2008, there have been so many increased users and more individuals and industries now understand the very wonderful benefits of the blockchain.
According to the assignment given by professor @gbenga, I will be listing out the very great benefits of applying blockchain to industries.
The elimination of middlemen.
With an appropriate blockchain transaction in place, it is very easy and extremely possible to have an efficient and clear transaction carried out without the presence of a middle man, these transaction is made possible without a middle man trying to act cunny and the blockchain serving as a true witness to the transaction.
A better method of transparency.
Making use of a blockchain ledger makes transparency effectively possible, with this concept in use every member of the team becomes very accountable and are usually more concerned about their actions in the industry, rather than trying to dupe the system they make conscious effort to grow the system since they are aware that every of their action is publically displayed and can be accessed at any time.
An incorruptible method of transaction.
With the blockchain, once a transaction is carried out it becomes highly impossible to have it altered, it completely eliminates the idea of people trying to cheat the system and changing the status of transactions like the usual traditional method will do.
It is easy for transactions to be traced.
With cryptocurrency, it is not an option for completed transactions to get cancelled or altered this means that even after years it is very possible to check for a certain transaction and still find it there, one of my friend has a usual habit of saying the blockchain never lies.
The impact of the cryptocurrency to industries.
Cryptocurrencies are platforms that comfortably sits on the blockchain system and every industry that is connected to the blockchain will offer a perfect transparent method of operation. Cryptocurrency is a new technological method of currency and it is a better method to encourage faster and safer transactions.