Transparency: More then 1 entity have to agreed on the transaction, and all the transaction are public to see
Security: Any transaction are encrypted to the blockchain, there is no way to alter any transaction cause all transaction are link to the prior ones
Treceability: you can see all transaction on the public blochchain
Efficiency: There is no middle man in the trade
Reduce cost: increasing efficiency is a synonym of reduce cost to my point of view. Faster = cost less
TRANSPARENCY - having a public ledger that is open for viewing creates a greater transparency between financial systems, businesses and its customers.
SECURITY - the immutability of its transactions and the process by which each block is added to the chain removes the need for trust. Transactions become impossible to be altered once formed.
IMPROVED TRACEABILITY - adding records to the Blockchain creates a trail of transactions that prevent fraud as well as verify authenticity.
INCREASED EFFICIENCY & SPEED - by eliminating a “middleman” Blockchain technology allows for faster and more efficient transactions between 2 parties
REDUCED COST - Blockchain reduces costs by removing the middleman and a need for third parties
Transparency: every transaction is recorded and accessible to everyone, creating a public ledger
Security: the network is run by a decentralized network of computers that verify every transaction in the blockchain and get rewarded for doing that in correctly
Improved traceability: every transactions can be traced to its origin, confirming the information in the new node, provenance the power of tracing
Increased efficiency and speed: as the network is always running and available, besides not having a middleman to confirm every movente, it can have transactions append efficient way
Reduced cost: not having the middleman cuts the cost of the transactions
Transparency - Transparency allows the Blockchain to be public for all to see. This can lead to a company becoming more responsible and work harder to deliver the results its customers want to see.
Security - This is a great benefit of Blockchain as it provides trustlessness. Everyone using the Blockchain is trusting the code and laws of its infrastructure.
Improved traceability - This is a benefit of using Blockchain as it means everyone can view transactions. All transactions are stored on the Blockchain therefore they can all be traced and located easily.
Increased efficiency and speed - This is a benefit as it creates peer to peer transactions and skips the middleman creating a speedier decentralized environment.
Reduced cost - Blockchain can reduce cost by allowing a company to remove the need for an accountant as all the transactions are stored in one place.
Transparency
Blockchain technology makes all transactions visible to all peers in the decentralised network. This gives many business and financial institutions a never before seen layer of integrity and accountability.
Security
All inforamtion recorded on the blockchain is linked to the previous data and approved by all the peers on the network. This makes all the data incorruptible and secure. This is exspecially useful in validating documents and medical records.
Improved Traceability
All transactions are visible through the public ledger and every peer or node has its own continually updated copy of the ledger. This makes all transactions easy to trace. This method would be extremely helpful for real-time audits.
Increased Speed and Efficiency
Due to the decentralised nature of the blockchain, no third party is needed to verify and slow things down. This means all transactions can happen faster. Especially useful for trading and sending money around the world.
Reduced Cost
No third parties or middlemen like banking institutions to charge transaction fees, thus reducing the cost.
1 transparency … the blockchain gives info on the ledger that is available and shared by everybody
2 security … because its not a centralised and the data is stored across multiple computers its not hackable and all is traceable
3 transactions are linked through the blockchain so traceability is far more transparent and easy to obtain this information
4 financial process alot more efficient because its on a single digital ledger not multiple which speeds the process
5… less company’s involved (middle men) transactions are thrustless across the blockchain so less hidden charges and quicker to get things done
Explain with your own words, why these are the benefits of using a blockchain.
Transparency is a benefit because it gives the feeling to the company that they are being watched, which helps with dishonesty and that adds massively to the integrity and growth of any kind of institution or organisation.
Security: It is safe because once something is added to the ledger it is impossible to change, the whole system is unbreakable and we can trust that it contain correct information so we don’t need to trust anymore in some third party individuals and institutions that are not transparent.
Improved traceability: This is a massive benefit, as again, we don’t need to trust anymore in labels, instead we can trace the origin of the products that we are purchasing.
Increased efficiency and speed: In blockchain we can make transaction p2p which speeds the process and improves efficiency.
Reduced cost: because we don’t need anymore a middle man in transactions the cost is reduced enormously.
Transparency:
The blockchain is completely public and all transactions are recorded permanently.
Security:
All transactions on the blockchain are encrypted and permanent, so any data cannot be manipulated. Furthermore, computers on the blockchain are rewarded for verifying transactions.
Improved traceability:
As the blockchain is public and visible to all, transactions can be tracked and traced in real-time.
Increased efficiency and speed:
The blockchain is available at all times and decentralised, meaning transactions are instant as they do not need to go through a bank.
