- Transparency:
The blockchain is also known as a public ledger, meaning anyone cam access, view ans verify transactions on it. - Security:
The blockchain is a distributed ledger, meaning that there are many similar versions of it located all over the world on different computers. Therefore, it’s virtually impossible for a hacker to access the ledger and change the data - Improved traceability:
All transactions are recorded in real-time and can be accessed by anyone with permission, making it much easier to track things like transactions, deliveries, supply chain management and more - Increased efficiency and speed:
The large number of computers or miners are constantly working to verify the authenticity of transactions on the network. This makes it much faster and more efficient than, for example, traditional banks - Reduced cost:
The blockchain cuts out expensive middlemen and intermediaries, making it cheaper to transact on the blockchain compared to traditional banking alternatives
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Explain with your own words, why these are the benefits of using a blockchain.
1. Transparency :
- Bitcoin and blockchain technology provide great transparency because it is a public distributed ledger. Meaning that anybody can see it, and only the majority can change it.
2. Security :
- Bitcoin and other Blockchains can provide for great security because of its decentralised nature, meaning an attacker must gain control of 51% of the network to even attempt. this would require a massive amount of resources to attempt.
3. Improved traceability :
- Transactions stored in a block are hashed together with the hash from the previous block and provide a hash to connect to the next block. Altering any data on the blockchain will change the result of al hashes providing for a great record of the truth by trusting the longest chain.
- This can provide proof of authenticity, prevent fraud etc.
4. Increased efficiency and speed:
- By removing the need to trust a third party and instead trust in the protocol we remove middle men that cause friction in the process, making blockchains a more efficient than regular ways to exchange value, information, records or any data.
5. Reduced costs :
- By excluding these middle men we also exclude extra cost and errors.
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Transparency:
When a group all shares and can view the same data, this allows for ease of communication between all parties involved and little confusion, this in turn increases efficiency. -
Security:
Using a network rather than a single source for data storing, is a strength of the blockchain industry, there is no single point of failure to allow the network to crumble. -
Improved traceability:
This helps with trust. You can prevent fraudulent items claiming to be from the supplier making it to the market - as you can check very quickly if the item is recorded on the blockchain. If there is a problem with an item, this also helps to identify and track them down to remove them from the market (eg. suspected tainted batch of food items). -
Increased efficiency and speed:
Sharing the same information rather than your companies information vs theirs, takes away the extra time needed for administration of data. Relying on the protocol rather than a series of paper stamping humans, leads to a more efficient use of time. -
Reduced cost:
Trimming the fat - taking the middle men out of the equation, this lowers costs and the time it takes to get things done.
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Explain with your own words, why these are the benefits of using a blockchain.
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Transparency: Transaction histories are transparent and shared among network participants. Nobody can alter a transaction record without other participants knowing/collaborating to alter transaction records. Thus, blockchain data is more accurate and easily verifiable (transparent), as opposed to requiring trust in a single actor or group and their ability to retain accurate and consistent records.
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Security: Important data can be more secure on a blockchain network because adding said data requires consensus among network participants. In addition, once data is added to a blockchain, it cannot be removed or tampered with.
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Improved traceability: When tracking goods in a complex supply chain, as an example, it can be hard tracing the journey of a good all the way from its origin. In a blockchain-based system, a good’s origin is traced, as well as every stop a good makes on the way to its destination. This makes it much easier to trace a good via historical data, which can be useful when verifying a good’s authenticity.
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Increased efficiency and speed: Instead of everyone keeping their own, manual-based systems which are prone to human error, blockchain allows for automatic accounting and transaction tracking via a shared system/standard. This not only increases speed/efficiency on a transaction level but also on a network level. This is because participants in a network don’t have to reconcile different ledgers, since everyone shares the same data.
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Reduced cost: Since blockchain removes the need for trust throughout many business processes, it also removes the need for many third parties or middlemen who facilitate and/or mediate transactions. This results in reduced costs for businesses.
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Transparency: Because blockchain is a distributed ledger, all network participants share a copy of the original document. The shared version can only be updated via consensus. Changing a single transaction would require the alteration of all subsequent records which could only be accomplished through collusion.
Security: Blockchain transactions must be agreed upon before they are added. Once approved it is encrypted and linked to the previous transaction. The information is stored across a network which makes it harder to hack.
