Question

Blockchain is often associated with Bitcoin and the financial services industry. However, it is applicable to almost every industry. The term Multi-party Systems better describes how the blockchain system is used. What is a benefit of a Multi-party System?

Organizations who participate must share data from the same location.
The system now owns the data and can share it as needed.
It can help businesses unlock the trapped value of their data.
More employees can be hired to process the data.

Answer 1

Answer:

Multi-party systems based on blockchain technology solve many problems that are currently preventing companies from digitizing their back office processes

Explanation:

Benefits of multi-party systems:

• In retrospect, the surge in multi-party adoption is not so surprising.
• Multi-party systems enable a shared data infrastructure between individuals and organizations, increase efficiency, and build new business and revenue models.
• These include blockchain, distributed ledgers, distributed databases, tokenization, and a variety of other technologies and features.
• Creating the only correct source of information that each party can trust
• Enabling data standardization across organizations
• Automation of business processes according to blockchain transactions
• Handle events from multiple sources in the correct order that  the system respects
• Enterprises can share private data wherever they need it, without having to see the data to others.

Hence, multi-party systems are beneficial to organisations, as the multi-party system makes it easy for different parties to securely and efficiently collect, store, and securely transmit data throughout the system.

#SPJ3

Answer 2

Answer:

The System now owns the data and can share it as needed