Blockchain Technology

 

Why is Blockchain Technology Important?

Suppose a new technology was developed that would allow more parties to enter into a real estate agreement. The teams meet and finalize details about time, special circumstances and finances. How will these groups know that they can trust each other? They will have to confirm their agreement with third parties - banks, legal entities, government registrations and more. This brings them back to the same stage using technology to cover costs.

In the next step, third parties are now invited to join the housing agreement and provide their input while the transaction is done in real time. This greatly reduces the role of the middle man. If the agreement is clear, the middle person may be dissolved in some cases. When goals are set out in advance, these risks are greatly reduced. If the financial arrangements are secured in advance, it will be known in advance that the agreement will be paid and the parties will honor their payments. This brings us to the last part of the example. Once the terms of the agreement and arrangements have been finalized, how will the agreement be paid? The unit of measurement can be money issued by a central bank, which means re-working with banks. If this happens, banks will not allow these agreements to be terminated without due consideration in the end and this could mean cost and delay. Is the technology working on building efficiency so far? Impossible.

What is the solution? Create a digital currency that is not only as transparent as the agreement itself, but is actually part of the terms of the agreement. If this currency is exchanged for loans issued by major banks, the only remaining requirement is to convert the digital currency into a currency known as the Canadian Dollar or the US dollar that can be made at any time.

The technology mentioned is for example blockchain technology. Trade is the backbone of the economy. The main reason why money exists for commercial purposes. Trade creates a large percentage of jobs, production and taxes for various regions. Any savings in this area that can be used worldwide can be very important. For example, look at the idea of ​​free trade. Prior to free trade, countries imported and exported, but they had a tax system that would pay taxes on imports to prevent the impact of foreign exports on their home country. After a free trade, the tax was abolished and many other goods were made. Even small changes in trade rules have had a profound effect on world trade. The term trade can be extended to specific areas such as shipping, real estate, import / export and infrastructure and it is very clear how the blockchain benefits if it can save or a small percentage of the cost in these areas.