1 - Accountability, removal of bad actors
2 - Maintains transparency, immutability and trustless system
3 - Gives trust to the system, allows for accountability and efficiency
4 - Reduces waste within systems, more profitable, provides for btter service
5 - Every one gains from reduced costs
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Transparency
Transaction history is publically available. This forces a company to be accountable for its decisions and to act in the best interest of its investors
Security
Blockchain is a more secure way of recording transactions as each entry is encrypted and linked to the previous entry. It then is added to a block and added to the network where it forms a type of chain. Once the block is added to the chain it can not be altered. This creates an immutable public ledger
Improved traceability
An audit trail is created on the block chain which helps to verify the origin and history of products and helps to prevent fraud. It can track the distribution from producer to manufacturer and be used for proof of ownership of real-life assets
Increased efficiency and speed
Blockchain removes the need for middlemen and replaces this with a decentralised trustless peer to peer system.
Reduced cost
Cost is reduced by eliminating involvement of third parties, the maintenance of a central database and expensive fees assosciated with traditional transactions
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1. Transparency
In blockchain there is complete transparency. The ledger is open to the public and people can view and see exactly what transactions are being made and what is going through at any time. Everything leaves an audited trail and there is no misinformation entered into the blockchain. For customers and communities can hold those accountable for this going array. There is no need for putting trust into a company as all is laid bare data is shared with all involved.
2. Security
Security is maintained by the network there is no one entity that controls security. Likewise in the case of a cyber attack there is no central database that can be hacked an altered. The blockchain is a network of computers in different geographical locations around the world. Additionally blockchain transactions are entirely immutable there is no changing a transaction when once it has been submitted and there is no means of scamming someone because no money or funds can be returned.
3. Improved traceability
On the blockchain traceability is unmatched. Each time something is submitted onto the blockchain there is an immutable trail left that can be traced to an address. Not only does this allow for greater security but it also opens up the floor for other applications to be used e.i. supply chain measures, looking at inventory stock, ingredients of food and drink and even checking where the materials for apparel is from. This unique value of traceability puts blockchain technology in the forefront of transparency for companies, removing trust and putting in functional protocols that rely on maths to give us the information we seek.
4. Increased efficiency and speed
Blockchain removes the need for the middlemen and makes it the fastest transaction speed for people to use at any time. Not only could this use be beneficial on every day interactions but in global also. There is no need to send transactions across the worlds at an expensive fee taking several hours or days when it can be submitted onto the blockchain and everything can be accepted within a few minutes.
5. Reduced cost
This moves away from relying solely on process that have involved contracts and paperwork to be signed and done, everything is submitted onto the blockchain and everyone can see exactly what is being transacted. Additionally getting rid of 3rd party brokers who charge a premium for their services could change the landscape of how business is done across the world.
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1- Transparency is beneficial, because it increases trust in the users.
2- Blockchain is secure because a mathematical consensus between multiple parties can not be changed or fixed.
3- The traceability increases security and provides a detailed history of actions.
4- Thanks to its public distribution and encrypted exchange of data, blockchain has increased efficiency and speed.
5- Blockchain eliminates intermediates in a lot of processes, which reduces the cost of services.
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Transparency: it brings companies to more accountability. Datas can be verified, live audit.
Security: do not need trust, transaction can be tracked as it is a public ledger. Nothing can be removed on blockchain.
Improved traceability: on blockchain, transactions can be verified.
Increased efficiency and speed: global network compared to internal network. No need trust. High availability of the blockchain.
Reduced cost:
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Transparency:
Transactions within the blockchain can be seen by the public.
Security:
Itâs a trustless system - all transactions are verified by the consensus, each node is also rewarded for their participation in verifying the transaction.
Improved traceability:
Itâs possible to track the whole supply chain from the first to the last company involved.
Increased efficiency and speed:
The unified system makes it way more efficient. Middlemen are no longer needed.
Reduced cost:
Due to being more effective, it comes with lower costs because there is no auditor involved.
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Transparency:
The blockchain is a public ledger that is accessible to everyone in the network. -
Security:
Each transaction is validated by the network through algorithms and permanently stored on the blockchain. No modifications to data possible. The decentralized network offers highest system reliability. -
Improved traceability:
Transactions of good can be traced to the source and can be used as an audit trail to track the origin of products. -
Increased efficiency and speed:
No middleman required, direct P2P exchange across borders. -
Reduced cost:
No bank or central organization required to confirm or release transactions.
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Transparency:
The blockchain is an immutable publicly distributed ledger where all completed transaction are opely viewable by anyone forever. This gives an unprecidented transparency as what has happened can always be seen, there is no way to change or hide this.
Security:
Blockchain offers better security than other record keeping systems because the data cannot be altered once the block has been added to the chain. As you are unable to âgo backwardsâ to add or edit data this makes the blockchain safe from hacking or fraudulant transactions.
Improved traceability:
When a transaction is completed on a blockchain there is an audit trail that shows where the goods came from, and where they went to. This information is automatically created as part of the transaction and recorded into the blockchain and is therefor infinately traceable within the chain.
