Transparency…there are no secrets
security…there are no secrets
improved tracability… there is a transparent roadmap to follow backwards
increased efficiency and speed…cutting out the middlemen kills human error and saves time
reduced cost…no middle men or gatekeepers, saving so so so so much money
Transparency - All transactions and data are transparent with consistency and accuracy as all will be traceable on the blockchain.
Security - All transaction & data are secured by encryption and are linked to previous transactions which reduce the risk of compromising data. Blockchain security is good but in some case it can be used against a targeted group or an individual.
Traceability - All transactions and data can be easily audited and historical data can be checked at any given time. This creates trust.
Increase efficiency & speed - All transactions & data are automated which makes it fast and easy. The key is a single ledger can be accessed by many which again creates trust with efficiency & speed.
Reduce cost - All transactions & data needs only computers, electricity and internet which reduce all other direct and indirect costs.
Transparency: In a distributed blockchain ledger anyone can see all the transactions at any time.
Security: The Blockchain is in changeable when a transaction has been added to the blockchain it cannot be changed
Improved traceability: Anyone can see the trance actions on the blockchain
Increased efficiency and speed: There is no need for a third party to audit the trance actions and there is no need for trust in that party. faster better.
Reduced cost: There is no need to pay any third party to verify the ledger.
Transparency: the old way of keeping or recording/ handling records does not allow for much transparency in that records are usually held by a single person or institution. That record can be changed or altered without the concent or knowledge of other individuals or institutions. Blockchain uses DLT which means that record which was once owned and manipulated (for better or worse) is now available to everyone participating within the network. A change cannot accure unless it is through the consensus of the network.
Security: protecting information is vital for many industries. Blochchain differs from present technology in that enchanted security comes from the network of individuals that have access to the ledger verses a single person or central institutions singular ledger. With the network it is hard to hack unless most of the network is overtaken through enormous computational power.
Traceable: Or provenience allows for transactions history to be verified thus preventing fruad. Improved traceability through blockchain verification helps users see that a product is authentic or they will be able to audit an asset back to its origin.
Increased efficiency and speed: With the present system wheather in finance education medicine or government hardcopies or a paper trail is most common. Giving and receiving information is slow can take days papers can be lost or destroyed or subject to third party transfers… With blockchain participants with in the DLT can share information quickly, with digitized records that cannot be altered. And simce they ae in the same database no third pary is needed.
Reduced cost; with one database comes reduced cost, no middle man/ third parry to verify or transfer the information or assets.
Explain with your own words, why these are the benefits of using a blockchain.
Transparency: All transactions are traceable to the origin since their ledger is available on each node in the network and therefore cannot be altered without a massive collusion which would be too costly to perform.
Security: Information stored in a block in the blockchain is secured by being linked to all other blocks in the blockchain. To get at it would require first breaking into all later inputs first, and faster than new ones are added.
Improved traceability: All transactions can be observed in real-time, while also an audit covering all info is created.
Increased efficiency and speed: No intermediaries and only one public ledger mean less checking and comparison work needs to be performed.
Reduced cost: Costs for trust and intermediaries are eliminated.
Transparency: Transactions and records are becoming more transparent using blockchain technologies. The blockchain is a distributed ledger / a network of computers/ series of nodes that all contain a copy of the same ledger. Any transaction or record added to the ledger must be done through consensus / agreement by all who have the ledger. Once a transaction or record is added it stays on the blockchain forever (finality). That information is encrypted and parties involved can be given authorised access to view the trustless / verified information.
Security: Blockchain is more secure than singular databases due to it’s network which shares a singular ledger. Every transaction is verified using maths and concensus and is linked to any historic transactions instead of being reliant on trust.
Being a cohesive distributed ledger means that it is much harder to hack than a singular database.
Blockchain means that sensitive information is protected, can be securely shared and prevent fraud and unauthorised access.
Improved traceability: When exchanges of goods are recorded on a blockchain, an audit trail is produced that shows where an asset came from and every stop it made on its journey through the supply chain. This can help prove authenticity, ethics and prevent fraud.
Increased efficiency and speed: By streamlining and automating tradition business processes with blockchain, transactions, record keeping can be completed faster and more efficiently. Data regarding records and transactions is encrypted and stored in the same location meaning for example real time auditing means that multiple ledgers don’t have to be consulted and audits can take place without the need to be present in the place of business being audited.
