There's so many functions and features of the Blockchain technology, it is not just a term used to backup network for cryptocurrencies
In this article, we will look at the six benefits of the Blockchain technology and how fintech companies like sapaNO Finance uses it to improve the point-of-sale process;
The network system is decentralized meaning, there's no need for a middle man nor any governing authority looking after the framework. In this case, a group of nodes maintains the network process there by making it decentralized.
As the system doesn’t require any governing authority, users can directly access it from the web and store their assets there.
You can store anything starting from cryptocurrencies, important documents, contracts or other valuable digital assets. And with the help of blockchain, you’ll have direct control over them using your private key. So, you see the decentralized structure is giving the common people their power and rights back on their assets.
This is another feature you stand to benefit, the word Immutability means something that can’t be changed. Here, the technology remains the same with a permanent network that cannot be altered.
Since there won't be need for governing authority, no one can change or alter the network process.
How does it enhance security?
Added with decentralization, cryptography lays another layer of protection for users. Cryptography is a rather complex mathematical algorithm that acts as a firewall for attacks.
4) Distributed Ledgers
A public ledger will provide every detail information about a transaction unlike blockchain, many people can see what really goes on in the ledger.
That’s because the ledger on the network is maintained by all other users on the system distributed across the computers to ensure a better outcome.
The consensus is a decision-making process for the group of nodes active on the network. Here, the nodes can come to an agreement quickly and relatively faster. When millions of nodes are validating a transaction, a consensus is absolutely necessary for a system to run smoothly. You could think of it as kind of a voting system, where the majority wins, and the minority has to support it.
6) Faster Settlement
Traditional banking systems are quite slow. Sometimes it can take days to process a transaction after finalizing all settlements. It also can be corrupted quite easily. Blockchain offers a faster settlement compared to traditional banking systems. This way a user can transfer money relatively faster, which saves a lot of time in the long run.
With the block chain technology, transactions has become easier, faster and trustworthy. Most especially, for international workers, with the help of the smart contract system, this can allow making faster settlements for any kind of contract. This is one of the best benefits of blockchain features to this day. And with the third party out of the way, people can send money with a minimal fee.