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Benefits of Blockchain Technology

• Transparency: The fact that blockchain networks are virtually always open source is one of the key reasons why they are so appealing to enterprises. This means that other users or developers have the ability to change it as they see fit, but at the same time it makes it incredibly difficult to quietly change previously registered data. Because of the latter condition, blockchain is a very dependable technology.
• Lower Transaction Costs: Since the blockchain allows transactions to be carried out without an intermediary, such as a bank, the participants in the transaction, users or organizations do not bear the costs associated with the work of an intermediary, and their costs are reduced.
• Transaction Settlements Are Accelerated: Ordinary banks might take several days to execute a transaction. These deadlines are caused by procedures in banking software, as well as the fact that banks only operate during normal business hours, five days a week. Furthermore, financial institutions may be situated in different time zones, which may cause a transaction to be delayed. At the same time, blockchain technology works 24 hours a day, seven days a week, which means that transactions based on it are much faster.
• Decentralization: Another big reason why blockchain is so appealing is that it lacks a centralized data collecting point. Instead of running a massive data center and running all transactions through it, the blockchain actually allows individual transactions to have their own authentication and authorization to ensure they communicate with each other. Information about individual blocks of the chain is distributed over multiple servers across the globe, ensuring that even if this information is obtained by outsiders, such as hackers, only a tiny piece of data would be compromised, rather than the whole network.
• User-managed Networks: Finally, crypto investors are drawn to blockchain characteristics that allow them to exert influence over the network. In the case of blockchain, this duty is also handled by users and developers without the need for an intermediary.

The Application of Blockchain in Transport and Logistics

• Transport asset management;
• Implementation of smart contracts for managing transport and logistics flows;
• Reducing the influence of third-party systems or organizations on the execution of processes within a trusted environment;
• Conducting participant authentication;
• Ensuring the reliability and cryptographic stability of the reliability of the exchange and storage of information;
• Increasing the speed of business processes;
• Ensuring cryptographically strong verifiability of information integrity;
• Replicating to participants only part of the information available to them to ensure the necessary level of confidentiality.

Blockchain Technology in Different Industries

• Insurance

• Travel

• Non-governmental Organizations

• Financial System

The Blockchain Can Serve the Financial System by:

• Saving Inefficiencies

• Making Cross-border Transfers

• Interactions With Other Companies

• Smart Contracts

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• Platform Usage