transparency: since blockchain is a digital ledger that everyone has access to, and every edition is done through consensus, data is transparent and accurate
security: records are just made through consensus and when it is verified, it is linked to the chain of previous records this along with the fact that data is not stored in a server but rader along the network, enhances security .
Improved traceability: all the actions done on a material for example, are recorded and we can track all the path and authenticate. since all the parties are in a single network, verification of stored data is possible.
Increased efficiency and speed: a single digital ledger is shared along the network so keeping records is done efficiently. access to the same info. removes the need for negotiation.
Reduced cost: costs are recorded directly without third party. there is no need to review documents.
Transparency: All transaction histories are recorded on a distributed ledger in a network of nodes. All new information must come to consensus with all computers participating in the network. Because there is not central authority all transactions recorded in the ledger are more trustworthy and are recorded publicly therefore are more transparent.
Security: There is no central authority that can be hacked. Because all data is added through consensus no malicious agent can add false information into the network. The database cannot be destroyed as-well as it is stored on multiple computers.
Improved traceability: All transactions stored in the blockchain can be traced to their origin. This an essential use case in supply chains where the origin of ingredients in products can be traced to its origin. The same can be applied to auditing and tracing finances.’
Increased efficiency and speed: A single distributed ledger is shared among nodes in the network thus there is a trusted source of data, this removes all the paper work and middle men.
Reduced cost: Costs are reduced as there are less middle men used in transactions and trust is put into the network, thus removing the need for verification through middlemen.
Transparency:
Prevents fraud. For example the authenticity of a product can be traced.
Security:
Cannot be modified, or hacked, without the consensus of everyone.
Improved traceability:
All transactions in the blockchain can be traced to their origin.
Increased efficiency and speed:
Can trace an item or transaction back to its Origin without having to jump through hoops or consulting multiple sources.
Reduced cost:
No need for auditors and other such employees to spend so much time and resources on verification since everyone with permission has access to the same immutable copy. So reduced personel and time required. Thus less cost.
transparency:transparency on the distributed ledger for all to see.all network participants share the same data and can be updated through conensus.
security:information must come to a consensus, before it is recorded.instead on storing the data on a single server. the data is spread throughout multiple computers on the network.
improved traceability:in a supply chain, good are recorded on the blockchain which makes it easier for auditing.provides authenticity of assets and prevents fraud.
increased efficiency and speed:since record keeping is performed on a single digital ledger there is no need to reconcile multiple copies.all participants have access to the same information on the ledger.
reduced cost: no need for as many 3rd parties or middlemen thereby reducing costs.
1- all network has has a copies of ledger - great transparency.
2- all transactions they have to be approved by network of computers not a single server. then stores in all in the network. many book keepers has the same copy. can’t be changes it like impossible.
3- in blockchain every transaction has to be approved and agreed in the network with many computers to be accepted or rejected. all pieces of informations are verifies.
4- processes with blockchain, transactions can be completed faster and more efficiently
5- cutting off the brokers that save $.
Transactions and information are much more secure with decentralized blockchain technology. A decentralized database provides a transparency where all data processed is time stamped and recorded in an irreversible chain of information. This info has to meet the agreement and requirements of all nodes supporting the blockchain database. If a consensus is not reached then the data information of the transaction is rejected. This provenance is public and transparent, allowing for improved traceability over centralized transactions. All of these improvements to data transfer and storage amount to business transactions becoming more efficient in cost and time required for satisfaction, verification, and fact checking. With this type of proof, all parties involved in transactions or data storage/transfer can be confident and safe and reach immediate finality. Loans can be approved quickly and currencies can be traded across the world and it can all be done securely and ethically while still protecting those involved.
Transparency: The blockchain allows the record, tracing and auditing of all transactions happening, and this, by everyone.
Security: The presence of multiple, independent validators and the fact that every subsequent transaction needs to include the precedent one, leads to a immutable and hardly hacklable network.
Improved traceability: The blockchain allows the traceability of good and products if they are recorded on the network. This helps to prove the authenticity of the goods and to prevent fraud.
Increased efficiency and speed: The fact that no middlemen are needed, leads to less verification and thus to increased speed in the transactions. No need for record keeping as the blockchain acts itself as a public , autonomous ledger
Reduced cost: Third parties or middlemen are not needed to provide trust or recording data, everything is done on the network, which leads to reduced costs.
Transparency: When it can’t be hidden, it takes less work to verify. Everyone already agrees.
Security: Parties cannot cheat each other, because the record speaks for itself. Critical information cannot be hacked or fraudulently manipulated.
