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Transparency: As a company which operates on blockchain technology, having an auditing and verifying solutions at any given time will definitely increase transparency and gain confidence among customers as well as among suppliers.
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Security: Highly secured technology due to fact that is decentralized, and by the same mean it involves a lot of different parties who are accountable due to stimulations involved.
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Improved traceability: It’s easily traceable, any time and any place in the world.
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Increased efficiency and speed: No middle men involved makes it much faster then technologies used prior blockchain.
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Reduced cost: Same as answer No. 4, as well as QA teams will have less challenges dealing with complains of all kind.
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- Transparency: Everyone can see the public ledger, and this in real time, everyone has the exact same copy of the blockchain.
2.Security: Since consensus is needed from all the nodes, this increases security. Also, the data can not be corrupted as it’s like carved in stone. - Improved traceability: All steps of the supply chain are recorded on the same blockchain and these can all be checked within a matter of seconds.
- Increased efficiency and speed: A third party is no longer needed to guarantee trust, making transactions faster. Since everyone has the same database, data should not be mitigated so there’s no loss of time.
- Reduced cost: A third party is not needed any longer so this cost is cut.
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[Answer]: Here are the reasons for the following to be termed as the benefits of Blockchain technology: -
1. Transparency: Block is a public ledger. It can be audited by anyone on a real time basis. The transactions are not only visible to everyone in the network, their origin can also be traced back since Blockchain ensures perfect digital provenance.
2. Security: Blockchain network incentivizes the miners to follow the protocol. Immutability and transparency of transactions add to the secure nature of the blocks. When difficulty in the network drops, more miners join the network and thus, in turn, increase the difficulty of the network and make it more secure. The blockchain platform is self-sustaining in terms of security.
3. Improved traceability: Perfect digital provenance ensures traceability right up to the origin of any transaction.
4. Increased efficiency and speed: A new block is created at regular intervals. The set algorithms also embed the older blocks resulting in efficient use of disk space. The system is efficient because it is trustless and it does not need third parties to clear or audit or authorize.
5. Reduced cost: When middlemen become redundant, the technology becomes cost-effective. Also, the finality of the transactions removes the ambiguity, thus saving money that is usually spent on investigating the gaps in the traditional systems.
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Transparency - The verifiable nature of the Block-chain makes it so anyone can verify the history of any product, service or transaction dating back to inception. This makes it so all this data in transparent to all.
Security - The finality nature of the Block-chain makes it so any transaction recoded can never be changed or manipulated. This provides a security for everyone involved.
Improved traceability - The structure of the Blocks allows anyone to track any item dating back to when it was created.
Increased efficiency and speed - The high availability nature of the Block-chain makes for quick and speedy network.
Reduced cost - The smart contract feature on the block-chain has the ability to cut out the middle man in many different ways. I.E. Legal fees for writing contracts, accounting and record keeping services, and many more.
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Transparency: Blockchain gives complete transparency to the transaction history. All transactions are contained in the distributed ledger and can be viewed by anyone
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Security: Blockchain provides security due to the redundancy of the network as well as the immutability of the records in the ledger.
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Improved traceability: Blockchain allows the recording, on the distributed ledger, each step in a process. Thus, a final product and the steps taken to produce that product, along with inputs added during the process.
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Increased efficiency and speed: Since there are no middlemen in the blockchain network, processes can proceed more quickly and with higher speed. This contrasts to a legacy system that requires various middlemen, handshakes and checkpoints along the way.
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Reduced cost: Reduced cost is attained through the elimination of middlemen in a process. It is also attained by eliminating the requirement for reconciliation between different systems.
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Transparency: When there is nothing to hide and all involved parties are subjectable to audits 24/7, there is a type of stress completely removed on the quality of a product.
Security: Utilizing blockchain technologies simultaneously reinforces the cause by the power of the entire globe and internet.
Improved Traceability: If a food company wants to advertise their business as a farm to table or seed to table concept, that is great and usually has high defaulted trust. If blockchain technology is incorporated in the proposed supply chain, there is an added layer on traceability and trust goes even higher by defaulting to trustless via validation only.
Increased Efficiency & Speed: When there is a faster way of doing a task, why not utilize it? This proceeds to develop all kinds of evolution at an alarming rate.
Reduced Cost: Everyone will have at least one reason for using bitcoin/blockchain technology linked to money. Most if not all of the developments and applications made using this tech has the mentality of reducing costs, leaving more money in the user’s pockets. This is usually linked some what with increased efficiency and speed.
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Transparency
As in blockchain all transactions are store in block and are updated in all network of computers and everyone can see it
Security
As every transaction is stored in block and one can only add it means one can’t remove or erased it and network is spread over wide area so if there is problem in one area then also it will not affect other areas so reduce the chances of being hacked
Improve traceability
We can track origin of each and every transaction
Increased efficiency and speed
There is no middle man ultimately increases efficiency and speed
Reduced cost
It is p2p technology thus cost is reduced
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Transparency: All transactions are visible for everybody. All algos are publish
Security: All transactions need to be verified by the network and can not be changed after completion.
