Suppose you are allergic to GMO (genetically modified) foods. And you only purchase apples and tangerines, that are marked “organic”.
You pacify yourself by thinking that you are consuming the “good” stuff.
Now, consider a hypothetical scenario. Imagine the fruits that you bought have a QR code, stamped on the box, which in turn lets you see the entire process, right from production, procurement to supply (of course, with the details of the entire supply chain process).
If it comes to your attention, that all this while, the fruits which you thought to be “organically” produced, have been tampered with, a dozen times and still labelled organic. Would you still go for them?
It’s funny how we “trust” all centralized intermediary institutions like government bodies, banks, land title companies with our money, assets, documents thinking that the service which we are getting from them is 100% organic and are not “tampered” with.
Blockchain debunks this trust factor. It gives you the power to handle the transaction, transmission and exchange of your money, assets and documents in a peer-to-peer decentralized network. A setup which is virtually impregnable by hackers and malicious parties, and at the same time private, secure and swift.
Eager to know more about the wonderful applications of blockchains? We bet you are! Let’s start with lending. For your information, lending on blockchain is facilitated on a peer-to-peer (P2P) basis.
Blockchain for lending
The cryptocurrency market has been growing exponentially since it’s inception in 2008. You can cash in on the trend, because the hot cakes of today, will be gold mines of tomorrow! However, if you already have a corpus of crypto funds, you can start lending right away.
Now digital currencies run on their respective blockchains, which ensure that all transactions are recorded in real time and in an appropriate order. Tampering payment information and syphoning off funds is next to impossible for anyone, including the platform itself as mentioned earlier.
Which means you can go about lending your cryptocurrencies, to borrowers locally and globally, privately with speed, security and bare minimal fees. And while all this happens, no one gets to come in between. Isn’t that beautiful?