In the business world, the transactions are — orders, payments, account tracking and much more. Often, each participant has his or her own ledger — and, thus, a version of the truth that may differ from other participants.
Top Blockchain Features
You can avoid fraud...
These multiple ledgers can be a recipe for error, fraud, and inefficiency. But because members on a blockchain share a common view of the truth, it’s now possible to see all details of a transaction end-to-end, reducing those vulnerabilities.
Ordinary ledger Vs Shared Ledger
Each participant has his own, separate ledger — increasing the possibility of human error or fraud. Reliance on intermediaries for validation creates inefficiencies. Can become a paper-laden process, resulting in frequent delays and potential losses for all stakeholders.
How to Avoid the Complexity
- Single, shared, tamper-evident ledger — once recorded, transactions cannot be altered.
- All parties must give consensus before a new transaction is added to the network.
- Eliminates or reduces paper processes, speeding up transaction times and increasing efficiencies
Advantages of Blockchain
- Reduce fraud
- Increase performance
- Avoid redundancy
- Security
- Scalability
- Less complex
- More reliable
- Paperless process
- Increase satisfaction to stakeholders
- Good transparency in transactions