Among the main benefits of blockchain, the following should be noted:
Control falls on the user. Only users and developers are involved in the blockchain transaction. This avoids the presence of third parties who can access, market it or transfer it to other entities for profit, as is the case in most applications and social networks, for example.
Decentralize the storage of information. Thanks to blockchains, information is distributed on individual servers around the world. Therefore, if the system suffered some kind of attack or hack, only a small part of the data would be compromised, and not the entire network.
Presents high reliability. This advantage, related to the previous point, is reflected in the operation of Bitcoin. Since 2009, its blockchain has operated without significant interruptions, and most of the problems that cryptocurrency has suffered have been the result of hacking or malpractice.
It is transparent. Blockchain technology is almost always open source. That means that other users or developers have the opportunity to modify and improve it with complete freedom. In addition, this makes altering the data recorded within a blockchain very complicated, as any of the many members of the network could notice this. Hence blockchain is a very secure technology.
Reduces transaction costs. These operations are completed without the need for the mediation of a third party, a role traditionally played by banks. Therefore, the absence of intermediaries can reduce the payment of commissions between individuals and companies.
Streamline operations. Unlike banks, where transactions can take days to complete — and where entities are subject to working hours and different slots depending on their geographical location — blockchain operates 24 hours 365 days a year, so settlements are usually faster.