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Transparency:
open source and distributed information with no gate keepers to block access. -
Security:
multiple copies of the ledger means there is no single point of failure and no high value central point attach surface. -
Improved traceability:
with everyone using the same network and incentivized to play by the rules it is possible to have real-time auditing and verification. No more do you need to trust a 3d party. Now you can verify every thing. -
Increased efficiency and speed:
current systems are paper-based or use multiple proprietary systems. multiple 3d parties are needed. Blockchain system removes all these systems. -
Reduced cost:
Blockchain removes the middle men and their add-on fees. increases the speed of the transaction which saves money.
Transparency:
Data stored on a blockchain is shared throughout an entire network of computers. Information is transparent as data becomes more difficult to manipulate, creating accurate, and consistent transaction records.
Security:
Data is stored across an entire network of nodes instead of a single computer, making it difficult to manipulate and be tampered with.
Improved traceability:
Data collected and recorded on blockchain can be traced through every step of its journey. This data helps verify the authenticity of a product, preventing fraud.
Increased efficiency and speed:
Processes within a blockchain are streamlined and automated using a shared single ledger (compared to multiple ledgers. Creating less clutter.
Reduced cost:
Trusting the data on the blockchain creates a trust-less process, cutting out time/cost from third party verification.
- Transparency: All transactions can be seen by everyone
- Security: the whole network has to agree(hard to hack)
- Improved traceability: everything can be traced back to its origin.
- Increased efficiency and speed: No need to check if counter party can be trusted.
- Reduced cost: less need for 3rd parties
- Transparency: a distributed ledger that shares the exact info to everyone on the network
- Security: All info on the distributed computers share the same encrypted data vs a single server holding in the same information. A distributed version serves a high method of securing the data due to the distribution of the info. Hackers will have a very hard time trying to collect bits and pieces of info from a multitude of computers vs just the 1.
- Improved traceability: The data is collected through the historical transactions it went through. It can help to verify the authenticity of assets and prevent fraud.
- Increased efficiency and speed: Going digital is going exponential. Digital data is shared on a single ledger that has been verified through the network. When anyone wants to see the data, it is public for all parties to see the truth. Also reducing the amount of intermediaries to prove the data.
- Reduced cost: All information can be viewed on the blockchain, which reduces the amount of partyâs involved. Everyone will have permissioned access to a single, immutable version of the chain and simply rely on the code.
Transparency: Itâs difficult to commit fraud because history of the exchange and money trail is available in multiple locations and by multiple users.
Security: You cannot âundoâ an exchange or action. Itâs recorded there and no one can change or tamper with what has been recorded.
Improved traceability: With a decentralized recording system, you can verify the truth with multiple parties and points in a system or network.
Increased efficiency and speed: this eliminates the reliance on so many third parties to help with transactions. this is a huge benefit to businesses and also people who currently send money across the globe and lose money because of banks and currency exchange rates
Reduced cost: automation and not having to physically hold currency and make it
Explain with your own words, why these are the benefits of using a blockchain.
Transparency:
Anyone can view the transactions on the blockchain with the necessary access, the âledgerâ is stored in multiple locations, as opposed to individual copies in a centralised location. This makes it much easier for auditing as a central location is not required to be accessed.
Security:
This is much higher with Blockchain removing trust and replacing it with mathematical verification between financially incentivised nodes to achieve concencus authentification on each transactions validity before accepting onto the Blockchain. The transparency of the Blockchain also means that auditing can be easily achieved.
The decentralised nodes having copies of the Blockchain also protects against a centralised system being maliciously attacked or having a failure.
Removes trust and replaces it with mathematical verification
Improved traceability:
The Blockchain is a ledger of every transaction, all the way back to its origin, so any transaction can be viewed throughout the whole of its journey. Revolutionising the supply industry allowing easy auditing for every step of the way.
Increased efficiency and speed:
Blockchain is much quicker that traditional recording of ledgers for transactions, paper and database systems are prone to a multitude of problems that can cause incorrect or missing data. The data is only as good as what was input, human error and 3rd party mediation are key issues with transaction speed and accuracy. By automating and finessing these processes Blockchain is a much faster, slicker and efficient process.
Reduced cost:
Cost reduction is always a big consideration and with Blockchain there is no need for multiple 3rd party middlemen to pay commissions to even if you dont trust the recipient, the Blockchain removes the requirement of trust and replaces it with verification and transparency allowing the middlemen to be cut out and their charges to be removed from the cost of transaction.
