Transparency: open source, anyone can verify
Security: each new transaction is encrypted and linked to the previous one. Finality & immutability = once the transaction is done it’s done and irreversible
Improved traceability: Provenance. All transactions can be traced & tracked.
Increased efficiency and speed: High availability (24/7/365) and no third parties
Reduced cost: No middlemen (again)
Transparency: transactions on the distributed ledger are broadcasted to all other nodes on the network.
transaction records are identically on all nodes and allows for Transparency.
Security: The Blockchain is a chain of digital blocks that contain records of all transactions. Each Block is connected to all blocks before and after it and makes tampering nearly impossible. Records on the Blockchain are encrypted
Improved traceability: greater traceability and efficiency will make for quicker , more reliable supply chains - helping suppliers to improve relationships with retailers and maximize profits.
Increased efficiency and speed: less prone to human errors and doesnt require third parties involvement. Blockchain automates time consuming processes
Reduced cost: businesses can cut costs by reducing the need for third parties or middlemen.
Transparency: Blockchain is a ledger that is 100% public. This allows for greater accountability and high levels of integrity.
Security: Blockchain presents a very high level of security making transactions trustless from peer to peer as well as business to business. Each transaction is linked to all prior transactions in that block.
Improved Traceability: There is an audit trail present for each transaction which allows for many use cases in retail supply chain along side money transactions.
Increased efficiency and speed: Blockchain removes the middle man in most transactions allowing for faster payments to be made.
Reduced Cost: Again this allows for the middle man to be removed and transaction costs to be lower as a result.
transparency; every piece of information is available to the ones having access
security; the information shown on the blockchain is not to be changed and not to be taken out of the blockchain.
improved traceability; this is in a benifit because you can trace for example a product from scratch to finish and having all of its checkpoints listed on the blockchain. instant availeble and without tampering offcourse.
incresed efficiency and speedl; is a benefit because blockchain delivers almost instant.
reduced cost; is a benefit because there are even apps with zero fee’s charged. and even bitcoin charges less than whatever bank.
-Transaction ledger is public for viewing.
Transparency provides clear accountability thus forcing integrity and efficiency.
Security is highly improved due to immutability and trustless environment
Improved traceability with real time tracking and auditing providing provenance
Increased efficiency and speed are provided by its high availability and lack of third party processes. Cost is reduced for the same reasons as previously stated.
Transparency - Blockchain is public.
Security - No trust needed. The transaction is final. A consensus is reached with each transaction.
Improved traceability - Everyone is working on the same blockchain making all transactions traceable and cannot be removed or erased.
Increased efficiency and speed: Instant. No middle man. Fewer fees.
Reduced cost: Fewer fees, no middle man.
Transparency: All transactions can be accessible to everyone. This creates reliability between the system and its community.
Security: The way that blockchain works eliminates the danger of being corrupted. Blockchain is formed by a protocol that is impossible to be altered once formed. The network community has to confirm a transaction through consensus before is valid.
Improved traceability: You can access to all transaction data on the blockchain having a real time auditing. You can verify the authenticity of a transaction or to track the supply chain from manufacturer to distributer.
Increased efficiency and speed: The decentralized nature of the blockchain is the reason for faster transactions in comparison to traditional financial services. There is no need for a third party participation which will reduce the speed of the transaction.
Reduced cost: No middlemen required to achieve a transaction, no paper work has to be done.
Transparency- everyone can see what’s going on the ledger, with that being said there’s an unprecedented layer of accountability, holding each sector to act with integrity.
Security - Blockchain is formed by a complicated string of mathematical numbers and is impossible to be altered once formed. This immutable and incorruptible nature of blockchain makes it safe from falsified information and hacks.
Improved traceability : with the blockchain ledger, each time an exchange of goods is recorded on a blockchain, an audit trails is present to trace where the goods came from.
Increased efficiency and speed: In comparison to traditional financial services blockchain facilitates faster transactions by allowing P2P cross border transfers with a digital currency.
Reduce cost : due to it decentralized nature, blockchain removes the need for middlemen in many process for field such as payments and real estate
Transparency is achieved because once the data is verified and validated it because part of a global public ledger that can be viewed by all stakeholders
Security is greatly improved because trust is removed and incentive to commit fraud.
Improved traceability is achieved because the ledger is public and forever part of the chain. If an audit needs to happen it can happen in real time vs waiting until the company can get an auditor on-site.
Efficiency and speed is greatly enhanced because you don’t have to wait for someone to enter data into a database. All stakeholders can have data instantly to make better decisions and increase throughput
Middlemen can be eliminated to reduce over head and put back into the bottom line and to reduce cost of doing business
Explain with your own words, why these are the benefits of using a blockchain.
The benefits of blockchain technology extend beyond just trading cryptocurrencies. The transparency of a public ledger allows for better accountability because it can be viewed by anyone and it is decentralized. Since the ledger is available to the public, it is virtually impossible for someone to get away with acting irresponsibly or without integrity.
