10 Reasons why the world needs blockchain and why Synopsis 2021 is a must-attend event

Among the many advanced technologies that have risen over the past decade, blockchain has gained the trust of a number of industries worldwide. In the age of COVID-19, for instance, blockchain has been instrumental in various healthcare processes such as securing patient records, managing medicine supply chains, and more.

Yet despite its growing popularity, mass blockchain adoption is still considered slow due to concerns around trust and regulatory compliance, which doesn’t make it any different to other technologies that now have practical purposes. After all, new technologies are always alien to us when they’re introduced to the world.

In the blog, we’ll discuss the importance of blockchain and how we can continue to make its value more known to the rest of the world.

1. Builds trust
   One of the key features of blockchain is transparency — every transaction made on a distributed ledger can be checked and verified by network participants anytime, thus instilling trust among them. The Republic of Georgia, for instance, was able to ​​register more than 1.5 million land titles through their blockchain-based system in 2018, highlighting the government’s efficiency. The system also allows the public to easily verify the ownership of a property deed using their smartphones and without fear of manipulation or theft from the government.
2. Protects sensitive data
   Information stored in the blockchain is encrypted and protected in a network of computers instead of a single server, making it immensely hard for a single hacker to infiltrate the system since there’s no single point of failure. Moreover, private blockchains make it possible for only a certain number of users to access data while still using a decentralized peer-to-peer network.
3. Reduces costs
   As with any new technology, blockchain allows organizations to save costs that manually processes bring, similar to how a computer and the cloud eliminate the need for anyone to write on paper and have messages delivered through a courier. Moreover, blockchain systems allow users to avoid high fees like in banks and other financial institutions when making a financial transaction.
4. Improves data traceability
   Since blockchain has the ability to securely store data, it makes it easier for organizations to trace purchase orders, invoices, payments, and more. This benefit is crucial in supply chain management, among others, where a single slip in production, inventory, and logistics requires identification of fault in the system. Having a neat audit of processes and transactions helps businesses keep operations intact and efficient.
5. Increases efficiency
   Blockchain’s decentralized nature makes it possible for governments and industries to increase productivity and efficiency without sacrificing the quality of their outputs. In the food and beverage industry, for example, blockchain helps retailers identify food contamination before it reaches the customer and prevent mishaps in the supply chain.
6. Streamlines transactions
   Blockchain eliminates the need for a middleman or third-party system to verify and complete transactions. If someone wants to make a cross-border payment, their transaction will be verified and recorded in real-time on the blockchain. This falls in contrast to how banks would process the payment, which may take days to be completed and lead to delays in some cases.
7. Empowers new systems
   Blockchain already empowers financial systems across the world, as evidenced by the rising popularity and use of cryptocurrencies in countries where they were initially deemed dangerous. But beyond finance, blockchain also has the potential of empowering smart cities. The promise of reliability and transparency that blockchain brings makes it easier for governments to enable urban services and interoperability.
8. Offers anonymity
   A unique feature of blockchain is its pseudo-anonymity brought on by cryptographic functions — a person can be linked to a public Bitcoin address, but other network users won’t know their actual name or address. This is a good feature for people who want some form of privacy in a public network.
9. Promotes ownership
   One unique feature of blockchain is that information stored in it can no longer be modified, meaning it protects data and other assets from being stolen or counterfeited. Network participants can then have complete ownership of their data and avoid losses.
10. Boosts customer engagement
    With blockchain helping businesses improve efficiency, boost productivity, and digitize their operations, the technology ultimately helps boost customer engagement as well. Blockchain ultimately improves product access for disadvantaged customers, makes business more accountable, and increases security in all business-consumer interactions.

Blockchain evidently presents many benefits, which is why it’s important that its purpose is further echoed across the world especially in the digital age. It’s for this reason that Sinofy Group is hosting Synopsis 2021, a five-day international summit focusing on major cryptocurrency industry trends, including decentralized finance (DeFi), non-fungible tokens (NFTs), and digital art.

On October 11–15, over 60 leading industry experts will share their knowledge and insights at the event about DeFi and the crypto economy, as well as expand understanding on these new technologies. The event will also feature various interactive activities and giveaways that anyone in the blockchain and crypto communities would want to be part of.

Synopsis 2021 is organized in partnership with Colibri Group, Coindar.org, Xangle, and Investment Russia. Don’t miss out on this exclusive event!

For more information, visit https://synopsis.events/.