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The beauty of the blockchains you can see who gave what to whom. You are unable to change this
traceability without colluding with the entire network. This is virtually impossible. Transactions can be
easily seen by block explorers and traced. -
The beauty here is that you can hack one of the nodes, but you canât hack the whole chain. If one node
has been hacked and provides false info. It will not be in consensus with the other nodes. Therefore it
is impossible to alter the chain, unless it is weak and you can pull off a 51% attack and mine a few
blocks before the other 49% catch on. -
On a blockchain you are able to track an item/transaction /info back to its origin, where it has been and
what has been done to it along the way. Example: When bitcoin cash forked from bitcoin. You can
trace that bitcoin from the time it was mined to the time bitcoin cash forked, to the time bitcoin cash
was extracted from the bitcoin and then you can trace which wallets they went to. -
When using one blockchain (database) all parties have access to that same database. When able to
see consensus has taken place, you can see where it came from (traceability). You donât have to call
some one to verify particular info. You have it right in front of you and can continue with your work
process without having to stop what you are doing and burn half a day verifying before you can move
on. -
You can reduce cost, when you reduce man hours. Man hours used verifying (is this the right product)
and man hours used by the other company helping the other to verify the product. On one product you
could have saved 8 man hours from the company trying to get verification and 8 man hours from the
company trying to give verification (this is huge).
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Transparency - Blockchain is a oped ledger where all particpants share the same documents. The bonus is that the ledger can only be updated through consensus.
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Security - Blockchain transactions are encrypted and linked to the previous transactions
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Improved Traceability - Blockchain leaves an audit trail that shows the origins of the asset, product, document, etcâŚ
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Increased Efficiency and Speed - Blockchain is a single record digital ledger this cuts out the need for multiple ledgers.
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Reduced Costs - Blockchain cuts out the need for third parties and middlemen. Hence cutting costs.
Transparency.
The blockchain is a decentralized system thus eliminating the need for third-party intervention, or government, or private company. this allows for data to be transparent and accessible to everyone.
Security.
The information on the blockchain is reached by consensus among a network (NODES) of the user. They all through algorithmic and computational math have to agree on the integrity of the data.
Improved Traceability
Since the data on the blockchain is shared among a decentralized system the information is always available, and once the data is created it can not be altered or changed in any way.
Increased Efficiency and Speed â Reduced cost
The blocks on the blockchain use its full potential to reduce cost and time to process each transaction because it is decentralized and there are no intermediaries
Explain with your own words, why these are the benefits of using a blockchain.
Transparency: Because itâs on a distributed ledger, it is in there and cannot be altered and therefore it is transparent and true.
Security: once its recorded in the ledger/blockchain, it can never be hacked or changed because the information is not in one single location but rather a network of computers that have that same exact data that is recorded.
Improved traceability: it has a way of safekeeping records of everything that happened in the transaction and is streamlined so that you donât have to have multiple records to reconcile and verify the information as its all in one location and final (that is shared by the network)
Increased efficiency and speed: 1st it is automated and the records are easily recorded and accessible right away and you donât need middlemen to validate or verify the data or transaction as its readily available and final.
Reduced cost: because you can trust the information on the blockchain, you donât need to pay for a middleman or intermediary to help validate whether the information/transaction is accurate of not.
Transparency:
All transactions are visable.
Security:
Transactions are recorded in blocks which are mathematiclly connected and related to each other. To change things in a blockchain you need so much energy which is impossible to bring in.
Improved traceability:
All transactions are recorded on a blockchain and cannot be deleted.
Increased efficiency and speed:
Once a transaction is sent on the blockchain are processed instantly
Reduced cost:
Decentalized blockchain will reduce capex and opex for all in the ecosystem and ultimately will allow for all humanity in the world to participate in the digital economy
Transparency - if everything is out in the open, i donât have to rely on someone telling me information when itâs available at any time anywhere. I can just check the ledger. Everyone knows what is going on at any time, if they simply verify.
Security - so many different computers working together, makes it impossible for hackers to attack the system. How is one computer going to attack millions of computers?
Improved traceability - you can check the entire supply chain at any time. This helps you to make decisions about something really quickly.
Increased efficiency: Third parties is a hassle. No more. Speed of trust, since there is no need for it.
Reduced cost - Donât trust. Verify. So much easier that you can communicate with the computers and what is recorded, instead of talking to people about the problem. And if you do have to talk to people, you already have the information ready and can prove what you speak about.
Explain with your own words, why these are the benefits of using a blockchain.
Transparency: Being able to audit transactions and retrace them can reduce illegal activities and can also help with things like the supply chain. Because of transparency, we will be able to âverifyâ supply chains.
Security: When there is no single entry point for an attack. And tampering with the system would require you to get consensus which will not happen. Security is of utmost importance because now we trust banks to do this. To get rid of banks, we should be able to function without them and therefore blockchain needs security.
Improved traceability: Mentioned this in the first point. Transparency enables traceability. This will be adopted very widely in the future I would say. Because proving your supply chain is fair and legit, will increase the value your company. And companies that are not doing this might get critics.
