Transparency: With Transparency, everyone has access to one shared copy. if we ever need to change one request it would be very difficult and it would cause a very bad headache. everyone has a shared copy and whatever comes in we have to agree on it.
Security: Since the blockchain is part of a network of computer instead of a single server it is very unhackable. Once new transactions come in and are agreed upon they will be encrypted and linked to previous transactions so that it can be traced easily. In a Centralized Database. the owner has access to everything and can change, delete whatever he pleases. With Blockchain this is not possible which makes it way harder to get accused of fraud or other crimes.
Improved Traceability: All companies have a very long and complex Supply Chain and sometimes we donāt really know where they really get their sugar from our ingredients and therefore we just trust. with Blockchain everything is traceable you can exactly see whether the company is telling the truth because if they say this but the blockchain doesnāt recognize your statement. you already know that you are in a deep lie.
Increased Efficiency and speed: Since we are all using one shared copy of the blockchain and not thousands and thousands of papers there is less room for human errors and interference. The blockchain is automated and any transaction that is placed is completed faster and in a more efficient way. There are less clutter and much faster ways to clear up things and make settlements fixed.
Reduced Cost: Everyone in the world wants to reduce costs it is usually a number one priority. There is no middle man. we just simply very simply have to trust what is on the Blockchain and from there we can review everything