Improved traceability: Historical transaction data provides an immutable audit trail so that all products can be tracked to their source.
Increased efficiency and speed: It does not rely on human verification, which reduces error and increases speed
Reduced cost: Blockchain reduces the need for middlemen to guarantee the veracity of the transaction, because you only need to trust the data, not the people involved. This decrease in middlemen serves to reduce costs.
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Transparency:
All transactions are transparent with blockchain technology. All the transactions are traceable on the blockchain that is shared with all participants.
Security:
Blockchain is more secure because transactions are agreed upon by both parties then the transaction is made and added to the blockchain a network of computers which is difficult to hack.
Improved traceability:
If a company deals with complicated supply chains it can be difficult to trace all transactions. When it’s recorded with blockchain technology there is an audit trail.
Increased efficiency and speed:
Trading is prone to human error and often requires a 3rd party. Everything is recorded on a single source and it can be trust worthy, quick and efficient.
Reduced cost:
Businesses are attempting to reduce costs, with blockchain you don’t need as many 3rd parties or middle men to make purchases. All transactions are published for the public.
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The following are benefits of blockchain:
1- transparency because blockchain is a distributed ledger and all participants share the same information
2 - security because all transactions must be agreed to by all participants before they are accepted on the blockchain
3 - improved traceability because all transactions are recorded on the ledger which is shared by all participants providing an audit trail
4 - increased efficiency and speed because paper processes are no longer needed which can be slow and cause mistakes
5 - reduced costs by eliminating the need for verification now that the information on the blockchain can be verified by all and thus trusted
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Transparency: It is the foundation of trust, where both parties or which party that uses blockchain can trust it and be confident that no malicious activity will affect there product, services, or contracts when they use the blockchain.
Security: It is designed and built by math and protocol which is fundamentally resistant to cyber attacks
Improved traceability:
Products and services of value are secured
Increased efficiency and speed:
Decentralise services and cuts the middle man or any central government control over any product and services developed.
Reduced cost: Reduces cenrtralised fees and taxes
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Transparency: With all transactions shared on a single network, all participants are able to see where each transaction is coming from. Using math to verify said transactions, the data that flows through the network is shared among all participants, maximizing the level of transparency for all users.
Security: After the data is approved, it is encrypted and linked to the previous transaction. With all the information shared across the whole network, it is difficult for hackers to compromise the data. The elimination of the “Trust Factor” leaves the guarantee to be determined by the math, which further drives the concept of security because there is incentive behind playing by the rules which keeps the data valid all the way through.
Improved traceability: Using blockchain, you can keep track of complex supply chains. Being able to access the database of immutable information, traceability is kept accurate and consistent. A major functional benefit of blockchain is the ability to have real-time auditing between transactions. For example, you can run an audit every second to make sure each step in the process is as accurate as the next.
Increased Efficiency: By having the information shared on the same database, you eliminate the need for third party mediators, or middleman to approve the data. The data is therefore approved through consensus and removes the probability of human error because the information can not be tampered with. Streamlining and automated processes are applied to the data to help facilitate the transactions with higher speed and less clutter.
Reduced Cost: With no need of a third party mediator to make guarantees, and no trust needed in your partner, you just need to trust the data. No one will need to be paid to come verify any data that has been added to the blockchain. Instead the entire network comes together with a consensus to approve whatever data is posted on the blockchain.
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Transparency: The blockchain data is distributed ledger, available to all those who have permission to access and can be only altered through consensus by everyone.
Security: The transactions agreed upon before they are approved and encrypted. It is stored in a network of computers so a hacker cannot change few copies and manipulate the data.
Traceability: Through blockchain we have audit trail where we can see every transaction happening on the product and each stop in its journey. It prevents fraud.
Efficiency and Speed: By using a single ledger, every participants have same data which is easier to trust and the transaction happen faster.
Reduced cost: With blockchain we remove the middleman to make guarantee for the trading partner because it is not needed. You trust the data on the blockchain and you don’t have to review documentation.
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- transparency means everyone can access all reguired information if neccessary whenever required.
2.security is when transaction is sent ( confirmed ) it cannot be reversed allowing trustless transactions all secured on the blockchain.
3 improved traceability means you can trace data/ transactions at any time anywhere which has all been verified on the blockchain.
