A Blockchain is a public ledger that facilitates the process of recording transactions and tracking assets in a business network.  

Now from the above statement, it means the decentralized ledger is not controlled by any financial institution or government for that matter. Anyone can use it with the help of a good internet connection. Other than virtual currencies, there are many companies such as messaging apps, cloud storage,  critical infrastructure security, ride-sharing, etc. are harnessing the power of blockchain technology.

Advantages:

1. Greater Transparency
   Transaction histories are becoming more transparent through the use of blockchain technology. Because Blockchain is a kind of distributed ledger, all network members share the same documentation as against individual copies. That shared version can only be renewed through agreement, which means everyone must agree on it. To change a single transaction record would require the alteration of all subsequent data and the cooperation of the entire network. The decentralized character of the Blockchain is what makes them immune to controlled by centralized entities like governments and banks. It goes more while distributing this data across a vast network of unrelated systems, and computers also mean the Blockchain's ledger is accessible to any on, verify, & transactions and audit data.
2. Accounting
   Blockchain admits you to record transactions that virtually removes human error and secure data from tampering. The data is verified every time they go through one blockchain node to the next blockchain node. In addition to the guaranteed certainty of your records, such a process will also leave a highly traceable audit trail.
3. Supply Chain Management
   This revolutionary technology offers the benefit of traceability and cost-efficiency. Blockchain allows for the tracking of their origin, goods, quantity, and more. It simplifies processes like ownership transfers, production process assurance, and payments.
4. Peer to peer, global transactions
   Bitcoin, which uses blockchain technology, allows for the fast, secure, and cheap transfer of funds across the globe. While there are already services like PayPal that processes international payments, they usually have specific limitations
5. Process Integrity
   Users can trust that transactions will execute accurately as the protocol commands and removes the need for a trusted third party. Because of safety reasons, this program was made in a way that any transaction or a block that adds to the chain cannot be edited which ultimately provides a very high range of security
6. Lower Transaction Costs
   The elimination of exchanging assets through third-party intermediaries allows Blockchain to significantly reduced transaction fees.
7. Traceability
   The layout of Blockchain designs is in such a way that it can quickly figure any issue and solve it if there is any problem. It also creates an inevitable audit trail.
8. Security
   Blockchain technology is very well secure because of the reason each individual who enters the Blockchain network is provided with a unique identity. It is linked to his account. It ensures that the owner of the report itself is performing the transactions. The block encryption makes it harder for any hacker to disturb the ideal setup of the chain.
9. Faster processing
   Before the Blockchain, the prestigious banking organization take so much time in processing and initiating the transaction, but after the blockchain technology speed of the operation increased to a very great extent. Before this, the banking system takes days for processing, but after the Blockchain, it takes minutes.