ADVANTAGES OF

BLOCKCHAIN
DEVELOPMENT
COMPANIES IN INDIA
 Since the decade, the buzzword blockchain has been doing rounds on the internet,
along with Bitcoin, the digital cryptocurrency. ​Blockchain development companies
in India​ are figuring out how to use the vast potential of the technology that
nurtures the cryptocurrency, such as Bitcoin.

What actually is Blockchain?

It is a technology that allows a secure way of record/appending transactions and

share it among the users in a network, over the internet. It forms as a rigid ledger
that cannot be manipulated by unauthorized or malicious third-party and is easily
shareable.
 What makes blockchain so special?

Blockchain is a decentralized ledger technology that records and stores all

transactions without the need for a financial governing body, such as a bank.
Blocks are great because they provide an unchangeable statement of every single
transaction. It stores the place, time, amount and location of a purchase. There is
lesser identifying data and each block is linked to a unique ‘digital signature’ of the
users making transaction.
 Here are five of the biggest advantages of blockchain technology.

● Transparency

One of the main reasons blockchain is appealing to businesses is that it is always

open source. That means other users have the freedom to modify it as it fits them.
But the most important advantage about it is that it comprehensively disallows
altering the logged data or information within a blockchain very difficult.

● Faster transaction settlements

With traditional banks, transactions usually take days to completely settle. This is
due to security protocols in banking software, as well as the limited business hours.
Also, financial institutions located in various time zones worldwide can cause
delays in processing time. However, blockchain technology works 24 hours a day,
all the time, which implies transactions process significantly more quickly.
 ● Reduced transaction costs

Blockchain technology allows business-to-business or peer-to-peer transactions

without the need for a third party, such as a bank. Since there's no middle entity is
involvement in blockchain transaction system, they can be cost-effective for
businesses and users.
 ● Security and Reliability

A blockchain network is a decentralised system. There is no point of failure in the

system and no weak points from where information can be compromised and
prevents any malicious attacks, therefore improving the overall reliability of the
network. Moreover, every blockchain transaction has to be digitally signed through
a shared public and a private key. These keys use different complex cryptographic
algorithms, making transactions entirely encrypted. Thus, connections established
in blockchain are 100% secured.

● Traceability

Another advantage of blockchain technology is that it can be easily traceable.

Thus, in for supply chain management, the technology can be used to track the
source and origin of products, their quantity as well as their location.Thus there is a
greater level of transparency in business cycles.