An essay on blockchain technology for college

Along with crypto, blockchain is one of the most popular search terms, which is not a surprise since the two are inextricably linked.

To explain the relationship between the two, we need to start with blockchain technology. Basically, it is a system built on distributed digital ledgers and open source software. In other words, blockchain technology is used to record cryptocurrency transactions.

Because the system is decentralized, where every computer in the network verifies and executes transactions, it is not possible to change or hack these transactions. While blockchain technology is mainly used in finance and banking, it can also be used in other fields, with the potential to make significant changes. But what it lacks due to decentralization is the idea of ​​how it is going to develop in the future and affect the lives of the people, and that is why we are going to look at different aspects of it to form a clearer picture.

In which other sectors is blockchain technology used?

The possibilities for implementing blockchain technology are seemingly endless, from payments to essay writing companies to insurance companies. For example, it can prove to be extremely beneficial in the healthcare sector. Blockchain can be used to keep the integrity of medicines and drugs in check, which will not only save money but also save a million lives annually. It may also find potential use in the aviation industry, from flight control to aircraft maintenance and repairs. On top of that, it will also save billions of dollars in the relevant sector. The same applies to almost all forms of transport. Sites like college-paper.org are already considering using blockchain technology through cryptocurrency payments.

Blockchain technology can also find a number of applications in the public sector, where it can directly help both authorities and people. Currently, at least a dozen countries, including the United States, are implementing pilot programs in their governments. It is used, for example, to manage citizen identities and prevent identity theft. Blockchain is also used for verification purposes when it comes to other situations where personal identity is crucial, such as land registration or the voting process. In fact, Microsoft plans to use blockchain as a legal form of identification for billions of people.

It can also be used to monitor the supply chain in trade and agriculture. For example, in the UK, blockchain technology is being implemented by some agencies to track and monitor cattle. The UN is also trying to make use of it and see if it can be used effectively for humanitarian purposes. Currently, they are using it to discover areas where clean water and food are most needed, as well as for refugees in war-torn regions. The same applies to other forms of assistance, such as drugs, medicines, medical equipment and medical personnel.

It is still under development

As with all new technologies, there are some kinks that need to be worked out before it is widely accepted. But in this case, blockchain is already very functional and useful, but it is the people and the government that have to catch up. Most governing bodies, institutions and companies are centralized, and that is something we have become accustomed to. The biggest challenge facing blockchain technology is our willingness to switch to a different model. This will not only require us to adopt a different mindset, but also to become participants, since this technology is based on decentralized cooperation and coordination.

It can help us detect, resolve or mitigate potentially dangerous situations. Just as blockchain is used to track financial transactions, it can also be used to track the entire shipment of food, as well as the entire supply chain, from farms to local supermarkets. In case the food is contaminated at any point during shipment or delivery, it will be possible to detect the exact moment and place where it happened, and then stop the delivery from those places as soon as possible. And given that we have spent more than two years fighting the pandemic, it goes without saying that blockchain can also be used to manage various aspects of outbreaks, from medical equipment to detecting areas where the virus first appeared.

Last word

Blockchain is certainly one of the most exciting technologies to emerge in the last decade. In fact, that might be an understatement, because it definitely has the potential to change the way we do things globally. Sure, cryptocurrencies are all the rage now, but blockchain could have a much wider range of uses. Ultimately, it is up to us to decide how to use it and try to make the best of it.