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Everybody can look at the intormation that is written on the blockchain, this is ultimate transparancy.
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Information that are on the blockchain can’t be changed by individuals or interest holders because of its design as an distributed ledger.
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Tracebility can be provided with an blockchain as well, with a whole lot of new usecases in supplychain management and others.
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Efficiency is much better in blockchain technolgie then in all other current known systems of processed information. In many cases you can remove middlemans or unnecessary intermediate steps.
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If you have trusted data on the blockchain this is more cost efficiant then storing piles of folders for your documentation. This will need less time, less space, less energy.
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Transparency: anyone can have access to see the entire set of activities done: nothing can be hidden.
Security: can’t be hacked.
Traceability: anyone has access to see the entire product/asset 's process/history.
Efficiency and speed: no third parties needed operations done in the moment.
Reduced cost: no third parties needed. Process of aprovement almost instantaneous.
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Explain with your own words, why these are the benefits of using a blockchain.
1.Transparency:
Because blockchain is a distributed ledger(record-book), all network participants and parties can share
and see the same documetation as opposed to individual copies. The share version can only be updated
through consensus, which means everyone must agree on it. All participants also have permissioned access
and to change any subsequent records, would require to alter everything within the network, which will
make it impractical.
2.Security:
Transactions must come to consensus(agreed upon) before they are recorded. When approved, transactions
are encrypted and linked to the previous transaction. It is also stored across a network of computers
who are part of that certain blockchain, instead of a single server. Makes it difficult for hackers to
compromise the transaction data, and helps to prevent fraud and unauthorized activity.
3.Improved traceability:
Blockchain enables to verify where certain objects or products have been. Also, it can trace the
components of those items back to its origin. It helps verify authenticity.
4.Increased efficiency and speed:
Blockchain can streamline and automate information. No need to rely on third-party mediation that might
have human error because its been provided by massive information on traditional paper processes.
5.Reduced cost:
Without intermediaries , businesses can save and reduce costs to their auditing and data storage for
trust. No need to review so much documentation to complete a trade, since everyone will have permissioned
access to a single, immutable version (ledger).
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Transparency:
Everyone can see (verify) every transaction in real time and anytime they want directly. You don’t have to depent on third parties to gain access to the transaction to see it. Nor do you have to rely on the access granted by the party you’re doing business with on their part of the deal. If public blockchains are used others can also verify certain transactions took place. To a certain degree, depending on the use case. -
Security:
The integrity of the shared database on the network is safeguarded at multiple (decentralized) points, not only by one centralized one. Thus harder to mess with the shared database, because there’s no longer one central point which can be compromised. -
Improved traceability:
Because of the immutability of the database and the verified transactions based on the verified identity of the logistic partners involved, products can be traced trustless, in real time. -
Increased efficiency and speed:
No need for a middleman to connect to parties across the world and to intermediate between them. Blockchain can be used to capture registrations between parties directly and in real time. -
Reduced cost:
Cutting out the middleman, in real time thus no delay, only one api (only to the blockchain at hand) on your part to exchange information between various parties.
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Transparency: The fact that the network is decentralized and all participants have their own copy of the ledger and have to collectively agree on a transaction before it gets added to the blockchain makes the system transparent and traceable which can benefit a variety of businesses and give the customer a feeling of trust.
Security: Being decentralized and on different servers all over the world makes the network very hard for attackers to breach. Compromising data is difficult because of the consensus mechanism where all participants have to collectively agree on a transaction before it gets added, and the fact that it gets encrypted and linked to the previous transaction means that unauthorized attackers have to change all subsequent transactions of the entire network which is next to impossible.
Improved traceability: If the supply chain of a business is ordinary, sometimes it is very hard to trace components/ingredients back to their origin. Implementing blockchain to the supply chain of businesses would add the history of those products and every stop or change that they have been through making them highly traceable and opaque, qualities that both businesses and customers can benefit from.
Increased efficiency and speed: By trusting blockchain, law of code and mathematics, participants are able to make use of the public ledger in order to prevent human errors, keep everything nice and tidy on a single shared ledger and settle trading deals much quicker.
Reduced costs: Using blockchain eliminates the purpose and need of third party instances because you don’t need to trust your partner in order to trade with him. All the information and verification you need to make business with someone is approved and immutable on the chain, which can help businesses save money and reduce costs by cutting down on middlemen.
