5 Benefits of Blockchain & Why It’s Top Emerging Technology For Future?
Today, we are going to talk about blockchain, its benefits and why blockchain is necessary?
Blockchain is the most popular word in the tech community.
In 2008 Satoshi Nakamoto introduced the world with Blockchain A year later he gave its first application! The digital bitcoin currency to overcome the issues with double spending issues for digital currency.
Blockchain has other multiple applications besides the crypto currency.
Blockchain works via cryptographic technology, the journal or transaction is encrypted so that only relevant party allowed to see it. Blockchain aims to end issues of trust, accountability and transparency.
Don & Alex Tapscott says,
“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
People might want to know why this word is booming and what are the use blockchain, is there any advantages?
Here, we tell you benefits of blockchain in simple language so people can easily aware about it.
Benefits of blockchain
- In past business, all parties maintain their own journal at their own places, that makes duplication and conflicts of transactions and that convert into controversy. To get out from raised disputes, it take more time and overhead costs. While blockchain is based on shared journal so its cannot be modify after commit, businesses can save time, cost and reducing risk of loss deals.
- Blockchain consensus mechanisms, provide the benefits of a durable, consistent dataset with reduced errors, near-real-time reference data, and the flexibility for participants to change the descriptions of the assets they own.
- As blockchains are shared and everyone can see reality, this allows the system to be transparent result and that build trust.. This is more relevant in scenarios such as the disbursement of funds or benefits where personal discretion should be restricted.
- If an irregularity is detected somewhere along the supply chain, a blockchain system can lead you all the way to its point of origin. This makes it easier for businesses to carry out investigations and execute the necessary actions.
- If we implement blockchain, keep in mind every record will pass through it and verified by system to eliminates human error and secured the data. In overall accounting process becomes more efficient on a fundamental level. Rather than maintaining separate records. In such process blockchain provide highly traceable audit trail with guaranteed accuracy of your records.
Why blockchain is necessary?
Today world population fash into digitalization wave, daily millions of people connect and it's too complex to manage each transaction, it's getting more and more complex. Every industry is moving to lineup their business with latest technologies while being threaten by competitor's. Increasing rates of digital frauds, hacking, digital identity thefts, grand scale data scams and many other digital crimes.
There has to be a fundamental twist in the way we do business.
Blockchain is one solution for all issues, it's just not providing high security or data durability but it can reduce cost. If you are running any business you surely interested to adopt blockchain technology.
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