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Transparency:
The transactions are on a public ledger which anyone can view. This increases the level of accountability because other parties can verify the preceding transactions or sources of materials some conducted before supplying a product being purchased. However future blockchain efforts will need to balance that transparency with the need to keep certain business data out of the public eye. In the future we may see hybrids of this where certain aspects of a smart contract are encrypted so only authorized parties have the keys to decrypt the data and view it. Then other parts of the smart contract might not be encrypted. Phala Network is a new startup that is attempting to provide that balance. Business sensitive data can be held in an encrypted form on the Phala Network, then the network can also use the Polkadot bridges to complete other parts of the contract on other blockchains if needed. -
Security:
Blockchain transactions are more secure because they are encrypted and linked to the previous transaction. Combining this with a hash makes it impossible to alter, falsify, or modify. -
Improved traceability:
The audit trail of transactions is generated as the transations are conducted. This allows someone to determine the history of materials and where they came from. Even details such as storage temperature can be archived in a permanent and incorruptible way. -
Increased efficiency and speed:
There is much less need for middlemen with blockchain because the contractual features can be automated in a smart contract. A single cryptocurrency is used which also eliminates the need for bank currency conversion. Instead, company A can receive payment in something like Bitcoin and also make payment in bitcoin. All without having to convert Bitcoin to a local fiat currency unless there is a reason to. -
Reduced cost:
The use of blockchain will reduce overall cost due to the automation of many functions that currently require a middleman and other unnecessary fees. However, for a business changing over the blockchain can have a lot of upfront cost and many of these businesses already have their own established processes. Some businesses are starting where they will help other businesses start up a blockchain as a proof of concept and then later help integrate it into the business.
Transparency because all tx are recorded and accesible to public
Security because a protocole executes by the machines of the network with incentives to th miners create the most secure monnetary exchange system
Improved tracability because from the first supplyer to the final sustomer , every step of process and distribution is recorded and canāt be modified or deleted
Increased efficiency and speed because no intermediary entities in between the the supplier and demander, canāt be more direct and fast
Reduced cost because blockchain avoid the intermediaries entities to charge the final cost of transaction
Transparency -everything on blockchain are transparent in terms of anyone can view what happened.such as data or transactions.
Increased efficiency- becoz blockchain is decentralised it takes out the need of middleman
And make transactions faster using p2p cross border transfers using digital currencies
Better security -every transactions is encrypted and linked to the previous transaction .and they cannot be altered.
Improved traceability-every exchange is recorded in blockchain.
Blockchain-as-a-Service for Simpler Integration-there are companies that allow businesses to integrate blockchain technology into their business easily.
Transparency is created by as the immutable transaction is recorded on a public ledger confirmed by decentralized networks.
Security is created by incentivized & decentralized network as the transaction must be confirmed by each network to be stored on the blockchain. Compromise of 1 decentralized network does not risk the infrastructure as another network will pick up the work left behind by the compromised network.
Improved traceability is created by the transparent nature of blockchain. All final products can be traced back to its origin hence creating trustlessness between the buyer and seller.
Increased efficiency and speed is created because the infrastructure is built on a decentralized network hence it cuts out the middlemen and faster transaction is possible.
Reduced cost is is a benefit of increased efficiency and speed. Decentralization creates trustless contract hence middlemen can be removed, therefore reducing the cost between the buyer & seller.
Transparency: A blockchain can be accesed by liturally everyone with a computer, which gives it a massive transparency. Thereby, transactions can be tract and monitored easier. Imagen you can really see where tax money is flowing.
Security: Transactions on a blockchain are immutable, means they canĀ“t be chnaged. Hence, transactions on a blockchain are written in stone. The validation of a blockchain transaktion has to be approved by a number of users. A thousend eyes see better than 2.
Improved Traceability: A supplychain history based on blockchain gives custermors the chance to trace their products down to the core of matters.
Increased efficency and speed: This is a no brainer. cutting out the middleman, creating a global data network which interlocks perfectly with other blockchain based technology (Kind a like everyone speaks the same language) just saves time
Reduced Cost: Cutting out the middle man, merging accounting and transactions sounds like reducing afford in time, hence reducing cost
- Transparency= good for accountability and trust in the system and protocol. Nobody can cheat.
- Security= everyone feels safe because there is no way to cheat the system due to the finality and immutability of the protocol.
- Improved traceability= records can be found from whenever you made a transaction, which means all records of transaction can be found if necessary for a meeting.
