Transparency: It removes the trust from parties because everyone play with the same rules.
Security: The Bitcoin Blockchain for example never was hacked. All nodes secure the network and I have no chance to attack the blockchain and create bitcoins for me.
Improved traceability: That feature removes power from big companys like kpmg or ey. I don’t have to pay them anymore with big fees because everything is saved on the blockchain.
Increased efficiency and speed: There is no third partie who have to confirm my transaction. If I send Bitcoin to you, I just send it. And in about 10 Minutes you get the transaction without any bank involved.
Reduced cost:With consensus I have one big IT infrastructure without paying a lot of programming to let 2 systems speak with each other.
Transparency:
A). Because blockchain is a type of distributed ledger, all network participants share the same documentation as opposed to individual copies. That shared version can only be updated through consensus, which means everyone must agree on it. To change a single transaction record would require the alteration of all subsequent records and the collusion of the entire network. Thus, data on a blockchain is more accurate, consistent and transparent than when it is pushed through paper-heavy processes. It is also available to all participants who have permissioned access. To change a single transaction record would require the alteration of all subsequent records and the collusion of the entire network. Which can be, you know, a headache.
Security:
Transactions must be agreed upon before they are recorded. After a transaction is approved, it is encrypted and linked to the previous transaction. This, along with the fact that information is stored across a network of computers instead of on a single server, makes it very difficult for hackers to compromise the transaction data. In any industry where protecting sensitive data is crucial — financial services, government, healthcare — blockchain has an opportunity to really change how critical information is shared by helping to prevent fraud and unauthorized activity.
Improved traceability:
A). When exchanges of goods are recorded on a blockchain, you end up with an audit trail that shows where an asset came from and every stop it made on its journey. This historical transaction data can help to verify the authenticity of assets and prevent fraud.
Increased efficiency and speed:
A). When you use traditional, paper-heavy processes, trading anything is a time-consuming process that is prone to human error and often requires third-party mediation. By streamlining and automating these processes with blockchain, transactions can be completed faster and more efficiently. Since record-keeping is performed using a single digital ledger that is shared among participants, you don’t have to reconcile multiple ledgers and you end up with less clutter. And when everyone has access to the same information, it becomes easier to trust each other without the need for numerous intermediaries. Thus, clearing and settlement can occur much quicker.
Reduced cost:
A). For most businesses, reducing costs is a priority. With blockchain, you don’t need as many third parties or middlemen to make guarantees because it doesn’t matter if you can trust your trading partner. Instead, you just have to trust the data on the blockchain. You also won’t have to review so much documentation to complete a trade because everyone will have permissioned access to a single, immutable version.
Transparency: We can all verify the data on a shared ledger so no trust is needed.
Security: Because of consensus we have no single point of failure.
Improved traceability: Because it is opensource we can verify the data within the blockchain in real time so it means you can trace every transaction all the time.
Increased efficiency and speed: No need for third parties anymore this makes the proces of business faster and more reliable.
Reduced cost: No need for third parties, good traceability for your products within a supplychain will be more efficient and that reduces cost.
- Transparency: Blockchain ledgers are readable and accessible by all as they are irreversible records which requires consensus before Finality.Trustless and based on Network agreement of all parties involved in the transaction
- Security: The Network is difficult to hack as it is live and server less and the database is constantly updated with incentive to remain agreement based.
- Improved traceability: Tracks all transactions with Provenance at each stage of the supply chain or step of the process
- Increased efficiency and speed: Eliminates middleman and bottlenecks of interference with a single Digital ledger
- Reduced cost:Cost of middleman are reduced as data is trusted and immutable.
Transparency: Everyone has access to the same copy of the public ledger
Security: The ledger is immutable and every transaction must be agreed upon prior to being recorded.
Improved traceability: Provides historical record of a given asset.
Increased efficiency and speed: Less prone to error since it is streamlined and automated; no need to reconcile multiple ledgers.
