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How Blockchain Technology is Revolutionizing Everyday Life by chloem

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· @chloem ·
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How Blockchain Technology is Revolutionizing Everyday Life
![image.png](https://images.hive.blog/DQmdfhTumBScVQoyVaPJERqHjNWyvPBryyDWQ6fxiaB94L5/image.png)

In this article, you'll learn precisely what blockchain is and how it works as well as some considerations in terms of pros and cons. The conclusion of this article will determine whether or not blockchain has a future within the financial system - and I think on LeoFinance, we all know where this conclusion is headed...

**What is a blockchain?**

A blockchain is a distributed (and typically; decentralized) database that allows for secure, transparent and tamper-proof transactions. It's essentially a digital ledger that can be used to track anything of value. Transactions are verified by cryptography and recorded in blocks that are chained together. This creates an immutable record of all transactions that have ever taken place on the network. There are some vital pros & cons to consider when deciding whether or not to implement blockchain technology.

 *Some of the pros include:*

- Security: Blockchain is one of the most secure technologies around. Because it's decentralized, there is no single point of failure. 

- Transparency: All transactions are recorded on the blockchain and can be viewed by anyone. 

- Efficiency: Blockchain technology is highly efficient in terms of time, costs and security.

*Some of the cons include:*

- Scalability: One obstacle when it comes to blockchain technology is how much it can scale. 

- Volatility: The value of cryptocurrencies are highly volatile, which can be problematic for transactions. Another problem is that its price depends on the

**Use of blockchains in everyday life**

Blockchain tech can be utilizied to trace and track goods as they move through the supply chain. Every time a purchase is made, the tracking information is recorded on the blockchain. Retailers, suppliers and manufacturers can then access the information to make sure that every part of the process stays transparent. Blockchain technology can also be used to securely store medical data which could otherwise be vulnerable to hackers.

The decentralized and transparent nature of blockchain would make it very difficult for hackers to access the medical records stored on the database. Blockchain technology could also be used to create a tamper-proof voting system, which means that all votes are stored on the public ledger. So if anyone wanted to rig an election by changing or deleting votes, they would have no choice but to do it in plain sight.

Although blockchain technology is extremely efficient, it does have its limitations. For example, the blockchains themselves would need to be large enough to carry all the data that needs on-chain storage. This could potentially cause delays and slow down transactions. Blockchain-based cryptocurrencies can also be highly volatile because of the way they are traded. The value of cryptocurrencies can change rapidly, which could affect transactions being made on the blockchain, especially when it comes to transferring money.

The final verdict regarding whether or not blockchain will have a future within the financial system seems to be leaning far more toward yes than no. With so many variables to consider, companies and industries must do their research before jumping into the world of blockchain. With several new applications being developed every day, it's going to be exciting to see where this technology takes us in years to come.



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