Benefits of Blockchain
- 1.Trust: Enables trust between strangers.
- 2.Decentralized structure: Enables real-time data exchange among businesses such as suppliers and distributors while lowering costs.
- 3.Increased security and privacy: E2E encryption creates an unalterable record of transactions, reducing fraud and unauthorised activity.
- 4.Lower costs: Increase efficiency by automating manual operations such as data aggregation and amendment, as well as reporting and auditing.
- 5.Speed: By eliminating intermediaries, transactions can be completed more quickly than with traditional methods.
- 6.Visibility and Traceability: Tracks the origins of a variety of things, such as pharmaceuticals, to ensure that they are genuine and not counterfeit.
- 7.Immutability: This property ensures that transactions cannot be modified or removed.
- 8.Individual Data Control: Enables users to choose what digital data they wish to share, with whom, and for how long, with smart contract-imposed constraints.
- 9.Tokenization: The conversion of an asset's hidden value into a digital token that is recorded and shared on the blockchain. To sell digital art, non-fungible tokens are employed.
- 10.Innovation: Industry leaders are experimenting with and using blockchain-based systems to solve intractable problems and enhance long-standing inefficient practises, such as confirming the content on a job resume.