Blockchain has brought tons of benefits. It deciphers key issues like trust in a network. Any organization can focus on solving the problems at hand, By changing the key parameter, trust. blockchain’s significance has been understood by Global governments and they have started to include blockchain technology in their good development. Just consider this example where Dubai Smart City 2020 is a project which includes blockchain technology for building a smart city.
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In this article, we will be going through the benefits of blockchain technology. However, before that, we need to understand what is a problem with the conventional way.
What demands to be replaced?
Many times, in an organization, operations often waste effort on redundant record keeping and third-party validations. Record-keeping systems can be unprotected from cheaters and cyberattacks. Data verification can get slow down due to inefficient transparency. Transaction volumes have exploded, with the arrival of IoT. All of this slows business drains the bottom line — and means we need a better way. Enter blockchain.
With blockchain, as a member of a members-only network, you can rest assured that you are receiving accurate and timely data. You can share confidential blockchain records only with network members to whom you have specifically granted access.
Agreement on data correctness is required from all network members. All authenticated transactions are immutable because they are recorded persistently. Nobody, not even a system administrator, has the authority to delete a transaction.
Time-wasting record reconciliations are removed, with a distributed ledger that is shared among members of a network. Along with this, to speed up transactions, a set of rules — called a smart contract — can be stored on the blockchain and executed automatically.