Blockchain is a self-sustaining, peer-to-peer database technology for managing and recording transactions with no intermediaries involvement.Because blockchain verification is handled through algorithms and consensus among multiple computers, the system is presumed immune to tampering, fraud, or political control.It is designed to protect against domination of the network by any single computer or group of computers
Participants are relatively anonymous, identified only by pseudonyms, and every transaction can be relied upon.Moreover, because every core transaction is processed just once, in one shared electronic ledger, blockchain reduces the redundancy and delays that exist in today’s system
Trust based Disintermediate network
Real time access, Cryptographically Secured
Digitally signed and unilateral execution of Smart Contracts
Prevents fraud and repudiation
Higher regulatory compliance
Individuals, enterprises depend upon third party people to process transactions in the digital and physical world leading to dependence upon certain individuals and group
All networks are interconnected to each other in a centralised system and failure in any single path could have implications all across the company/ region
Troubles for enforcement of intellectual property rights and such situation warrants the usage of smart contract
Democratization of control by moving away from a single administrative center to consensus based authorization from the network of all parties involved in the transaction.
Blockchain network lives in a state of consensus and to alter any network it would require huge amount of computing power.
Blockchain technology enables peer to peer payments which opens up numerous opportunities for direct interaction