Blockchain is an innovative and exclusive concept brought into existence to make the transactions safer. The problem with conventional money transferring techniques is that these are centralized i.e. dependent on government. The involvement of regulatory authorities in transaction reduces its fluidity and also increases the charges associated. Due to this, third party involvement occurs which decreases the safety of a transaction. Such transactions can be easily hacked and interrupted in between. These conventional transactions are not clearly transparent and are also considerably time-taking.
The blockchain is the solution to all the above issues. The advantages associated with Blockchain, are:
1.Fully Trustworthy Peer-to-Peer Transactions
Blockchain promotes fully protected digital transactions by making them fully decentralized. These transactions are performed in between 2 users only and there is no possibility for anyone to counterfeit the process. Due to this, third-party involvement is completely eliminated, in turn increasing a reliability of a transaction.
2. Licensed and Entrusted Users
By the identity authentication, only licensed users can be a part of Blockchain. This procedure has generated a group of entrusted users associated with blockchain network. Both of the users can have full access to each other’s information and past transactions without initiating a present transaction.
3. Authenticity & Durability
Blockchain removes all the possibilities that can fail a transaction and there is no chance for anyone to attack the transaction in between or hack it. That’s why this technology is completely authenticated and durable.
4. Accurate Data
Blockchain data is 100% accurate and full of fidelity. These qualities make it consistent as well as globally available.
5. Transparent Process
Via Blockchain, one can create public ledgers through which transparency is being maintained and all these transactions are kept fully secured. These cannot be changed or deleted by anyone.
6. Incorruptible Transactions
All the users involved in the transaction process can clearly believe that the transaction will be executed just like the set standard and protocol commands. So there are zero chances for any intrusion-maker to corrupt or counterfeit the process.
7. All-Time Available Ledgers
In the process of Blockchain, all the performed transactions are recorded in one ledger and that remains public. All of the information in one ledger increases the ease and reduces inconvenience to find any specific data.
8. Reduced Fee
Due to the removal of third party interference and central authority, transactions fees, as well as other charges, don’t come up with Blockchain, in turn, transactions with a lower fee can be performed flawlessly.
No banks or regulatory authorities are involved in the process of Blockchain and thus it doesn’t require much time to complete a transaction. One can perform the transaction via Blockchain anytime, any-day with anyone.