Reduced cost: Less middlemen needed.
#1. Transparency is created when added to a block as it become visible to anyone that looks at each block to see whats in it.
#2…Security in blockchain technology has a worldwide network of computer nodes that must agree on each transaction before being added to ledger , when confirmed with that consensus is added to block
#3…Traceability is greatly increased due to the Transparency of each transaction that is accessible to view on the blockchain , which is monitored by the network
#4…Increased efficiency and speed happens when a transaction is peer to peer , which cuts out the middleman. This step left out takes out a layer that will help increase the speed of transaction that will occur and also reduce chance of miscommunication of 3rd party.
#5…all the above helps in the reduction of cost because it is transparent, secure, traceable,transaction that’s peer to peer , cutting out cost of 3rd party that reduces cost and time spent which again has a cost factor.
Becuase the blockchain is database where you can’t delete anything, it is built on the base of consensus, it’s mean that every participant shares the same documentation, and to add new data to the book, all the information must match. thus, to change a single transaction record, all the network must agree (or be hacked at the same time to fake the agreement which is almost impossible)
Furthermore of the consensus, that makes to all participants of the network to agree to be able to add a new transaction on the book, this new data is encrypted and linked to the previous one (adding trazability) and plus the fact that the information is copied across all the network instead of a central database , it makes very dificult to anyone to compromise the network.
Like i wrote in the previous answers, data can’t be erased and new data is linked to the previous transaction adding traceability. This can be audited and you can check every time this was modified.
Working with one ledger approved by all the participants, and been it an automated process, you can avoid intermediary and save time.
Working with blockchain you can save the cost of intermediaries or middlemen to make guarantees, cause you only have to trusth the proggraming of the blockchain. also you save money and time not having to review so much information, cause both parties have access to the same single and inmutable version.
- everything is in a distributed ledger, anyone with permission can view these ledgers and thus the whole system is inherently transparent
- it is secure, due to the fact that the only way to hack the network would be to re write every transaction that ever occured, and you’d need the assistance of every other node on the network as well.
- again because of the ledger, if everyone is using the same ledger, and is agreed upon you can look back at the ledger to trace whatever it is you need to trace.
- efficiency and speed because the alternative is a legacy paper system where everything must be checked and double checked creating a lot of confusion and mistakes.
- reduces cost because you can trust your trading partner.
These 5 attributes are the must have’s in any local and global commercial enterprise. They are the driving force of the emerging technology which will regain the masses (consumers, industrialist, enterprising minds) trust in products, services and assets of all types. The blockchain as designed with these intrinsic structures (Transparency: Security: Improved traceability: Increased efficiency and speed: Reduced cost:) as it’s base criterion is revolutionary. It will change the way us humans conduct many aspects of our lives. Including how we relate to each other etc., As we may emulate some of these same structures into our behavioral patterns. Maybe become a more just global society.
Transparency: The immutable, distributed ledger shows the history of all transactions. Transactions are viewed by many nodes (Peer to Peer) on the chain that may have permissions. Thru consensus, transactions are approved. Permissions can differ based on the type of blockchain, weather it is public, private, permissions etc.,
Security: This is attained by the duplication of the hash by the following block. Therefore, each block is numbered sequentially and has the hash of the previous block. Each block has two (2) hash except for the first block in the transaction. This allows it to be identified as the same transaction based on the sequencing and time stamp. It is a feat to tamper with this security protocol to cause disruption.
Improved traceability: From the beginning of whatever type of transaction that is carried out to the final destination can be accounted for, throughout the blockchain. Any and all details can have input thru smart contracts. Detailing origin, intermediaries and finality.
Increased efficiency and speed: Place an order and the product arrives at your door step. No middle man to slow down money transfers and produce exorbitant costs. Buy and sell globally with universally accepted coins with value equivalents.
Reduced cost: There is no middle man to incur additional cost and slow down the process of the final product getting to the recipient.
