The advantages of blockchain are as follows:

1. More Transparency - The blockchain technology enables verification without the need for third-party verification.

2. Increased Security - A blockchain's data structure is encrypted. As a result, the data cannot be changed or erased.

3. Cost Savings - There is no need to pay any vendor fees, and there is also less involvement required while authenticating a transaction.

4. Authentic Traceability - Any ledger's origin may be traced all the way back to the beginning of the chain.

5. Improved Speed and Efficiencies - Blockchain automates time-consuming processes in order to increase efficiency.