Improved traceability: All transactions are visible for everybody at any time at any place of the world
Increased efficiency and speed: no man / company in the middle removing time delays
Reduced cost: no man / company in the middle removing additional fees. No costs for companies, server farms, staff etc.
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Transparency:
Transparency of blockchain benefits all. Public ledger open for everyone. Through its high availability it can be audited live. Finality of transactions and consensus give you a trustless view.
Security:
Using one confirmed database amongst a network of others all confirming blocks that chain together. The Blocks are confirmed by miners who are incentivised to agree in consensus. As the network is numerous it is harder to attack from one point of entry.
Improved traceability:
The trace of provenance is a huge benefit. verifying where products come from, what their made of. The interoperability of different supply chains to confirm data is great for stopping fraudulent behaviour.
Increased efficiency and speed:
Whenever you can be more efficient with something its going to save you more time and money. Blockchain provides efficiency with consensus of data and real time auditing. Speed of transaction with finality.
Reduced cost:
Good for your business bad for the middle men. Blockchain tech removes 3rd parties so is cheaper to implement then more traditional services.
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Blockchain is open to viewing by the public. This adds accountability.
it is more efficient, removes middle person. And it has good security with audit trail present that prevents fraud.
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Transparency: Each transaction leaves behind an auditable trail viewable to everyone.
Security: Blockchain is unhackable because the information is decentralized. Each transaction is linked to the previous.
Improved traceability: With the blockchain one may track and verify where things have been as there is a trail to follow.
Increased efficiency and speed: Middlemen are removed and therefore everything is more efficient.
Reduced cost:
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- Transparency: all transaction ledger for public addresses is open to viewing. You can remove all ”middlemen” in the processes, blockchain enables faster and more secure transactions.
- Security: All transactions are encrypted and linked to the previous transaction. The actual transaction is formed by a network of computers coming together, they will confirm a block in the chain. A blockchain is made out of numbers and cannot be changed once they are created and out on the block. It is therefor safe and trustless. You do not need to ”trust” someone or something in order to make a safe transaction.
- Improved traceability: whenever a transaction is made on a blockchain it is there and can therefor be traced. Security can be improved and you can verify the authenticity of the traded asset. For example track a supplychain och goods from manufacture to distributor.
- Increased efficiency and speed: a blockchain can easily be integrated in a company without disruption to the daily process.
- Reduced cost: you can start so implement blockchain and create a proof of concept in order to see and confirm the benefits of it in the actual organisation.
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Why these are the benefits of using a blockchain
Transparency: Blockchain technology removes concerns and inconsistencies. Sectors that implement this technology allow thoroughness of information that benefits them and the people they serve. It will grant individuals the right to information that is about them and full disclosure for services that they make a valuable exchange for. For example, if pharmaceutical companies implemented Blockchain technology then full disclosure of vaccine trials could be provided in order to improve the public perception because they are able verify that the vaccine is effective. In addition, transparency will ensure that the data was not manipulated and the actual results are reflected and not manipulated to deceive the public into thinking a product is safe.
Security: Data manipulation and theft are very important issues that needs to be addressed in our society and the security feature that Blockchain offers will eliminate this concern by ensuring that data, once it is created, goes to a space where it is immediately recorded, protected and unchangeable.
Improved traceability: Being that all actions and information are recorded and traced back to ensure authenticity, accuracy and integrity for many types of businesses. The improved traceability that blockchain facilitates can benefit the medical field, for example, if Hospitals and practitioners have Blockchain technology in place, patients can have permission-less access to their own medical records that traces back from infancy including doctors notes and videos of medical procedures. This improves patient care for practitioners and even research initiatives.
Increased efficiency and speed: The extended periods of time to permit middleman processes will be eliminated since blockchain facilitates borderless transactions and automation.
Reduced cost: The costs that middlemen processes impose will be eliminated with this technology since, for example, Bitcoin is a global currency, there is no need to pay for currency conversion rates. In business sectors, the technology provides seamless automation that eliminates the cost for third party processes. For example, retail stores and restaurants will no longer need to pay processing fees for processing payments and additional fees to simply have their money deposited into their bank account.
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- Transparency: Transactions are recorded on blockchain which is open source
- Security: once on blockchain a hacker could not hack all computers to change transaction
- Improved traceability: view all transactions
- Increased efficiency and speed: no middelmen, no multiple ledgers
- Reduced cost: no need to setup servers
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According to the reading, blockchain technology can add value to many industries by providing greater transparency, efficiency, security and traceability.
