Blockchain technology enables everyone involved in a transaction to know with certainty what happened, when it happened, and confirm other parties are seeing the same thing without the need for an intermediary providing assurance, and without a need to reconcile data afterwards.
Prone to human error or fraud — each participant has its own separate ledger.
Inefficient — intermediaries are needed for validation.
Frequent delays & losses — paper-based and data stored locally by each party.
Peers have a single shared ledger — once the transaction is validated, the record is permanent, secure and immutable.
A smart contract — code running on top of a blockchain that contains a set of rules under which the parties mutually agree — eliminates the need for third parties.
Owner of the transaction has the power - to move anything of value freely and instantly without intermediaries.
Eliminates or reduces paper processes - need for intermediaries, speeds up transaction times and increases efficiencies and transparency.
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