Transparency
Transactions are becoming more and more transparent due to the fruitful matureness of blockchain. Think of blockchain as a distributed ledger; every single participant in the network is connected; they all share the same purpose and documentation, not individual copies. That shared version of the documentation can only be updated via consensus among the participants; all must agree. Changing a single transaction record requires the alteration of all subsequent documents and the cooperation of the entire network. All data on the blockchain is accurate and available to all participants. Security
Blockchain is, in many ways, more secure than other record-keeping systems. Each transaction must have a consensus before they are recorded. When a transaction is approved, it will be encrypted and linked to the previous transaction. All the above process is stored across a network of computers instead of the traditional single-server solution, making it very hard for hackers. It is crucial to protect sensitive data, especially today’s awareness of how important your data is, when third parties are sharing data, blockchain keeps it safer and prevent fraud.
Improved traceability:
We are seeking more and more traceability; companies who are having large and complex supply chains have a hard time tracing back a particular product to its origin. On the other hand,
when products registered on the blockchain, you end up with an audit trail that shows precisely where the asset came from and how many stops it had throughout its journey. The historical data recordings on a chain can help verify the authenticity of the products and prevent fraud.
Increased efficiency and speed:
The traditional paper-heavy processes trading is very time consuming; thus, it requires a third-party mediation. When streamlining these processes and becoming more automated with blockchain, a transaction can be completed faster and more efficiently. Record keeping is performed using a single digital ledger shared among participants, which results in no need for reconciling multiple ledgers, and you end up with less clutter. There is clear transparency, which creates trust without the need for intermediaries.
Ruduced cost
When applying blockchain technology, you can reduce costs massively by eliminating the middlemen to verify or guarantee it is not relevant once you have a trustlessness trading partner. No need to review so much documentation to complete a trade, everyone has access to permissioned access to a single immutable version