5 things you MUST know about Blockchain
Blockchain was invented by Satoshi Nakamoto in 2008 to serve as the public transaction ledger of the cryptocurrency bitcoin. But nobody knows who Satoshi Nakamoto is, as it is just an alias used by a person or a group of people who were the first ones to introduce the concept of peer-to-peer money transaction network.
Blockchain is a digital network, independent and non-centralized that allows all parts of the chain to share their data in a secure way, eliminating the big companies that act as a middleman.
Here are 5 things that are being disrupted in Vancouver by this concept and you must know:
1.- Money Transfers, one of the biggest ripoffs in history is sending money to a place with a different currency and losing a percentage of it by paying fees to the intermediary companies. Blockchain will allow you not only to do it for a fraction of the cost but to have it fully completed within minutes. No more days waiting for two Bank institutions to accept a simple transaction.
2.- Realstate Ownership, to date no person or institution has a 100% certainty of owning real state, paper contracts are not enough proof and will be soon replaced by smart contracts created around the data inside the blockchain. Besides that, real estate Blockchains will assure the history of the property and will always belong to a single person. Transferring ownership to someone will be 10 times more secure, fast and cheap.
3.-Food Quality, Supply chain has always been an important part of our economy but has not been revolutionized in a very long time. Applying Blockchain into this complicated process will let us know every step of the way for a single good. Let’s imagine that you buy a fruit salad at the convenience store, today you won’t be able to know where all the fruits are coming from, but in the near future, thanks to the Blockchain, you will. It will help prevent diseases in the food to become a worldwide problem by finding the source in a matter of seconds and that information will be available for any of the participants in the chain.
4.-Cryptocurrencies, Imagine a cashless world where with a tap you are able to finalize the transaction without the need of a bank to approve it. In the short term, we will be able to control our own savings without the need of a bank, all thanks to the implementation of a blockchain.
5.-New job opportunities, If that was not enough already to get us excited about all these changes, blockchain is opening a whole new field for developers to grow in. Imagine that soon you will own your own data and your digital identity will be actually private for you to trade as you will.
If you are interested in learning more about this topic join us on the LCPN evening event with two experts in Blockchain technology, Galya Westler and Hussein Hallak.
Latincouver's Operations Manager