Increased efficiency and speed:
The use of blockchain removes the need for a middleman by providing a truely trustless pier to pier transaction system with its own permanet built in audio trail. This can save time getting tied up waiting for 3rd parties and also prevents the need for spending time to do a manual audit of the data as it is already automatically verified and confirmed.
Reduced cost:
Blockchain can be used to reduce transaction costs by cutting out the middle man as there are no 3rd party fees to pay. With built in automatic and infinately searchable audit trails it also offers a great saving in time.
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Transparency; being able to verify everything in the public ledger give as more confident to invest in a company that is trending or active. with transparency we can verify everything, and with transparency business will be more responsible.
security; blockchain is more secure for our asset because we have full access of it, its immutable nature make as our fund safier than bank and any financial insttution.
Improved traceability: with provenance usecase of blockchain, we can trace every transaction, if we are doing business with anyone we can verify everithing. buyers, investors all crypto users will be happy with this feature.
increased efficiency and speed.; if in all our transaction there is no intermidiary, price of products and services will not increase to much, we can do all our transaction more efficient and rapid.
reduces cost; in traditional finance if we transfer fund from this bank to other bank sometime the will charge as a fee with blockchain either we send lots of money or not transaction fee is the same, and due to its nature that is trustless no human interferance this reduce cost.
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- public address that show each transaction within the chain.
- each transaction need to be approved in relation to what the data encrypted in the blockchain.
- every transaction is recorded and canât be deleted.
- improve the interaction between strangers and safe time and effort that consumed between senders and receivers.
- element all unnecessary middleman and ease the transactions across borders.
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- Every transaction is publicly viewable and traceable
- No fraud or alterations possible with blockchain
- Goods & Products are finally traceable to an extend it hasnât been before. Requires businesses and service providers to be true to their claims without trust
- High availability 24/7 / 365
- P2P Transactions. No more middlemen needed
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- Transparency: The data on the blockchain is shared and available to all participating networks. The same documentation is available to everyone with permissioned access.
- Security: With blockchain information is stored across a network of computers and that makes it very difficult for threats of hackers or to be compromised.
- Improved traceability: With blockchain, there is an audit trail that traces the history of transactions, assets, products, showing every stop throughout its move along the chain.
- Increased efficiency and speed: With blockchain record keeping is with single digit ledgers rather than multiple so that is more effecient as well as automating the whole process. And with everyone having access to the information settlements can happen much quicker.
- Reduced cost: Blockchain cuts out third parties and middle men because their no longer needed. And itâs the trust in the blockchain data that can make that happen.
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- anyone can see what is happening and check if an information is true or not
- as a copy is stored on every node untill all of them crash the system will run
- public ledger
- by removing the middle man you speed up things
- by doing so you avoid extra fees
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Transparency within a community is the ability of the members of the community to be able to see what actions are being performed within the community. A high degree of transparency implies that the community is open and accessible to all members and that one member is not hiding information from another member. Blockchain offers a high degree of transparency to its users in the form of its public ledger.
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Information on the blockchain is encrypted and linked to other information, which creates an immutable and incorruptible ledger. This offers a high level of security to users as it provides an environment which is significantly free from the prospect of harmful actions and violations of trust.
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The blockchain ledger provides an audited chain of custody regarding the goods that are being exchanged. As a result the authenticity and quality of the goods can be established.
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Efficiency is the ability to function effectively without unnecessary waste of resources like time and energy. Blockchain technology effectively replaces the traditional middleman between a client and a server with a more efficient one by implementing features like smart contracts or by having a unified record of ownership. Blockchain technology also facilitates faster transfers than traditional financial services by using digital currency across a peer-to-peer cross-border network.
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Ultimately a business can reduce unnecessary expenditure and increase profits if it can implement its services more efficiently and effectively to its clients. Blockchain technology provides a vehicle by which to achieve this outcome.
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Transparency- The benefits of your business working transparently is that you donât have to trust third parties as everything will be transparent on the ledger. People can the in turn trust the product/service rather than placing their trust in a person who can lie and cheat.
Security- One of the benefits of using blockchain is security. Because the blockchain decentralised many computers all over the world work together to verify information without anyone in control who could falsify data. Also using many different nodes that all work in collaboration with each other makes the blockchain impossible to hack into.
Improved traceability- Using blockchain increases traceability. The benefits of this are that people can easily see where their product comes from. What environment it has been stored at. How the item is stored and many other traceable events.
Increased efficiency and speed- By using blockchain you often remove the need for a middle man, thus speeding up the process and making it cheaper too. Also people donât have to do manual audits as they can be carried out in real time via the blockchain this also saves money and cuts out another middleman.
Reduced cost- By using blockchain to verify data a third party is not need to be employed to do this job. Because the blockchain requires different nodes to all agree that a transaction is correct people donât need to be employed to make sure that payments have been made correctly as the block chain does this for you. This cuts out employee costs and also speeds up production meaning more potential sales.
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Transparency:
Open records for all to examine and trace/track.
