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.
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.
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.
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.
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.