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: Companies and individuals will save a lot of money as they wont have to rely on 3rd party / middleman guarantees as they won’t have to rely on trust. Instead they will have a single immutable document on the blockchain which beautifully streamlines the process whilst making it infinitely more accurate.
Explain with your own words, why these are the benefits of using a blockchain.
Transparency:
The ledger is public and only allows new entries to be written to it so this gives you is access to the raw audit trail of transactions that hasn’t been manipulated in any way. It also removes the dependency in trusting multiple organisations to tell you the truth
Security:
As the ledger is distributed there is no single entry point making it very hard to hack. Each transaction is verified by all nodes so therefore if one node suspected that something didn’t add up the transaction would not be processed /recorded
Improved traceability:
As each transaction is recorded it’s possible to trace back to the transaction/s before the current one to see where all the links in the chain are. This should in theory promote more honesty from companies as it would be a PR disaster if they were to be found out trying to be deceitful.
Increased efficiency and speed:
Without the reliance on central authorities to verify transactions of which sometimes there are many for single transactions it is possible to verify transactions at speed. All nodes share the same information and with the incentives to keep the network running there are always multiple layers of redundancy and processing power
Reduced cost:
The true cost of transactions can be managed much easier as transactions are essentially peer to peer rather than running through a complex maze of organisations.
-Transparency: With a public ledger and a consensus of networks getting stronger everyday the blockchain is the most transparent network we have available today.
-Security: To create false information in the network or try to hack or do a 51% attack would cost much more power and money than to just play by the rules. With a decentralized network and hashrate growing everyday blockchain is the most secure network available.
-Improved traceability: When tracing or locating any information on the network, you can be assured it was delivered with the full knowledge that the information is/was Honest and True.
-Increased efficiency and speed: With the blockchain it can work as a multi layer solution to many worlds problem with increasing efficiency and speed throw working together on one network rather than creating silos and alienating yourself from the whole network of things.
-Reduced cost: There are so many areas the blockchain can save an organization time and money, (through accounting, auditing, data supply, ect), by trusting a trustless system that is decentralized and completely verified.
Transparency: All transactions must be verified by enough nodes on the network and all transactions are public and non-modifiable. Trust is no longer required and ultimately what you hold is yours because no one can question the protocol and all of its verification.
Security: All transactions must be verified by the rest of the network and written which makes it difficult for people to alter transaction records on the chain. The whole network would need to be in collusion in order to altar the immutability and the network can be anyone.
Improved traceability. Currently there is so many actions required to check databases and transactions by human means (and therefore a trust system) and therefore the block chain can remove error and improve financial and operational functionality in companies that need to be able trace how things travel through the company.
Increased Efficiency and Speed: Streamlines current processes run by humans and does it without error, saving costs from every angle.
Reduced Cost: You don’t need third parties to review data or even as many employees to ensure transactions are checked and double checked. They are right the first time and are logged to public display.
Transparency:
A distributed ledger where we all have the same access to information on the blockchain which can only be updated through consensus.
Security:
Transactions must be agreed before recorded. Transactions are linked to previous transactions, the data is decentralised and difficult to hack which prevents fraud and unauthorised access.
Improved traceability:
The blockchain has a full audit trail and all transactions are verified.
Increased efficiency and speed:
Automating process is faster and more efficient. the Blockchain is a single digital ledger and shared which doesn’t need to be reconciled. It is trestles so has faster settlement for transactions.
Reduced cost:
Do not need a middleman to make guarantees. You can trust the data on the blockchain, Do not need to review so much documentation or information for a transaction as everyone has access to a single immutable version.
Explain with your own words, why these are the benefits of using a blockchain.
Transparency & Improved traceability: transactions in blockchain are traceable and transparent due to successive hashing algorithm, where previous transaction included in the input for the next transaction.
Security: blockchain nodes share a single ledger where they verify new transactions through consensus algorithms.
Increased efficiency and speed & Reduced cost: distributed ledger enables to avoid intermediaries to interact between two parties safely and impartially, thus leading to increased efficiency and reduced cost to send a transaction.
Transparency:
Security: very difficult to hack the data.
Improved traceability: keeping track of an asset from start to finish.
Increased efficiency and speed: efficiency and speed are always important and go hand-in-hand this allows you to get more done and not have to back-track causing more work in the long run.
