11 Blockchain Advantages Useful to Read These

Here're 11 top Blockchain advantages.  The current technologies take longer processing time and provide less security.

The vital advantages include security and faster and zero manual edits. Due to this, the Blockchain has great potential to use in financial applications.

11 Blockchain Advantages Useful to Read These

The top Blockchain applications developed for Banks, Share markets, Government Bodies, and Big Corporations. Less maintenance and distributable nature made the blockchain hot in the market. Manual editing of transactions not possible. So, you cannot manipulate the transaction data.

What is Blockchain

• Blockchain stores each transaction in Blocks. No one can tamper or change the details.
• The people who are making a transaction in the Blockchain world both have the same copies.
• The parties involved cannot changes these records. So it is robust.

Advantages  

1. The distributed nature of ledger details.
2. Distributed data available to all parties, and one cannot tamper with this data.
3. Every transaction is Public. That means only people who have access can see the information.
4. It stores all records permanently.
5. One cannot edit or manipulate the data.
6. Data-hacking is not possible. Since it is distributed.
7. The centralized processing is slower. But Blockchain is much faster. Verification and completing a transaction are faster.
8. The centralized system is expensive. Each server in the network charges some amount as a processing fee. Here you can eliminate intermediaries - so less expensive.
9. The Centralized databases are expensive to carry transactions of low value. The fee to pay intermediaries is more.
10. The Data in the Blockchain is not editable. In the case of Centralized databases, the Banks or Private Organizations can edit them.
11. The maintenance of Blockchain is cheaper.

Disadvantages

1. Publish carefully. Once publishes you can't take back

Sources

• Oxford Students Society on Blockchain
• Blockchain Society of Canada