Transparency: Everyone can see all transactions in the blockchain
Security: Every block in the block chain can never be altered
Improved traceability: you can see all transactions and can follow one back far as need to be
Increased efficiency and speed: no middle man or paper work to be filled out, once something is sent, goes straight to the source waiting to receive. The network of nodes running 24/7 makes this possible
Reduced cost: no 3rd party trying to get their cut of the pie.
Explain with your own words, why these are the benefits of using a blockchain.
My answers to âBenefits of the Blockchain Technologyâ homework assignment:
1. Transparency: Blockchain is an open public ledger which is accessible to everyone. This is great for businesses and companies relying on a verification and trustless system that cannot be manipulated or hacked by a central authority, thus keeping everyone in line to be on their best and honest behavior.
2.Security: Due to Blockchainâs mathematical protocol of adding but not subtracting transactions and building on those transactions to create a chain, it is virtually un-hackable and self regulating through the principle of consensus.
3.Improved traceability: When one or multiple parties are involved in a centralized transaction, all parties may be part of a supply line, but at the same time be unaware of those supply line specifics, such as logistics, ingredients and inventories, relying on trust of a central auditor or authority. Blockchain, in contrast, records all these transactions in real time at every point and can be seen by all parties involved, thus eliminating any room for error or baseless trust that can be eroded with criminal acts.
4.Increased efficiency and speed: Under a unified system that records all transactions and is on a public ledger for all to view, Blockchain eliminates middle men, auditors, receipt making and lengthy payments or monetary transfersâŚworldwide.
5.Reduced Cost: By eliminated middlemen, large financial institutions, auditors and saving time, one can exponentially save and grow oneâs capital through the application of Blockchainâs features in many industries, businesses and even medical procedures.
Alecâs Words
Transparency: Being public and written on open source code, anyone can review not only all transactions of the blockchain but the very inner workings of the blockchain itself ensuring that the code is purely functional and not going to send coin to the creatorâs direct wallet. This fosters trust in the system rather than the participants which increases adoption.
Security: The decentralized nature of the blockchain ensures minimal vulnerability and creates an impractical situation for cheaters or hackers.
Improved traceability: The blockchain builds constantly on itself always taking previous transactions into account and recording them for each now block created thereby creating a fully traceable and auditable system. Since the data is secure and immutable it is also likely to be more accurate and trustworthy.
Increased efficiency and speed: The blockchain is automated and works as fast as the resources in the network allow. The lack of reviews or approvals by a human allow for increased efficiency and speed unlike anything the banks can currently do.
Reduced cost: Being decentralized, automated and completely public reduces cost in security, maintenance and functional use. The resources required are computer hardware, electricity and an internet connection. A banks needs these things too on top of employees, insurance, an office, paper files and printers, security guards and systems and soooooo much more. The more of these things the bank requires the more expensive and slow the transactions are.
Blockchain has so many benefits among which are:
Transparency: every transaction is created on a public ledger that everybody can verify.This makes it possible for easy accessibility and openness.
Security: when transactions are confirmed and verified by network of computers and protected by series of mathematical numbers it becomes difficult to bridge. Blockchain has this unique feature which ensures that whatever is added cannot be deleted. Trust is eliminated.
Improved Traceability: as transactions are entered and processed on the blockchain, it becomes available and easily traceable. Decisions or confirmation on the blockchain is done by miners who make the blockchain alive continuously thereby allowing for easy flow and connection of transactions. The ability of one transaction to build on another without loosing any data is huge in blockchain.
Increased Efficiency and Speed: since various networks of computer are connected to process data it gives room for speedy confirmations and settlement. Human errors are reduced and continuous update of data is ensured without compromising its integrity.
Reduced Cost: the blockchain eliminates the cost implication of paperwork, middlemen, unnecessary bureaucratic processes and bottlenecks, saves time thereby reducing cost, etc.
Transparency: All transaction can be consulted in the blockchain, making the database auditable at all time
Security: Every transaction is encrypted and stored in the blockchain, making it improbable to hack.
Improved traceability: As every transaction is stored in a transparent data base, you can search for every transaction and consult its veracity.
Increased efficiency and speed: As there are no intermediaries, the transaction speed increases.
