- BEcause the public can view the history of a transaction is adds to greater transparency that is not available in conventional systems of finance, governance and banking.
2.The consensus approval makes the security higher as it is approved by mulitple layers this builds trust in transactions. - The fact that each stage of a transaction has gone through consensus means there is an approval at each level, which can be tracked on the ledger allowing for greater visibility of origin.
4 & 5. Eliminating the middle men allows for increased speed and a reduction in cost by reducing the people taking pieces of the pie. efficiency is also improved as blockchain is available 24/7/365.
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Explain with your own words, why these are the benefits of using a blockchain.
- Transparency: Holds businesses accountable through a transaction ledger that is available to the public.
- Security: In a decentralized network there is no single point of failure which increases security. Transactions are immutable.
- Improved traceability: Real time auditing.
- Increased efficiency and speed: Decentralized network. Trustless environment.
- Reduced cost: The database reduces the need for human intervention by processing transactions and data in an efficient trustless fashion using a consensus protocol.
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Transparency: Allows any and everyone to view the public records of each transaction, allowing the consumers to gather trust for the system rather than the business. It also allows businesses to fact check each other on information that was provided.
Security: Prevents falsifications by allowing only information to be inputted and not removed, which allows different inputs to be connected and strung together for an individuals complete information that cannot be hacked, due to there being not one source of base for the information, allows trust to be continuously built in the systemās transactions rather than the person itself.
Improved Traceability: Prevents businesses from falsifying information to different businesses about what they used and where they got it from. It also allows anyone to track where each piece of the product came from.
Increased Efficiency and Speed: Eliminates the middleman from the equation and speeds up the processes of consumers paying for services. Reduces time and energy wasted as it automates the process of exchanging money for product.
Reduced Cost: Parts of manual labor will not be needed for blockchain to run on its own and make sure that information is recorded correctly, reducing the need for some job positions that could save businesses money.
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Transparency: As the ledger is public a blockchain is very transparent which adds to the trustles environment a blockchain provides.
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Security: A blockchain removes a central point of failure.
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Improved traceability: can trace original origins and adds to the trustles environment the blockchain provides.
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Increased efficiency and speed: As you cut out middlemen processes become much more simple and can be resolved a lot quicker.
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Reduced cost: No middlemen means a giant cost reduction possibility.
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Transparency:
blockchain technology is is an open public ledger (everybody have access) that can show every transaction that have been taken place in the network. -
Security:
All the data is encrypted using mathematical algorithms which make it really hard to be altered. the trustless nature of the network allow it to be immutable. -
Improved traceability:
goods and assets transferred through the blockchain can be traced during the entire supply chain, from the manufacturer to the consumer which prevents fraud, by verifying the authenticity of the asset in the blockchain. -
Increased efficiency and speed:
Thereās no need of middle man or third parties to manage contracts, transactions or data. Transactions are peer to peer, no matter where you are with no need of centralized companies delaying your necessities and charging you really high fees for it. -
Reduced cost:
Cost wise blockchain technology it is way cheaper that traditional finance. To show a little example when you make a transfer from a bank in the Caribbean islands to the US there are a lots of fees involve in such transaction, including fees from the bank that is sending the money, then there is a central bank in the middle who also charge you money and at the end the bank account that receives the money also charge you a fee, and depending on the amount, those fees will increase. In the case of blockchain transactions you just pay one fee for your transaction; and the interesting part is that no matter what the amount you transfer, this fee doesnāt increase much which is a huge advantage to the people who works with large sums of money.
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Transparency is a benefit resulting from a blockchainās public and immutable transaction ledger, which allows anyone to verify a given record (in real-time).
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A blockchainās security results from the decentralized nature of its network, which prevents a central authority from manipulating the transaction record; and from the immutability of its ledger, which prevents tampering with records after the fact.
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A key feature of a blockchain is that records can only be added, not removed. This allows for accurate tracing of provenance
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A blockchain increases efficiency by eliminating the need for intermediaries, and by permitting real-time auditing of records and transactions.
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Blockchain technology can reduce costs by eliminating middlemen and enabling P2P transactions, by obviating the need for third parties to do accounting or auditing, and by reducing fraud through the principle of trustlessness.
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Transparency: In blockchain before a data gets added to the blockchain it has to be agreed upon collectively by the nodes. And when it gets added it becomes available for everyone to see, so it is more transparent because you donāt have to trust anyone but you can see for yourself and check if the given information is correct.
Security: In bolckchain the blochchain aka the database is spread out on many computers geographically, and not only on one or two servers therefore it is extremely hard for hackers to hack the blockchain in which thereās no central base for it.
Improved traceability: in blockchain the traceability is improved in which you can track the origin of the product and where has it been and where did it stop etc. And you can make sure that the information youāre given is correct in which in blockchain the data canāt be changed or manipulated.
