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Transparency:
Each network participant has access to all transactions recorded in the blockchain network. -
Security:
Each transactions has to be confirmed by consensus then is encrypted and signed to previous transaction. All transactions are write in digital ledger wich is shared widely in the network and practically is not possible to be hack. -
Improved traceability:
With blockchain network tracing an asset in supply chain is simple because of all transaction are write in digital ledger which is shared in the network. It is simple to audit trace the path what asset went in supply chain. -
Increased efficiency and speed:
Because everyone has access to the same information recorded-kepping in single digital ledger wich is shered among participants blockchain transactions are processed faster and more effcient without intermediaries. -
Reduced cost:
Trusting data in blockchain allow to remove intermediaries from process decreasing manipulation fees connected with cooperation with them and cost of paper documentation.
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All members with permission share the exact same information and must approve and achieve consensus.
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The transactions are agreed upon before recorded. Very difficult to change or hack as all previous and current data would have to be altered on the network and approved by associated members.
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Audit trail on everything, times, locations and quantities etc.
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Paperless in a word, imagine! all shared data so no errors or reviews. No more Audits.
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Staff, no third parties i.e. audits and accountants. No paper trails to review or study, what a world.
1- transparency means is a type of distributed ledger where all participants share the same documentation available to permissioned. Can only be updated through consensus where everyone must agree.
2- Transaction must be agreed upon before they are approved and recorded, after its approved its encrypted and linked to previous transaction making hard to hack or compromise data. Changes how critical information is shared
3- traces complex supply chain, has an audit trail, improves traceability shows where an asset came from at every stop made on its journey as a historical transaction data trail can verify and authenticate the asset and prevent against fraud
4- is much quicker and more efficient than a paper trail. Is trustless with no need for intermediaries or need to reconcile reducing cost.
5- you do not require a third party to guarantee, you do not have to receive so much documentation to complete trade and data on blockchain is an immutable version
Explain with your own words, why these are the benefits of using a blockchain.
Transparency: allows trust for participants
Security: Safe to use with multiple network participants and transactions can not be fraudulently reversed.
Improved traceability: Streamlines the ability to self audit for participants as the blockchain is is a real-time audit-able ledger.
Increased efficiency and speed: Reduces wait time with faster transactions for participants
Reduced cost: reduced cost allows participants to retain higher profits/pay less fees and allows the blockchain to be very competitive in the current economic model.
Transparency- Every node on a blockchain has a copy of every transaction preformed. Data on the blockchain is more accurate , consistent and transparent.
Security- Because all data is stored on all nodes in the network , it is almost impossible for hackers to infiltrate and compromise data.
Improved traceability- Because items can be traced on every step of the supply chain you end up with a audit trail that cant be changed .
Increased efficiency and speed- When everybody has access to the same ledgers there is a consensus on all the data , therefore speeding up from the traditional , paper heavy processes.
Reduced cost - With the introduction of blockchain you donāt need many of the third parties or middlemen that would guarantee transactions . Therefore reducing cost and less documentation to review.
Blockchain provides transparency because everyone sees the same ledger. There is nothing hidden behind a curtain or closed doors. With transparency like this, there is no need for trust. Another benefit is the security provided via the highly available, decentralized network that regulates all transactions within the blockchain. There is also improved traceability because blockchain provides digital providence, a huge benefit that protects the origin of all transactions. Another benefit is improved efficiency and speed that is possible because of the high availability of the network - every step of the process is fluid as there is never a need to wait for the next step. Also, with a single digital ledger shared by all, there is no need to reconcile multiple ledgers. For the same reason, you will find reduced costs with blockchain technology. The highly available network negates any need for security or any other costs.
Transparency: public record of the blockchain ledger give access to who ever needs the information. The fact that the ledger is immutable means that you can trust the information is correct.
Security: the public ledger is stored on many computers all over the world instead of a centralized data base making it hard for hackers to compromise the data.
Improved traceability: because the ledger is recorded with consences and cannot be reversed the transaction data can be verified true.
Increased efficiency and speed: Removing the need for a 3rd party verifying transactions speeds up the process.
Reduced cost: Removing the 3rd party also reduces cost of transactions due to less interaction by human work.
