Harnessing the promise of Bitcoin technology to change lives

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You might be wondering what potential Bitcoin technology has to change people’s lives. This article explains how to use this technology.

In 2009, at the time of Bitcoin’s launch, it would have been unimaginable to anyone how the underlying technology, blockchain, would have a huge impact beyond supporting the cryptocurrency. Speaking of Bitcoin, you can join the trade using this cryptocurrency through a trusted platform like Bitcoin 360 AI. For many years, Bitcoin’s blockchain technology has remained underutilized, and only now is its great potential becoming more apparent. But what promise does blockchain technology hold in terms of changing lives?

What is blockchain technology?

Before we can understand how we can harness blockchain technology to change lives, we must first understand what the technology is or involves. Simply put, blockchain is the technology that underpins Bitcoin. Bitcoin would not exist without blockchain. However, beyond this basic explanation, blockchain is an exciting technology.

Blockchain technology is a shared, decentralized digital ledger without applying jargon or being overly complicated. It is like a universal multi-user digital asset where every user can see and confirm every transaction on the network. Decentralization means that there is no single control or authority. The network distributes power and shares it among everyone in the blockchain network.

Another critical element of a blockchain network is its level of security. Basically, you cannot hack or tamper with a blockchain due to the level of security. There are multiple nodes or users. Also, each transaction goes into a block, and when an addition occurs to a transaction, it is added to the same block, hence the term “blockchain”. Once recorded on the blockchain, the data cannot be changed or edited.

Using Blockchain to Change Lives

The very nature of blockchain technology provides opportunities to use it to change lives in a variety of ways. As a decentralized and highly secure technology, blockchain has significant potential to impact almost every aspect of life.

Improving financial inclusion

One of the most practical ways blockchain technology can change lives is by improving financial inclusion. For various reasons, many people around the world do not have access to financial services from the conventional financial system. For example, poor, illiterate people may not have access to financial services because they are unemployed and do not have certain documents.

Blockchain technology enables anyone to access financial services through Bitcoin. All you need is internet connectivity to open a bitcoin wallet and you can access the range of financial assistance available there. Bitcoin technology does not discriminate or impose unnecessary barriers.

Alleviating corruption

Corruption is a serious problem in many developing countries. Corruption leads to the diversion of development resources into the pockets of the few. And this has exacerbated poverty because corrupt officials deprive the poor of their rightful share of resources. Many people suffer from the consequences of corruption. Blockchain technology is the solution to this scourge.

Since blockchain technology is not under one or more entities, and every transaction is recorded permanently, with no room for manipulation, funds sent via Bitcoin for development projects will be easy to trace. This will eliminate the situation where corrupt individuals cover their tracks by simply manipulating records.

Conclusion

If people use the Bitcoin technology correctly, it can significantly change lives. This can improve financial inclusion and have a ripple effect on improving economic conditions. It would also ease corruption and ensure that the vast amounts of resources in the pockets of the few at the expense of the majority finally go to their rightful places.

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