermediaries like banks. Cross-border payments could take days to process and were subject to high fees. With Blockchain: Blockchain technology has enabled faster, cheaper, and more secure financial transactions. Cryptocurrencies like Bitcoin and Ethereum allow for peer-to-peer transfers without the need for intermediaries. This has revolutionized the financial industry by reducing transaction times and costs.
Before Blockchain: Supply chains were often riddled with inefficiencies, fraud, and lack of transparency. With Blockchain: Companies like IBM and Walmart have implemented blockchain to track the journey of goods from production to delivery.
Before Blockchain: Traditional voting systems were susceptible to tampering, fraud, and lack of transparency. With Blockchain: Blockchain-based voting systems like Voatz have been piloted in various elections, ensuring secure and tamper-proof voting.
Before Blockchain: Identity verification processes were cumbersome, time-consuming, and prone to fraud. With Blockchain: Solutions like uPort provide a secure and decentralized way for individuals to manage their digital identities.
Farmers in remote villages, who had long struggled with middlemen can now be able to see the true value of their produce by verifying fair prices and secure payments directly, without the need for intermediaries.