Security Blockchain technology is addressing many of the previous issues of trust and security. The data contained within each block is stored on computers and servers distributed all over the world, and only people on that network can access that data. For a transaction to be considered as a valid record, all nodes in the network must agree that it’s valid. So for a hacker to take control of a blockchain network, they would need to have control of at least 51% of all the computers within the network, which makes it exceedingly hard to hack. Because blocks are stored in a linear and chronological pattern, all new blocks are added to the end of the chain. This alone makes it difficult to edit the contents of a block, unless the majority of participants have reached a consensus. Each block contains its own hash (a string of numbers and letters that represents digital information), so whenever information is edited, the hash changes too. Efficiency The transparency of blockchain technology means you can see and access data at every point in a transaction. So, for example, a business can track a product within their supply chain right from its raw materials, through the manufacturing process, until it’s delivered to their customer. Whatever transaction is occurring, this means businesses can clearly identify any errors in their processes, and fix them practically in real time.  As blockchain is built on code, businesses can create automated processes that remove the need for manual input, removing any human error, and speeding up processing time. Before this, we relied on central authorities such as banks to verify transactions, which could mean a wait of a few days – and even more for cross-border trades. Integrity of data The transparency and traceability of blockchain enables businesses to clearly demonstrate where their products are coming from. It allows transactions to be made safely and securely between users, without any third parties getting in the way. As such, it can effectively eliminate fraud, as every action and process is documented clearly, from start to finish.