The benefits of blockchain stem from its unique design. Combining shared databases and cryptography, the technology allows multiple parties to have simultaneous, real-time access to a constantly updated digital ledger comprised of transactions or records that cannot be altered. All network participants have access to the ledger, making it a single source of truth for any transactions posted to it.
Smart contracts, which control and restrict how the data in the blockchain is accessed, are a key component of how blockchain improves both efficiency and trust. They automate the execution of transactions and the recording of data into the ledger, eliminating human intervention.
