Blockchain Not Only About Virtual Currency But Can Also Be Utilized for Business, What are its uses?

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Steemians - Blockchain technology is now widely used and globally, the development of the use of blockchain technology is now very rapid in various sectors.

Blockchain technology is more commonly known as the technology behind virtual currencies such as bitcoin, ethereum, ripple, and so on. However, actually blockchain technology can be widely utilized to advance businesses and companies.

For example, Singapore is utilizing blockchain technology to assist in terms of business activities at the port. This technology can be utilized to shorten the waiting period of the ship or dwell time, also to verify transactions related to export and import.

Many people associate blockchain only for use with virtual currency. Though this blockchain technology can be utilized in various sectors.

blockchain technology can also be utilized by the banking industry and financial technology (financial technology / fintech). With this technology, the two financial industries can easily perform verification and payment transactions.

Just for information, blockchain technology serves to record transaction data. Transaction records are incorporated in many interconnected and secure blocks.

It can not be denied if the virtual currency is what makes this blockchain technology into popoler and widely known to the public. But that is only a small part of the benefits of the many other uses that can be obtained from this technology. As said by Chairman Asosiasi Blockchain Indonesia (ABI) Oscar Darmawan

"Blockchain is only associated with cryptocurrency, Cryptocurrency is only a small portion of the blockchain, but cryptocurrency boosts the use of blockchain," says Oscar.

Blockchain technology is claimed to be potentially and suitable for recording multiple data, not just virtual currency. Business activities, transaction processing, documentation, to voting are assessed to be benefited when utilizing this technology.

However, there are still many who are unsure of blockchain technology. How not, this technology is often questionable its validity. In fact, blockchain technology is actually quite valid and secure.

Whatever we need to know is that the current technological advances have steered us to the era of virtualization. The era in which all things are done virtually. Ready or not, likes or dislikes we must be able to adapt and prepare ourselves not to become victims of the transition era.

Thanks
Edited by @ardian27
Article : kompas.com