A blockchain allows data to be impartially and immutably recorded with an unrivaled degree of finality, security and transparency.
Using blockchain technology, intermediaries no longer have to be relied upon to maintain records on private, centralized databases that are costly to operate, prone to errors and prejudiced to the platform, all of which negatively affect hosts in terms of high fees, inefficiency and biased decisions. These issues can be addressed with the help of “smart contracts”.