Blockchain Benefits

August 1st, 2022
Blockchain Benefits

Businesses run on information. The more accurate and faster it is, the better. Blockchain is perfect for obtaining such information, as it provides immediate, shared and completely transparent data stored in an unalterable ledger that only authorized members have access to.

With a blockchain network we can track orders, payments, accounts, production details and much more. And because users share a single, trusted source of information, we can see every detail of a transaction from start to finish, leading to greater trust and efficiency, as well as more opportunities.

  • Ledger technology: All network participants have access to the distributed ledger and its immutable record of transactions. With this book, information is recorded only once, eliminating the double efforts that are typical of traditional business networks.
  • Immutable Records: No participant can change or falsify a trade once it is recorded in the shared ledger. If a transaction record includes an error, a new data series must be added to reverse the error, but both movements will be visible.
  • Smart contracts (smart contract): To speed up transactions, a set of rules, called a smart contract or smart contract, is stored in the blockchain and executed automatically. A smart contract can determine the conditions for voucher transfers, include the terms of travel insurance and much more information.

Operations often waste effort by keeping duplicate records and having to be validated by third parties. Record keeping systems can be vulnerable to fraud and cyber attacks. All of this slows down business, hurts bottom line, and means we need to improve the way we do things; Greater trust, greater security and more efficiency are the benefits that the blockchain brings to us.