As customers place importance on business transparency going forward, blockchain technology has an important role to play. At its core, blockchain values decentralisation of information and promotes security in transactions. With its potential, blockchain can bring in a new era of financial transparency. Today, transparency is at the forefront of how consumers judge businesses. It is the best way to regulate a business’ accountability.
TRANSPARENCY IN BLOCKCHAIN
Transparency is one of the major benefits of blockchain technology. With advances in cryptography, the process of verification of the technology behind the blockchain has improved vastly. That is, there is reason for more users to begin to trust the blockchain network. However, with blockchain gaining traction, the lay person wants to know- how transparent is blockchain technology really? In this article, we look at the ways in which blockchain technology promotes transparency in transactions across industries.
An example that resonates across generations is the use of blockchain in casino sites. Casino games that use blockchain technology actually allow users to actually check the server seeds of the game. This will ensure them that the results they are receiving are genuine and fair. This is a truly revolutionary aspect to online gaming in general and is something that other gaming platforms are looking at integrating. With these advancements, online gaming websites can develop a new level of trust between the site and their players.
Indeed, blockchain technology and cryptocurrency markets are paving the way for a world where transparency will become a requirement. Blockchain solutions like security tokens promote transparency; there is talk of them replacing shares of stock. Just like a stock, a security token would represent an ownership share in a company, art or other asset. Since this token is recorded on a blockchain, and all transactions regarding the underlying asset would be 100% transparent for any participant to view.
In a blockchain world, companies would compete to be the more transparent business. With the increasing amount of value placed on it, transparency will attract more investors and customers. Everyone involved will also trust the security token to trace their transactions.
DOES BLOCKCHAIN AFFECT PRIVACY?
When it comes to blockchain, people have queries about if and how transparency will adversely impact the need for privacy. The main question is how can a technology be transparent if the users on the blockchain are anonymous and unnamed?
However, it is actually this anonymity that allows blockchain technology to remain transparent. This is because users are secure in their anonymity and hence more open in the way that they interact with the technology. While the network tracks and stores all transactions, blockchain’s privacy is one of the main reasons it has grown in popularity. This is also what helps to ensure that the technology is trustworthy and secure.
Due to the blockchain’s decentralised network, no single entity can manipulate the network in any way. Blockchain technology is built around a peer-to-peer network. This means that regular users around the world are responsible for validating every transaction. Through this, the platform can remain transparent and trustworthy, encouraging more users to integrate blockchain technology as part of their everyday life.
To conclude, transparency drives value and should help motivate more blockchain adoption forward. Blockchains should be well maintained by providers and participants should be allowed to view every transaction. This applies to all goods that have an extensive supply chain, like food, nothing and finance.
Hence, we believe that blockchain is the future. Contact us to know how your business can use blockchain technology.