The blockchain is more secure because transactions are encrypted in a public ledger, they are linked together mathematically, and they cannot be changed once they are recorded. It is also more secure because it is decentralized. This makes it very difficult to hack and it is not subject to potential manipulation from a central authority or organization. People do not need to blindly trust a central authority to know that their transactions are safe and accurate.
The blockchain can also improve the accuracy of an exchange of goods from suppliers to manufacturers / distributors. Each step of the process can be verified, so if there is a problem with the finished product, one could consult the blockchain to see each ingredient in each transaction along the way and see where the mistake took place. It is easier to identify the source of the problem. This saves time and allows a quicker fix to ensure a better result in the future. The blockchain can also help with verifying authenticity of an original art piece. This enables a buyer to have confidence that they are buying an authentic piece of art, and not just a fabricated copy.
Transactions of the blockchain are quicker and more efficient because it allows people to do business with each other, without the need for a middle man. Since the blockchain is part of a global financial network, it is easier and faster to do peer to peer transactions across borders. An example of the blockchain’s efficiency can be seen in property management. A smart contract can automate the process of an agreement between a tenant and landlord. The accuracy of the agreement is recorded and unchanging and can be consulted at a later date if there are any disputes.
There would be reduced costs when integrating blockchain technology because of its transparency, security, traceability, and efficiency. There would be less accounting errors that need to be fixed. There would be less middle-men to pay for facilitating transactions. It’s speed and efficiency saves time, and time is money.
Explain with your own words, why these are the benefits of using a blockchain.
1. Transparency: the ledger is open and available for examination by any party at any time.
2. Security: the ledger is continuously cross-verified by independent parties who are incentivized to be part of the network
3. Improved traceability: blockchain transactions are immutable, so once a transaction has occurred it cannot be erased, and thus the history of transaction can be accurately traced.
4. Increased efficiency and speed: in addition the the 24/7/365 nature of blockchain networks, the protocols in place eliminate the need for middlemen to mediate, and therefore slow down transactions.
5. Reduced cost: in addition to increasing efficiency, the elimination of third parties in transactions removes the cost of hiring that third party to be a middleman.
1, Blockchain is public and open to viewing. This adds accountability, holding each parties of the business responsible to act with integrity.
2. Each blockchain transaction is encrypted and linked to the previous transaction. It can’t not be altered.
3. Each blockchain transaction is verified by the whole network. Any step of the history can be verified and traceable.
4. Blockchain is a decentralized network. It eliminates the need for third party and allow direct transactions.
5. Blockchain transactions happens between 2 parties without middlemen. It save time and reduce cost.
Public ledger
Particpants have the same way of documenting
Data can only be uploaded after there is consensus
Data can only be uploaded after there is consensus
Each new transaction is encrypted and linked to the previous transaction in blocks
Trustless
Verify the authenticity of the traded assets
History can be traced public
Provide an irrefutable proof of ownership
Blockchain removes the need for middlemen in many processes
Reduces human error
Blockchain removes the need for middlemen in many processes (extra costs)
Transparency: Because it is a public ledger, everyone can see what transactions have been done and with it being decentralised, the transactions that are validated and added to the blockchain cannot be changed.
Security: Multiple computers over a worldwide network validate transactions and these are all traceable on the public ledger. The network of nodes validate these transactions to ensure they match what the others on the network have - once an entry is added it is immutable, that is permanent. This is trustless.
Improved traceability: Using Blockchain, once a transaction is added to the blockchain, each of the transaction blocks is chained together to create an auditable trail on the blockchain which means that anyone can follow a transaction from its origin through to the most recent entry. This is particularly useful if you are in manufacturing and need to know the origin of parts for say an aeroplane where there is no margin for error with fake or substandard parts.
Increased efficiency and speed: The efficiency comes from not needing additional levels of audit or middle men for transactions - for example transferring money from one country to another can be done peer to peer.
Reduced cost: Blockchain cuts out the need for middlemen, as a result things like cross border payments (Currently slow and expensive) and tracking products at each point of the manufacturing to distributing stage become simple and trustless, meaning less requirement for audits or potentially falsified records.
Improved Transparency: Because everything is stored on a public ledger, it can be reviewed by anyone which leads to greater accountability for decisions or transactions in addition to validating products at each stage of the cycle as discussed above with manufacturing.
Transparency: Open and public visibility of transactional records as a public ledger which heightens accountability.
Security: Protection against corruption and alteration of transactions and assets due to consensus.
Improved traceability: The ability to track transactions and operations from start to finish knowing that all transactions on the block chain are immutable allows us to have heightened traceability while lower audit costs.
Increased efficiency and speed: Without a 3rd party needed to verify transactions or the extra resources spent on platform crossover and auditing, operations are able to flow much more seamlessly on the blockchain.
Reduced cost: Without a 3rd needed to verify or initiate transactions coincide with increase transaction speed due to a solidified p2p, operations costs on the blockchain are considerably lower.
The benefits of using blockchain include: