1. Transparency: Data on the blockchain is more accurate, consistent and transparent than paper processes because of the public ledger. Any updates to the ledger, such as a new transaction, can only happen when the network is in consensus. The network can only reach consensus once the data is proven to be true. Once the network is in consensus, the transaction is confirmed and the data will forever be stored on the blockchain, public and for everyone to see.
2. Security: Data is secured in several copies, on several computers, across the network around the world. As long as there is one copy, all transactions through the history of that blockchain can be recovered. This makes it almost impossible to completely erase. And once the data is on the blockchain, in order to modify it, you would have to modify every single copy of the ledger in the network to change it. This makes it very difficult if not impossible to hack, falsify or corrupt existing data on the blockchain.
3. Improved traceability: All data on the blockchain are publicly stored forever. This allows you or anyone to trace the data back to its origin as it leaves an auditable trace, making it possible to verify its authenticity, or to prevent possible fraud that might have occurred along the way.
4. Efficiency and speed: Blockchain replaces paper-heavy processes that are bound for human errors and that are usually very time-consuming. By automating these processes through a digital ledger that is open for everyone, you will save time and money as clearing and settlements can occur quicker, it becomes easier to trust each other, and you don’t need a third-party mediation or intermediaries.
5. Reduced cost: Blockchain saves money when you take away trust. You don’t need to trust a third-party, partners, customers or any middlemen. Or that all paper-work is done and done right. With blockchain technology you trust in the digital network as an impartial third-party, incentivized to find the truth through mathematics.