Benefits of Blockchain Technology

Blockchain is largely associated with cryptocurrencies like Bitcoin, but its potential goes far beyond supporting cryptocurrencies. So let’s start with defining what blockchain is.

• Increased time effectiveness due to the    real-time transactions
• Direct Transactions eliminate the overheads and intermediary costs
• Reduced risks related to cybercrimes, frauds and tampering
• More transparent processes with a proper record creation and tracking
• Highly secure due to cryptographic and decentralized Blockchain protocols 

Blockchain is really a digital ledger that is automatically maintained and updated by a network of computers. It is extraordinarily difficult to corrupt. Here’s how it works at a very basic level. I create a network with another person. Call me ‘A.’ Call the second person ‘B.’ Say that A wants to send B a sum of $500. That transaction request is represented as a block within the network. If ‘A’ and ‘B’ both approve the transaction, that block is added to the chain between A and B, creating an indelible transaction that both parties can see.