The advantages of blockchain are as follows:
More Transparency - The blockchain technology enables verification without the need for third-party verification.
Increased Security - A blockchain's data structure is encrypted. As a result, the data cannot be changed or erased.
Cost Savings - There is no need to pay any vendor fees, and there is also less involvement required while authenticating a transaction.
Authentic Traceability - Any ledger's origin may be traced all the way back to the beginning of the chain.
Improved Speed and Efficiencies - Blockchain automates time-consuming processes in order to increase efficiency.