Benefits of Blockchain

Greater Transparency
Data on a blockchain is more accurate, consistent and transparent than when it is pushed through paper-heavy processes because blockchain is a type of distributed ledger, all network participants share the same documentation as opposed to individual copies

Enhanced Security
Transactions with blockchain must be agreed upon before they are recorded. After a transaction is approved, it is encrypted and linked to the previous transaction. This, along with the fact that information is stored across a network of computers instead of on a single server, makes it very difficult for hackers to compromise the transaction data

Improved Traceability
The historical transaction data in blockchain can help to verify the authenticity of assets and prevent fraud.
When exchanges of goods are recorded on a blockchain, you end up with an audit trail that shows where an asset came from and every stop it made on its journey

Increased Efficiency and Speed
When record-keeping is performed using a single digital ledger that is shared among participants, you don’t have to reconcile multiple ledgers

Reduced Costs
With blockchain, you don’t need as many third parties or middlemen because everyone will have permissioned access to a single, immutable version