On a public blockchain exact copies of data are distributed to millions of computers "nodes" around the world. Or, if on a private blockchain the number of "nodes" is smaller. In both cases data is replicated many times ensuring risk mitigation and redundancy.
Data on the blockchain is cryptographically encoded in a variety of unique and novel algorithmic processes. Hacking of data is not possible because the instance of placing data on the blockchain is computationally sophisticated, energetically demanding and consensus audited.
Once data is on the blockchain it becomes distributed among many nodes. Even if there is an attempt to modify data on a few of the nodes, the consensus algorithm will always maintain an authentic version of the data. This may be the single most brilliant concept in the history of data security.
Transactions are executed on the blockchain almost instantly. Processing speed combined with impenetrable security equates to transactions getting settled immediately rather than days or weeks.
The fundamental logic of the blockchain paradigm surrenders itself to the highest level of data integrity ever achieved by man. The thoughtful adoption and application of blockchain technology will afford its users one of the highest degrees of risk management available.
The cost savings afforded by blockchain technology adoption are manifold. Many user cases have demonstrated cost reduction opportunities across the spectrum of business activities.
Smart Contracts can be thought of as functional software processes which exist on the secure platform of a blockchain. A logical sequence of procedural commands process data according to your specific business requirements. These logic processes are "hard wired" in the sense that they can be utilized to enforce specific processes producing expected results reliably and quickly.
As mentioned blockchain smart contracts always return exactly what is expected. This feature is remedial upon the burden of third party verifications or middlemen processes resulting in significant cost reductions of operations, and compliance requirements.
A Smart Contract will always execute flawlessly the business process is was designed to accomplish. Moreover the fact of the execution of the process will be irrevocably and immutably recorded into the blockchain for archival or auditing purposes.