How the world’s global economy can benefit from bitcoin and blockchain

It has well passed over a decade since the introduction of Blockchain technology and Bitcoin. During the early days of bitcoin and the blockchain technology, the focus was only on the bitcoins and the cryptocurrencies. Blockchain technology was no way near.

People used to think that blockchain technology can only be used for making and maintaining bitcoin and other cryptocurrencies. However, in recent years, we can clearly see the implementation of blockchain technology in several fields.

We are in 2020, both the blockchain technology and Bitcoins are breaking records by reaching the uncharted regions.

How is Bitcoin helping the world’s economy?

If you see today, typically, every form of international transaction is related to one way or another form of virtual currencies. It includes the Cryptocurrencies as of this week. It proves that bitcoin has the same security level as the centralized virtual currencies.

The area where Bitcoin will shine brighter is undoubtedly international remittance. There are millions of emigrating workers worldwide who send money to their families with the help of the banks or other centralized institutions. The problem with these transactions is that the transaction fees are just too high.

Hence, if people start using Cryptocurrency and bitcoin to transfer money internationally, the market of the Cryptocurrency will be able to boost their family lifestyle, directly affecting the nation’s GDP.

How Blockchain is changing the way of working?

Blockchain has already left a noticeable mark in the industrial world. Here are some of the examples that show the positive impacts of the Blockchain in the industries.

• Supply chain

Supply chain management systems were the first area where blockchain technology was implemented. After the positive result, everybody became convinced that Blockchain can be used in any work field with little tune-ups.

With this technology’s help, the customers can keep[ track of their orders, food, and products. It has created transparency between the company and the customers with the genuine and delivery of the products.

• Energy sector

Energy consumption is a significant issue in city life. But this problem can resolve with the implementation of blockchain technology. You can use just the right amount of energy, and the rest can be shared with your neighbours.

• Governments

The government has acknowledged the positive impact of blockchain technology. They have started to adopt this technology in their daily operations. The intention of using this technology is to boost the efficiency of the work. For instance, in the UK, the government has io pleated this technology to keep track of student loans and make sure loans are paid accordingly.

The use of blockchain technology in the government system is seen as a way of eradicating corruption from the system. We have to wait and see just how far it is useful.

• Health care

It is a real hassle to keep all your prescriptions in one place to get the proper medication. If one prescription is lost, you have to go through the procedure once again. It cost time, money, and further deteriorating health.

But what if every information can be stored on a blockchain network. Yes, you guessed it correctly. If that happens, then the management of all the reports and prescription will become too comfortable. The doctor has to see one report/prescription to get the idea of the patient’s circumstances.

• Music industry

The music industry has always earned from the protection rights and distribution of the music albums. But even after considering everything, original files are stolen, copyrights are changed, and much more. To fight this crisis, the music industry is now thinking of adopting the Blockchain system.

Blockchain has helped remove the content from being pirated, allowing the users to download music directly from the Blockchain, and paying for the music in Cryptocurrency. It may sound too unrealistic, but it is certainly possible.

Conclusion

Blockchain technology and Cryptocurrency have brought the much needed technological and financial innovation that broke the wall that has hindered the development of the system. If you are interested in more about the implementation and Blockchain technology and uses of the Bitcoins and other cryptocurrencies, follow Bitcoin-Freedom.