In my last post I discussed about blockchain and the three keys concept about blockchain. You can read more by clicking on this Link . In this post I will look at some of the advantages of blockchain

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Blockchain offer alot of advantages but let take a look at some of them.

Blockchain enables Business Activities to be Transparent

Blockchain is a type of distributed ledger whereby all platform participants share the same data instead of owning personal copies. All shared data can only be altered by consensus, which implies that everyone involved must agree to the modifications. To update a single transaction record, the entire network would have to agree to amend all subsequent records. So therefore, data saved on a blockchain network is more accurate, consistent, and transparent than one saved using paper-based systems. Access Is only given to authorized people only.

Blockchain is the top Safest Record-Keeping

Before a transaction can be recorded, it must first be agreed upon. A transaction is encrypted and connected to the preceding transaction after it is accepted. This, combined with the fact that information is stored over a network of computers rather than on a single server, makes hacking transaction data extremely difficult. Blockchain has the potential to transform how vital information is shared in every area where protecting sensitive data is critical by helping to prevent fraud and illegal activity.

Blockchain Promotes Efficiency and Speed

Traditional record keeping is time-consuming and prone to human mistake, with the possibility of intermediary involvement. Processes are optimized and automated with Blockchain, allowing transactions to be done faster and more efficiently. There is no need balance many ledgers because records are kept using a single digital ledger that is shared across participants. When everyone has access to the same data, it's easier to trust one another without the use of a third party. As a result, transaction clearing and sorting can be expedited.

Cost-Cutting and Improved Traceability

When products are exchanged on a blockchain, an audit trail is created that identifies where an asset came from and where it stopped along the way. By tracking the origin of assets or products, this historical transaction data can help to validate their validity and avoid fraud. Furthermore, blockchain reduces costs by obviating the need for middlemen to manage transactions between parties for a fee.

These are just small out of the numerous advantages that blockchain offer in cryptocurrencies world and in our world at large. Thanks for reading and please check my blog for my next post as touching blockchain