Benefits Of Using Blockchain

Tech

By Atharv Sharma
Published Nov 24 2021

Hindustan Times

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Since the value of cryptocurrencies has soared to new heights, the term 'blockchain' has become a buzzword in the digital world

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Blockchain has the ability to share data in a secure way between people and institutions. No one has to take responsibility to safeguard the data as it is a decentralised system

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Here are some benefits of using blockchain technology

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Improved Security

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Blockchain helps to prevent fraud and unlawful behaviour by producing a record that can't be changed and is encrypted end-to-end

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Better transparency

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Participants in a blockchain network with permissioned access see the same information at the same time, ensuring complete transparency

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Traceability

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Blockchain builds trust between strangers as the transaction is traceable and not centrally controlled. They can do business without knowing each other

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Automation

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Blockchain networks can even automate transactions, increasing your efficiency and speeding up the process

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