- Transparency is important in that everyone agrees how much Bitcoin each address has. This is important in having a trustless transaction system.
- Security is important in making blockchain a secure record keeping system. The encryption uses the previous transaction so itās much harder to compromise transactions.
- Improved traceability can prevent fraud in say a supply chain. It becomes much harder for one party to lie about the ingredients used in a product.
- Since everyone uses the same ledger thereās less intermediaries and transactions can settle quicker.
- There is reduced costs because the transactions can be verified on the blockchain by an individual.
Transparency:
Transaction history in a blockchain is stored by all nodes, and each new entry requires consensus from network participants before it can be added.
Security:
It is mathematically impossible/financially unfeasible (depending on the network) to alter existing transactions or to add false ones to a new block. This is because nodes are financially incentivized to keep the network operational and to exclude false transactions.
Improved traceability:
Supply-chain management, tracking, and auditing become simple with blockchain as all entries are immutable and publicly verifiable. Encrypted information can be included into transactions, allowing businesses to create more advanced use cases or withhold sensitive data while maintaining verifiability.
Increased efficiency and speed:
Blockchains are decentralized, distributed networks that are run by many contributing nodes around the world. This enables these systems to process payments 24/7, as miners are incentivized to process these transactions as fast and as soon as possible, using their computing power/electricity to receive mining reward (paid as a transaction fee by the end-user.)
Blockchains also help remove informational silos seen with businesses today, allowing greater collaboration and facilitating better interoperability and user experiences through the development of new standards and trustless protocols.
Reduced cost:
Since there are no intermediaries or middle-men taking their own slice of the pie, blockchain and cryptocurrencies facilitate borderless transactions at a much lower cost (and delay) than traditional payment systems.
- Public ledger.
- Transactions must be verified by the network on blockchain.
- Everything is recorded on the blockchain. It is immutable.
- Trustlessness brings speed to the network. It is all on one public ledger.
- Removes middleman and needless paperwork or tracing.
Transparency:The ledger is public and immutable
Security:It si extremely hard for hackers to hack the blockchain and none can shut down it.
Improved traceability:we can finally know from where come from what we eat.
Increased efficiency and speed:Even big transactions
Reduced cost:there is no middle man
Transparency because it allows everyone to see the same data, which cannot be changed without consensus that is everyone agrees.
Security because the encrypted data is stored on a network of computers making it very difficult to hack and the required approval of transactions prevents the opportunity for fraudulent behaviour.
Traceability because it provides an historical data trail allowing the authenticity of any product to be verified.
Increased speed and efficiency because the use of a single database that everyone can see and trust reduces the need for 3rd party interference and human error.
Reduced costs because all the data is on the blockchain reduces the need for middlemen and 3rd parties.
Explain with your own words, why these are the benefits of using a blockchain.
The benefits of using blockchain are as follows:
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There is transparency in that all participants share the same documentation, which can only be updated by concensus.
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There is Security where data is redundant and stored across networks. Historical data can be verified and trace all the way to its source, and no one person can amend it.
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There is Improved traceability where transactions can be traced from public ledger, veifiable and can be authenticated.
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There is Increased efficiency and speed where data can be validated quickly through the hash, and automation to speed up work efficiency with less human errors.
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There is cost reduction by removing a layer of 3rd party/agents through automation, and savings by using less paper.
Transparency: allows everyone to have copies of the same ledger so everyone can follow the chain and find the origin or each process it went through.
Security: Info is shared on a network of computers so its harder to hack and alter all of transactions. Transactions must also be agreed upon before it is tied to the previous transactions record.
Improved traceability: it allows everyone to trace the product or transactions back to its origin and every step of the way. Also provides more security when anyone can trace a transaction back to its origin.
Increased efficiency and speed: Not having to reconcile multiple ledgers makes it very efficient. When everyone has access to the same information it makes it easier to trust others.
Reduced cost: there are no more middle men or third parties to create trust. All trust is created through the block chain and everyone has access to the ledger. This also saves time, and only trust is more valuable than time.
Transparency: Anyone with permission to access the blockchain can see every transaction data that occurs. Also everyone has to agree on these transactions for them to go through so it is very accurate.
