| Level of use |
Advantages and prospects |
Essence |
| Strategic |
Transparency |
Open access to data. Transaction history remains visible and all nodes have a full set of transactions. |
| Reduction of offences |
Hacks or unauthorized changes are difficult to implement unnoticed because the information is stored in several registers, which are stored in different places. |
| Reduction of corruption |
Storing data in distributed registries prevents corruption by having clear rules for changing data that cannot be manipulated. |
| Organizational |
Increase of trust |
The credibility of the process increases due to the enhanced control because it’s impossible to change the recording and to check data by multiple nodes. |
| Transparency and verifiability |
Ability to track transaction history and to audit transactions. Also, the presence of several registers allows you to access to check the consistency and reliability of the data. |
| The greater capacity of prediction |
As historical information is fully available, its availability increases the ability to predict. |
| Enhanced control |
Strengthening control by the need for consensus to add a transaction. |
| Clearly defined rules |
The management system clearly defines how information can be changed. |
| Economic |
Reduction Cost |
Conducting the costs and verifying the transaction can be reduced because no human involvement is required. |
| Increased resistance to spam and DDOS attacks |
A higher level of fault tolerance and security reduce the cost of measures to prevent attacks. |
| Informational |
The integrity of the data and higher quality data |
The information, stored in the system, corresponds to the objective reality due to the need for a consensus vote in the implementation of transactional operations and distributed nature of storage records. This results in improved data quality. |
| Reduction of the " human factor» |
Automatic transaction management and automated transaction execution reduces possible operators’ errors. |
| Access to information |
The information is stored in several places, which can facilitate access and increase its speed. |
| Privacy |
The user can be anonymous by providing encryption keys or providing access rights so that other users cannot view the information. |
| Reliability |
Data is stored in multiple locations. Consensus mechanisms ensure that information is changed when and only when all parties concerned agree. |
| Technological |
Resistance |
Resistance to malicious behavior. |
| Security |
Because data is stored in multiple databases, the use of encryption becomes more complex. At the same time, the probability of simultaneous hacking of several databases is significantly lower. |
| The constancy and the permanence (immutability) |
After the data was recorded in the Blockchain, they cannot silently change or remove. In addition, the same data is stored in multiple registers. |
| Reduced of energy consumption |
Network power consumption is reduced by improving efficiency and transaction mechanisms. |
