in BlockChain by

What are the business benefits of blockchain?

1 Answer

0 votes

Blockchain consensus mechanisms provide the benefits of a consolidated, consistent dataset with reduced errors, near-real-time reference data, and the flexibility for participants to change the descriptions of the assets they own.

Because no one participating member owns the source of origin for information contained in the shared ledger, blockchain technologies lead to increased trust and integrity in the flow of transaction information among the participating members.

Immutability mechanisms of blockchain technologies lead to lowered cost of audit and regulatory compliance with improved transparency. And because contracts being executed on business networks using blockchain technologies are smart, automated, and final, businesses benefit from increased speed of execution, reduced costs, and less risk, all of which enables businesses to build new revenue streams to interact with clients.

Related questions

0 votes
asked Feb 25, 2020 in BlockChain by miceperry
+1 vote
asked Feb 14, 2020 in Agile by matthenary
0 votes
asked May 23, 2022 in BlockChain by sharadyadav1986
0 votes
asked Aug 29, 2021 in BlockChain by SakshiSharma