Transparency: everyone can see all transactions.
Security: Prevents fraud by having write once data validated and distributed on nodes all over.
Improved traceability: the blockchain leaves a path containing each transaction up to the origin.
Increased efficiency and speed and reduced cost: removes the entropy of requiring multiple third party systems that inefficiently talk to each other and also reducing cost.
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- Transparency:
Transparency is a key benefit of blockchain and is achieved by having all participants of the block chain having access to all the same copy of information and any change to the information must be approved by all participants prior to recording giving everyone insight into the changing information stored on the blockchain.
- Security:
The decentralized and immutable nature of the blockchain provides enhanced security over centralized mutable networks. Also, because blockchain uses consensus to verify transactions it makes it difficult for hackers to inject invalid transactions.
- Improved traceability:
A blockchain provides provenance of information stored on it. This allows transparent auditing by allowing any of the participants to see all transactions that have involved the information since being stored on the blockchain.
- Increased efficiency and speed:
Because blockchain provides a digital ledger on a single network that is shared among all participants less time and effort is required to synchronize and validate multiple ledgers on disparate networks.
- Reduced cost:
Since blockchain removes the need to trust the other party in a transaction it removes the costs of hiring third parties entities to verify the transactions and instead the trust is placed in the blockchain network which I backed by truth of mathematics.
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Transparency: The blockchain is a distributed ledger. Anyone participating in the network has access to all of the transactions.
Security: Any subsequent transactions on the blockchain must be verified the the network. Every node in the network provides security each other node in the network.
Improved traceability: Because of the immutability of the blockchain (data can only be added and not removed), you end up with an exact audit trail from the first transaction to the last.
Increased efficiency and speed: Transactions are streamlined and automated. Also, the transactional and the accounting layer are one in the same. There is only one ledger to keep track of, which is open sourced, distributed and trustless.
Reduced cost: Reduced cost is effect of increased efficiency and the trustless nature of the blockchain. No unnecessary third parties and middlemen to drive up costs.
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Transparency: All authorized/permissioned parties to a transaction have access to the same ledger containing the original and only documents of a transaction, this gives all parties the same data thus increasing clarity.
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Security: Before a transaction is recorded it must be agreed upon, if the document must be amended the original document is not change and all subsequent amendments must meet consensus. Security is further enhanced because the documents are duplicated on every node in the blockchain
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Improved traceability: Provenance and the simultaneous creation of an immutable audit trail are features of the blockchain that enhance the benefit of improved traceability.
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Increased efficiency and speed: Streamlining and automation transactions on an immutable public ledger goes to the benefit of efficiency and speed.
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Reduced cost: : The removal of middlemen from transaction process aid in increasing the speed and efficiency of blockchain transaction
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Transparency
Everything on the block chain is publicly available for anybody to see so this makes it transparent.
Security
Transactions recorded on the block chain are very secure because thereās virtually no way to undo anything that has been done. Any transactions executed after the one to be stolen or modified would have to be redone and require collusion between all validators.
Traceability
Because all transactions in a block chain are publicly available, transparency is an inherent property of the utilization of blockchains.
Efficiency and Speed
Recording everything on a block chain is simply much quicker than all the paper trail and documentation that is normally associated with most business processes.
Reduced costs
Cost are lower because everything can happen on a block chain so a company does not have to invest so much in their own internal systems and associated paperwork and communications.
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Transparency: Thanks to its distributed architecture and its consensus mechanisms, blockchain is capable of providing perfect guaranteed traceability. Everyone is able to consult the current and past state of the network anytime.
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Security: Again, the distributed nature of the blockchain makes that no single point failure can be found by hackers. For a hacker attack to be successful, it would need to coordinate and attack to thousands of nodes (participants) at the same time, or surpass the computational power of the network. Both scenarios are unfeasible.
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Improved traceability: Blockchains like bitcoin are traceable by design. Any data can be tracked from its very origin up to its current state. No data can be altered without permission of the network.
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Increased efficiency and speed: Traditional mediums of transfer of value are inefficient due to the highly fragmentation of its networks. Value has to go through many hands before reach its destination, and every stage of this process adds cost and delay. Blockchain has the potential to unify the world into a single network for value exchange, where peer to peer transactions occurs seamlessly.
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Reduced cost: Remotion of middle-men like third party verification and central authorities.
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- Transparency:
Blockchain is like an open ledger for all participants within the network, all records are verified through consensus which makes alteration of data impossible.
- Security:
Approved transactions through consensus are encrypted. The transaction records are stored through a network of computers instead of one single server, thus making a security breach less likely for hackers to compromise data.
