Ever since Bitcoin started reaching new highs that everyone seems to be talking about cryptocurrencies. But more than that, people started to hear about blockchains and how they can have a huge impact on a wide range of industries. The truth, there are a lot of experts that blockchains are the future and as long as the governments regulate them, they can start being put into action.

advantages-of-blockchain-technology

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Before we dig into the advantages of blockchain technology, it’s important that you know exactly what the blockchain technology is. Simply put, blockchain is a virtual and public ledger (that anyone can access) which goal is to record everything in a transparent and secure way. At the present, when you want to make a transaction, you use the bank as an intermediary. However, with blockchains, you don’t need any intermediary and you can make your transactions using cryptocurrencies. All these records are kept on a huge number of computers that are only run by the users.

So, what are the main advantages of blockchain technology?

#1: Quality Assurance:

Quality-assurance

Blockchains can be particularly helpful in quality control. After all, when you are using a blockchain, it will be able to immediately detect any flaw and will take you to its original spot. This will allow companies to be more efficient.

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#2: Stock Exchange:

We all know that the stock exchange has a lot of records that need to be kept. And with all the information easily accessed by everyone in a matter of seconds, it is important that the stock exchange can also benefit from the blockchain technology. While you may think it is a bit odd, the truth is that this is already being tested in Australia’s stock exchange for their operations since last year.

#3: Supply Chain Management:

The truth is that it is crucial for companies to keep track of all their processes every second. However, this just can’t be done without blockchains. With this technology, companies can easily track all their goods movements, their quantities, origin, and more. This doesn’t only allow companies to be more efficient and to decrease costs and waste as it also improves the transparency.

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#4: Voting:

Voting

The truth is that when we talk about voting we are talking of trust. When you vote, you expect that your vote counts and that there isn’t any fraud or miscount. While many countries already adopted (or are adopting) the electronic voting system, the truth is that electoral fraud seems more evident every day. However, with the use of the blockchain technology, this could prevent fraud. In fact, the Russian government already tried out the technology in local elections.

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#5: Accounting:

Accounting is one of the areas that are subject to a lot of human errors. And as if this wasn’t enough, there is a lot of data that can simply go to he wrong hands. However, if companies were able to record all their transactions, these would all go way. And to do this, you would need to turn to the blockchain technology.

One of the best things about blockchain technology is that all the records are verified every time they move from one node to the next one. I addition, with this technology, you can also benefit from a highly traceable audit trail.

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