Bitcoin or the genesis of cryptocurrency. Bitcoin was the first currency that uses blockchain technology. Bitcoin was all about open and ledger. The world is changing fast, people used to trade things for things. They knew that it is trouble to carry those items to trade.
Physical coins were first created by the people as a currency in the old days. Coins were made out of gold as people trusted gold is a valuable material. Then eventually paper money was created and now cryptocurrency.
There are many advantages to use cryptocurrency it is instant, low fee, secure and many more. One of the reasons people like bitcoin because of it’s decentralized community. No one is in charge of controlling Bitcoin.
What is the Potential of Blockchain Technology
What is the potential of blockchain? As e-commerce continues to grow more people are starting to buy things online using their credit card. When using a credit card to make payments, your card information may be hacked by hackers. Personal information will be stolen as well as your money. Using cryptocurrency as a payment method is the best way to solve this problem. Buyer as well as owners are seeking ways to solve this problem. Transaction should be public, secure and fast. Blockchain is a solution for both of these challenges
Among the benefits that cryptocurrency can be applied in E-commerce is the low transaction fees. Fees can be set to 1 cent per transaction. The transaction can be even faster and safer. Blockchain helps to improve data security it is extremely hard for a hacker that wants to hack into your account and just “take your money” away.
Blockchain Technology Used In Tracking Cargo
That is just the payment, imagine that blockchain to be used in cargo tracking. IMB is trying to figure out applying blockchain technology into cargo shipping as online shopping continue to grow massively. Currently shipping out a stack of rose from America to Asia need nearly 200 papers involved, in order to keep track the flower to arrive in Asia. Communication from each company should cooperate. Billions and billions of tans of cargo get shipped every day around the world. Some would be sent to the wrong place.
Blockchain technology can solve this problem and keep track of these cargoes even accurate. Blockchain technology acts as a CPU to monitor the cargo going all across the world. When the flower is shipped to other agency until it reached Asia, every agency should update the status of the flower through IMB’s website that were provided for them. Every detail such as the information of shipper and receivers, condition of flower, the weight of the stack of flower and more should be updated. Blockchain will help to keep this information more secure and more accurate than paperwork. The process is a lot faster than using paperwork. This help the company to save Billions of dollars.
This is still a very new concept for everyone. Some technical problem must be solved until it can be used in our life.