justinlykal

Blockchain enables decentralized and secure data sharing. The blockchain network consists of computers, also called nodes, which are interlinked with one another, forming a blockchain. Any transactions in the network occur by using unique codes connected to each transaction; thus making all conducted transactions transparent and traceable back to their origin. Blockchain stores information in blocks (records) inside blocks of linked data through cryptography. Here are some reasons why industries should strive for the use of Blockchain. 1) Eliminating corruption. Because of the transparency and incorruptibility that Blockchain brings, it can be used to track any dubious transactions done by both the public and private sectors. In a nutshell, it eliminates corruption in many ways: having all activities visible, making unilateral changes impossible, record-keeping more consistent. 2) Lowering costs for transactions. The transaction processing time would be much faster with less involvement from third parties. This means lower fees when using economical products like Bitcoin or Ethereum which are stored on blockchain technology. With blockchain infrastructure, information about ownership can also be secured easily as part of its decentralized framework. 3) Making digital records trustworthy and indisputable. According to Yuval Harari, author of the book Homo Deus: A Brief History of Tomorrow, "Blockchain [technology] authenticates itself. It generates trust in itself and in that way really is a new form of collective intelligence for our age."

Man, there are hundreds of cool blockchain projects out there but if I had to choose the literal best one, I’d have to go with NFT as far as I’m concerned. The application of blockchain technology to create NFTs is amazing and considering the fact that its still new and in its infancy, I can’t wait to see what comes from it next. That said, a VERY close second to me, personally, would have to be WiV. Might be because I’m a self-proclaimed wine connoisseur, but I think WiV is onto something.

Blockchain helps in the verification and traceability of multistep transactions needing verification and traceability. It can provide secure transactions, reduce compliance costs, and speed up data transfer processing. Blockchain technology can help contract management and audit the origin of a product.