Reduce costs and intermediaries: Blockchain automates processes and eliminates paperwork, errors, and third parties that verify transactions, saving time and money
Blockchain is a distributed ledger technology that automates processes and eliminates paperwork, errors, and third parties that verify transactions, saving time and money. Blockchain can reduce costs and intermediaries in various domains where trust is essential for efficient and secure operations. For example, in finance, smart contracts can enable peer-to-peer lending, insurance claims, derivatives trading, and asset tokenization, among others. Smart contracts can reduce transaction costs, risks, and delays associated with intermediaries and manual processes. They can also increase transparency and compliance by providing a clear record of transactions and obligations.