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Benefits Of Blockchain

  • Process integrity - Data structure build using blockchain allows users to make and verify transactions without a third-party involvement. This strongly reduces the risk of a backdoor transaction and unauthorized intervention.

  • Lower transaction costs - Eliminating third party intermediaries and overhead costs for exchanging

  • Transparency and immutability - Blockchain data is complete, accurate and consistent with all the members. Changes to the public blockchain are accessible to all the members, thus creating a transparent system. As each block of data is created it’s time stamped. A block in a chain can only be added after the time stamp is applied and is verified upon everyone in the network. So, at any point of time, if anyone tries to update the block would get rejected by the network of computers connecting the block in the chain. Thus, making this immutable as well.

  • Faster transactions - Blockchain transactions can reduce transaction times to minutes and are processed 24/7.

  • Ecosystem simplification - All transactions being added to a single Ledger reduces disorder and complications.

  • Durability, reliability, and longevity - Because of its distributed nature, blockchain is better able to withstand malicious attacks. Since this is distributed across the network, ledger is just confined to under single control and operates by consensus. This is different from the traditional method in which it’s maintained by a single entity (bank) and audited by another entity. So, it has been described to have effective “Hackproof” security.