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Advantages of Blockchain
Transparency
• The irreversible nature (unless agreed to by the parties) of transactions on the blockchain replaces traditional record keeping
Removal of Intermediaries
• A blockchain removes the necessity of third parties for record keeping of transactions
Decentralization
• Blockchains run on a network of decentralized computers which reduces the risk of hacking and server downtime.
Trust
• Trust between parties is increased through decentralization and transparency removing any third parties intermediaries such as governments or relying on retailers and brands to communicate their corporate social responsibility obligations
Security
• Data on the blockchain cannot be manipulated.
• Transactions entered on the blockchain provide a clear trail to the start of the blockchain allowed any transaction to be audited
Reduced Costs
• Processes are streamline and third party intermediaries are removed resulting in lower costs
Increase transaction speed
• The removal of intermediaries also results in increased transaction speeds
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