We as individuals and businesses interact with a lot of other businesses and service providers online and offline on a daily basis. We buy clothes online, we import medicines from other parts of the world, We use remote financial and banking services. In such a scenario, where everything is available at your fingertips except that trust for the other party.
How do you validate the authenticity of the clothes that you got online?
Or how do you know that the medicines you imported are real and not some cheap counterfeit? And how do you know that your financial and personal data is safe and is not getting hacked by some hacker sitting in some part of the world?
There has always been a dire need for a system that can assure us that whatever we are buying is authentic.
Whatever data we are sharing is safe and secure.
There has always been a need for a system that is reliable and robust such that trust is no longer a barrier for businesses and individuals for getting things done.
The solution to all of these pain points lies in Blockchain technology. You might have heard about various cryptocurrencies like Bitcoin, Ether, Ripple, etc and all of these cryptocurrencies are powered by Blockchain.