We are living in a digital world with new and innovative tech emerging that brings exciting benefits to the world of business. Blockchain networks can be public or private; a decentralised open ledger system that offers complete transparency, in this short article, we take a look at the main benefits that blockchain tech offers a business.


Blockchain is a peer-to-peer network with all transactions sanctioned by all stakeholders, which happens silently in the background. If you would like to explore the potential of blockchain, make contact with a leading Australian blockchain company and let the developer show you how a secure blockchain network can streamline your business processes.


Peer-to-peer communication and a single record of each transaction makes for a speedy system. There are no intermediaries required, which keeps things moving and there are no time-consuming redundancies.


Perfect for supply chain management, the open ledger system enables you to instantly trace your inventory; with all data in blocks on a chain, you can easily find out the origin of a transaction with an audit trail.


The data on a blockchain is immutable; it can only be changed by adding more blocks of data; encrypted end-to-end means complete security. Every transaction is timestamped, making it easy to trail an asset or transaction.

Total Confidence

Blockchain allows you to trade with complete strangers, removing the trust element. This is one of the major reasons people use blockchain for trading; every transaction is visible to all participants on the chain. Here is an article that takes a look at the future IT professional.


The blocks of data are interlinked, which makes it impossible to hack; the only way to make changes is to add more data blocks. Experts say encrypted data is 100% secure, which is why Bitcoin runs on a blockchain platform and government use blockchain to store confidential data.

Reduced Costs

Due to the speed and lack of intermediaries, the cost of managing a blockchain is low when compared to regular secure cloud networks. All businesses are doing what they can to reduce running costs in today’s highly competitive marketplace.


Using ‘smart contracts’ processes can be automated; when a transaction mees the requirements of the smart contract, it automatically goes to the next stage. This also eliminated handwritten contracts, as they are no longer required. Transactions are processed at very high speed and with full automation, you are free to focus on other things.

As mentioned, there are two main types of blockchain; public and private. Bitcoin is just one example of a public blockchain network; anyone can download a Bitcoin wallet, buy some Bitcoin and join the network. A private blockchain network requires authorisation and most companies run their blockchain behind a corporate firewall for optimum security.

If you would like to explore the potential that blockchain tech offers, start by searching online for a leading Australian blockchain developer and they can help you design the perfect network.