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Advantages Of Blockchain Technology:

As the name suggests, many of block are available in Blockchain. On the basis of survey, if has been seen that within ten minutes, new block is appended to Blockchain. Blockchain also stores all data and information of its users in the form of block. There are numerous benefits and advantages of Blockchain.

Advantages of Blockchain technology:

  • Transparency and immutable – One of major reason for using Blockchain technology in all kinds of business is that it is open source. There are countless eyes are placed on the single network and user can get his information without having any problem. as it is open source, user can change in it as he sees it fit. And other person is not able to make any changes with number of trials.
  • Reduces transaction costs – There is no requirement of third party involvement in Blockchain. As everyone knows that Blockchain communication and transaction is peer to peer and business to business oriented. Thus, there is no transaction fee which is taken by third party such as banks.
  • Faster transaction settlements – If we talk about banking system of traditional transaction, you know that it takes one day or more time to complete transactions. More time is taken by banks because of poor protocols in banking systems. For reducing time delay in financial transactions, you can go to Blockchain technology. Within few minutes, your transaction will be processed completely using Blockchain technology.
  • Decentralization – Another reason for becoming famous of Blockchain technology is decentralization. There are no central stations for this technology. There is no centralization because if center system fails, then all sub center system will also fail. Individual servers are provided to each organisation and they can store their data within their servers. If a server fails, its effect will be only on one server and rest of the world would not compromised.
  • User controlled networks – In traditional banking systems based transactions, bank has to play very important role which is third party. But, Blockchain technology does not need for third party and users and developers are people, who have complete control on the validation and verification of the financial transactions.
  • Ecosystem simplification – Each and every transaction using this technology has to be added to single public ledger. In this way, role of multiple public ledgers has removed completely.
  • Process integrity – All users will have trust that data process and transaction will flow in the way which has been specified in given protocol. Already defined protocol has removed the need for involvement of third party.
  • Durability, reliability and longevity – There is no central failure of Blockchain because it is totally decentralized. So, Blockchain data is available for lone time and have tendency to follow up several attacks.
  • High quality data– Data which is saved in blocks in Blockchain technology is accurate and time available to its users. Data is inconsistent and complete in itself.
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