Greater trust: As a member of a members-only blockchain network, you can be sure that the information you get is correct and up-to-date, and that your private blockchain records will only be shared with other network members to whom you have given permission.
Decentralization: In a system that is not centralized, data is not kept in one place. The information belongs to everyone in the network.
Transparency: Each block has full access to the data because every node in the blockchain has information about the entire data.
Immutability: Information entered into the blockchain cannot be changed once it has been recorded.
Greater security: All network participants must agree that the data is accurate, and since all validated transactions are permanently recorded, they cannot be changed. A transaction cannot be deleted by anyone, not even a system administrator.
More efficiency: Time-consuming record reconciliations are eliminated when a distributed ledger is shared among network users. Additionally, a set of instructions known as a smart contract can be saved on the blockchain and carried out automatically to speed up transactions.
Reduced Costs: The nature of blockchain can help organizations save money. It improves the efficiency of transaction processing. Additionally, it streamlines reporting and auditing procedures and lessens manual tasks like data aggregation and amendment.
Entries on a blockchain do not exist forever and cannot be changed.
Blockchain is not indestructible, but it does have scalability issues.
Blockchain can be incredibly inefficient and can increase complexity.