The Benefits of Blockchain to Consumers
Updated: Mar 19
The following is an article “The Benefits of Blockchain to Consumers” by Marc Primo.
Have you ever noticed how easy it is these days to look for a product online, gather reviews, make a purchase, and get your hands on it in no time? Blockchain has a lot to do with each process that gets you what you need and more. With a technology that promises security, efficiency, and entails the cohesion of multiple networks and domains, blockchain has become a buzzword that may soon become everyone’s way of life.
In layman’s terms, blockchain technology is used for multi-faceted and complex operations in such industries as finance, food safety, service, retail, and even in the electoral process among many others. The technology allows businesses to track purchases, record transactions, and secure data just as how a ledger works but in permanence, for the public, and in digitized form.
There’s no question how these days, only an esoteric few can really grasp the benefits that blockchain offers as it came from the same enigmatic Bitcoin founder (or founders), Satoshi Nakamoto to govern the rules and regulations of value exchange. Today, blockchain functions as a register that tracks the purchases and payments by the millions into various computer networks. Each one of these records are then verified through cryptography (in unique alphanumeric sequence as codes), and digital signatures to determine if a transaction is genuine.
However, one of the most important features of blockchain is how it is unhackable as if recorded entries were carved in stone. This makes transactions safer and more secure as a hacker will have to unchain a voluminous set of records from multiple entities just to be able to alter data which is really close to impossible.
Blockchain is indeed good for business, but what can it do for you as a consumer?
Blockchain for consumer protection
If you don’t know any of the 20% of today’s consumer population who understand and are excited about blockchain, let us break it down for you.
Blockchain not only keeps your online transactions and purchasing data secure, but it also spares you from having to buy that counterfeit Louis Vuitton bag your planning to get online. In 2016, the Organisation for Economic Cooperation and Development and the European Union Intellectual Property Office (OECD/EUIPO) reported that 3.3% of global trade accounted for counterfeit and pirated goods or $509 billion. With blockchain’s digital ledger, every aspect of the supply chain is logged which consumers can request from the companies they purchase goods from. Needless to say that blockchain is all for brand and product transparency and can help consumers decide on which companies they can trust and be loyal to.
Today most especially, when Generation Zers comprise nearly 40% of the global consumer market (and given that these consumer group wants to learn as much as they can about products prior to buying them), blockchain allows consumers to have a front row seat to a product’s pipeline-to-pipeline supply process. Now if the product is defective, blockchain is also reliable in warranty management which is always a plus for consumers.
Back on the chain gang
With the many benefits it offers today, blockchain continues to reconcile the millions of data that are needed across industries that will benefit both market and businesses. The technology offers great security, quicker and more cost-efficient transactions, reliable tracking, and most of all fosters transparency.
For everyone who’s onboard the blockchain gang, productivity is its ultimate promise. Still with many disruptions occurring concerning the technology, more benefits are expected to come out for every aspect of lifestyle each of us are pursuing in this age of technology.