If you are not using blockchain technology for your company/business or even for personal use you are missing out on a lot of opportunities and benefits. Now you might be wondering, but why? Well, the answer is simple. Blockchains like edeXa are bringing about a revolution unheard of before by taking trust and transparency to a whole new level and eventually changing the way you do business for good.

Mentioned below is a list of features that make blockchain technology one of a kind!

1) Tracking and storing data

The block system responsible for tracking and storing data in a blockchain is extremely efficient. It allows a non-destructive way of tracking data changes, enabling users to make any required amendments and also keeping a vigilant check on it. This does not mean that permanently created records can be altered in any way, it simply implies that the data can be updated by the involved party and any essential entries can be made. Blockchain also keeps a strict check on these entries and all involved members are updated as well.

2) Decentralized system

Blockchain works on a decentralized system that is distributed across a network of computers. This ensures that no data tampering can take place at any time.

Moreover, because blockchain is stored across a network of computers, it is nearly impossible to hack it, since the hacker would have to hack all the hundreds of connected devices.

Blockchain also has features that enable it to encounter privacy issues better than traditional computer systems through anonymizing data and granting selective access.

3) Trust

Blockchain technology is bringing a new level of trust and data transparency to the online world. This is attributed to the fact that its system is designed in a way that efficiently caters all of these security demands. For example, if you want to add a block to your blockchain, first a cryptographic puzzle must be solved. After this, the computer shares the solution of the puzzle throughout the computer network, and only if it gets verified the block is added. This just goes to show how systematically everything is designed. There is a step-by-step procedure for everything which also makes it easy to follow.

4) Reduced costs

Using blockchain technology can help ease off financial burdens significantly. This is because it reduces manual labor such as aggregating and amending data and hence the need for a middleman, vendors, and third-party providers. Many activities previously carried out with the intermediation of different people can be done with the help of a few clicks through blockchain.

5) Automation

Using blockchain technology can greatly speed up processes in your company. This is not just because it reduces dependency on manual labor as mentioned above but also because of all the convenience it brings about. Blockchain provides a feature called Smart Contract. Smart contracts power the automation in companies’ business processes. Including but not limited to settling payments, verifying or auditing assets, tons of things can be automated through smart contracts! So with blockchains, you can save up on time too and generally enjoy a hassle-free work environment.

6) Immutability

Transactions that are once recorded on the blockchain, can’t be changed or falsely altered in any way. On the blockchain, all transactions are time-stamped and date-stamped, and a permanent record is created. This means that blockchain can be used to track information over time as per need, enabling a secure, reliable audit of information. This too is a feature unique to blockchains like edeXa since most other computer systems can be easily corrupted.

These were only the top 6 attractive features of blockchain. In reality, the list can go on and on ranging from security and transparency to convenience and economic prosperity. To fully understand the benefits accompanied by blockchain you need to experience it yourself.

Switch from traditional methods to the conventional ones like edeXa and watch how it transforms your life completely!

Written by:
Christian Bredemeier & Shubham Koli

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