Industry Benefits of Applying Blockchain Technology

Christopher ZeniosChristopher Zenios04/11/20192min
Blockchain has come a long way since its first use from Cryptocurrencies in 2008. Since then many businesses have seen the potential and versatile use of blockchain technology.

As the benefits of blockchain are now recognised beyond Crypto big brand names are now incorporating the technology into well-known infrastructure, the adoption of the technology is due to the following benefits.

Transparency

One main aspect is that blockchains transaction ledger is open to viewing providing systems in the financial and business sectors complete transparency. This clear view requires businesses to act with integrity towards the community and clients.

Efficiency

Blockchain technology does not require a middleman, thus removing this aspect results in a faster process. Property management processes are made more efficient with a unified record of ownership files, and smart contracts that would automate tenant-landlord agreements.

Security

Not only does Blockchain enhance record systems it is one of the most secure technologies available. The name comes from the fact that a network of computers come together as a block that is added to a ledger which then creates a chain. Due to many blocks involved in the chain, it is not possible to alter, steal or hack information as there is not one single block to target, thus removing a single point of failure.

Accountability

Each transaction and movement on blockchain is recorded with no possibility of change or amendment, this creates the perfect environment of accountability as each record can be traced. This accountability helps authenticate and verify transactions and also prevents fraud. This type of accountability is applicable in many industries such as healthcare for the tracking of medication or the art industry for proof of ownership.

Christopher Zenios

Christopher Zenios

Christopher has always been a pioneer, a first adopter when it comes to technological advancements. Over the years, his expertise surrounded the real estate and digital markets and their evolution in today's society. After being the editor to various professional business news portals and blogs, he was selected to become the chief editor for HWC. Contact Christopher at +357-22029786 ext: 6110 or by email at czenios@highworthcitizen.com for editorial related questions.



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