Improved traceability: Audit trails provide proof of authenticity
Increased efficiency and speed: Less paper, less middlemen. No need to verify on both ends. The verification is already built in to the agreement.
Reduced cost: Less documentation requirements on both ends means less money spent. No middleman to pay either.
Transparency: With all transactions taking place on the network visible to the public this deters malicious organizations/criminals from transacting in illegal ways due to the fact that any illegal transactions can be traced back to its origin.
Security: Decentralized network of nodes share 1 version of a ledger and all must work together to validate transaction legitimacy through consensus this means you do not need to rely on one trusted party.
Improved traceability: Each transaction is linked to the one before it and therefore can be traced back to source of origin. If origin source cannot be determined transaction can be dismissed as fraudulent/manipulation.
Increased efficiency and speed: With all computers on the network sharing the same information you remove the need to share information. Middlemen/trust aren’t necessary because actions can be verified thru code without the need for 3rd parties.
Reduced costs: No need for “trusted” 3rd parties as long as you trust the data on the blockchain. No intermediaries required for documentation to complete trades as long as you have permissioned access to the blockchain which is immutable and tamper resistant.
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Transparency
All network participants share the same documentation which can only be updated through consensus. -
Security
Approved transactions are encrypted and linked to the previous one. -
Improved traceability
Blockchain technology provide comprehensive audit trail. -
Increased efficiency and speed
Record keeping is performed by using single digital ledger that is shared among participants. -
Reduces cost
No middleman or third party are needed to provide guarantees.
Transparency:
Through the use of blockchain the history of transactions is more transparent. Blockchain is a distributed public ledger allowing everyone to audit the data persisted on it, ensuring through the consensus mechanism that stored data is valid.
Security:
Once persisted data cannot be altered. Transaction has to be approved by the majority of network, there’s no single point of failure, meaning that in order to hack the whole network, the majority of participating nodes would have to be compromised.
Improved traceability:
Data stored on blockchain is publicly available for audit, historical transaction data help to verify the authenticity of assets and prevents possible fraud.
Increased efficiency and speed:
Because blockchain is publicly available, shared by all participants ledger, it removes the need for the intermediaries.
Reduced cost:
There is no need for intermediaries or middlemen to make quarantees as blockchain data is trusted and immutable.
Transparency: everyone who has access knows the blockchain and changes made, no secrecy,
Security: once a blockchain is generated, it could be not changed unless all parties agree to make changes which is virtually not possible and extremely difficult;
Improved traceability: it is easy to trace the blockchain because they are on distributed ledger, every computer has the same copy and open. No consultation is needed for third parties;
Increased efficiency and speed: as blockchain is trestles, so middlemen could be eliminated which also reduce human error. These will leads to efficiency and speed.
Reduced cost: no middlemen, no intermediaries, no cost, and fast.
Explain with your own words, why these are the benefits of using a blockchain.
- Transparency: Data is stored as a single copy in a distributed ledger which all participants can see. A record can only be added with the consensus of all, and once added, cannot be changed without changing all later records too.
- Security: All parties must agree before adding a new record. When it is added it is encrypted using prior records, so any attempt at post-facto change would be visible as later records would not encrypt correctly. Finally, the distributed nature of the system protects against node failures and outages.
- Improved traceability: A permanent audit trail can easily be established providing the events are stored on the blockchain. By documenting supply chain flow, the authenticity of an item can be more easily verified.
- Increased efficiency and speed: Removes the inherent flaws of manual and paper-based systems via a single source ledger, which is visible everywhere simultaneously. Thus, no reconciliation of versions is required and processing can occur at electronic speeds.
- Reduced cost: All of the above benefits (i.e. speed, security, elimination of redundancy, immutability) contribute to reduced costs.
Transparency: Everyone has the same, internet distributed ledger. Everyone can see all parts of the transaction before to confirm it's legitimacy, and after to confirm it's completion.
Security: The network is distributed and not available for control by any one entity. The percentage of confirmation by consensus is so high, it is that anyone with the ability AND the massive resources to hack blockchain, would be looking for softer, more profitable targets.
Improved traceability: All transactions on the blockchain are permanent and also visible to the entire distributed network. Blockchain technology, not only offers this to the world of finance, but to any business or application that needs a permanent, trustless, rapid distribution of any type of data.
Increased efficiency and speed: Because a single, network distributed data is used, across a distributed network, the speed improves hugely. No middle men, or third party processes are required to translate or interface the data, whether financial or other kinds, an organization and another organization.
Reduced cost:- Transparency: Data on blockchain is accurate, consistent, and transparent.
