"Everything will be tokenized and connected by a blockchain one day."
Blockchain opens up entirely new perspectives on how to alter processes, promote resilience across complex networks such as supply chains, facilitate trust, authenticate the digital identity of people and objects, and generate new income models.
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📍 Enhanced security
Your data is sensitive and critical, and blockchain has the potential to substantially alter how your critical information is seen. Blockchain prevents fraud and unlawful behaviour by producing a record that cannot be altered and is encrypted end-to-end.
📍 Greater transparency
Without blockchain, each organization must maintain its own database. Transactions and data are recorded identically in different locations because it employs a distributed ledger. Every transaction is immutably recorded and time and date-stamped.
📍 Instant traceability
Blockchain generates an audit trail that documents an asset's origins at each stage of its travel. This helps give verification in areas where consumers are concerned about environmental or human rights issues surrounding a product, or in industries plagued by counterfeiting and fraud.
📍 Increased efficiency and speed
Traditional paper-intensive processes are time-consuming, prone to human error, and frequently necessitate third-party intervention. Transactions can be completed faster and more efficiently by streamlining these processes with blockchain.
Transactions can also be automated using "smart contracts," increasing efficiency and speeding up the process even more. When certain requirements are met, the next stage in the transaction or process is automatically initiated.
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Vedant 🔭🧑💻 🌐@envoy_1084Hello👋, I'm Vedant.
My goal is to assist developers in navigating the challenging yet incredibly rewarding 🏆 world of blockchain.
I write threads about web3, crypto, front-end development, productivity tips , and occasionally, if you're lucky, a 👻 random topic.10:38 AM - 25 Oct 2022