4 you can access at any time on the ledger so you do not need any third parties for required information.
5 reduced costs because there is no longer a need for third parties taking out all unnecessary costs just a straight peer to peer transaction.
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Transparency:
Having all transactions stored forever on the blockchain, anyone can verify the origin of your balance or anyone else’s balance. Ultimately, each transaction or amount can be traced all the way back to the point it was rewarded to a miner for mining a block.
Security:
Having multiple miners/ nodes, verifying the same transaction over and over again, fraud is impossible unless someone owns more than 50% of the miners. But even then, the rest of the miners can decide to fork the blockchain and pick it up from the moment previous to the attack. This might be less practical today (especially for ETH, but in theory is still possible)
Improved traceability:
I see this included in “Transparency” - as you can find on the blockchain the origin of any coin, token or information, which leaves behind a trail from the point of its origin.
Increased efficiency and speed:
Having a single ledger that is common to every participant in the blockchain, removes the need for paperwork or reconciling of data between parties. Thus transactions happen faster and not error prone.
Reduced cost:
By trusting the information stored on the blockchain, you don’t need more third parties to guarantee for that data.
Also depending on what blockchain a company uses, access to a 100% up-time infrastructure can be cheaper than traditional solutions (where, as a side note, up-time is rarely above 99.9%)
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Transparency: Since Blockchains are decentralized, every transaction carried out can be seen by everyone resulting from system consensus and transaction finality.
Security: Transaction are immutable and without intermediaries because of the network. Once completed, it cannot be hacked, broken, scammed since it is a trustless system.
Improved traceability:
The provenance aspect of Blockchains makes transactions to be tracked easily in real time. All transactions are immutable once completed and cannot disappear.
Increased efficiency and speed: The continuous mining activities keeps it running efficiently.
Reduced cost: Operational cost is highly reduced because it is decentralized globally.
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Transparency: You can literally see everything. You can verify that it is what it is and from where it says it is from.
Security: The rabbit hole someone would have to go down to make even the smallest of changes is incredible. The whole thing would unravel and it would be impossible to keep up the fake.
Improved Traceability: Being able to see the origins and supply chain in this trustless way ensures that things are what they say they are.
Increased efficiency and speed: Single record-keeping using a single digital public ledger. No middlemen or third parties eating up time and value. Trust the data.
Reduce cost: Eliminating human error thus negating the need for third parties or middlemen to confirm authenticity. You just have to trust the data not the person reducing the documentation to complete a trade.
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Transparency is a benefit as all parties view the same data and each transaction has been verified and agreed to by consensus.
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Security is a benefit as each transaction is cryptographically linked to all future transaction making data immutable and trusted.
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Traceability is a benefit as all the different steps on a supply chain can be recorded immutably in one location and view by all parties.
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Increased efficiently and speed is a benefit as third party involvement is eliminated and all parties share the same data without requiring reconciliation.
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Reduced cost is a benefit as again involvement of third parties is removed and hence their associated costs.
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Transparency:
because the distributed ledger can only be updated through consensus and every node must agree with it to proceed to alteration. furthermore, each change on transaction record will require alteration on all subsequent records.
Security:
Before recording any transaction in the ledger, it must be agreed upon by all participants. then by encryption and linking it to previous transaction, it will be recorded and stored across the network rather than a single server. so it becomes very difficult for hackers to manipulate the sensitive data.
Improved traceability:
By keeping the record on the blockchain, it becomes easier for audit trail that shows where each asset came from and all the stops it had on the way, therefore less fraud.
Increased efficiency and speed:
By avoiding the paper-heavy processes, transaction becomes prone to human error and eliminates the mediation. keeping a digital record which is shared among all participants with blockchain, the clutter will reduce and the speed increases.
Reduced cost:
Eliminating third parties on a trustless network and instead trusting the data on the blockchain, will reduce cost and time to check all docs due to the fact that everyone have access to an immutable version of the records.