Increased efficiency and speed: Blockchain removes the middle man which makes it peer to peer and very fast.
Reduced cost: As i said blockchain removes the middle man who can cost a lot of money. and makes it peer to peer.
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Explain with your own words, why these are the benefits of using a blockchain.
- Transparency: everyone in the Blockchain can see the transaction. You are not relying in parties/ companies/ people to provie information which cous be changed or distorted
- Security: several computers must agree to a transaction on the blockchain before it is approved and all have access to the same data so it cannot be alterred
- Improved traceability: All transactions have a real time audit taht can be seen by everyone on the Blockchain
- Increased efficiency and speed: Blockchain is available 24/7/365. You donāt need various middle men to verify / check etc to move to the next step , it is all processed by the blockcahin
- Reduced cost: donāt need middlemen or third parties
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Transparency of the blockchain defines the constant access to the fulfilled transactions into the public ledger.
Security means all the nodes in the network to reach consensus and verify the transaction. This happens via solving complicated mathematical algorithms which makes the blockchain difficult to hack.
Improved traceability refers to a publicly open database/ledger that enables tracking the authenticity of the transactions.
Increased efficiency and speed assures that the peer-to-peer actions are being fulfilled globally without third party participants.
Reduced cost of the transaction fees is one of the main benefits of the blockchain, making it favorable technology for many businesses.
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Transparency:
The blockchain ledger helps to verify the authenticity of the traded assets.
Security:
The security aspects of blockchain are complex. On one hand, security is ensured by the process of block creation itself. Miners calculate a block, build the blockchain and store them on the ledger. On the other hand, each transaction is encrypted and refers to the previous transaction in the header.
Improved traceability:
The transaction ledger for public addresses is open to viewing.
Increased efficiency and speed:
The blockcahin removes the need for middlemen in many processes, that results in faster transactions. A unified system of ownership records and automated smart contracts mean higher efficiency.
Reduce costs:
The elimination of middlemen, which is common in the financial system, eliminates transaction fees. This reduces the costs.
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Transparency: Since the ledger is public information, it accurately documents every transaction. It allows anyone to verify a transaction validity .
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Security: Since every node/computer in the network must agree/confirm a transaction, it ensures a transaction is valid and accurate. A transaction on the blockchain canāt be changed in any way. The decentralized nature also guarantees that no single entity can tamper with it.
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Improved traceability: Since transaction are permanent and immutable, anyone can accurately trace a transaction on the blockchain. This is very useful in the world of supply chains and manufacturing as every step can be verified and accounted for.
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Increased efficiency and speed: Since the middleman is eliminated and is peer to peer, transaction speed becomes very fast and efficient as there is no need for third party cost and processing time.
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Reduced cost: Again with the elimination of the middleman, fees are drastically reduced. This makes it very favorable to do any financial transaction.
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Transparency: All transactions on the blockchain are public. Anyone can track a specific transaction, look at a specific wallet, or look at a history of transactions to verify the integrity of the blockchain.
Security: The blockchain operates in a trustless decentralized way. This prevents any one entity from being able to fraudulently effect the network.
Improved traceability: As all records on the blockchain are public and traceable this would allow anyone to be able to track and audit any particular entity participating in the blockchain.
Increased efficiency and speed: Provides one standard protocol for communication. As all entities are using the same protocols this increases dataflow between āinformation silosā. If every organization is using their own software for business, information transfer between organizations can be quite cumbersome due to compatibility issues.
Reduced cost: Reducing complexity between information transfer or auditing reduces the costs of doing these types of transactions.
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- Everyone sees the same blockchain
- Once it is in the blockchain, it canāt be hacked. Itās also decentralized, so itās more resilient.
- Everyone can see the same blockchain and it has all the transactions in it.
- No middlemen or humans impede the flow of information. Multiple miners are working on the hash to make the next link in the chain.
- All electronic. Not labor intensive. No paperwork.
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Reduced cost: reduces or eliminates middlemen i.e. in real estate, monetary transfers and conversions.
Transparency: public addresses on the chain are totally transparent and not hidden, so pretty much eliminates fraud.
Improved traceability: provides provenance - an immutable chain of custody to trace say steel used in a part back to itās mining, processing, manufacturer and fabrication. Or the chain of ownership a piece of art. once a block is added to the chain all future blocks build off that one and can not be changed.
Security: can not be hacked, changed, charged back etc. and the network is high reliability - high up time, really no down time anymore.
Increased efficiency and speed: kind of obvious - all electronic = fast
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The reason why the following are benefits of using blockchain:
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Transparency:
Blockchain is a digital stone, decentralize database consisting of computer networks. It can only add data/transaction but removal is restricted. It is a public ledger, database of which is open to public to view. -
Security:
In term of blockchain, we trust the network not any organization. Blockchain uses global networks which units everyone together. Itās immutability guarantees data entered is irreversible, permanently stored. -
Improved traceability:
Blockchain ledgers contain audit trails where goods are coming from, For example on the product chain, blockchain records the chain from raw material to finished goods. -
Increased efficiency and speed:
No middleman is needed on blockchains as it is decentralized. It can be proved from the increasing efficiency in financial and Real Estate Regions. The Peer to Peer cross-border digital currency transfersā transaction can be performed much faster than traditional money transfer from bank or money exchanges.
