Trust is the foundation of many of our daily interactions and exchanges today. Trust is the foundation of many interactions and exchanges. We trust that money will be safe in a bank. Information is shared with one another only if they have permission to do so. Papers are also important to us. We trust them with money, land records, transaction data, and so on. These pieces of paper are easily stolen, forged or altered. Even though we are making progress towards computerization, data can still easily be hacked or leaked.

Blockchain is a distributed network of records and data that are distributed over a network of computers. No central database or computer holds the information. Instead, each computer has the data, making it transparent. Blockchain's unhackability is what makes it so powerful. Every transaction, exchange, and record that is entered into a blockchain database is time-stamped before being verified by large groups of trusted computers. Then it is added as a block to a chain of transactions, exchanges, and records. The information "block" cannot ever be changed or deleted after it has been entered. This is because altering or deleting all of the computers at once is nearly impossible.

Blockchain technology has a tremendous social impact and can be used to solve many problems the world is facing today in many areas. Agriculture is a significant part of most developing countries' GDP. However, many farmers are struggling due to lack or lack of funds, land and other resources required for farming. Even large tracts of land owned by farmers are often not correctly recorded. Fraud is a common problem with property titles. They are also costly and difficult to manage. Blockchain can be used to digitize land. Farmers will no longer need to worry about someone hacking into the database and committing fraud regarding land ownership. All types of record-keeping will also become more efficient.

Blockchain technology can not only show you who owns the land but also who owned it in the past. This makes it very easy to track the chain. Blockchain is able to update records to determine which part of the land belongs and how much was produced. This allows farmers to receive the right amount of funding.

Blockchain technology, among many other areas can help the healthcare sector. Many countries struggle with maintaining public healthcare records. This is due to the inaccessibility of doctors and patients. We can eliminate the paper trail in healthcare by creating a decentralized "ledger" of medical data. This allows patients' medical records to be easily and efficiently made available to doctors and patients. This eliminated the risk of medical files being lost. This is a convenient and necessary change, especially as doctor-patient confidentiality is increasing important.

Blockchain is currently used primarily in finance. Blockchain records transactions between people accurately. Because each transfer is free or minimally charged, it could disrupt financial institutions that charge fees for transactions. This creates what is known as a peer to peer network. Transactions can occur without the involvement of a third party.

This means that, if someone wants to buy something, typically the bank and the site from which they are buying it will only take a fraction. Because there is no transaction fee in blockchain, or because the transaction value is small, most of the money goes to the distributor or creator of the product.

The same logic could be applied to music. It is actually being implemented right now. Instead of purchasing music through streaming services like Apple Music or Spotify they will pay directly the artist for the right to listen to and use the music. This eliminates the need to have a middle-man and allows transactions between two entities.

These examples show how blockchain can be used in a way that completely changes the way things are now. It has the potential to change our lives, our economy, and even our entire world. Blockchain technology is multifaceted and can be used in almost any business sector. This is an exciting technology that can transform society. It's not only convenient, but also necessary.