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Transparency, because it is open information for anyone who wants to check it.
Security, because it works in a way that cannot be hacked, tampered with or deceived.
Improved traceability, because everything is registered.
Increased efficiency and speed, because it is easier to access information which eliminates the bureaucracy that exists in many industries.
Reduced cost, because it eliminates the need to hire third parties.
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Explain with your own words, why these are the benefits of using a blockchain.
- Transparency:
- Security:
- Improved traceability:
- Increased efficiency and speed:
- Reduced cost:
1- All network participants can access the distributed ledger, and since the shared version can only be altered via consensus, no trust is needed. Also, the cost and effort to alter a transaction turns dishonest practices not profitable.
2- decentralization and consensus ensure that the ledger cannot be altered or compromised.
3- All transaction are recorded and available, therefore the whole chain/net supply can be audited and accessed.
4- Transaction record kept on a single digital ledger helps avoid paper heavy traditional ledgers, automatization makes the process faster and efficient.
5- All of the above assures that third parties are not needed (usually), hence, cost are reduced.
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- permissionless public ledger, dont trust verify!
- miners are incentivised to play by the rules, bad actors are banned from the network
3.transaction data can help to verify the authenticity of assets and prevent fraud.
4.bitcoin is peer to peer no middle man or centralized authority - bro, no middle man get over it
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Transparency: transparency is increased since everything is stored on 1 public distributed ledger. this makes it much easier to do business because you know you can trust the data and you don’t have to worry about trusting the person or organization, making business much cleaner.
Security: because the ledger is distributed and transaction must be confirmed via consensus, it is almost impossible for hackers to make changes to the blockchain because they would have to hack multiple computers and make multiple changes to the ledger and all the changes would have to be agreed upon. this would be extremely complicated and would involve a lot of steps, making the blockchain incredibly secure
Improved traceability: because you can store transaction information on the public ledger which can’t be changed, you will be able to trace products from start to finish and see everywhere it has been in between.
Increased efficiency and speed: the public ledger and consensus remove the need for 3rd parties and intermediaries. you don’t need them to confirm everything because the information is public and you know you can trust the math of the protocol so you don’t have to worry about trusting the other party.
Reduced cost: the removal of 3rd parties will give you more money to put towards other things.
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- Transparency:
All network participants share the same digital documentation instead of individual copies. The shared copies can only be updated through consensus. - Security:
For transactions to be recorded it must first be agreed, then encrypted and linked to previous transactions. - Improved traceability:
Blockchain digital footprint shows the beginning and the end of each asset plus every stop it made. - Increased efficiency and speed:
Time is money! Blockchain shared digital ledger streamline and automate record keeping. No need to reconcile from various department / locations. - Reduced cost:
Only need to trust Blockchain, no need for many 3rd parties to make guarantees (less cost). because everyone will have permissioned access to a single, immutable version.
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Explain with your own words, why these are the benefits of using a blockchain.
Transparency: Everyone is working with the same information at all times because it is a distributed ledger.
Security: Since all transactions are confirmed through consensus and all copies in the network store the entire block history it becomes very, very difficult for one party to fool the network and update it for their own benefit or someone else’s demise.
Improved traceability: Blockchains, with real time audits there is a clear record all in one place of where each item or transaction originated from and its path to its current location.
Increased efficiency and speed: Without the need for third party review and verification, processing of information and records is much more streamlined. Additionally, with everyone viewing the same document, there is not time wasted on comparing and confirming records.
Reduced cost: Without need for third parties, record keeping and comparisons, the money normally spent on those endeavors is saved.
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- Transparency:
All participants share a copy of the same history of transactions
- Security:
The blockchain is a network of individual participants, therefore corruption would need to be present at the level of every single participant which is highly unlikely
- Improved traceability:
You do not have to rely on people manually reporting as the trail is stored within the data in the blockchain
- Increased efficiency and speed:
Record keeping is done in one spot, in the blockchain, which all parties have access to. Instead of having to coordinate between multiple parties or wait on other parties to report, everything is immediately accessible to the entire network.
- Reduced cost:
The need for conventional auditing lessens, and time consuming processes such as reporting and filing would become much more efficient. If time is money, blockchain is a cost cutter.
