With the introduction and popularization of cryptocurrency, Blockchain has come to be an important part of today’s advancing technological world and has brought about a new era of the internet. Today it is changing global financial and economic systems, but tomorrow its benefits will undoubtedly span many more industries and alleviate pain points that were previously untouchable prior to blockchain’s creation.
What is Blockchain?
Also known as a peer-to-peer (P2P) network, “the blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value,” say Don & Alex Tapscott, authors Blockchain Revolution (2016). These “ledgers” require information to pass through many different points rather than one central point, allowing more security and less likelihood that information can be tracked. The blockchain, in other words, is a constantly growing and reconciling chain of information.
What are the Benefits of Blockchain?
Blockchain is known for its decentralized system. Unlike centralized systems, which are controlled by one central hub, the blockchain is free of any one control center and doesn’t follow classical hierarchy. Because one computer isn’t in control of many others, there is no single point of failure — if one node in the chain fails, the whole system won’t crash.
Blockchain-based systems also tend to be more trustworthy since there is no need for a middleman to exchange information — the data goes straight from point A to point B. As a result, there is a higher sense of security on blockchain-based systems.
Pozess and Blockchain
Because of the strong benefits of the blockchain, Pozess has decided to build its platform on a blockchain-based system. Pozess prides itself on being a decentralized social marketplace where the users are in charge of content curation. Because of the use of blockchain and smart contracts, money transferring between consumers and merchants is fast, cheap, and direct, and both parties can trust the transactions due to the transparency that the blockchain provides. The platform allows sellers and buyers to connect directly, and helps consumers discover products from all over the world that they haven’t seen before.
We, at Pozess, are confident that blockchain technology will continue to advance and will spread throughout many more industries as time progresses and we are excited to be a part of the blockchain revolution.
Learn more about Pozess, our technology, and what we offer to consumers and merchants: http://pozess.io
Telegram : t.me/joinPozess
