Blockchain

helps in the verification and traceability of multistep transactions

needing verification and traceability. It can provide secure transactions,
reduce compliance costs, and speed up data transfer processing.
Blockchain technology can help contract management and audit the origin
of a product.
• It is an immutable public digital ledger, which means when a
transaction is recorded, it cannot be modified
• Due to the encryption feature, Blockchain is always secure
• The transactions are done instantly and transparently, as the ledger
is updated automatically
• As it is a decentralized system, no intermediary fee is required
• The authenticity of a transaction is verified and confirmed by
participants
• Building Trust in Government

A blockchain consists of a set of protected information blocks chained

sequentially to one-another. Together they form an immutable ledger,
distributed over the participating nodes.
The purpose of the blockchain is to share information amongst all
parties that access it via an application.