Maybe last year Bitcoins have grasped all the attention with a sudden rise in its price, but it is the technology behind it that everyone is talking about. Blockchain, the technology that decentralizes the whole system is the emerging trend in the industry. Whether it is healthcare or business, every domain is adapting the new technology. Blockchain offers a number of benefits over conventional technologies such as decentralized system, speed transactions, reduced costs, higher security and much more.
The industry leaders including Mark Zuckerberg and Jack Ma have shown their interest in the technology and said that they want to integrate it with their services in the future. With the help of this article, I will be listing the top 5 benefits for Blockchain that will make you understand why it can change our future.
By now, this is the topmost benefits of the blockchain. The nature of the blockchain makes it more secure than other record keeping systems. The transactions that will be taking place has to get a pre-approval and then it is linked to the previous transactions. Besides, the records and all the information is spread across all the nodes/computer in the network, and it gets updated immediately. Keeping the records in the network instead of saving it in one centralized place makes it hard for hackers to reach.
As we all know that Blockchain is a decentralized system that means information about every transaction is shared with all the connected computers. The technology works as a distributed ledger in which all the participants have copies of the same document. To make any change in the document requires all the participants to agree on it as the change will be made via consensus. This makes all the details and information more accurate and consistent in the blockchain.
Record keeping with the tremendous amount of data that keep increasing every day is a very hectic process. If you go with the traditional system, it will become a complex and very time-consuming process. On, the other hand in Blockchain where the information is stored on a distributed ledger and shared among all the participants, it becomes seamless. This not only makes the process simpler but also increases the transactions speed.
While dealing with a product or platform that operates on a complex supply chain, it is tough to trace the path of any product. Besides, in case of any error, you won’t be able to find the bug immediately, and it will take you a lot of time. In blockchain for every chain of the transaction, you have an audit trail that allows you to trace the origin and path of the transaction.
For every business, it is important to reduce the investment without hampering the process. Luckily, blockchain eliminates the need of any middleman or central system for storing the data. The sharing the data across the network reduced the costing required for any third party to do the job.