By now, I’m sure that you’ve heard of blockchain. It’s a buzzword that’s worthy of our attention. Have you ever wondered if the benefits of blockchain truly stack up? Determine for yourself after you read these three advantages of blockchain technology.
1. See right through.
Blockchain technology uses a similar technology, that of bitcoin, where the distributed ledger cannot be altered. It’s also only shared with the network participants. For example, in order to change a record, an alteration of all subsequent records is also required, making the data on a chain more accurate and transparent.
2. Did someone call security?
During the records transporting process, transactions must be approved before they are recorded. Once approved, the transaction is encrypted and linked to the previous transaction. In other words, blockchain is extremely secure.
3. The need for speed (and efficiency).
Blockchain streamlines and automates the transaction processes. And since the records are kept in the same digital ledger, there’s no room for error or misinterpretation. Everyone has access to the same information, which improves trust so you can quickly move to the next phase of the transaction.
From beginning to end of the solution development, Sirius offers various services to help organizations define and develop their blockchain solution. If you have questions about the benefits of blockchain, you can email me directly or visit our Blockchain Solutions webpage.