Back then, Bitcoin was banned nationwide, and people were not allowed to promote it freely.
Community leaders, in order to let the spark of the cryptocurrency world spread,
decided to stop promoting cryptocurrencies and instead promote its technology.
Thus, a great term was born.
It is ——— Blockchain.
From the day we started talking about its technology, the term blockchain swept the globe like a spark.
And when talking about blockchain, we naturally cannot forget its predecessor, Bitcoin.
Of course, the more powerful its technology, the more impressive Bitcoin becomes.
So over the years, Bitcoin's price has risen steadily,
directly soaring to over $100,000 per coin, making it the asset with the highest appreciation rate globally over the years.
Blockchain is praised to be miraculous, but many people do not know its specific functions; it feels more like a rumor.
Let me explain what blockchain is really useful for:
1. Financial Sector
Buying and selling cryptocurrencies, contract leverage, staking for interest, and exchanges between cryptocurrencies.
2. Cross-Border Payments
Transfers can be made without the need for third parties or any financial institutions, just relying on a payment address, greatly reducing transaction costs.
3. Property Identity Authentication
Each NFT is unique; NFTs can be used as identification documents or to determine the ownership of intellectual property. (The Indian government collaborates with Hyperledger to develop a blockchain identity system for bank account openings and government services)
4. Asset Issuance
Stablecoins issued can be exchanged 1:1 for US dollars; some projects issue tokens, making them shareholding systems, where holding their tokens can yield various dividends.
5. Supply Chain Management
Recording every step of a product from production to delivery, ensuring transparency and preventing counterfeit goods. (Walmart collaborates with IBM to improve food safety using blockchain technology)
6. Healthcare
(MIT development) Uses blockchain to store patient medical records, allowing patients to control data access, while doctors and hospitals can share information securely, avoiding data silos.
Drug traceability: Pfizer collaborates with IBM to track drugs from production to distribution through blockchain, preventing counterfeit drugs from entering the market.
7. Government Management
Electronic Voting: Estonia and some regions of Switzerland are piloting blockchain voting systems to ensure voting transparency and immutability.
Land Registration: Sweden and Georgia use blockchain to record land ownership, preventing fraud and corruption.