How Blockchain Technology Democratizing the Economy ?

Posted by alicejenifferze on May 3rd, 2022

Blockchain’s ability to replace the need to establish trust between individuals or business entities before a transaction is what makes this technology matter. It provides secure transactions, reduces compliance costs, and speeds up data transfer processing. Blockchain technology can help contract management and audit the origin of a product.

The data on a blockchain is irreversible. So when a transaction occurs, there is nothing you can do to delete or modify it. It will always remain recorded on the database. Notably, this aspect of blockchain is why its use is being advocated for democratising functions, such as storing important records, helping gig workers, and improving transparency.

Lending and borrowing can be completely revolutionised with blockchain systems. There is no need to go to a bank to facilitate loan services. Collateral can be provided in the form of virtual assets, all automated fueled by smart contracts.

Gig economy: Blockchain will empower gig economy workers as well. These workers can track their efforts on the blockchain with time and across different markets. Blockchain-based platforms are free of any error and manipulation, which means that gig workers will be paid based on their experience, reputation, and earning history. Overall, Blockchain technology removes cumbersome, time-consuming, and error-prone processes, thereby empowering gig workers.

Creators economy: Here, creators will be able to control their own work.

Electric power sector: Blockchain turns the electricity grid into a peer-to-peer network, which means every user who utilizes electricity can trade, i.e., buy or sell it in an open market. Blockchain is considered a promising tool to record and facilitate transactions between electricity providers and users.

Consumers can even sell excess electrical power energy to other network participants through automated smart contracts.

With smart contracts, electricity distributors can control power and storage flow along the grid to balance supply and demand—thus, reducing costs and improving the environment.

Music sector: Non-fungible tokens or NFTs based on blockchain technology have the potential to empower music creators, by revolutionizing the rights and royalties process. This means artists writers, publishers and everyone in the music industry value chain will be paid appropriately.

NFTs are stored on smart contracts, that have the name of the creator, which means it gives credibility to the original artists. The digital collectables are rare, and cannot be edited or modified or even replicated on the blockchain, thus letting creators set their rates for the creations, as well as giving full control over the secondary market for them.

Bitdeal being the leading Enterprise Blockchain Solutions Provider offers all kinds of blockchain solutions and services and strives to bring revolution in the blockchain industry with finite services.