Reduced cost: Also related with no intermediaries, the transactions are cheaper as there is no need to pay for costs of intermediation.
Explain with your own words, why these are the benefits of using a blockchain.
Transparency: Transaction ledger is publicly available for anyone to look at and verify the records.
Security: Each new transaction is encrypted and linked to the previous transaction creating an immutable and incorruptible chain of transaction records making it safe from falsified information or hacks.
Improved traceability: With the blockchain ledger , every time someone makes a transaction on the Blockchain, an audit trail is present to trace where the goods came from. This not only improves security and prevents fraud occurring in exchange-related businesses, but it can also help users or anyone wanting to trace and verify the authenticity of the traded assets.
Increased efficiency and speed: Eliminates the need for a middle man in fields such as payments or real estate. In finance, blockchain allows for peer-to-peer cross-border transactions with a digital currency that can be confirmed in a very short amount of time compared to traditional payment processors
Reduced cost: The fees to transfer money across borders are very small compared to traditional payment processes that require middlemen
Transparency: allows all transactions to be visible for accountability to the community, deters cheating, etc
Security: immutable platform and protocols that cannot be hacked or changed to benefit individuals and companies. Once a transaction is accepted, it cannot be changed.
Increased efficiency: removes third parties/middle men and human error. This increasing speed and efficiency of transactions.
Reduced cost: no staffing, no third party fees, no server storage, no audits, eliminates errors that create financial losses
Transparency:
The ledger is public and can be viewed by anyone using the explorer to verify the transactions data.
Security:
Blockchain data is much more secure than the centralized data, cannot be easily changed, hacked or manipulated.
Improved traceability:
All transactions can be traced, but this not only applies to money, it can lead to huge improvements in other sectors like supply chain, or manufacturing.
Increased efficiency and speed:
Blockchain can be much more efficient and quicker than conventional banking, for example because of elimination of intermediary
Reduced cost:
Transaction fees are small and covers just enough for the miners to be affordable, not wasting money for the huge banking infrastructure.
All transactions are available for anyone to view. This increases transparency and honesty from all parties involved.
All information is protected from change or hacks. There is also no central party involved to keep honest.
Fraud can be stopped by providing an audit trail to verify ownership throughout the process of creation and delivery by multiple parties.
Transactions take place faster and more efficiently because of the removal of the middle man. This creates a peer to peer relationship which is much quicker and more direct.
The cost is reduced because of the removal of middlemen and the high fees that are involved. The mining fees to process the transaction are much smaller.
Transparency: Blockchain has no central control. The network of computers share the same copy of the public ledger and it can only be altered through a consensus of the entire network.
Security: Every transaction recorded in the database needs to be approved, encrypted, linked to its previous transaction and can be verified. It is immutable.
Improved traceability: All transactions can be traced and verified in the blockchain. For example, all the information about the supplier and ingredients used to make a product are recorded in the database.
Increased efficiency and speed: Blockchain eliminates the middlemen and human error between transactions. Transaction data can be easily accessed and shared.
Reduced cost: Third parties or middlemen are not needed to do business because of the trust in the network.
Transparency: Blockchain transactions are open to viewing so every one can verify them.
Security: Once on the blockchain, the data is immutable and incorruptible.
Improved traceability: Transactions on the blockchain are traceable from manufacturer to distributer.
Increased efficiency and speed: Unified documents and automated agreements on smart contracts
Reduced cost: No middle man needed.
Transparency - based on itâs Public Ledger concept, blockchain is open to be viewed by public - by anyone and anytime.
Security - immutability integrated into blockchain by means of cryptography and value transfer protocols ensures data safety from manipulation and/or hacking
Improved traceability - for every block on the chain is immutable, whatever type of data is processed on the blockchain, it can easily be traced with no need for external auditing
Reduced costs: since the nature of blockchain eliminates need for middlemen in many areas, this greatly reduces transaction costs. transactions conducted on the blockchain have fewer default risks, as being performed based on the VERIFIED - not just TRUSTED data
1, Transparency: Transactions registered on the blockchain are visible to all parties and canât be altered once the transaction has been verified by the network
2, Security: As information is stored on multiple computers within the network it canât be changed by hackers and is protected by outages if some nodes go down
3, Improved Traceability: As transactions on a blockchain are visible to all parties, they can be tracked and audited in real-time
4, Increased efficiency and speed: With middlemen taken out of the system, transactions are much faster and information can be exchanged among participants directly
5, Reduced Cost: Being peer to peer transactions the cost of the middle man is taken out of the system, on top of that the speed in which blockchain works saves time, and time = money
Transparency: A public ledger which any body can access.