Reduced cost:
By using the blockchain, companies do not need to use banks, auditors or accountants to verify transactions.
Explain with your own words, why these are the benefits of using a blockchain.
Transparency: This is a benefit because it helps with the trust factor of being able to see and keep a record of what is happening/has happened.
Security: This is also a benefit because the nature of blockchain is secure. Each action/transaction has to be confirmed by multiple machines/nodes within the network. It’s also kept on record forever.
Improved traceability: Due to the decentralized nature of blockchain tracking your transaction and it’s progress is made very simple. Each action is made public so anyone can see or keep record of it.
Increased efficiency and speed: Due to blockchain being peer-to-peer, it reduces the need for intermediaries to come in to verify or facilitate in transactions. Which not only speeds up processing but reduces any additional costs.
Reduced cost:
Transparency: As transactions are public every participant is accountable.
Security: Each new transaction is encrypted and linked to the previous transaction. A network of computers confirm the block and added to a ledger. The blockchain thereafter is not changeable once formed.
Improved traceability: Each time a transaction on a blockchain is added an audit trail is recorded.
Increase efficiency and speed: Blockchain works decentralised and without middlemen. It works P2P and with unified systems. Therefore it’s more efficient and faster.
Reduced cost: Efficiency and speed of transactions lead to cost reduction!
Hello All,
Transparency: once transactions is complete it becomes public
Security: formed by a group or computers globally. I like the idea of a group of computers put together in different locations working towards an incentive helping each other towards the same goal. Now let’s imagine this as a big “block “and once the transaction is made this data will never change and it will go to the ledger forming a “chain” this way. Immutable, incorruptible, decentralized, trustless
Improved traceability: the information of transactions are just there for everyone to see, it is written recorded, public
Increased efficiency and speed: no burocracy or men in the middle because of its decentralized technology which brings trustless which means you trust that 2+4=6 with block chain is the “same” in the sense of we trust the technology and the network. This produces highly efficient quick results
Reduced cost: All we are seeing now it is just the tip of the iceberg…imagine smart contracts no paper…like mentioned in the article…do not need to trust just verify, no trust in people just in math’s, Which it is funny it was invented by people and evolution within centuries is helping the humanity to solve problems, if used for the general wellbeing.
See ya ! 
Transparency: Every aspect of all tranactions are visible to the public.
Security: Verified by a global network abiding by strict rules of math and code.
Improved traceability: The blockchain contains every transaction tracing back to its first.
Increased efficiency and speed: Users are able to send and receive value across borders in a P2P fashion.
Reduced cost: Allows for cheaper cross-border payments
1.) Transparency: transactions open for public viewing.
2.) Security: Transactions are encrypted and linked to previous transactions. Network of computer form a block which is added to the ledger preventing false information.
3.) Improved traceability: transactions can be verified from origination to end user. The blockchain provides an immediate audit trail.
4.) Increased efficiency and speed: elimination of middlemen and a unified system promotes efficiency and speed.
5.) Reduced cost: transactions occur without the need for middlemen and with automated technology, both reducing cost.
Transparency - you can always check the data on all ledger
Security - what’s is confirmed on block nobody will change it and it always be there
improved traceability - provenance
Increased efficiency and speed - it runs 24/7/365
Reduced cost - this can be in a lot of ways: saving time for checking, auditing and so on…
Transparency: The availability of information open for viewing to all
Security: Trust in making safe transactions that cannot be edited or falsified; there is no cheating here
Improved traceability: Can track down the place of origin of a transaction/good
Increased efficiency and speed: an elimination of a mid process by having smart contracts verify a transaction
Reduced cost: prevention of loss of labor and time dedicated to daily production in order to verify transactions
Its Public, all can see.
Network of computers, Infomation cant get lost.
3.U can go back and trace every transaction.
All around the globe there are computers connected to the system, which help with the speed. No need for a middleman to access data.
No need for third parties, no paperwork, everyone have permission to access data
Transparency
All the date is stored on a public ledger so anyone can check it and make sure everything is valid
Security
All the nodes have a copy of the blockchain and the blockchain can`t be manipulated, corrupted or hacked it is very safe to store data on it
Improved traceability
As mentioned anyone can inspect the blockchain and can do it in real time all the way back to the first block of the blockchain
Increased efficiency and speed
Because it`s a peer-to-peer connection you don’t have to wait for a third party to verify the data you want to upload to the blockchain the blockchain itself will verify it immediately
Reduced cost
Also because it`s a peer-to-peer connection you don’t have to pay for a third party to handle your transaction