Critically discuss the potential benefits of using blockchains

#1 Greater Transparency

Blockchain’s greatest characteristic stems from the fact that its transaction ledger for public addresses is open to viewing. In financial systems and businesses, this adds an unprecedented layer of accountability, also holding each sector of the business responsible to act with integrity towards the company’s growth, its community and customers.

#2 Increased Efficiency

Due to its decentralized nature, Blockchain removes the need for middlemen in many processes for fields such as payments and real estate. In comparison to traditional financial services, blockchain facilitates faster transactions by allowing P2P cross-border transfers with a digital currency. Property management processes are made more efficient with a unify system of ownership records. Smart contracts that would automate tenant-landlord agreements.

Blockchain is formed by a complicated string of mathematical numbers and is impossible to be altered once formed. This immutable and also incorruptible nature of blockchain makes it safe from falsified information and hacks. It’s decentralize nature also gives it a unique quality of being ‘trustless’ – meaning that parties do not need trust to transact safely.