Blockchain 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.