In addition the smart contracts being adopted by the Real Estate, has been promoting and accelerating the closing deals in property transactions. Nowadays, due to the trust protocol, parties need not meet face to face to sign documents. -
Reduced cost:
Blockchain eliminates the need of third party verification including its associated cost. Business owners and payment processing companies charge a small fee when they accept payments for using credit card. However, Bitcoin has a limited transaction fees.
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1.Transparency - is blochchain greatest characteristic, its transaction ledger for public adresses is open to viewing, in finance and business it adds unprecedent piece of accountability to act with integrity.
2. Security - blochchain is more secure than other systems, each new transaction is encryped and locked to previous transaction. So blockchain is formed by network of PCs coming together to confirm the block, block is added to ledger and forms chain = blockchain. It is string of mathematical numbers impossible to be altered.
3. Improved Traceability - each exchange is recorded on blockchain. Audit trail is presented, can be used for supply chain from manufacturer to distributor and provide irrefutable proof of ownership.
4. Increased efficiency and speed - blockchain removes the need of middlemen in many processes like payments, real estateā¦ It facilitate transaction and making them instant without need to wait 1-2 days.
5. Reduced costs - blockchain can cut significant costs of transactions or supply chain by instant auditing and tracking without trusting 3rd parties by producing big savings and reducing costs, no middlemen.
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Transparency:
Opens up untapped opportunity for businesses that can really be driven by its community. This gives a true bottoms up approach because any organization that would want to really benefit from Blockchain have to keep themselves accountable because they are answering to their community. Businesses between companies are more transparent and quality of information is better.
Security:
Transactions are not falsified information. There is no risk of a bias or corruptible decision in transactions that occurs in the blockchain. Barrier of entry for hacking is much higher because the amount effort would outweighs the incentive to do so. Transactions would occur following mathematical instructions and abide to the law and principle it was developed with.
Improved traceability:
Exchange in the Blockchain can be proven thru the audit trail left. This can prove the authenticity of an item or exchange has occurred between parties. An unrefutably reliable information for proof of ownership.
Increased efficiency and speed:
Removes friction in transactions which is the presents of a middlemen and counter party risk. Allows for transfer of value between two parties thru p2p transaction. Enables the usage of a truly unified standard that can prove ownership records. Decentralized Autonomous Organization can be created for services that do not require human labour such as record keeping management.
Reduced cost:
Big companies can reduce their worker in labour task such as record keeping. Information such as accountancy can be freed from manual worker and more emphasize can be spent on profit producing activities for the workers. Cost for audit department can be reduced and base layer of payment processing can be fully automated using smart contracts. A much cheaper means of global reach for companies by reducing the need to invest a lot of money in financial infrastructure to accommodate different form of transactions.
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Transparency: the data can be seen by everyone.
Security: through the encryption the protocol doesnāt allow changes or data points to be removed
Improved traceability: Transactions can be followed easily, in the financial industry. In other areas, supply chains can be made more transparent.
Increased efficiency and speed: the protocol is active 24/7/365. As well as it reduces the need for a middleman.
Reduced cost: through an improved efficiency and a reduction in the need of third parties.
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1 Transparency:
to create a safe transaction that is made public to see which means holding both parties accountable
2 Security:
Reduce the dangers of algorithm based echo chambers that has been dividing societies, one global infrastructure, transparent data, means more opportunities for all not just to the centralised authorities.
3 Improved traceability:
Reduce hacks and lies by having access to the supply chain of the item
4 Increased efficiency and speed:
cutting out the middle man, to feel safe dealing directly with the business without relying on trust. i.e. estate agents
5 Reduced cost:
reducing fee on the middle man and getting the right value of what you are purchasing through validated date not manipulated trust
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1.Transparency - shows things for what they are therefore increasing accountability, honesty and trust to all on all levels the process.
- Security - is improved because once a transaction has taken place and accepted it is on multiple nodes where it makes it difficult to hack, alter and it is impossible to remove once in the ledger. This means we no long have to trust someone from the otherside of the world whom we have never met but trust in the protocols of the blockchain system.
3.Improved Traceability - This is because once we have made a transaction is is fully traceable and for everybody to see, which prevents fraud and gives proof of authenticity and ownership.
4.Increased Efficiency - This is because it cuts out the need for the middleman and therefore reduces the cost and time.
- Reduced Cost - This is due to the removal of the middle man ; increased productivity, Trustless. Therefore more efficient and cost effective.
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