Advantages of Blockchain

a. One of the biggest advantages of Blockchain is Dissemination which allows a database to be shared without a central body or entity. Because of the decentralized nature of the blockchain, it is almost impossible to temper the data as compared to the conventional database.

b. Users are empowered to control their information and transaction.

c. Blockchains provide complete, consistent, and up-to-date data without accuracy.

d. Since blockchain does not have any central point of failure due to its decentralized network, it can withstand any security attack.

e. As no central authority is required, users can be assured that a transaction will be executed as protocol commands.

f. Blockchains provide transparency and immutability to the transactions as all the transactions cannot be altered or deleted.

g. Blockchain’s peer-to-peer connections help to identify fraud activities in the network and distributed consensus. It is almost impossible to invade a network as attackers can impact the network only when they get control of 51% of the nodes.

h. By using blockchain, sensitive business data can be protected using end-to-end encryption.

i. Users in a blockchain can easily trace the history of any transaction as all the transactions on a blockchain are digitally stamped.

j. Blockchain is resilient to cyber-attacks due to its peer-to-peer nature and the network would operate even when some of the nodes are offline or under security attack.

k. Multiple copies of the data can be stored in the blockchain and hence users can avoid storing sensitive data in one place.

l. Customers tend to trust more in the blockchain system more due to its enhanced security.