Transparency: Everyone can check live any transaction happening on the blockchain. Transparence is good for governance models and to prevent bad behaviors.
Security: Security of a database is achieved on a blockchain through what is called the ditributed ledger and the fact that a consensus should be reached to record anyting on it.
Improved traceability: With a unified network on a blockcahin it is possible to track from A to Z any transaction which happened. There should be no technical silos. they can be created though if needed for confidentiality purpose.
Increased efficiency and speed: through the Difficulty concept, only the best miners are incentivized to fuel the network. The overall result of that is a natural evolution toward better efficiency and speed
Reduced cost: Eliminating all the paperwork, accounting layers produces saving at many level. If everything is stored in a unified blockchainthere are no need for many ledgers and book keeping.
- Transparency: Multiple nodes have to agree and reach consensus and for this to happen all details must be transparent for all nodes to see. data on a blockchain is mare accurate than the paper process. It is available to all permissioned parties to inspect.
- Enhanced security: Transactions have to be agreed upon before recorded. After transaction in approved it is encrypted & linked to the previous transaction. Information is stored on a network of computers not only on one computer.
- Improved traceability: Because a trail is recorded on the blockchain it is easy to trace factors every step of the way. Thus making verification possible.
- Increased efficiency & speed: No human facto to make mistakes. No 3rd party involved. Donât have to reconcile multiple ledgers as only 1 ledger is used. Less clutter. No need for intermediaries because trust is in the blockchain.
- Reduced cost: Many players are eliminated in the process such as a 3rd party, middleman. No need to review so much data.
Transparency: All data on the blockchain is globally available for all to view and verify.
Security: The blockchain is secure because it is decentralized and available 100% of time.
Traceability: Blockchain enables supplier inputs for a sourced product to be linked to itâs source and can not be modified or manipulated.
Efficiency and speed: Because the blockchain is trustless, inefficiencies created by middlemen and 3rd parties are removed increasing throughput.
Reduced cost: Because the blockchain is trustless, inefficiencies created by middlemen and 3rd parties are removed increasing throughput and reducing costs.
Transparency - more copies exist
Security - Consensus must be reached before things are verified
Improved Traceability - Audit trail created when things are recorded using Blockchain
Increased Efficiency and Speed - Reduces the need for intermediaries and removes human error.
Reduced Cost - Less middlemen and third parties required.
The transparency of a blockchain such as BTC is superior to traditional methods of data consolidation., because the transparency leads to increased trust of the end user.
The decentralized and trustless nature of the blockchain offers an increase in security relative to traditional business methods in relation to data management.
The blockchain is superior to traditional supply chain traceability methods with its 100% accuracy and provability.
The instant digital nature of blockchain makes it fast and efficient.
Transparency:
A) Blockchain is a type of distributed ledger. Everyone must agree on it. Network participants share the same documents. It is available to all who have permission. One single transaction recorded as to many. Not paper heavy, therefore reducing human error significantly.
Security:
A) Once transactions are entered, they are not stored on one server, they are distributed amongst many computers, making it difficult for hackers. Ideal for sensitive data such as, finance, government healthcare etc⌠very helpful in preventing fraud.
Improved traceability:
A) Products traded via complex supply chains are easily identified with an audit trail. easily verifying authenticity.
Increased efficiency and speed:
A) Reduces costs by cutting out the middle man or third parties. Much less room for error.
Transparency: If transparency is achieved through consensus on a blockchain, everyone involved can rest assured that everything considered is legitimate and not fraudulent
Security: Since Blockchain keeps things extremely secure by avoiding a single point of failure, one can easily put their faith in the workings of a Blockchain without any fear of being hacked.
Improved traceability: Everything can be traced back to its origin because the data on the blockchain is immutable and secure.
Increased efficiency and speed: Blockchain eliminates the middleman and also doesnât require the cost to maintain separate piles of data. All the parties involved will have access to a single immutable ledger.
Reduced cost: Blockchain doesnât require the cost to maintain separate piles of data. All the parties involved will have access to a single immutable ledger.
Explain with your own words, why these are the benefits of using a blockchain.
- Transparency: Trust-less verification through visibility of all transaction on the blockchain.
- Security: Immutable transactions verified by a decentralized community financially incentivized to produce truthful consensus.
- Improved traceability: Full visibility from origin through each step of the supply chain.
- Increased efficiency and speed: Real-Time data and reduced touch points.
- Reduced cost: Reduced touch points and reduced disputes.
