The Blockchain has many advantages.

The blockchain offers a number of decisive advantages for users. First, they could speed up and simplify a large
number of transactions for individuals and companies. Above all, block chains make it much easier to identify the
owner, verify authenticity and coordinate processes. Blockchain-enabled ‘smart contracts’ (modular, repeatable
scripts that extend the ability of block chains beyond simple accounting for financial transaction entries to
automatically implement the terms of multilateral agreements) could help to optimize procurement and supply
chains.
Second, blockchain implementations could lead to the replacement of entities such as banks, clearing houses and
fiduciaries, which currently provide trust and verification services, in their role as intermediaries
(disintermediation). In a recent article (https://dupress.deloitte.com/dup-us-en/focus/tech-trends/2016/blockchainapplications-and-trust-in-a-global-economy.html)
Deloitte Consulting commented: “Blockchain’s ability to
replace middlemen makes this technology relevant. It can reduce overhead costs when business partners negotiate
directly with each other. Their ability to guarantee authenticity across institutional boundaries helps individual
parties to see the authenticity of records, content and transactions in a new light.‟
Third, this technology could accelerate the digitization process by simplifying the marking and monitoring of
physical goods by providing them with highly secure digital identities. For example, London-based Everledger
(https://www.everledger.io/) has placed more than 1.6 million diamonds in a blockchain
(http://fortune.com/2017/08/22/blockchain-walmart-maersk-banking/), where attributes for each diamond are
recorded, including color, carat and certificate number, to reduce the number of fraud.

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