Security:
No need to trust who you are doing business with because the record will be immutable and final. The ledger is safe and secure from alteration once the transaction is complete.
Improved traceability:
Because each block in the chain contains the information where goods and services come from the record is easily traced back to the sources of information.
Increased efficiency and speed:
Smart contracts and eliminating middle men in a transaction improve speed and efficiency allowing person to person transactions to happen directly.
Reduced cost:
With increased efficiency and speed also comes reduced cost due to the elimination of cost for those middle men and longer, drawn out processes that involve peopleâs time and resources.
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Explain with your own words, why these are the benefits of using a blockchain.
Transparency:
Transparency pretty much makes it more trustworthy.
Honesty is the soul of business. Blockchain is decentralized, not governed or controlled by a government, an institution or a group of people. All transactions ever done are available for the public. The information on the blockchain is permanent and immutable,
Security:
The blockchain protocol is a trustworthy protocol. A far more secure than the computer systems that are used today.
Protecting rights through immutable records. Once something is in the blockchain, itâs immutable and always there. Finally something that we can truly trust.
Improved traceability:
To ensure that the product you buy is authentic, the blockchain ledger can trace where the goods came from. Blockchain can help different companies with the transparency and traceability of their products from the factory to the producer. To prevent fraud and verify authenticity.
Increased efficiency and speed:
Third parties or middlemen are removed, the process is done much faster and more efficient.
Reduced cost:
In todayâs society we rely very much or entirely on middlemen, intermediaries like governments, banks and companies to establish trust in our economy. By removing them we reduce both cost and speed.
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Transparency: Where the money goes and what theyâre doing with it ⌠would no longer be a concern. Businesses wouldnât have to worry about fraud, auditing would be axiomatic, and those responsible would actually be held accountable.
Security: While some financial influencers are desperate to label crypto currency âillicitâ, the inherent qualities of blockchain do prima facie confute such claims. It is impossible to falsely build upon the previous block and each transaction is immutable rendering it possible to engage in business with strangers without getting scammed.
Improved traceability: Each exchange creates an audit trail, verifying from whence the goods came. This can be used to authentic goods throughout the supply chain and provide proof of ownership.
Increased efficiency and speed: Faster transactions and movement globally cutting out middlemen reducing fees.
Reduced cost: Efficiency moderates costs and blockchain integrates several across various aspects of the supply chain. Businesses strive to mitigate waste, in all itâs forms, as that can and does quickly drag down bottom-line revenue. Blockchain is in line with the tools and techniques for process improvement companies regularly spend substantial funds implementing. While currently labelled with the pejorative âdisruptiveâ itâs inherent efficiencies and thus the diffusion of innovations (corporations as well as consumers) will rapidly move blockchain from the fringe to mass adoption on a large scale.
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Explain with your own words, why these are the benefits of using a blockchain.
Transparency: Because blockchain it is a public transactional ledger that everyone can use. Nothing is hidden there and all of the information is provided and tracked. In the financial world, this is a big advantage because it is a very precise way of transferring data, goods or etc. without worries for cheat or scam the information, so this can towards the companyâs growth in a market
Security: Blockchain is secure because every transaction is encrypted and linked to the previous one with mathematical numbers they connect every block to the ledger and create a chain that is impossible to be deleted or hacked once they are made. It is also decentralized which means that is trustless and parties do not need trust to transact safely.
Improved traceability: In blockchain every time we exchange something is recorded on a blockchain ledger with a real-time audit to trace where the goods came from. This is a very helpful method because it can prevent fraud and it can verify the authenticity of the product. In different industries, this is a very important step to provide precise information.
Increased efficiency and speed: Because of his decentralized character blockchain removes the need for a middleman in many fields. In blockchain is possible to facilitate faster transactions through p2p cross-border transfers with digital currency and all of the processes made there are more efficient with a unified system of ownership.
Reduced cost: Many businesses face a problem integrating the blockchain because it can be complicated but there are companies that are coming with solutions for this. Some processes called BaaS (Blockchain-as-a-Service) and Blockchain-in-a-Box starter kit are smartly and specially designed for that to save money for the company and create a fully tangible platform to stand out in its market and gain confidence for their projects.
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1 Transparency - Blockchain transactions can be seen by anyone opening the possibility to be verified. This makes the network trustable and auditable. In a financial system this ensures the participants to honour the networkâs values.
2 Security - Derived from the immutable nature of the blockchain the transactions in it cannot be edited or removed. Also they are encrypted and are verified through mathematics.
3 Improved traceability - all transactions in a blockchain are recorded forever, they cannot be edited or deleted, leaving a trace. The transactions are verifiable, removing the potential for fraud in the system.
4 Increased efficiency and speed - Transactions in a blockchain occur from peer to peer, eliminating the need for intermediaries, thus increasing the speed of transactions and also making them more efficient.
5 Reduced cost - Intermediaries and middlemen in classical transactions usually charge large sums as fees. In a blockchain with peer to peer transactions, these costs are removed making the process cheaper.
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