- Increased efficiency and speed= more trust in the blockchain protocol and less in the human protocol.
- Reduced cost= everyone enjoys better cost therefore will enjoy the services better which will improve customer numbers.
Transparency because the ledger is publicly viewable, secure because transactions are validated across a trustless network of computers , miners who verify transactions are incentivised.
Traceability is increased because entrys of data can be tracked and viewed in real time.
Efficiency and speed because you can link other actions to happen from entrys which cuts out middlemen .
Reduced costs could stem from faster transactions across countrys with low fees and also any autamation that could make use of one entry triggering other information to be produced and stored.
Explain with your own words, why these are the benefits of using a blockchain.
Transparency: open to public audit and historical record. Greater transparency means that personal trust in the system is improved with the consensus of many
Security: immutability - the record cannot be changed to suit a different outcome or agenda.
Distributed ledger must be in agreement in order to proceed.
Distributed miners/nodes ensure a failsafe across the globe
Difficulty adjustment means the network will always operate
Improved traceability: - public auditing where the historical record of movement of any product is published to the blockchain on the public ledger and can easily be backtraced
Increased efficiency and speed: - removal of institutions that provide these services and our dependancy on there timing/efficiency
Reduced cost: all intermediary institutions take a fees for processing a transaction, which will be excluded in a P2P environment
Transparency- If you can access the blockchain or the ledger at any given moment than what more can you ask for. Being able to verify is key. Reagan said trust but verifyā¦to say you trust is easy but to be able to verifyā¦is a whole different matter.
Security- The chain is unbroken, so many computers/nodes in a decentralized system each having to reach a consensusā¦ Now thatās security.
Traceability- When you have a chain, a blockchainā¦ it means it fits together unbroken with all the information needed so that you can jump in at any given place and work yourself to the point you need to be to trace whatever
Speed and efficiancy- There are no detours and no third party you need to wait for, its all there at your fingertips. You make a decision to look for X Y or Z and you go right away. From A to B in a straight line.
Reduced costs- Taking into consideration all of the above it gos without saying cost is reduced. Time is money. Saving on shelve time for any products being able to more efficiently control the process of whatever company with less people involved.
Transparency:
All the transactions are in the public ledger, so everybody can check and verify it, meaning that depends on the integrity of all the users.
Security:
All the transactions are encrypted and every new block is depending on the one before, and is a math string impossible to be altered once is done
Improved traceability:
With the public ledger, everything can be audit and prevent fraud
Increased efficiency and speed:
Being decentralized, allow transaction P2P, so removes the middleman needs for cross border transfers and can be done with smart contracts.
Reduced cost:
Integrating blockchain technology can reduce operation costs removing the middleman
Transparency: Blockchains are public ledgers available for anyone to view. This incentivizes users and businesses to act responsibly and it also provides useful information on how other users are acting. Transparency leads to better communication among business and the public.
Security: Security is critical for businesses and users. Blockchain provides a decentralized trustless security that doesnāt rely on one party to protect data. Incentivized consensus among the blockchain is used to secure the chain.
Improved traceability: Since blockchains are transparent, it is very easy to trace transactions on-chain from their origin. There is never a question of the source of a transaction because it is all immutably stored on the blockchain.
Increased efficiency and speed: Efficiency and speed are always critical with an economy that is always improving with new technologies. The decartelized nature of blockchains allows them to not be slowed down by one central party.
Reduced cost: Intermediaries and middle-men come with costs, but if middle parties are cut out of the supply chain, there is less fees to pay and lower overall costs. This is what blockchains like Bitcoin aim to do by being a peer-to-peer protocol that doesnāt rely on any central intermediaries to confirm data.
Answers:
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Transparency. If the blockchain is public anyone can view the ledger so an organization
or personās activities can be monitored and checked which could incentivize the person or
organization to act ethically. -
Security. Every transaction and block is linked to the previous block cryptographically
which makes it extremely difficult to change previous transactions providing there are
many nodes and miners working on the blockchain. -
Improved traceability. Because the blockchain ledger is visible to anyone it is easy to
verify the authenticity of a transaction, ingredients in goods, ownership of an item. -
Increased efficiency and speed. The blockchain could be used to eradicate middle parties
making transactions, like the exchange of products, money, loans and rentals peer to peer
between 2 people. This would remove the delay of going through intermediaries like
lawyers and banks possibly making the transaction process quicker. -
Reduced cost. Like the increased efficiency and speed not having to use intermediaries
could remove the cost of dealing with the likes of lawyers and banks.
