Blockchain technology has become an essential technology in what is called the “fourth industrial revolution”, presenting particular characteristics such as decentralization, consensus, and security (generating trust and transparency in any field). Initially, this technology became popular in the financial sector, however, with the evolution that its use has undergone, it has covered other sectors, which has increased its influence and relevance globally.
Blockchain technology benefits
Among the main benefits provided by Blockchain technology are the following:
- Available and reliable data: Due to its decentralized system, it eliminates the intermediation of third parties, and it does not depend on an agency, company or government, which makes its data easily accessible and reliable.
- Access to high-quality user data: The parties involved in a transaction have accurate, reliable, timely, consistent and complete data, which are necessary to be able to make the right decision.
- Transparency and stability: Being a shared database, the data will be available to users at any time during a transaction, providing the required transparency. Once the data is created, it cannot be deleted or altered.
- Integrity in the process: The users involved in a transaction know that everything has been done as it is required by the agreed protocol.
- Speed and low costs: Blockchains use their potential to reduce the costs and time spent for each transaction, this is due to the elimination of indirect costs of asset exchange, and the elimination of the participation of intermediaries.
What do you think about this topic? Do you know other benefits of blockchain technology?
If you want more information you can contact us or write your query below (comments section).
NASA image via unsplash.com under creative commons license.