Security: Every transaction on the blockchain must be accepted through consensus before they are recorded. Once verified, it is encrypted and linked to the previous transaction and stored on the entire network. This prevent the network to be prone to fraud.
Improved traceability: It is much easier to trace financial/ data movements on the blockchain as any fractions of a block is time and date stamped along with accompanying address and can be tied back to the original block. As the blockchain is open and decentralized and immutable it is easier to authenticate the relevant data.
Increased efficiency and speed: The blockchain reduces the need for intermediaries. This in turn reduce costs while improving efficiency and speed.
Reduced cost: No need for third parties or intermediaries, which means less cost on service fees.
Explain with your own words, why these are the benefits of using a blockchain.
Transparency: Improved transparency drastically reduces the ability for fraud in a system as all transactions and data are publicly visible and able to be scrutinized by all.
Security: The decentralised nature of blockchain removes the single point vulnerability of a centralised system, both by removing trust (due to consensus mechanisms) and having multiple geographically separate nodes (making a physichal or cyber attack far more difficult).
Improved traceability: Transactions on the blockchain become visible in real time, and form an immutable audit trail. This allows for faster, more reliable tracking to take place.
Increased efficiency and speed: Blockchain allows for assets to be transferred across borders without the need for centralised permission. This allows transactions to happen without waiting to be officially approved by a central offices, speeding up the process.
Reduced cost: As there are no middle men in blockchain transactions the only fees that need to be paid are those required by the blockchain, which are generally far less than those charged by financial institutions.
Using blockchain makes transactions more transparent because transactions are written in a public ledger and linked in between themselves everytime there is an update of the product it concerns. This also improves traceability, since the information is accessible and linked to form blocks. The security is of no concern since everything operates automatically and every transaction is encrypted. The system only depends on protocols based on mathematics. The overall cost of this technology only depends on the electricity that is needed for the network of computers to stay online. The transactions by themselves are very low cost since they operate without the need of a third party.
Transparency:
let there be light! Transparency is the key to all other questions,
With the blockchain system, the transparency of who, what, and where. shines away all the half trues
making it more, more
Security the blockchains nature which is the block is created lends it to be more secure for chain is more stable more solid. Running on protocol instead of human reaction and judgment the system will improve its security by slicing of âbad luckâ that can stroke us humans.
And with the Improved traceability
When the actions are recorded we can know who throw the first stone, and where the leak is. No more Ebay scammers if the system is adopted worldwide.
Even today if you have been scammed of you bitiis you can follow s/he wallet address until you find the original one and this is most faster then hunting for bank numbers and calling the banks
the black chain breach us into Increased efficiency and speed: NO MORE MIDDLE MAN. NO more waiting for bankman to do this and that. ITS NATURAL TO THE BLOCKCHAIN and thus it leads us to the most defining thing for its grand success that when all spices are blended to serve
Reduced cost:
how can it not be?
Transparency: The blockchain is shared by all the nodes that participate in the network thus all the data is available to the parties and cannot be hidden from any node. Everyone keeps a copy of the data and has access to view it.
Security: The most secured databases are the blockchains. Transactions are linked together in the block and cant be altered. Computers come together to form a block, the block is then added to a ledger that forms an unbreakable chain. All the data is checked by every node participating in the network and if the majority of the nodes accepts the data then its being added to the chain.
Improved traceability: Every transaction leaves a trail behind it that can be traced from where the transaction took place. It prevents fraud and enhance security and it can also help verify the authenticity of the traded asset.
Increased efficiency and speed: It removes the need of a middleman, facilitates faster transaction times using P2P connection.
Reduced cost: Because there is no middleman that supports the transactions, all transactions are supported by networks and the miners are the only ones who receive tokens for keeping the network alive and stable thus the cost of transactions are reduced significantly.