- Improved traceability:
This prevents fraudulent actions because of the trackability of each transaction within the supply chain.
- Increased efficiency and speed:
The hassle of third-party intermediaries are eliminated from the process. Everyone has the same information regarding transactional records and automatization causes transactions to become more faster and efficient in comparison to paper trails.
- Reduced cost:
It is possible to cut out the middleman due to the trustless aspect of data stored on a blockchain.
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Block chain tech has all the feathers to take us into the next century, as needed when you consider our social and pandemic conditions. Itās transp. as relates to the known infrastructure build , the security of knowing and verifying thus not " Trusting" the buying / selling with any party. Not to mention how block chains reduces cost by providing buy / sell availability, back office transability and finally incresed eff. & speed as itās on all the time.
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Explain with your own words, why these are the benefits of using a blockchain.
Transparency:
All network participants share visibility of the ledger, and changes only come with consensus.
Security:
Transactions are encrypted and stored across the network rather than in a single place, making hacking more difficult.
Improved traceability:
The supply chain of transactions is audited to check for authenticity or fraud.
Increased efficiency and speed:
Record keeping is done with a singular ledger shared, rather than having to compare and check multiple ledgers.
Reduced cost:
Less middlemen - and the removal of the trust factor, as the ledger is immutable.
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it gives power to the datas cause they are showed to everyone (transparancy) , secure cause they are shared by every nodes and cannot be changed (secure), power to the company to undestand better their supply chain improved tracainility) , efficiency and speed cuase mathematic protocol verify the datas and there is no paper or human possibility to do something wrong (efficiency and speed) , reducing the cost of human operate (reduced cost)
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Explain with your own words, why these are the benefits of using a blockchain.
Transparency: the blockchain is fully transparent to all the nodes on the blockchain. there is no one version that only one person gets to see and update. all changes are made by consensus from many nodes.
Security: because there are many copies of the same blockchain that are fully transparent to all the nodes on the blockchain, it would be extremely difficult to hack and corrupt the blockchain. you might be able to hack one copy but the other nodes would drown out the corruption. in addition, all transactions are verified then encrypted.
Improved traceability: when looking at supply chains, for example, if all the items are on the blockchain, then the history of the raw materials in the supply chain are recorded permanently and accurately. without the blockchain, you might have to take someoneās word for it, or trust that the paperwork provided was not forged by a central and corrupt player
Increased efficiency and speed: the blockchain is one standard ledger that all parties can read and trust. outside the blockchain involves differing systems that need to be standardized and the need for outside third parties to verify to provide trust
Reduced cost: you eliminate the need to hire third parties to audit and verify.
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Benefits of using a blockchain.
Transparency: Every transaction is traceable. Everyone carries the same copy or ledger which cannot be altered by one party witthout consensus from all parties.
Security: Data is distributed on many different locations instead of one centralized place. Every new transaction has to be agreed upon and is linked to the previous transaction.
Improved traceability: It can prevent fraud because every single action and asset within a supply chain can be verified.
Increased efficiency and speed: You donāt need middle men anymore for transactions that are complex and have multiple layers of information. Everyone will have access to the same data-set which makes it easy to trust each other. Just by verification.
Reduced cost: Cutting out the middle men and guesswork takes away a lot of clutter. Every party can just trust on the data in the blockchain without going through time consuming review processes.
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[quote=āivan, post:1, topic:8421, full:trueā]
Explain with your own words, why these are the benefits of using a blockchain.
Transparency:
Because information is shared by all network participants, updates can only happen with concensus, making the information more accurate, consistent and transparent when compared with more traditional systems.
Security:
All transactions must be agreed upon by a whole network before being recorded. Once approved it is linked to the previous transaction and stored across the whole network of computers, this makes hacking and fraud virtually impossible and therefore greatly improves security.
Improved traceability:
Recording exchanges of goods on a blockchain supplies a business with a clear audit trail that can help to verify authenticity of assets and prevent fraud.
Increased efficiency and speed:
When processes are streamlined and automated with blockchain, transactions can be completed faster and significantly more efficiently.
Reduced cost:
Blockchain cuts the need for 3rd parties and the need to trust and due to permissioned access to a single, immutable version of the trade agreement, there will be less documentation to review, saving money and time.
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Transparency because all permissioned participants have access to the same data and the data is uniform throughout the distributed ledger system.
Security because transactions/data must be agreed upon by a consensus of nodes before it can be recorded. When the data is recorded, its encrypted and linked to prior data - virtually immune to change subsequently.
