Today, We are going to discuss why blockchain technology has become so popular?
Time Saving: In the financial industry, blockchain can play a crucial role by enabling faster settlement of deals as there is no lengthy process of verification, settlement and approval required as it is a single version of the shared ledger data agreed between all stakeholders available.
Reliability: Blockchain certifies and verifies the identities of interested parties. This removes duplicate records, reduces fees, and speeds up transactions.
Resilience: Blockchains are often replicated architectures. The chain will continue to operate from most nodes in the event of a massive attack on the system.
Collaboration: Allows parties to do business directly with each other without the need of third party in intermediaries.
Immutable Transactions: By registering transactions in chronological order, the blockchain certifies the immutability of all operations, meaning that new blocks added to the chain of ledgers cannot be removed or altered.
Fraud Prevention: The concepts of shared information and consensus prevent potential losses through fraud. In logistics-based industries, the blockchain serves as a monitoring mechanism for cost reduction.
Security: The attack on a traditional database is to shut down a specific target. Using distributed ledger technology, each party keeps a copy of the original chain, so the system remains functional even if a large number of other nodes fail.
Transparency: Changes to public blockchains are publicly visible to everyone. This provides more transparency and all transactions are immutable.
Decentralized: There are standard rules for how each node exchanges blockchain information. This method ensures that all transactions are validated and all valid transactions are added one at a time.
