It is estimated that blockchain technology has been adopted by more than one third of the companies in the world and there has been an over-creasing demand for blockchain developers.
As I said earlier that many companies and professionals have started to adopt blockchain technology due to it's numerous benefits to the industries.
In today's world which runs quickly with technology advancement, blockchain has happened to have numerous adavantages/benefits. The following are the importances/advantages of blockchain technology:
1.SECURITY.
When doing any kind of activities whether it's online activities or not, security is one of the major important factor for those activities.
A lot of data and informations are stolen in this world of digital. Blockchain provides a very high level of security for anyone because of it's decentralized nature.
2.TRANSPARENCY.
When we say "transparency" we mean "visibility", blockchain is transparent as it makes everything visible or open to all the participants from the starting point to the last point.
›Through blockchain technology one can see everything on the decentralized network and thus makes nothing hidden among the participants.
3.INEXPENSIVE.
A lot of companies and organizations are found looking forward on using blockchain technology so as to save a huge cost on their economic models.
If one happens to compare blockchain technology and other traditional economic models, then it's found that blockchain technology is less expensive than all other economic models.
4.SAVES TIME IN TRANSACTIONS.
Time of transaction is less, the transactions under blockchain technology takes short time to complete.
within few minutes the transactions is finished or completed (can be either sending or receiving financial documents or money or something else).
5.PROTECTS THE BUSINESS FROM FRAUD.
Fraud in the business can be easily seen and controlled due to that there is transparency in blockchain technology.
Business taking place under the control of blockchain technology are always protected from fraud.
6.NO MIDDLE MEN IN TRANSACTION.
In blockchain technology there is no need of a middle men for the completion of any transaction.
There is no chance for any kind of intermediaries or mediators in any transaction either stock exchange or any other kind of transactions.
7.NUMEROUS APPLICATION OF BLOCKCHAIN.
In blockchain technology there are many applications, here are some of the possibilities in the blockchain field:
»Microfinance.
»P2P lending.
»Global payments.
»Digital currency.
»E-commerce (selling and buying goods on internet)
»Escrow.
»Smart contracts.
8.HIGH FLEXIBILITY OF USAGE.
Due to that the blockchain technology has high security level and numerous applications then it has become very flexible in terms of usage.
›In a very flexible manner the transactions are executed due to the cryptograph used in blockchain.
9.HUGE SAVINGS.
It has been estimated that more than $ 150 billions will be saved till the year 2025 if the world decides to make adoption technology.
Blockchain technology reduces function costs, IT costs, operation costs and many other costs when is applied.
10.FINANCIAL PRIVACY.
Many cryptocurrencies are coming up and have been focusing on financial privacy.
Economic ownership informations are private within the blockchain technology, thus the financial holding details of a person will not be accessed by any other individual.
11.PREVENTION OF LEAKING OF DATA AND HACKING.
As I stated earlier that under the use of blockchain technology there is high level of data security therefore there will be no chance of data leaking or hacking by any other individual.
12.FREEDOM BACK TO PEOPLE.
As I stated earlier on previous notes that the blockchain technology is decentralized, also above that there is no central governing system hence people can have freedom on there transactions under blockchain.
Services and values transfer under blockchain technology happens at global level using decentralized networks where requirements of any government can be eliminated.