Transparency : you can see every transaction in a public data base / ledger that is allocated on many computer of the network that verified the transaction (node).
Security : gives you the certain that the transactions are only be accepted if the confirmation of all the computers of the network verified that its correct.
Improved traceability : every transaction it will writing in the data base or ledger of the computers of the network and you can see the route of any goods.
Increased efficiency and speed : you don’t depend of a third party whose has control your transaction.
Reduced cost : you don’t have any middlemen between both sides of the transaction.
Explain with your own words, why these are the benefits of using a blockchain.
Transparency:
Because the blockchain is a type of distributed ledger, this means that the same copy documentation is shared amongst everyone on the blockchain network rather than everyone having their own versions or individual copies of the documentation. For this shared version to be altered there must be a general consensus amongst the network for this to be changed, everyone must agree on this which is the best kind of verification for data on the blockchain.
Security:
The benefit is that the security level is enhanced as the data is not held centrally, it is spread across a network of computers which makes it difficult to breach and compromise the data that is held. Coupled with this, transactions must be agreed upon by everyone before a transaction is recorded so if one computer is compromised then others can detect this and refuse the transaction.
Improved traceability:
Every transaction is recorded on the blockchain so for auditing purposes this is beneficial. Because every transaction is traceable, this means that there undeniable proof as to whether a transaction was recorded on the blockchain. Trustless.
Increased efficiency and speed:
Because records are kept using a single digital ledger and shared amongst it’s network users. You don’t need multiple ledgers like you would do in traditional business practice whereby a 3rd party is used to validate the transactions being recorded. This means you must trust the multiple parties which decrease the data’s integrity. A single ledger means you all have access to the same information which increases trust amongst it’s users.
Reduced cost:
The cost benefit is that you can just trust the blockchain instead of paying somebody else to uphold data integrity and validate records. Blockchain solves that problem for you within it’s infrastructure.
Transparency: ledgers are shared by all network participants and can only be updated by consensus requiring collusion from all
Security: transaction histories are stored on a network of computers rather than a single computer making it harder for hackers to crack and unauthorised activity
Improved traceability: the chain shows every step of an assets trail authenticating it
Increased efficiency and speed: single ledger that is shared by all the participants in the network, not needing to reconcile multiple ledgers
Reduced cost: less third parties needing to agree, less need to review documentation
Explain with your own words, why these are the benefits of using a blockchain.
Transparency: When using a blockchain everyone has access to the same immutable copy of the trade/transaction.
Security: When using a blockchain transactions are verified by users of the network before being confirmed as true/complete, users have incentive to ensure the ledger remains balanced by being rewarded.
Improved traceability: By having every transfer documented and verified on a blockchain, users can confirm the exact origin and journey of the transaction on the blockchain.
Increased efficiency and speed: By automating processes traditionally done on paper involving transfers done by third parties leaving the increased opportunity of failure and/or fraud we can increase efficiency. By only having one shared distributed ledger to update and confirm we can dramatically increase the speed and confirm legitimacy of a transaction.
Reduced cost: By not relying on a process that involves any third party entities and sharing workload
Transparency: all transaction are visible immutable and traceable. once verified and entered, it can not be changed.
Security: blockchain is designed to run on decentralized network. no single entity can alter the record once its verified and entered. And because of its decentralized architecture, its also highly fault tolerant.
Improved traceability: All blockchain records are public and immutable, meaning once entered, it can not be changed. This means that all blockchain records can be traced back to its provenance.
Increased efficiency and speed: Blockchain data are distributed among network of node, each with its own copy of ledger data. There is no single entity that owns the data and no one can alter the data once recorded. So no middleman is needed to safeguard and verity the data and no reconcile of multiple dataset is needed. Hence the data is always in sync, there is no need to reconcile data among multiple entities, resulting in increased efficiency and speed.
Reduced cost: with blockchain architecture, transaction can be performed on trustless environment. You do not need to rely on intermediaries to guarantee the transaction, hence cost is reduced.
