Have you ever heard of Blockchain Technology? Blockchain technology is becoming more essential and is beginning to be employed in our daily lives. Bitcoin, or cryptocurrency, is a well-known blockchain technology. They are creating digital or virtual currency by utilizing blockchain technology.
So, what exactly is Blockchain technology? Simply said, it is a highly powerful security system. All data is stored in blocks that include data, hash, and hash for the preceding block. All of the blocks may be organized in chain order using a hash, as the name implies. The block will identify its order by comparing it to the hash of the previous block, and the next will compare it to the hash of the first block, and so on to establish a chain. There is some time required to create a new block in the chain to strengthen the security. It usually takes 10 minutes to prove and add the additional blocks. This further increases the security.
It can be beneficial in the voting system because it is connected to security. Nonetheless, all voting is done on paper, which takes a longer time, work, and personnel. A week ago, the election for Korea’s 20th president was completed. The election lasted many weeks, including early voting. Every city or town has a designated voting location where individuals could cast their ballots. The issue is that because some individuals have demanding schedules, it is difficult for them to physically vote. Also, millions of votes are opened by hand which takes hours. Actually, the presidential election took 8 hours. Another issue is the security of the vote. All votes from people should be kept sealed and secret until it is opened. However, there were several election frauds. In order to prevent all of these problems, blockchain technology should be introduced. Then, everyone could trust the voting system made online, not needing people to vote physically and secure their votes for a cleaner election.
Blockchain will one day play a significant role in our lives. It is a good idea to research and discover what it is and how to use it to your advantage. There are those who have already made a lot of money by handling blockchain technology differently than others. So you had best hurry.
Works Cited MIT technology review, “Blockchain.” BuiltIn, 2022, https://builtin.com/blockchain. Liebkind, Joe. “How Blockchain Technology Can Prevent Voter Fraud.” Investopedia, Investopedia, 19 May 2021, https://www.investopedia.com/news/how-blockchain-technology-can-prevent-voter-fraud/.