How does ‘Blockchain’ benefit me?
After watching a Documentary on YT named Blockchain City, I started to take some notes about the benefits of the integration of this technology, as countries and companies start developing and using it more and more.
Blockchain – is a ‘chain of blocks’ (‘block’ is the digital information and ‘chain’ is the public database it’s stored on), and these”blocks” are made up of digital pieces of information. Blockchain essentially acts as a ‘Digital Ledger’ that is a decentralized system of networks (in which the famous cryptocurrency Bitcoin runs on this technology). The way cryptocurrency operates on this technology is that it operates without a central bank, recording transactions and records over secure networks and storing it in this digital ledger.
Countries like Dubai, The Netherlands, Switzerland, India and Estonia (which is leading in this blockchain technology) have started using it. Estonia, has fully integrated this technology into they’re country, essentially running a digital society with it, offering democratized government services for its citizens.
While watching this documentary and trying to understand essentially the basics of this Blockchain technology (sorry, I showed up late to the crypto and techie party *a big nervous grin*), and seeming as my knowledge of this is limited – I couldn’t help but try to understand how this Blockchain technology could benefit me if I were to integrate it into my life?
Notes from the Documentary
I wrote down 5 ways this technology will be of benefit to me according to Blockchain City:
- Ease of access for public digital services
- Expedited bureaucratic processes (lord knows we all need this one lol)
- Democratized governmental services to the public (as countries like Estonia as currently doing).
- Essentially, if you live in The States and were to travel to Thailand for Cosmetic Surgery services (cost-efficient if you want to save money I guess) or you heard that Thai doctors were much nicer than the ones in The States – than with Blockchain, your entire medical records on this technology are available for you and your doctor to access, with the encryption level given to Bitcoin.
- Voting becomes way more democratized and the power is handed to the voters. In the way, that votes won’t be stored in a single centralized server, which is more likely to be vulnerable to get tampered with (I see you Russia!).
I still have limited knowledge of the technology that is being offered by Blockchain and even less on the cryptocurrency (I.e,Bitcoin) that is running it.
As I try to understand it more: I try to see in which manner, the benefits this kind of technology brings me and society as a whole.
Link to the documentary if your interested in watching! https://www.youtube.com/watch?v=I6fadL-0VRw