Transparency: a blockchain’s ledger for transactions includes public addresses and is open to the public for viewing. This greater transparency can contribute to increased accountability and therefore greater honesty.
Security: Blockchain technology is more secure than other record keeping systems because each new transaction is encrypted and linked to previous transactions. The fact that BC tech is decentralized and governed by rules encoded into the protocol means it is ‘trustless’.
Increased efficiency and speed: by removing middle men and being automated, BC tech can be faster than traditional accounting and administration methods.
Reduced cost: the removal of middle men and use of automation can also lead BC tech to be less expensive than traditional centralized, human administered business practices.
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Transparency:
Blockchain is a public ledger, open to everyone to see. Blocks that are added to the chain are done so through consensus, meaning they have been authenticated and agreed upon by the vast majority. These blocks on the chain are permanent and cannot be removed or changed, which creates a trustless environment and ensures accountability and integrity.
Security:
All new transactions are encrypted and linked to the previous transaction by a network of computers to form a block that is added to the public ledger. The blockchain is formed by a complicated string of mathematical numbers, making it safe from being altered.
Improved traceability:
All transactions once verified and added to the block are linked making a permanent immutable record, which makes everything on it traceable to its source. This can help prevent fraud and prove ownership, source, who did the original work among other things.
Increased efficiency and speed:
Blockchain removes the need for middlemen which increases efficiency. It is global and allows peer to peer transfer of information and currency almost instantly. It allows for global unifying systems and records.
Reduced cost:
Efficiency, cutting out middlemen, traceability making things auditable all reduce costs for businesses. In a financial aspect transfer of currency being much faster and less fees also play a big role in reducing costs.
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Transparency:
Thanks to the blockchain, which acts as the public ledger of the network, every (trans)action can be reviewed by everyone, therefore creating a trustless environment, where we can rely on the accuracy of the protocol and do no longer have to trust on the integrity of others.
Security:
The security aspect of the blockchain is a no-brainer: Every transaction is linked to the previous one, encrypted, and blocked before it gets chained together with the previous blocks. In that way, blockchain technology creates an unhackable protocol of all transactions that have ever happened on the network.
Improved traceability:
With blockchain, we have a technology that provides us with the ability to retrace every exchange of goods or funds and therefore makes it possible to fully understand a product and also the company behind it. As an example, imagine being able to review the supply chain of a vaccine manufacturer or any other sector, where transparency is in the interest of everyone.
Increased efficiency and speed:
Thanks to the decentralized nature of blockchain technology, direct, undelayed interaction between two parties becomes reality. No banks, no middlemen, no waiting times! The blockchain can process a transaction much, much faster, and in a way more efficient way, thanks to Peer-to-Peer.
Reduced cost:
Thanks to the highly automated nature of the blockchain, we can realize lower fees for everyday things like transactions and exchange of goods, because the network will take care of validation and documentation, instead of middlemen like banks and traditional stock exchanges like wall street.
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Transparency:
Blockchain nesscesitates all members of the networks to verify the transactions on the block and allows full access to the entire immutable record of the blockchain. -
Security:
Every transaction is encrypted within its block before being chained together with previous blocks creating an uneditable linking chain record of all transactions. -
Improved traceability:
All actions and information are record on the blockchain from the onset of the process, allowing for all elements and transactions to be easily found. If there is an issue, it’s source can be found within the records on the blockchain. -
Increased efficiency and speed:
The lack of friction from having to move data from one system to another and the borderless nature of the blockchain allow for the removal of middlemen and for automation of many processes. -
Reduced cost:
Reduction of transaction fees for middle men inherent in centralised finance such as the loss of currency conversion rates during overseas trading.
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Blockchain provides a public ledger which promotes accountability between all parties involved in a market/industry
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Using cryptography, blockchain encrypts all data on the network which provides verifiable data the is immutable
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The blockchain network records and verifies all transaction done on the network which allows a product or service to be traced from the source
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By enabling P2P transactions, there is no need for middlemen to verify the transactions, allowing a direct and fast approach compared to traditional transactions
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Providing companies with cost-effective ways to integrate blockchain technology and to eliminate intermediaries which up the cost of blockchain utilization or the cost of doing business
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Transparency: The database is entirely accessible to the public. Therefore, anyone can determine which transactions have been confirmed and verified.
Security: The network is decentralized and supported by the processing of a widespread collaborative of computers, or nodes, that verify every transaction. Because the system relies on the protocols of consensus and provenance, the system is essentially incorruptible.
Improved Traceability: Because every transaction is openly available to the public for review after verification by the network, the origin and destination of every transaction can be determined (at least in regard to public keys).
Increased efficiency, speed and reduced cost: Because no third party, such as a bank with its workforce, is required to process a transaction. Payments can be often be made under an hour if not within 15 minutes (depending on the number of confirmations required).
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