Security: The transactions are all agreed upon through consensus so you donāt have to worry about fake transactions. The network is made up of transactions across numerous computers instead of one single database resulting in a higher difficulty for hackers to get into it.
Improved traceability: The transactions are all recorded and encrypted back to previous transactions that occurred before hand. Resulting in a transactional trail that is accurate and available instantly right through the blockchain itself. Not requiring someone to keep a paper trail of the history of the things being used in the transaction.
Increased efficiency and speed: Everything is placed under one digital ledger erasing the need for middle men and reconciliation of multiple ledgers. Making transactions finalized much faster and way more efficiently.
Reduced cost: With everything being completed on one ledger And database you eliminate the need to incorporate extra participants. Making transactions cheaper and requiring businesses to have less workers to complete them. Or have their workers spend less time going through them resulting in man hours used in other places or just not needed.
1 Greater transparency in transactional history is achieved with blockchain technology. When using blockchain all participants share the same documentation on a type of distributed ledger, rather than individual copies. The method of approving the transaction is called consensus which means there needs to be a widespread agreement by the network, rather than a centralized or singular means of acceptance. Anyone who has permission to access the ledger can do so.
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Enhanced security is also a benefit of consensus. Also once the transaction is approved through consensus it is linked to the previous transaction, so in order to alter it one would need to alter all previous transactions causing collusion to the entire network. This is known as immutability, meaning an object whose state cannot be altered once it is created.
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Improved traceability is achieved with blockchain by using historical transaction data to verify authenticity of assets.
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Increased efficiency and speed comes with the use of blockchain.
In traditional supply chains you may have several different companies involved in manufacturing and transporting products for a particular buyer. It is likely that all of these companies will be using different software and methods of storing and sending information about their products manufacturing and transporting history. With this being the case there is really no efficient way for the companies involved to communicate with each other through this process. Through the use of blockchain all companies involved would use one standardized form of transactional communication on a ledger that is shres easily and trustlessly among participants. -
Reduced costs
With the use of blockchain there is no need for middlemen, or just taking your suppliers and partners at their word. Instead you need only to verify the data on the blockchain. This also creates the need for far less documentation with the use of a single permissioned immutable version.
1. Transparency:
Because every approved transaction is recorded and this record is as copy on all computers. Also when you want to make some change, consensus has to take a place and this is recorded as well.
2. Security:
Blockchain is not only on one computer, it exists as copies on all computers in network. Also every transaction is encrypted. This alltogether makes it hard to hack the system.
3. Improved traceability:
Every transaction is unique and recorded in blocks and canāt be removed or changed. This enables to track the origin of product with high level of verification.
4. Increased efficiency and speed:
It is paperless, all processes are performed on blockchain, where is shared the same information to everyone and this information is verified by the system itself. Therefore there does not have to be any 3rd party or other additional verification process so the process can be executed much faster on current verified information on blockchain.
5. Reduced cost:
Everything is stored on blockchain so there is no need of additional documentation. Also you donāt need 3rd parties to do something. Due to all of this the costs of processes are lower.
Transparency for blockchain allows anyone to view transactions. And since they are immutable it increases the security and allows one to view all of their transactions for a public key.
Security is essential to protect value stored on the blockchain
Reduced cost allows more of the profits to go to the vendor and allow for reduced costs of the product
1.) Transparency- through the distributed ledger all parties know what is documented & that it canāt be altered without consensus.
2.) Security- because of encryption and the ledger being on a shared network blockchain is more difficult to hack or compromise.
3.) Improved Traceability- blockchain data can easily be tracked by audit of where it has been by multiple verifying participants.
4.) Increased efficiency & speed- the single digital ledger shared among participants & no intermediaries means less time dealing with incongruency.
5.) Reduced cost- With blockchain, you save money by cutting out the middleman and just trusting the data on the chain.
- Everyone can verify any transaction at any given time
- The incentive nature promotes honesty and more validators means the system is much harder to cheat.
- Everything is transparently included in the āblocksā
- Because blockchain is 24/7
- Because you remove intermediaries and unnecesary processes