- Security: Because info is stored across a network of computers its difficult for hackers to compromise data.
- Improved tracability: Can always verify and see history of transactions
- Increased effocoency and speed: Everyone sees the same info so agreements can result faster
- Reduced cost-Dont need 3rd parties because of trust in blochchain technology which leads to a lower cost
Explain with your own words, why these are the benefits of using a blockchain.
- Transparency:
Everyone can see the transaction no corruption
- Security:
Transactions are permanent no trust needed
- Improved traceability:
Supply chain can be improved with it
- Increased efficiency and speed:
Fast permanent transaction 24/7/365
- Reduced cost:
Cheaper faster international transactions no need to change currency
Explain with your own words, why these are the benefits of using a blockchain.
- Transparency:
All data/transactions are validated through a decentralized network. To alter information, this has to be reached through consensus by each single computer connected to the network. This data can be accessed by all the permissioned people. All this makes the information more accurate and transparent.
- Security:
This is a benefit of the blockchain because all the data on this digital ledger is decentralized with copies of the ledger in all connected computers which makes it harder to be compromised by a hacker opposed to a central database which is easier to manipulate and to be hacked.
- Improved traceability:
Traceability is improved because the provenance of a transaction is always on the ledger. Once a transaction is made, this transaction is not reversible and the history of all the transactions can be traced back.
- Increased efficiency and speed:
By automating standard agreements on the blockchain the paperwork process and third party mediators are less needed which increases efficiency and speed.
- Reduced cost:
Costs can be reduced because the trust is not put anymore in third parties but the trust is put in the protocol of blockchain which makes business trustless and middlemen are less needed.
- Transparency: Blockchain is a shared documentation and everyone sees every document. If anything has to be changed, it has to be changed by the whole consensus.
- Security: Having a secured network brings more security than a single server and attaches each and every transaction.
- Improved traceability: Each transaction can be traced to the last and traceability is improved.
- Increased efficiency and speed: By streamlining and automating processes you make things faster and quicker.
- Reduced cost: With blockchain you do not need many third parties so you reduce costs.
Transparency is when all participants on the blockchain network share the same information because everyone have a copy of the public ledger where all the information is stored. It is like copying a database for everyone. Changes in this database have to be agreed on by all the other participants of the network. So the information set on a blockchain can be seen as more accurate, consistent and transparent than on any other process. Rolling back a single Database entry would require the agreement of the whole network.
Security:
What enhances the security of a blockchain network compared to a classic database are:
Agreed transactions by nodes on the network.
New transactions are linked and encrypted to the former block in the blockchain.
A wide spread network of blockchain participants can’t be destroyed or manipulated
Blockchain can help to avoid fraud by having reliable information in all critical parts of a society.
no unauthorized single person with “admin” rights can change data in a blockchain database.
Improved traceability:
With an improved traceability we would not have to trust anyone in the food industry which ingredients are put in our meals, we just would be able to verify along the supply chain.
Increased efficiency and speed:
By trading on a blockchain we could wipe out a lot of human mistakes and speed up the process in cause of fixed rules and processes that today have to be created by checking information over and over again in the sense of a quality management.
This would also streamline processes and make them faster and more efficient.
Save time - save money - reduce mistakes - reduce service issues
Reduced cost:
By speeding up processes you save resources and reduce manpower per case.
Reduced manpower leads to reduced costs.
All given information on a blockchain will be trusted because everyone knows that it is immutable.
No need to verify over and over again. - save time - save costs - be faster than you competitor.
Transparency: all data (transactions) is visible to the entire network. In order to change or corrupt the data on the blockchain, it would require collusion of the overwhelming majority of participants, and likely at cost to themselves.
Security: Data on the blockchain is more secure because it is linked to the previous data inputted and subsequent data afterwards. In order to compromise this data, a hacker would need to first need to break into all subsequent data inputs before reaching their target. They would also need to do this faster than blocks are being created or else new blocks will increase the barrier of difficulty. This is considered impossible by most with today’s available technology.
Improved traceability: You can view all transaction data on the blockchain in real-time. This also creates an accurate historical audit of all transactions, transportation, or whatever specific information you are encoding on the blockchain.
Increased efficiency and speed: Blockchain reduces the need for intermediaries in any area it affects. This in turn reduces cost while improving efficiency and speed. One public ledger also increases speed and efficiency because there is no need to compare multiple ledgers for accuracy.
Reduced cost: blockchain technology reduces or better said eliminates the cost for a third party (e.g. auditors, financial intermediators,…)