Benefits of using a blockchain:
Transparency:
As the entire transaction history is stored on the blockchain network and anyone can access it, the entire process is transparent and verifiable. The main benefits of this feature is related to data on a blockchain is more accurate, consistente.
Security:
All Transactions must be agreed before being recorded.
This is achieved by the consensus protocol (consensus algorithm).
In addition, information is stored across a network of computers instead of on a single server.
With these features the blockchain network provide secutity to stored information, helping to prevent fraud and unauthorized activity . Also prevents hackers to compromise the transaction data (or at least make the process extremely difficult)
Improved traceability:
All transactions can be tracked, know the source, and where they went. This historical transaction data can help to verify the authenticity of assets and prevent fraud.
A very important feature for companies where traceability is a critical factor (such as the food industry)
Increased efficiency and speed:
The information on the blockchain network is updated quickly because it uses the internet network.
This way it is accessible anywhere in the world (as long as you have access to the internet network).
Also transactions in blockchain doesnât require 3rd part or approval from a central authority, leading to a more efficient process.
Reduced cost:
With all the features mentioned above, the blockchain network saves time and money. In addition, eliminating intermediaries greatly reduces costs