The transparency and immutability of blockchain technology bring many advantages to enterprises:
Transparency: All participants can view the information in the blockchain, but cannot modify the information. This helps reduce risk and fraud, while building trust.
Security: Thanks to its distributed and encrypted characteristics, the blockchain is difficult to be attacked illegally. Therefore, this technology can guarantee the security of business and the Internet of Things.
Eliminate middlemen: Blockchain is a peer-to-peer network in the true sense, which will reduce the company's reliance on certain third-party middlemen. This helps to improve process efficiency and reduce the chance of data entry errors and transaction costs.
Traceability: Since blockchain data cannot be tampered with, it is very suitable for tracking and tracing or tracing the source of items in a complex supply chain.
Improve efficiency and return on investment: Distributed LEDGER will help companies create a streamlined, more efficient and profitable process, allowing them to quickly obtain a return on investment.
Speed ??up the process: Blockchain can speed up the process execution speed in multi-party transaction scenarios without being restricted by office hours and speed up transaction processing.
Automation: Blockchain is programmable. Through programming, blockchain technology can automatically trigger actions, events, and payments when conditions are met.
Data privacy: Although information needs to be verified through a consensus process before being added to the blockchain, the data itself is converted into a series of letters and numbers through a hash code. Participants in the network cannot decipher this information without the key.
