One of the benefits of blockchain technology is that the platform is decentralized. Data availability is decentralized allowing for faster performance with low-cost computing. Data on the internet is spread very quickly, even the maps of where data is stored are also decentralized. There are also gains from improved security because data is spread among several network members versus being housed with a single party.
2. Distributed Ledger
As mentioned previously, with a distributed ledger businesses gain from transparency. It allows for activities and information to be shared between parties. Each computer or individual with access has a copy of the record, and all copies are updated and validated at the same time, ensuring transparency.
3. Unalterable Records
Blockchain technology has the potential to enhance supply chains and making them more transparent. In the case of ensuring food safety, this technology would allow better tracking of foods and what they come into contact with because the information cannot be altered. Blocks cannot be changed unless there is a consensus. Transparency in tracking becomes a method of easily identifying unsafe goods to protect consumers.
Blockchain is even used in larger retailers such as Walmart and LVMH, luxury fashion retailer uses blockchain tech as a way to ensure the authenticity of their products.