Why use blockchain technology?

Why use blockchain technology

Why use blockchain technology?

The blockchain technology avails innovative tools for authorization and authentication processes in the digital set-up. This precludes the necessity of third parties and central administrators. In the absence of intermediaries transactions are processed much faster than in the traditional set-up.

Additionally, the blockchain model that informs the smart contract framework eliminates notaries and lawyers from sensitive transactions. This saves significantly on cost and time that would otherwise have been spent. Another reason for using the technology is that the record provided is permanent making it easy to audit.

The processes on this framework are completely transparent and open to public scrutiny. This allows for trust between unfamiliar parties who have no history or binding relationship. This is just a tip of the iceberg when it comes to reasons for using the technology.

In summary, it is useful for the reason that it allows for advanced digital relationships that were not possible in the past. The blockchain technology allows for automation and building trust without necessitating a centralized governance system.