Reduced cost: eliminating third parties or middle-men can be a huge value and blockchain allows this.
Explain with your own words, why these are the benefits of using a blockchain.
Transparency:
The blockchain ledger is public and accessible for verification for anyone, anywhere.
Security:
New information added to the blockchain is agreed upon by consensus and is distributed to each node. It would be nearly impossible for an outside entity to change data without first controlling the majority of the network.
Improved traceability:
Goods and services can be recorded along their supply chain which would ultimately lead to higher quality products and services.
Increased efficiency and speed:
Human error across multiple ledgers is eliminated. The trustless nature of blockchain also removes the need for third parties for auditing.
Reduced cost:
Again, third parties are removed so there is no need to pay for an auditing service that is not needed.
transparency Transactions on a block chain can be observed to be verified by anyone.
security blockchain is crytographicly secured by miners in verification and consensus.
improved traceability. Block chain improves traceability because consensus provides incentives to maintain a traceable trackable observable ledger of the events of transactions.
increased efficiency and speed Block chain improves efficiency and speed by eliminating the need for outside audits and investigation of suspicions lines of trust.
reduced cost. Block chains reduces the cost of tracking goods and services by creating trust less networks of incentivised participants.
Transparency: Because every one have access to a database of transactions and it’s origin, the transaction are trackable so there is no space for cheating?
Security: Because of the consensus and the features of the blockchain it is nearly impossible to change the history of transactions made.
Improved traceability: When exchanges of goods are recorded on blockchain, you can track them easily and again it’s nearly impossible to change the history of those exchanges.
Increased efficiency and speed: Blockchain is getting rid of the need for the paper work, so its clearer and more efficient due to possibility of human error.
Reduced cost: Digital ledger is getting rid of the need for 3th party in the process of transactions, so business that implement blockchain into their business model spent less finances.
Transparency: Eliminates the need for trust due to ability to audit all transactions.
Security: Since you need consensus, you know the transaction is happened.
Improved traceability: allowing for a full audit trail of where products come from.
Increased efficiency and speed: faster and more efficient transactions without the human error and time consumption of a user-based
Reduced costs: Eliminated 3rd parties and save time.
Blockchain is a type of distributed ledger that all network participants share the same information. It can be added but not reversible which makes blockchain more transparent.
Blockchain has an enhanced security because transactions are agreed upon and approved. Information is stored across a network of computers instead of on a single server which makes it very difficult for hackers to compromise the transaction data.
Blockchain can be used to improve traceability. 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.
Blockchain reduces the need for intermediaries. Having to deal with one public ledger increases speed and efficiency because you don’ have to spend time comparing multiple ledgers.
Blockchain allows to cut or reduce significantly middlemen or third parties which reduces the third party service fees.
Transparency is a benefit of using a blockchain because confirmed transactions are openly available to be audited and the entire blockchain history can be retrieved from any node.
Security is a benefit of using blockchain because multiple nodes are confirming immutible transactions and storing the entire blockchain history in every computer in the network.
Improved traceability is a benefit of using blockchain because complex chains of transactions can be verified in a transparent, secure and efficient way.
Increased efficiency and speed are benefits of using blockchain because automated protocols are used to keep records on a single ledger.
Reduced cost is a benefit of using a blockchain because middle persons are not needed as the environment is “trustless”.
Transparency:
Since a blockchain is a distributed ledger that is stored on a network, everyone has access to the same data, which cannot be edited without the consensus of a network that is financially incentivized to remain honest.
Security:
As opposed to centralized databases, a blockchain is immutable and data can only be added to the ledger via a consensus mechanism where nodes are financially incentivized to be honest. This eliminates the risk of unilateral data tampering.
Improved traceability:
Blockchain is a high-availability public ledger, which means that all transactions can be tracked by anyone at any time and the provenance of goods can be verified to ensure authenticity and prevent fraud. This is in contrast to traditional supply chains, where relevant data can be cluttered, inaccessible and mutable.
Increased efficiency and speed:
Traditional databases are often paper-heavy and prone to human error. Also there is the problem of redundancy - data about a particular event is often stored by multiple parties in different ledgers that need to be reconciled, which is costly. Using a single ledger streamlines this process.
Reduced cost:
Since the blockchain is trustless, it eliminates costs associated with outsourcing trust, i.e. using middlemen like banks, insurance companies, etc.