The blockchain is widely recognized as the technology that powers the bitcoin, its benefits extend far beyond. In fact, it is soon poised to take over several industries with value-adding applications built on it. Essentially, blockchain is a decentralized ledger that records all transactions in a chronological order, without the requirement for a financial intermediary such as a bank. The technology brings some distinctive advantages for those who embrace it as a part of their business applications.

1. 8 Amazing Benefits of
Blockchain
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2. Concepts of Blockchain Technology

3. Description
The blockchain is widely recognized as the
technology that powers the bitcoin, its benefits
extend far beyond. In fact, it is soon poised to take
over several industries with value-adding
applications built on it. Essentially, blockchain is a
decentralized ledger that records all transactions in
a chronological order, without the requirement for
a financial intermediary such as a bank. The
technology brings some distinctive advantages for
those who embrace it as a part of their business
applications.

4. Transparency
Being a distributed ledger structure, it offers
users a complete control over all the
information and transactions stored in the
ledger. Data over the blockchain is complete,
consistent, and accessible to all the members,
which renders transparency for the system.
Additionally, the use of a single public ledger for
recording all the transactions minimizes the
complications and clutter of recording and
maintaining transactions in multiple ledgers.

5. Security
The system is far more superior in terms of security
when compared with other record-keeping systems.
The reason is that every single transaction is first
validated and then encrypted cryptographically
before being linked to the previous transaction.
Additionally, information is stored across a network
rather than on a single computer, making it tough for
hackers to access it and compromise its security.

6. Decentralization
Another benefit of blockchain is that it is a
decentralized technology that does not run a
central data hub to verify transactions; rather,
it uses a consensus mechanism to validate the
transactions across the system of connected
nodes (computers).

7. Cost-effectiveness
Besides minimizing the clutter, blockchain also puts
intermediaries out of the picture. With no third-
parties or middlemen in the transactions, they
become cost-effective as the overhead costs and
fees are eliminated in the transaction process.

8. Speed and efficiency
Since a blockchain-based application eliminates the
cumbersome paperwork, it reduces the time taken to
store and maintain the transactions. Also, the possibility
of human error is reduced to the minimum which makes
the system more efficient. As the records are maintained
in a single digital ledger which is shared among
participants, there is no need to reconcile multiple
ledgers. Moreover, the user trust is enhanced as all of
them have access to the same information.

9. Immutability
Immutability is another significant benefit that
comes with the adoption of this technology.
Once a transaction has been added into the
blockchain, it is extremely difficult to alter it.
The transactions are placed in a chronological
order and going back to change a block in the
previous date almost impossible.

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