Blockchain technology is a digital ledger created to capture transactions among various parties in a network. Read the advantages that have made blockchain technology a success https://www.mlmvibes.com/blog/these-advantages-have-made-blockchain-technology-a-success/

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Blockchain technology is a digital ledger
created to capture transactions among various
parties in a network. Blockchain technology
has the potential to impact all recordkeeping
processes, including the way transactions, are
initiated, processed, authorized, recorded and
reported.
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1.Transparency
One of the key reasons blockchain is
fascinating to businesses is that this
technology is almost always open source.
That means other users or developers have
the opportunity to modify it as they see fit.
But what is of utmost importance about
it being open source is that it makes
tampering with logged data within a
blockchain extremely difficult. This makes
blockchain a particularly
secure technology.

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2.Reduced transaction costs
As noted, blockchain allowspeer-to-peer and
business-to-business transactions to be
completed without the need for a third party,
which is often a financial institution like a
bank.
Since there’s no middleman participation tied
to blockchain transactions, it means they can
actually reduce costs to the user or businesses
over time.

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3.Faster transaction settlements
When it comes to traditional banks, it’s not
unusual for transactions to take multiple days to
completely settle.
This is due to the lengthy processes in bank
transferring software, as well as the fact that
financial institutions are only open during normal
business hours, five days a week.
Also, the financial institutions are located in
various time zones across the globe, which can
delay processing times. Comparatively, blockchain
technology is working 24 hours
a day, seven days a week, meaning blockchain-
based transactions process happen quickly.

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4.Decentralization
Another reason why blockchain is so
thrilling is its lack of a central data hub.
Instead of running a massive data center
and verifying transactions through that
hub, blockchain actually allows individual
transactions to have their own proof of
validity and the authorization to enforce
those constraints.

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5.User-controlled networks
Lastly, cryptocurrency investors have a
tendency to be really optimistic by the
control aspect of the blockchain. Rather than
having a third party run the show, users and
developers are the ones who get to call the
shots.
These advantages of blockchain technology
have made it successful and more and more
people are looking forward to what it has to
offer.

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