Increased efficiency and speed: We just need a global financial system. It is so weird that we still have to wait days to transfer money abroad.
Reduced cost: Reducing costs is basically what every company is doing. If they find out that blockchain is way more efficient and cheap, they will eventually get convinced it is the way. If there is a way to lose less money, people will go for it because we like money.
Transparency: The blockchain being a distributed ledger that is residing and updated on every userâs ledger means that data is very accurate and really hard to manipulate. This feature of blockchain enables it to become a very transparent system. Comparing the blockchain to traditional ledger it does a great job in maintaining the transparency as each transaction can be verified and cannot be modified.
Security: Making the data decentralized means that nobody can hack the data, because it is not sitting at a centralized location. Every transaction must be approved by its users through consensus which is then encrypted with the previous transaction.
Improved traceablilty: Al transactions are encrypted with the previous transaction, which means the block chain is essentially chain of immutable blocks which can be verified and tracked completely and accurately.
Increased efficiency and speed: Blockchain is an automated and digitised platform which means the transactions are approved and updated on an efficient and speedy manner. By digitising and automating the platform in a decentralized fashion, all the intermediaries, all the human factors, delays and errors are eliminated instantly.
Reduced cost: Traditional bookkeeping and financial transaction platforms are heavily reliant on human costs and labor. Auditing the transactions is also a costly process. With blockchain we can validate, verify the transactions on large scale with great speed and reduced costs. The blockchain eliminates lot of cost consuming factors, such as intermediaries, environmental costs for storing the records and copies.
In my opinion the benefits of using a blockchain are as followsâŚ
1.) Transparency: Removes the need to trust a third party seeing as the nodes have to agree on all transactions. Public ledger is kept so transactions canât disappear or be edited. This instills trust because no private entity has the ability to control the narrative. Trust lies in the hands of the protocol and the mathematics controlling it. Donât trust, verify.
2.) Security: Blockchain is more secure than a central database because information verified and then stored across the network on individual nodes. This creates immutability because nothing can be changed and is stored on a united global infrastructure making it impossible to make changes without consensus.
3.) Improved Traceability: Blockchain provides users with provenance. All transactions can be tracked and traced in real time to provide a real time audit all transactions. This can be useful when researching a products origins, authenticity, or quality.
4.) Increased efficiency and speed: Blockchain increases speed and efficiency due to the fact that the network is highly available. The network is running 24/7/365 just like the world. The world never stops and money never sleeps.
5.) Reduced cost: Blockchain can reduce cost because it removes the need for a third party intermediary. The provenance that blockchain instills reduces waste and or losses as well and enables real time auditing of all transactions to ensure quality, origin, even authenticity.
Transparency: you can track every transaction.
security: since there are no intermediaries, everyting is secure by the own network. Transactions are immutable, and when a transaction is made, it is neccesary that all the computers will verify it.
Improved traceability: it is possible to track every transaction , since the first movement of an specific BTC to the last transaction on it.
Increased efficiency and speed: there are no intermediaries. This makes the process way faster
Reduced cost: The fact of no intermediaries also lets reduced cost
Greater transparency is priceless⌠Who in business wants to spend extra time and money to make sure partners are above board⌠this transparency that must be agreed upon before a trx gets recorded and which everyone has shared documentation is a game changer⌠think of all the stress and doubt it relieves.
As for enhanced securityâŚwith all parties having to be in agreement⌠all the cards are on the table do to speakâŚ
With improved traceability⌠you have a greater sense of confidence that the products received are genuine and thus the end product is of the highest integrity.
Increased efficiency through a shared ledger and speed of transactions with no need for third party friction also give an added bonus of cost efficiency
Transparency: Avoids the need of third parties
Security: The consensus process gives security on the transactions
Improved traceability: Allows cheap traceability
Increased efficiency and speed: The high availabity of the network allows these
Reduced cost: The information we need is on the blockchain, avoiding unnecesary expenses
Transparency makes it harder to hid or omit data.
Security is verified thru math. All data must add up.
Improved traceability and immutability go hand in and hand. You trust that once the transaction is agreed on it is right and permanent.
Increased efficiency and speed easy since the blockchain is verifying itself after each transaction.
Reduced cost: Blockchain reduces costs because you donât need middlemen to confirm data.
Explain with your own words, why these are the benefits of using a blockchain.
- Transparency:
Everyone has a copy of the ledger and can see all updates. - Security:
It requires that over 51% of the nodes to reach consensus to approve any addition to the ledger therefore its almost impossible to defraud. The ledger is distributed to everyone so there is no single point of weakness. - Improved traceability:
Every transaction that is recorded on the ledger can be traced, back to the origination transaction (digital provenance) - Increased efficiency and speed:
No need to keep track of vast amount of paperwork in traditional work process. - Reduced cost:
No need to keep track of vast amount of paperwork in traditional work process