Transparency: Every user of the blockchain ecosystem becomes part of the network. Anybody can become a ledger holder. Any verified and approved transaction will stay within the system forever. Nobody can redo, remove, or modify the data. Once the data was approved by a minimum number of participants, the rest of the network will have the same information, making it very easy to verify.
Security: Encryption is one of the critical aspects of blockchain technology. When new data, as well as transactions, were requested to be entered, first, it goes for the verification process. Once itās verified, then the command will be executed. Itās impossible to manipulate through hacking operations, as the attacker should hack the whole system.
Improved traceability: More and more participants are involved in using blockchain infrastructure. Automatically everything becomes traceable and transparent. Auditing becomes very easy, as you can always check the source and the end product.
Increased efficiency and speed: In traditional business, you have to have many bureaucratic steps to meet the requirements. Otherwise, you cannot be a part of the business environment. Automation becomes very efficient, as it allows you to structure your system most comfortably way. Trust within the transparent system makes the processes very fast, as there will be no need for human interaction in each step.
Reduced cost: Blockchain removes the necessity for obtaining extra layers of security or regulations within your system. There is no need for broad insurance coverage, complex accounting services, professional auditing, and other expensive services. This way of doing business always decreases the price of the end product.