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The benefits of using blockchain technology:
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Transparency
The blockchain is a ledger that is distributed to all network participating nodes containing transaction records that are immutable. All updates/changes on the blockchain ledger will require changes to all the distributed ledgers making it more transparent, accurate and consistent than a network of databases that don’t have this requirement. This would mean that the records you are seeing in your blockchain ledger are the same as all the ledgers others are seeing. -
Security
Any updates in the decentralized ledger would require all blockchain participating nodes to give consensus and approval before making the changes. The transaction is later encrypted and linked to the previous transaction. This would make it more difficult for attackers to alter the records as they would need to alter all ledgers distributed as oppose to one server’s database. -
Improved traceability
Some products might have to go through a complex supply chain making it hard to trace the origins of the product or asset. Transactions or exchanges in goods are recorded in the blockchain. This allows the product/asset to have trail of every location, transaction, and exchanges it has gone through. The historical data of the product can back up claims the products/asset has to the purchaser making fraud more difficult. -
Increased efficiency and Speed
Transaction and processes using blockchain can be completed faster more efficiently than physical printed records. These processes can be streamlined and automated by using only one single digital ledger removes the need of multiple ledgers and mediators. Having the ledger distributed to all participating nodes allows them to have access to the same information will remove the need to trust many multiple claims/disputes which will make settlements much easier and faster. -
Reduced Costs
All businesses need to produce the best product or server at the best or most reasonable price at the most efficient way possible. In order to do this they would need to improve the traceability, authenticity and quality of the products for their customers and the speed & accuracy of their transactions. By reducing the need for many mediators to do this job, businesses only need to rely on the blockchain ledger’s transactional records. Removing the need of many mediators to do this job will greatly reduce customer disputes, increase transaction speed thus costing less time and money.
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Transaction histories get more transparent through the use of distributed ledgers, since every participant in the network has access to the same most recent version of a database, with every transaction accessible trustlessly, instead of an individual outdated copy
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Blockchain provides improved security through consensus, encryption and the fact that it is a decentralized network instead of a vulnerable centralized server
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Provenance of products gets easier to track if every step gets secured on a blockchain network since every transaction step may trustlessly be traced back
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The fact that every party of a blockchain network has access to the same version of an distributed ledger renders tons of paperwork and additional audits by external parties useless
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The elimination of the need for additional third parties and middlemen makes business-processes more cost efficient
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Explain with your own words, why these are the benefits of using a blockchain.
Q1. Transparency
A1. In a decentralized distribution network, all systems are able to access the transaction at the same time. No system is requiring waiting for another system before making changes and modifications is recorded in real-time through consensus. This makes using blockchain completely transparent.
Q2. Security
A2. In blockchain, before any data modification, all systems in distributed network have access to the same data, can verify and provide consensus before any changes. Once approved, current data is encrypted and link to previous data transaction for enhanced security.
Q3. Improved traceability
A3. Questionable processes and fraud makes traceability in a supply chain business tedious. By using blockchain, every process from the creator, what processes used, where the product comes from, etc, is known and is not possible to tamper with the data in the blockchain.
Q4. Increased efficiency and speed
A4. Traditional supply chain businesses for example, involves many individuals span across multiple stages, international locations, invoices, payments, can be very complex and prone to human error, lack of transparency and time-consuming.
Blockchain on the other hand, can increase the efficiency and transparency of supply chains by having multiple copies of the same transaction distributed over many systems in real-time for approval from warehousing to payment.
Q5. Reduced cost
A5. Deploying blockchain system in businesses can significantly reducing transaction costs. Crypto payments are handled by peer-to-peer networks and require no centralized verification. Thus, accepting payment in crypto pays fewer merchant processing fees and reduce the need for external services.
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Transparency:
for me this is one of the most important aspects of why I am looking to work with the blockchain, at present I have worked in a number of sectors with national and international organisations and have seen on one level or another elements of corruption or misuse of funds or assets and this is the key to removing these issues and making a fairer system for all.
Security:
Is key as we all want to know that whatever we are doing or as companies doing or dealing with is secure as if it isn’t it can lead to others questioning integrity and no one wants this to be the case.
Improved traceability:
for me this is the second most important piece/aspect of a blockchain, the ability to trace a token from point of creation through to its end point of use is invaluable to the work that I am doing, this will enable individuals who support our work to know that their support is not misused and can be traced to who and what it has been used for.
Increased efficiency and speed:
the ability to utilise a blockchain 24/7/365 gives those who we intend to support the ability to utilise the blockchain internationally anytime they wish to do so, so this gives us a global economy ability with an organisation that is currently small and wouldn’t be able to compete otherwise.
Reduced cost:
everybody no matter who what or where wants to save on expenses.
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