Greetings. In this post, we’ll take a look at blockchain and ponder if it has a future.
🔗 Blockchain is a technology that remains incomprehensible to many participants in the IT market and other areas. Blockchain is capable of generating qualitative changes in the economy on a global scale, leading to the emergence of a second-generation economy.
🔗 So, using the blockchain, you can organize financial transactions between banks around the world without a single-center, develop a supply system of almost any type, create a fast and reliable system for concluding contracts between a buyer and a seller or a recipient of a service and its supplier, and organize a mailing system.
🔗 Blockchain can be extremely useful for organizations that exchange information, valuable data, but don't trust each other too much. In this case, the technology makes it possible to simplify and improve the processes of exchanging and storing information related to the interaction of these organizations.
🔗 This technology has the potential to transform the economy. In fact, given the large-scale implementation of blockchain, we are talking about creating a second-generation economy, where market participants can do without intermediaries.
🔗 For example, when working with services such as Uber, Airbnb, or eBay, blockchain services allow users to work with resources together, performing transactions directly. In this case, we see the start of the “participatory economy”.
🔗 Since many services are now standardized, the blockchain allows the development of "smart" contracts, which will be drawn up, sent, and signed by the parties to the transaction automatically.
🔗 Also, the blockchain can provide an electronic voting procedure, the implementation of other procedures and processes. Organizations, including banks, financial companies, insurers, lawyers, retailers, etc., will be able to negotiate among themselves without the involvement of regulatory authorities.
📅 According to experts, blockchain will be used everywhere in the near future, changing banking and other industries. For the approbation of technology, according to various estimates, it takes from 2-3 years.
Learn about Totem blockchain features and benefits:
https://totprotocol.com