Once blockchain is defined, it is essential to know the advantages that make it the technology of the moment, in other words, what is Blockchain technology for and how you can benefit from it, both as an individual and if you do it from a company or SME . It is unlikely to be a totally disruptive addition that attacks traditional business models with a lower cost solution. Instead, it is a foundational technology, with the potential to create new foundations for economic and social systems. These are its main advantages.
SECURITY WITH BLOCKCHAIN: Blockchain cannot be defined without talking about security. One of the biggest benefits it brings is its ultra-secure network. Because the transmitted data is inherently encrypted, it is much more secure than the standard username and password system. Decentralized data stored using blockchain makes it extremely difficult to hack because there is no “single point of failure”. What does this mean? If all your documents are stored on thousands of different hard drives, it is unlikely that you will ever lose data.
DECENTRALIZATION AND SMART CONTRACTS IN BLOCKCHAIN: The second benefit comes from decentralization and smart contracts. Basically, these use the blockchain to automate payments and transfers based on a predetermined set of conditions.
SPEED AND EFFICIENCY OF BLOCKCHAIN: Third, blockchain is fast and efficient. Manual data entry is tedious and error prone. Most organizations maintain multiple systems of record for different tasks. Reviewing them separately is time consuming. With blockchain, all of this information is stored and verified as it is generated.