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What is blockchain and how can it change our society?

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The definition of blockchain technology and its functionality.

The world of technology is no stranger to buzzwords and new concepts that emerge almost every day. Among these new concepts, blockchain technology stands out as one of the most disruptive innovations of our time. In a TEDx talk hosted by FHNW Business School in Switzerland, Ali Raza Dar discussed the basics of blockchain technology and how it can change our society.

To understand blockchain, one must first understand the idea behind it. Blockchain is essentially a decentralized digital ledger that records transactions on multiple computers. Once a transaction is recorded on the blockchain, it becomes a permanent part of the public record. Each new transaction is verified by other computers on the network, making it virtually impossible to corrupt or manipulate the data.

The most famous application of blockchain technology is Bitcoin. Bitcoin is a digital currency that uses blockchain technology to transfer funds between parties without the need for traditional banking institutions. However, the potential of blockchain goes far beyond just financial transactions. In fact, blockchain technology can transform virtually any industry that relies on the integrity of data.

One sector where blockchain technology could have a significant impact is healthcare. Medical records stored on blockchain could provide doctors with real-time access to a patient’s medical history, which would allow for more accurate diagnoses and treatment plans. Additionally, blockchain could help reduce fraud, such as patients receiving unnecessary treatments or medication.

Another sector that could benefit from blockchain technology is the voting system. Blockchain-enabled voting systems could eliminate voter fraud, increase transparency and allow people from all around the world to participate in elections.

Furthermore, blockchain could also help increase transparency in supply chains by providing real-time tracking of products. This can help ensure that products are ethically sourced, produced and transported. This would be a significant step forward in preventing the exploitation of workers, child labor, and environmental damage.

In conclusion, blockchain technology has the potential to revolutionize the way many industries operate. It can provide secure, transparent and decentralized solutions to long-standing problems. While there are still challenges to be faced, such as scalability and public perception of the technology, the potential benefits of blockchain are undeniable. As more people become aware of this technology, it is likely to play a significant role in the technological transformation of our society.