Transparency: Blockchain functions as a digital distributed ledger in which all participants of the network have to share the same documentation as opposed to individual copies. All updates of that ledger must happened through consensus, which means everyone in the network has to agree with changing it. It’s hard to alter any transaction info on the block chain because one would have to hack all nodes, and collude with the entire network.
Security: Transactions must be agreed upon before they are even recorded. Once a transaction is approved, it is encrypted and linked to a previous transaction. Information stored across an entire network makes it difficult to hack.
Improved traceability: It helps complex supply chains (supply networks) trace an item back to its origins back real time auditing. It helps prevent fraud by verifying the authenticity of a product in a much more efficient manner.
Increased efficiency and speed: Since everyone is on the same digital ledger, you don’t have to reconcile multiple ledgers and go through the exhaustive process of reading tons of papers to verify information or deal/rely with middlemen or third parties to verify info. Trust is more achievable without the intermediaries.
Reduced cost: peer to peer transaction eliminates the need for paying middlemen or third parties. Also, you can get rid of overhead cost by eliminating certain job functions in your company.
I agree with pretty much all you stated except the “Trust” part an not sure you meant it like it sounds. I surely don’t mean this to be critical as I am a new kid myself , rather just like a clarificaton as I am still tryin to figure out the thermos my own self…respectfully R.P.
- Transparency: Creates Trust. Everyone has the same identical copy.
- Security: Transactions must be agreed upon by the network. And stored across the network and not one single server.
- Improved traceability: An audit trail that can trace back to the origins and cannot be unchanged.
- Increased efficiency and speed: Trustless. No longer need inbetweens. As well as, multiple ledgers do not need to by reconciled, one single distributive ledger.
- Reduced cost: Less middleman involved.Less review time to complete transactions.
Transparency: Network participants share the same documentation which can only be updated through consensus.
Security: It is difficult to hack because of the way information is stored in a network of computers and not just one and after validation, the transaction is encrypted.
Improved Traceability: There is an audit trail that tells you where a transaction began, what happened in between up to its final destination.
Increased efficiency & speed: Record keeping is done using a single digital ledger rather than having multiple ledgers. The single ledger is shared to all participants and this does not need a middle person and the transaction quicker.
Reduced Cost: There is no middle man, ledger is shared to all participants, it cannot be modified and there is less clutter.
Transparency - data on a blockchain is all recorded on a single ledger which is also connected to a network of nodes with same information so everyone has the same information and records
Security- all transactions on. the blockchain must be agreed on before they are approved and recorded which makes it more secure than normal systems and prevent hackers fraud and protection for critical information
Improved traceability - assets and exchanges of goods made on the blockchain are recorded you then end up with a virtual audit that shows all the stops the transaction made ,this helps authentic verification of assets and prevent fraud
Increased efficiency and speed - trading is a process best done on the blockchain because of speed accuracy and elimination of the third party , mistakes can be made by humans and at a very slow pace, also on the blockchain you have less clutter as everyone on the network has the same records which makes it more trustworthy
Reduced cost - no middle man needed you trust the blockchain based on the fact that everyone on the network had permission access to the immutable info
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Transparency
Transaction history is becoming more transparent with the use of blockchain technology. All network participants share the same documentation which can only be updated through consensus. A change in transaction would need the alteration of all subsequent records. -
Security
After a consensus has been made on blockchain that a transaction is valid, it is put on the network and accepted into the data base, where it is shared across the decentralised network of computers and therefore becoming very difficult to get hacked. -
Improved traceability
Exchanges of goods are easily traced on the blockchain after being recorded on the network. It will revolutionise the auditing process the way we know it today. -
Increased efficiency and speed
The automation of processes with blockchain make transactions faster and more efficient. -
Reduced cost
With blockchain you don’t need as many third parties for guarantees because it’s easy to trust public database which everyone can access.