Jan 3 in BlockChain

Q: Benefits of blockchain

1 Answer

Jan 3

High availability: As each node stores a copy of the blockchain locally, the networks functions even if some of the nodes are not available.

Simplification of current paradigms: In many industries, such as finance or health, multiple entities maintain their own databases, this makes it difficult to update and audit data. Blockchain solves the problem as it has a shared ledger stored in all the nodes of the network. Blockchain makes the process of auditing faster.

Cost saving: Because blockchain does not require a trusted third party or clearing house, overhead costs, such as fees paid to intermediaries, can be eliminated.

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