11 Key Blockchain Advantages Over Current Technologies

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Blockchain has a lot of advantages over current methods. Since current ones take longer processing time, and they have 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.

The top Blockchain applications are 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 tamper with the transactions.

Blockchain top benefits or key advantages for financial world given in this article to refresh your knowledge. Explained the advantages and disadvantages. Read more.
Photo Credit: Srini

How Blockchain Manages Transactions - Quick Recap


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 of Blockchain

  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 is 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 it.
  11. The maintenance of Blockchain is cheaper.

Disadvantages of Blockchain

  1. Publish carefully. Once do one cannot take back.

Sources

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