The Main benefit of blockchain technology is establishing transparent peer-to-peer transactions. It is also one of the biggest appeals of blockchain.
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About Blockchain
Blockchain can be simply defined as a ledger distributed over the internet to store the transaction details. It can also be used to track the assets in a network.
The applications of Blockchain are increasing day by day. Some of the applications are:
- Smart Contracts
- Crypto Currency
- Healthcare applications
- Governance solutions
- IOT, etc
Down we will see how blockchain is different from other old technologies and benefits of the Blockchain:
1. Data Immutability
We have a strong security of data in Blockchain.
2. Transparency
All stakeholders can view the data stored in the public network; exceptions can also be made by restriction.
3. Low cost
There is no third party involvement, and it is done between two persons. So we can avoid the service money given to the third parties.
4. Auditability
All the transactions are recorded from beginning to end, so we can keep track of all the transactions.
5. Automation
The third parties are replaced by ‘smart contracts’, ’Computer Programs’, and ’Minors’ so everything is automated.
6. Higher Accuracy
The errors are minimal because it is automated.
7. Impossible loss of Data
The data are stored in different nodes, so even if one node is ruled out the whole network is not affected.
8. Trustworthy system
Since there is no third party, the users will have more trust in the system.
9. Security
Encryption is done on all the important information; they are accessed only by the sender and receiver. Block manipulation is also not likely to happen.
10. Accessible
The Blockchain can be accessed by all kind of users. It is highly promoted by most open source platforms.
11. Real time settlement
To the present financial system, Blockchain offers an enhanced real-time settlement option.
12. No central authority
In Blockchain we don't have a central authority to control, it is decentralized.
You can find more details on our website Blockchain Expert
Originally published at medium.com on November 18, 2017.
