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What are the benefits of blockchain?

Last Updated: May 07, 2019 02:23PM CDT

The basic advantages of blockchain technology are decentralization, immutability, security, and transparency.

 
  1. The blockchain technology allows for verification without having to be dependent on third-parties.

  2. The data structure in a blockchain is append-only. So, the data cannot be altered or deleted.

  3. It uses protected cryptography to secure the data ledgers. Also, the current ledger is dependent on its adjacent completed block to complete the cryptography process.

  4. All the transactions and data are attached to the block after the process of maximum trust verification. There is a consensus of all the ledger participants on what is to be recorded in the block.

  5. The transactions are recorded in chronological order. Thus, all the blocks in the blockchain are time stamped.

  6. The ledger is distributed across every single node in the blockchain who are the participants. So, it is distributed.

  7. The transactions stored in the blocks are contained in millions of computers participating in the chain. Hence it is decentralized. There is no possibility that the data if lost cannot be recovered.

  8. The transactions that take place are transparent. The individuals who are provided authority can view the transaction.

  9. The origin of any ledger can be tracked along the chain to its point of origin.

  10. Since various consensus protocols are needed to validate the entry, it removes the risk of duplicate entry or fraud.

  11. With the smart contracts, the businesses can pre-set conditions on the blockchain. The automatic transactions are triggered only when the conditions are met.

 

Sources: https://www.smartdatacollective.com/top-advantages-blockchain-for-businesses/

 

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