Transparency - This is beneficial because all nodes of a networks share a copy of a ledger. You cannot manipulate the network via one or a few nodes. All of the data added to the network is approved by all of nodes making the network very secure and robust.
Security - Due to the secure and robust nature, it is extremely difficult to lie, cheat, or manipulate a blockchain network. This benefits industries that rely on trust like government and healthcare.
Improved traceability - On the blockchain all approved transactions are recorded forever at every stop. This makes difficult tasks such as tracking supplies/authenticity in supply chains much easier greatly benefiting the exchange of goods.
Increased efficiency and speed - This greatly benefits all forms of trade as it vastly removes the risk of human error and removes any middleman, everyone shares a single ledger that is verified, streamlining most processes securely and accurately.
Reduced cost - Times is money and middlemen need to get paid. With blockchain you save time because there is only one ledger to look at that is already verified, and you dont need a middleman.
Explain with your own words, why these are the benefits of using a blockchain.
- Transparency: All transactions are logged by all nodes/participants on the network. In order to change anything consensus must be obtained by all. Falsifying is possible but would require collusion of all participants which would/should be very difficult.
- Security: In cases where data integrity is a must, the fact that blockchain uses a network of computers that all have the same encrypted copy of the ledger, and must all agree through consensus for the approval of all transactions, and are given incentives to keep the network running, makes blockchain technology very secure for applications like finance, healthcare and supply chain.
- Improved traceability: With blockchain you have a chronology of ownership, custody and location of objects on the blockchain. In supply chain industries like food, this is very useful. For example, tracking down an e coli outbreak. Being able to track historical data can also prevent fraud.
- Increased efficiency and speed: When everyone has the same copy of the ledger, you cut down on errors. You also increase trust because everyone can see everything. And with increased trust that means that you can also have faster reconciliation and settlements of transactions and eliminate the need of 3rd parties to verify/audit transactions.
- Reduced cost: Since blockchain is trust-less you donât need as many or in some cases any 3rd parties to verify or guarantee transactions between parties. This also means less documentation because transactions are immutably recorded on the blockchain. All of these equates to lower costs.
Explain with your own words, why these are the benefits of using a blockchain.
Transparency:
Quite simple everything is traceable and because of that history we have accuracy in the records without having to trust anyone.
Security:
Transactions are recorded in stone which help majorly prevent fraud.
Improved traceability:
The traceability of products and their origins are like a security of quality and assurance, also preventing fraudulent activity.
Increased efficiency and speed:
Efficiency and speed is key to any profitable business, using the blockchain takes at guesswork out of the situation so things can be moved faster.
Reduced cost:
No third party guarantees are needed, the nodes take care of consensus and there isnt a huge amount of documentation needed to complete a transaction.
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Transparency:
All participants have permissioned access to review the data on the blockchain -
Security:
Transactions are agreed upon before they are recorded and once a transaction has been approved, it is encrypted and linked to the previous transaction. Furthermore, the information is stored across a network of computers rather than 1 single server, which makes it difficult for hackers to manipulate the transaction data. -
Improved traceability:
When 2 parties exchange goods the data is recorded on the blockchain, and there is an audit trail that reveals where a particular item came from and the stops it made on its journey. -
Increased efficiency and speed:
Transactions are streamlined and automated by removing traditional, paper-heavy processes, reviews, approvals and human errors, therefore it can be completed faster and more efficiently. -
Reduced cost:
By removing middlemen and intermediaries who need a commission or fee to connect, introduce or handle the trade.
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Transparency - is one of the most important aspects of blockchain in that all stored transactions of the system are shared to all participants who have permission to access the system. Participants all have the same information and can only be updated when all participants agreed ie. by consensus.
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Enhanced Security - transactions data on blockchain are agreed upon before they are recorded, encrypted and shared as ledger among different participants in the network. This cannot be updated unless all participants agreed ie by consensus. This enhanced security allows health care, governments, financial services store correct data safely, preventing fraud and unauthorised activity.
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Improved traceability - this is a characteristic of blockchain ability to record and trace the origin of a product, eg. supply chain, up to the destination. This enables the system to trace the source and authenticity of the product.
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Increase efficiency - blockchain recorded transactions are stored in a shared ledger. Unlike other systems which have multiple layers of processing and ofen require third party involvement. Blockchain automation and streamline processing make sure every participants have the same information on the network and rely only on the maths and protocol to verify in real-time. These enhance the speed and reliability upon which the network operates.
