In the past, we've discussed a couple of merits or values that come from blockchain technology, from the efficiency it brings to finance to diverse opportunities it unlocks. Blockchain has incorporated diverse measures and features into its infrastructures that it's positioned to be a major economic mover in coming years.
Already, we are seeing this play out with many tech giants picking interest in the technology and building it into its pre-existing products and services. Here we see Samsung, as one of my favourite outside the crypto space, it is always amazing to watch updates flow in on how developments are going and how it is using its Knox Blockchain to build a high end security wall for all its products or devices.
However, there's a difference between such blockchains, which are private, similar to all private servers and databases(only that servers are not built to be distributed) and cryptocurrency blockchains which are public ledgers, meaning that with the help of block explorers like Etherscan of the the Ethereum blockchain or perhaps FTMscan of the Fantom Blockchain, just about anyone is able to carry out a wide area of activities with that easy access to a large amount of data.
Self service vs Customer service - where blockchain places things
One would argue that having others do things for you is quite the bliss, that could be true, but something else that is true and matters more is that "at what rate is this work done?", in trying to answer this question, you'd figure that self servicing has a higher bar of effectiveness and reliability.
Things get done at a much faster pace and more conveniently with self service, compared to the poor customer services provided by most companies around the world. If we were to carry out a survey, we'd figure that the majority would conclude that it is always a hassle to contact customer services for anything at all because of how draining and not flexible it always is.
As a result, resolving issues on your own becomes apparent and today, we're seeing an era being developed where it is quite flexible to do these things with one's finances.
Traceability In Blockchain Technology
The idea of blockchain being a public ledger means that just about anyone can access not only the data posted to the chain but basically everything because beginning with the codes that build up the system - these are all open source.
This reason for writing this post is due to an experience a friend had with his bank a couple of days ago where he was sent money but never got credited and the sender never got it reversed. Judging from the fact that it shows successfully in the senders end, it becomes difficult to believe that these funds got frozen or that the transaction failed, so where the fuck did the money go?
The nature of the traditional banking system does not allow just about anyone to be able to trace a transaction and here's where blockchain technology does exceedingly well, that honestly speaking, it wouldn't have been a hassle to resolve this issue by looking into the blocks, one could easily tell if the transactions failed, got to it's destination or whatever else. That ease of figuring out how one's money moves is one of the core values of blockchain technology to the general public. It allows the system of finance to be trustless due to the ease in managing and figuring out when activities become fraudulent.
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