1,ledgers are open to the public holds businessās accountable
2.blockchain is far more secured because each new transaction is encrypted and linked to previous transactions.
3.each time an exchange of goods is recored on a blockchain an audit trail is present.
4.blockchain. removes the middle man which makes it peer to peer
- removes middle man which can cost extra $$
- Transparency: Anyone can see any transaction as the blockchain uses a public ledger that cannot be manipulated.
- Security: Node operators verify the authenticity of transactions and prevent malicious or fradulent situations from occuring.
- Improved traceability: All transactions are permanently recorded in the blockchain and cannot be removed.
- Increased efficiency and speed: Everyone who needs access to the public ledger has access to it, and therefore middlemen are not required which increses the efficiency,
- Reduced cost: As middlemen are not required, it eliminates the cost to use them.
Transparency: As transactions are recorded in the blockchainās public ledger it allows for them to be verified by anyone, which ensures that every participant acts with integrity and honesty as they can be held accountable for their actions/transactions.
Security: The blockchain is decentralised which removes the need to trust a third party, itās also incredibly difficult to hack because itās run by a network of computers/nodes making it incorruptible as opposed to networks that are centralised and run on a 1 or 2 servers.
Improved traceability: All transactions/exchanges are recorded in a public ledger, which is immutable, making it possible to trace and authenticate each transaction/exchange taken.
Increased efficiency and speed: The blockchain network removes the need for a third party and allows P2P cross-border transfers which makes exchanges faster and far more efficient.
Reduced cost: Third party fees are removed as there is no third party involved in transactions carried out on the blockchain.
Transparency is the best feature of blockchain technology because anyone can view the transaction. /it is a public knowledge.
Each transaction on the blockchain is encrypted and linked to the previous transaction on the chain, which provides the highest security.
Each transaction is recorded the network, has its unique code and is it simple to be tracked.
Blockchain technology is its own process improvement. Transactions are fast. We donāt need a third party to process the transaction.
Blockchain can reduce cost of bookeeping, inventory tracking, auditing, distribution and supply chain due to the eliminating the middlemen.m
Transparency: a public blockchain can be viewed by anyone with an internet connection (through an explorer or running a node)
Security: The blockchain provides trustless security within the network itself (no third parties), all the transactions within the network are stringed together based on the previous transactions. Because of the fact that all nodes need to be in consensus DLT or blockchain is the most secure tech known to humanity to date for digital value transfers.
Improved traceability: Because every transaction is linked to all previous transactions, confirmation/auditing is done in real time. Therefore all transactions can be traced at any moment by anyone.
Increased efficiency and speed: In a unified system like BTC, transactions can be made globally P2P, simply said: it removes third parties, it removes the process of asking for permission, it removes the need to trust humans. Very efficient en fast!
Reduced cost: When you remove all the middle man and their fancy buildings (you know, the once that have the light on 24/7 but are only open for business from 9 to 5), suits and cars. Then of course the costs for businesses and consumers go down.
Explain with your own words, why these are the benefits of using a blockchain.
Transparency:
The ledger is open to viewing and anyone can see the exact processing of the data. This increases accountability and eliminates the need for trusted third parties.
Security:
Every transaction is linked to a previous one and thereās no space for āanomaliesā.
Improved traceability:
Using blockchain allows to trace where each and every product comes from.
Increased efficiency and speed:
Blockchain removes the middleman in many industries and eliminates the need for physical presence.
Reduced cost:
It saves overall cost of transactions by eliminating the middleman.
Transparency: Blockchainās transaction ledger for public addresses is open to viewing for anyone. This adds a layer of accountability.
Security: Each transaction is encrypted and linked to the previous transaction. A block needs to be verified by a network of computers and once verified it gets added to a chain. It is impossible to alter the blockchain once formed. This makes it immutable and incorruptible.
Improved traceabilty: Once a product is recorded on the blockchain, an audit trail is then created to see where the product has come from. This not only helps security but also verifies the products authenticity.
Increased efficiency and speed: Blockchain removes the need for middlemen in many fields such as payments. It is also faster by allowing P2P cross-border transfers with a digital currency.
Reduced cost: By removing the middlemen, the cost is reduced significantly.
- you can view public transactions
2)having a network of nodes that is spread out on the network makes it hard to hack
3)when goods are recorded on the blockchain it verifies the authenticity of goods recorded
4)removes the verification process of a third party
5)reduced cost for a verification process by a company