Blockchain offers several benefits. Let us have a look at them.
a.Efficiency: The transactions are performed only between the relevant parties with no intermediary and with entirely digitized information. This enables efficient transactions with no interference.
b.Auditability: Every transaction is recorded sequentially and indefinitely offering indelible audit trail for the life of an asset. It helps to verify the authenticity of the assets.
c.Smart Contracts: Blockchain offers smart contracts which are present in digital form. These contracts enable the businesses to automatically validate, sign and enforce the agreements through a blockchain construct.
