10 Top Advantages of Blockchain in Finance Projects

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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.


blockchain

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 in Finance Applications

  1. Reduce fraud
  2. Increase performance
  3. Avoid redundancy
  4. Security
  5. Scalability
  6. Less complex
  7. More reliable
  8. Paperless process
  9. Increase satisfaction to stakeholders
  10. Good transparency in transactions
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