Blockchain and Cryptocurrency Basic - Benefits of blockchain

Transparency

One of the main benefits of blockchain is the aspect of transparency. Transparency is a key aspect any blockchain that is why blockchain technology has been on a massive rise and used in a lot of industries to enhance security. Transparency basically means that every transaction details and records on the blockchain is visible and accessible to anyone. Anyone can see the data and information that is stored on the blockchain.

Stored data and records cannot be altered

This is another main benefit of the blockchain and also one of the main characteristics of blockchain technology. Any data, information or transaction records stored on the blockchain cannot be altered once it is stored on the blockchain. Every transaction on the blockchain creates a new block which ensures that no records can be altered.

Decentralization

This is another main benefit of blockchain. Decentralization is a key aspect of blockchain technology because of the multiple network of nodes that secure the network, ensuring that no single entity can control what happens on the blockchain, and for every block that is created, consensus on the network has to be reached.

Cost reduction

This is another benefit of blockchain technology when it comes to use cases. In most industries or sectors, the cost of performing transactions is high, especially when it has to involve multiple third parties. However, with blockchain technology, the cost can be greatly reduced since the transactions can be handled automatically on the internet via the blockchain. Also, human errors can lead to increase in cost, this is where blockchain shines because human errors can be eliminated via automation on the blockchain.

Speed

This is another benefit of blockchain. Because the blockchain runs on the internet, it means that it will process transactions and anything recorded on it much faster than any human. This makes it a very viable solution to any industry or sector that needs to process transactions and information faster. Information can be transferred via the blockchain faster and securely as it cannot be altered which ensures the security of the information.

Trust

Trust is another key benefit of blockchain. Any record stored on the blockchain cannot be altered or changed which ensures the authenticity of any record on the blockchain. This increases trust in any industry or sector because users can be assured that there is no alteration on any data or record that is stored on the blockchain.