Blockchain offers several benefits that can improve business processes:
Transparency: All transactions are recorded on a public ledger, which provides a transparent system of record. Security: The cryptographic nature of blockchain ensures that data is secure and tamper-proof. Efficiency: Blockchain can automate and streamline processes, reducing the need for intermediaries and speeding up transactions. Cost Savings: By eliminating the need for intermediaries and reducing operational costs, businesses can save money. Trust: The decentralized nature of blockchain builds trust among parties who do not know each other.