1. Transparency
The decentralized nature of the blockchain is what makes them immune to take overs or corruption by centralized entities such as banks and governments. It goes further, while distributing this data across a wide network of unrelated computers and systems also means the blockchain’s ledger is available for anyone to access, verify & audit data and transactions.
2. Accounting
Blockchain allows you to record transactions that virtually eliminates human error and protects data from tampering. The data is verified every single time they are passed on from one blockchain node to the next.
3. Supply Chain Management
This revolutionary technology offers the benefit of trace ability and cost-effectiveness. Blockchain allows for the tracking of goods, their origin, quantity and more. This simplifies processes like ownership transfers, production process assurance and payments.
4. Peer to peer global transactions
Bitcoin which uses blockchain technology allows for fast, secure and cheap transfer of funds across the globes. While there’s already services like PayPal that processes international payments, they usually have specific limitations.
5. Process Integrity
Users can trust that transactions will execute exactly as the protocol commands and removes the need for a trusted third party.
6. Lower Transaction Costs
The elimination of exchanging assets through third party intermediaries allows blockchain to greatly reduced transaction fees.