Improved Traceability because thereās an audit trail for all goods (including a trail on other goods incorporated) - means verifying authenticity facilitated.
Improved Efficiency and Speed because youāre not reliant on human intervention / mediation, and youāre trusting uniform data without intermediaries. No reconciliation between multiple (different) ledgers required. Clearing and settlement faster.
Reduced cost because of fewer 3rd parties and mediators. Just trusting data that is contained in a single, immutable ledger replicated identically across the network of computer nodes.
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Transparency - the nodes in the blockchain network are able t o know when transactions happen and if they are valid.
Security - The blockchain prevents tampering and manipulation of data with their validation process. The large scale distributed system can also prevent malicious people to access data.
Improved traceability - The blockchain provides traceability by keeping a record of the movement of resources. In this context, resources can be money to food in a supply chain.
Increased efficiency and speed - In the blockchain, the availability of information and the decentralized structure allows parties to perform actions in a more faster and organized manner.
Reduced cost - To summarize, the blockchain is a trustless system. Parties involved in a transaction donāt need to trust each other or even know each other. The algorithms and technologies running the blockchain system will be able to validate transactions and make sure everything is valid. This makes the blockchain decentralized and donāt need to spend more money on a third party to help with the transaction processes.
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Explain with your own words, why these are the benefits of using a blockchain.
- Transparency: Data on a blockchain is much more transparent as this is recorded on a distributed ledger as opposed to being sent out on individual copies which could have been manipulated.
- Security: Any transaction or data included into a blockchain must be approved or validated, then it is recorded. This is then encrypted and linked to previous transactions, therefore it cannot be changed. This data is available on a network of computers, not just in a single place which provides first rate security.
- Improved traceability: With each piece of data or transaction being stored on the blockchain, in effect this provides an audit trail, this improves traceability as you can see where this transaction has come from or who has exchanged what.
- Increased efficiency and speed: Thanks to the operational value of a blockchain, there is no need for paper documentation to be exchanged when a transaction takes place. This therefore reduces the chance of human error and increases the efficiency and speed.
- Reduced cost: As mentioned before, by eliminating the need for paper documents and reducing human error in transactions, the increased efficiency and speed helps reduce costs.
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Transparency basically means, that everyone on the network has access to one and the same information.
Security, meaning that all transactions are consensual, encrypted and broadly distributed across the network. Which makes it difficult to hack, change or cheat.
Security: it is easier to trace transactions from one blockchain.
Increased efficiency and speed: no need for third party audits leads to decrease in spending and speeds up and simplifies transaction processes.
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Data on a blockchain is more transparent because all network participants share the same documentation and that shared version can only be updated through consensus.
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Blockchain enhances security because transactions must be agreed upon before they are recorded and it is encrypted and linked to the previous transaction. Also information is stored across a network of computers instead of on a single server which helps prevent fraud and unauthorized activity.
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Blockchain improves traceability because when exchanges of goods are recorded on a blockchain the audit trail will show where an asset came from and every stop it made on its journey.
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Blockchain increases efficiency and speed because 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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Blockchain reduces costs because you donāt need as many third parties or middlemen to make guarantees. Instead, you just trust the data on the blockchain.
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Transparency: All transactions are recorded and cannot be altered by any party. The ledger is available to be viewed by all that have access.
Security: Consensus acceptance. Decentralized networks makes hacking or fraud to the blockchain difficult to impossible.
Improved traceability: All transactions can be tracked and verified on the block.
Increased efficiency and speed: Digital transactions that are instantaneous and do not require a middle entity.
Reduced cost: Trustlessness eliminates the need for a third party. No to minimal transaction fees
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Transparency:
In the case of a tracing a product transparency can be achieved as, all parties are recording the path of a given product from the beginning to the end on the same digital leger so noone in the chan can be fraudulent as everyone can see the path of the product from start to the end
Security: Security is way better than any other system today as all information is recorded and locked forever in the blockchain it self if anything has to be altered has to pass through the consensus process! hacking the data is as hard as taking down the whole network from the beginning but having the miners in more and more numbers such an attack is extremely hard if not pointless
Improved traceability:
Every step of a product is recorded at the same ledger that makes it really easy to be traced by anyone
at any given point
Increased efficiency and speed:
By having only one system that does everything the efficiency is higher as there is no jumping from one system to an other which can be time consuming so speed is increased too
Reduced cost: No need of specialised infrastructure as everything is in one place no need of middlemen and specialised infrastructures as everything is trust less all costs are reduced
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