Benefits of the Blockchain Ledger

Tim Vasko, Founder and CEO, BlockCerts

  1. Single source of truth: At any point in time, all parties will refer to the same data thanks to a single shared ledger.
  2. Early or preventative detection of human error: Since all parties need to give consensus, any human or application error will be caught early on in the chain.
  3. Security: Treachery by any of the parties will be immediately identified by comparing the ledger copies of the other parties.
  4. Disintermediation: Elimination of middlemen is one of the biggest benefits of the blockchain. It enables the contracting parties to reduce the overall cost and connect the payments and asset ownership/transfers directly between buyer and seller.
  5. Safety & transparency: The business and the customer (investor) can ensure that their agreements, assets and ownership are not compromised and are properly executed.
  6. Customer centric: Since blockchain provides the opportunity to connect the contract issuer directly with the customer; the issuer is able to provide a better customer experience.
  7. Regulatory compliance: Blockchain improves regulatory compliance through transparent audits.
  8. Legal transparency: Single source of truth ensures that all documents are authentic, with an 100% audit trail of all transaction steps.
  9. Automated execution: Terms are automatically monitored and adhered to by the smart contract, without need to monitor. Unless all parties mutually agree to modification, there will be no unilateral changes or actions that affect the agreed upon terms.
  10. Immediate payments: Payments are released on time, without banking hold-ups or intermediary issues.
  11. Cost savings: Significant cost savings offees, speed, and accuracy, data storage, and contract creation, third-party verifications – costs substantially reduced or eliminated.