Today, we’ll be seeing the overall benefits of BLOCKCHAIN not when with dealing crypto but also when we talk about running our business and storing our data, and tracking transactions. The following are some benefits:
1- More secure: In the blockchain, the information is been stored in a network of computers rather than a single server so it’s hard for the hacker to access the information of the user. The data is end-to-end encrypted and cannot be changed anyhow. So, there is no chance of fraud or unauthorized activities.
2- Transparency: Blockchain allows more transparency as in other databases. Every organization has to keep a separate database but blockchain has a distributed ledger and transactions are recorded in different locations with identical steps. In this way, permissioned users have the access to all the unchangeable history of the transactions made with stamped date and time. So, there’s greater transparency.
3- More efficient and speedy: Where the paperwork is time-consuming and unlike other databases that require third-party involvement, in blockchain, transactions are made faster and more efficiently. The history records are made without any error or fraud and are stored in blocks. There is distributed ledger so the transactions are settled much faster.
4- Automation: here the transactions are been automated by ‘smart contracts’ which means that once all the files and proofs required for a certain claim are meeting the conditions then the claim is automatically settled and paid to the user. So, it is a much more efficient way of having the transaction in one place.#crypto2023 #Binance #BNB #BTC #dyor
