Blockchain and Productivity in Our Modern World.

Blockchain technology is a jargon in cryptography that represents an ascending list of documents which are usually linked together using crypto. By its original programming, blockchains are not prone to modification hence its reliability. This system is programmed to be permanently unimpeded to two transacting parties. Blockchains are managed by P2P (peer 2 peer) network who follow a specific inter-node communication procedure meaning that once requested and documented, it cannot be altered without the outright approval of other blocks in the network system. This is to say in essence that blockchains are unavoidability designed to be secured. Though blockchain has penetrated almost every area of our lives and has derived new ways of protecting and preserving data. In the medical blockchain technology is applied in the preservation of medical reports, it is also advantageous in the field of management for securing sensitive transactions. In the banking sector, this technology is used in keeping safe customer’s financial records and in government for safeguarding some information that is of national importance like financial details, sensitive security details, voting e.t.c. though the true identity of the inventor(s) is not yet clear a name always appears at the mentioning of the origin of blockchain; Satoshi Nakamoto.

Blockchain and its productivity
The blockchain program has been integrated into every ICT data model in the world today though some are more visible than the other. One of these sectors which have benefited immensely is the cryptocurrency, which is an original by-product of blockchain technology. In our modern co-operate society we all are all familiar with how crypto monies have produced more millionaires than any sector in time past, redefining our traditional concept of the theme “success”. But aside the drastic change it brought to crypto-currency, it has also revolutionalized other industries outside crypto money.
Other areas affected include but not limited to:

1. P2P transactions – blockchain has brought about a rapid improvement in the way online payments are made. Aside from the conventional online financial transactions like PayPal, Payoneer and other online payment platforms that has facilitated the way monies are paid internationally, using the blockchain facilitated platforms like bitcoin, a fast, secure and cheaper transfer method is initiated.

2. Energy Secure – in most businesses, energy supply usually run on monthly utility estimation which makes business owners wonder where the whole thing has gone by month end. In this case, blockchain-enabled power grid ensures a sustainable energy solution that monitors usability of electric current. Some examples of the company that has integrated blockchain technology into their operation are Exergy – US (Brooklyn) and Powerpeers – Netherlands. In reality, this is the kind of innovation blockchain has actually brought to the world especially at this time when the world is yearning for a sustainable renewable energy source.

1. The stock market – for ages the stock exchange market has relied on traditional On-The-Desk (OTD) method and the most modern being online system. but with the introduction of the blockchain technology stock trading has now become less complicated to comprehend and less tedious to analyze. One such example is Australia’s stock exchange which has already worked towards switching to a blockchain-powered system. and one of such companies that specialize in this is Digital Asset Holdings which happen to be a start-up.

2. Voting process – voting is all about trust, be it government or co-operate voting. It requires a large portion of the trust to guarantee a fraud-free election. With the increasing number of countries and cooperation engaging in the electronic voting system, a blockchain technology remains the most trusted and secured voting umpire. In Moscow, the governments have already started experimenting the reliability of blockchain technology on local elections.

1. Accounting sector – in accounting, accuracy, and privacy remain the two main pillars of the profession. Using blockchain system program to run a financial transaction makes it free of errors, and prevents it from a possible tampering which is peculiar with human operation. The implication of this is that the accuracy of the data will be guaranteed, the process efficient, and the integrity of the accounting firm is preserved.
   Advantages of Blockchain
   • The decentralized nature of blockchain makes it excessively unique, especially in the world payment system model. On a blockchain, the platform gives the individual an opportunity to have his own proof of transaction thereby giving them absolute control to their security.
   • The uniqueness of blockchain technology lays in its transparency and unbiased data analysis capabilities. The inevitability of a processed data completely commands absolute trust by their users.
   • Considering the random programming of blockchain technology, the defense system of any country’s defense sector leverage this arrangement to connect sensitive defense equipment and files like network firmware, and operating systems to a blockchain system.
   • In government blockchain technology help improve transparency, check corruption and make the government accountable. Due to the silo arrangement in government staffing method, exchange of information are mostly delayed which sometimes negatively affect the citizens. So, with the blockchain technology in place, speed information delivery will improve, and fraud in governance will be reduced.

• With the help of “smart contract” – a protocol that presides over contract execution using blockchain technology helps industry workers, and CEOs save the cost of hiring middlemen as in legal practitioners. Because in this process the progress of the project will automatically determine the level of payment.

• The absolute power blockchains offer its users make it stand out from others payment system. One of such powers is the “permissionless” attribute of the system users are given full flawless assess to their accounts without restrictions or contacting any central authority unlike in the case of PayPal and another online payment method.
Milestones in Blockchain Technology.
• In the operations of the non-governmental organization, especially the Bill and Melinda Foundation, this technology has been adopted to help over 2 billion people worldwide who can’t assess bank accounts.

• The United Nations (UN) world food program (WFP) has adopted the blockchain system with the purpose of growing cash-based transfer operations to be as secure, chapter and faster as possible.

• In 2017 an organization made up of authors by name Publiq adopted the use of blockchain technology to ensure that only genuine text is published and as well as combat fake news.