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transparency: each transaction is verified and recorded by all participating nodes on the network thus allowing traceability of all transactions.
security: all data is verified on the blockchain and once approved and added cannot be changed altered or removed.
improved traceability: since all nodes on network have a copy of the ledger, data is easily stored verified and traced anywhere/anytime through the network
increased efficiency and speed: since multiple nodes are connected to the network and reviewing the same data ,the process becomes less costly and more efficient
reduced cost: since no 3rd part or middlemen are required to carry and transactions and all transactions are verified by all participating nodes the process becomes less costly on a business and more efficient
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Transparency:
All nodes with permission on a blockchain network have a copy of the entire ledger and must meet a consensus to add a new a record to that shared ledger. Such a protocol enables absolute transparency of the data on the chain as any node can verify a past transaction.
Security:
Changing the ledger on a blockchain is feasibility impossible without a compromise of more than half of the nodes on the network. Nodes on the network must meet a consensus to add a block of data to the ledger. Additionally, a chain consisting of previous hashed blocks of data are connected with the added block. A small change in the chain would heavily alter the hashes of the following blocks.
Improved traceability:
Since the ledger on the blockchain is immutable and available to all parties with access to the network, each record can be independently verified and analyzed.
Increased efficiency and speed:
By digitally automating the record-keeping of the ledger, blockchain does not suffer from the slow speed and inefficiencies of record-keeping humans and/or intermediaries.
Reduced cost:
Blockchain fills the role of many intermediaries that provide trust of data keeping as a service.
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1.To change a single transaction record would require the alteration of all subsequent records and the collusion of the entire network.
2.By helping to prevent fraud and unauthorized activity.
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Historical transaction data can help to verify the authenticity of assets and prevent fraud.
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When everyone has access to the same information, it becomes easier to trust each other without the need for numerous intermediaries.
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You don’t need as many third parties or middlemen to make guarantees because it doesn’t matter if you can trust your trading partner.
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1.Transparency:
Blockchain is a type of distributed ledger, where all network participants share the same data and must agree on it(data on a blockchain is more accurate, consistent and transparent).
2.Security:
Transactions must be agreed upon before they are recorded. After a transaction is approved, it is encrypted and linked to the previous transaction. Information is stored across a network of computers instead of on a single server, makes it very difficult for hackers to compromise the transaction data
3.Improved 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
4.Increased efficiency and speed:
No needed 3rd parties(turstless system)
5.Reduced cost:
You just have to trust the data on the blockchain and don’t have to review so much documentation to complete a trade.
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Transparency: it is available for anyone to see to verify a transaction is accurate and the origins of one.
Security: it does not rely on any third party to secure a companies data, the network secures itself
Improved traceability: the complex supply chain is simplified by tracing each data element back to the source of origin.
Increased efficiency and speed: It does not have to go through the complex inter banking swift system reducing time of transaction settlement.
Reduced costs: it reduces liabilities that merchants have with charge backs and disputes with finalizing of customer transactions.
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Transparency: This allows everyone to see the transaction and agree on it before adding it to the ledger versus a centralized network where everyone in that network may have a different copy of the same ledger
Security: Since transactions are agreed up with the network consensus, nothing can be added to or taken off of the ledger unless it’s agreed upon
Traceability: This allows you to see the ledger from start to finish and every step or transaction in the process to verify any step along the process
Speed: This streamlines the process taking out middlemen, third party or manual labor and giving everyone the same information in the end
Cost: There are less people involved that could create human error make it more efficient and cost effective
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Transparency: it’s a distributed public ledger for all to see
Security: all transactions are agreed upon before posting
Improved traceability: leaves an audit trail
Increased efficiency and speed: single shared digital ledger, eliminating all kinds of inefficiencies
Reduced cost: No third parties or middlemen
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Transparency
acceptation of each transaction by all blockchain node for validation
Security
almost not hackable cause the blockchain is store in each node of the cluster network , transaction is recorded in the blockchain by consensus
Improved traceability:
everyone can download blockchain and view all transaction happening ,we can flow the supply chain of a product from beginning to end
Increased efficiency and speed:
blockchain is world wide cluster obviously unlimited resources , High availability
Reduced cost:
no middle player in a transaction
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