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Reduced cost - current systems are laden with heavy cost because of middlemen and other third parties guarantees and trust. Blockchain does not require all that - all participants in the network work with the same data as they are, cutting out all middlemen and other related third party factors like documentation etc.
Transparency:
because all transactions are recorded in the distributed ledger across all nodes. Every transaction is transparent to the public (in case of public blockchain) or concerned parties (in case of private or consortium blockchain)
Security:
every transaction on the blockchain is immutable & requires multiple nodes to agree on the consensus for the transaction to be confirmed & recorded into the blockchain
Improved traceability:
similar to transparency, you can trace the transaction using the block explorer
Increased efficiency and speed:
public blockchain like Bitcoin, you can transact whenever you want (24 x 7 x 365). You do not need days to wait centralised entity to confirm & process your transaction just need few minutes (10 - 13mins in case of Bitcoin).
Reduced cost:
You do not need to spend additional cost to pay centralised entity. You only pay what you spend / transact + fraction of transaction fees which is way lower compare to centralised entity.
Transparency:
Due to having either public or authorized access to the blockchain, involved parties can see what is happening in a transparent way. This can be valuable for many use cases.
Security:
The fact that there needs to be consensus by multiple nodes and the blockchain is distributed requiring a hacking of multiple nodes to alter the data which is highly improbable it makes it very secure. The transactions are encrypted into the blocks and also the blocks in the chain are connected. This makes blockchain technology very secure.
Improved traceability:
Another great benefit of blockchain technology is better traceability. If the participants in a supply chain are all connected to the blockchain you can trace the origin of an item and how it passes through the supply chain. This can help prevent fraud.
Increased efficiency and speed:
When Blockchain technology is used it reduces the need for a lot of paperwork and 3rd party mediation. There is a single ledger so no need to reconcile multiple ledgers. This allows for a fast and efficient processing .
Reduced cost:
Due to the blockchain less middlemen and third parties are necessary also less reviewing of documentation. All of this leads to reduced costs.
- There;âs a shared blockchain in the network and accessible for all participants of the network. You donât have to trust a third party, but you can verify everything yourself.
- Transactions must be agreed upon before they are recorded.Information is shared in a network and is therefore very difficult to hack since an entire network needs to be compromised.
- You end up with an audit trail that can trace an item back to its origin.This can help authenticity and prevent fraud.
- Everyone has access to the same system, there is no reconciliation of multiple ledgers, instead thereâs one single ledger.
5⌠Reduced cost is achieved through decrease of middlemen and third parties.
Explain with your own words, why these are the benefits of using a blockchain.
Transparency:
All nodes in the network must agree on a transaction before it can be committed to the blockchain. Once committed, the data on a public blockchain becomes visible everywhere.
Security:
Network-wide consensus, encryption and decentralization all contribute to the security of blockchain data.
Improved traceability:
Blockchain allows for efficient digital provenance so you can easily trace the path of an item along a supply chain.
Increased efficiency and speed:
Blockchain obviates the need for time-consuming and error-prone paperwork, thus improving efficiency and speed.
Reduced cost:
Blockchain removes dependency on 3rd-party auditors to validate transactions, thus reducing costs.
Transparency: blockchain is a public ledger to which anyone has an access
Security: blockchain is a decentralized network on which data cannot be changed or removed which allows users feel safe about their information and transactions. the network is spread across many servers that has to all agree to verify and accept transactions for adding the code to the blockchain, which makes it almost impossible to hack.
Improved traceability: in blockchain transactions can be traced since their creation, same as all good (food, clothes etc)
Increased efficiency and speed: there is no need in third parties or any paperwork, so the transactions are much faster.
Reduced cost: no need to pay third parties for not needed services.
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Transacrion history can be traced. Funny how governments use dodgy btc trades as a reason why it is bad. I can see the history of my btc? But not of my usd.
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Blockchain is secure due to its decentralised nature, nothing can stop/make it crash.
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Tracing data to source in a secure manner is now possible on the blockchain.
4 & 5. I do not need 3rd party verification or loads of paper work, or trust, to confirm the history of something on the blockchain. Its all wrapped up in the chain by default. Increasing efficiency, speed and cost.
Blockchain improves transparency because all transactions are recorded on a public ledger that can be audited at any time.
It improves security as well transactions need consensus to be validated and once validated become immutable.
Traceability is facilitated by the removal of intermediaries as well as the possibility to audit the blockchain. Less intermediaries reduce also the cost of transactions and increase the speed and efficiency of the transactions within the network