- Transparency: if a transaction comes to a blockchain it is stored there forever and it becomes visible for everybody. So, this means that it is stored in an open DataBase -> it becomes transparent. There is no possibility to misuse or take advantage of such open database, as everything is seen to all participants of the network. This means we do not need trust between peers, and this is a huge benefit for all participants of the network (e.g. corruption killer)
- Security: as information is stored on all ledgers at the same time and there is no Central Database (no silos that could be attacked) the network becomes very secured as it is hard to hack the entire network (or at least 50%+ participants). Also, by trust lessness of the entire blockchain it is possible to achieve that the strangers can do transactions between each other safely.
- Improved traceability: because of the provenance ā every exchange is recorded on a Blockchain - it is possible to track the transactions and understand the origin of them. It could be used for audit purposes to understand what the origin and authenticity of each āproduct or serviceā etc. we receive. We can track and check every step of a supply chain, and verify our suppliers (network verification). This could be used in various industries all over the world. Also blockchain technology brings something that could be called ātransparent businesā ā with ESG ratings this could play a key role in gaining a positive rating by the companies.
- Increased efficiency and speed: no 3rd parties involved, with a blockchain networkās trust lessness there comes elimination of human errors, using blockchain-based smart contracts creates unique opportunities for companies to become much better than their competitors and be more efficient in their branch.
- Reduced cost: a lot of 3rd party processes could be substituted. Less documentation needed or documenting the processes. Verifying or auditing data becomes cheaper.
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Transparency is beneficial because it allows for all transactions to be publically seen. This allows for customers to trust the company. This also allows for public valuations of what is going on with a product or comapany.
Security because it keeps an ecrypted record of all prevoius transactions which protects the information from being manipulated.
improved traceablity by publically showing all transactions and storing them anyone can trace through where a product or money is moving
Increased efficiency and speed by haing a decretalized framework that is globally accepted, you save time and effort moving information or an item from one place to another. Also having a system that incentivies validators the validatioin is done very quick.
This reduces cost because you dont need to create a new protocal or pay fees to transfer between protocals. Also this cuts down on time.
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Transparency:
- The benefits of using blockchain are that it is an open source public ledger that allows for complete transparency. With transparency comes responsibility, meaning that all sources on the ledger must validate each others transactions.
Security:
- When using one central database, it requires trust not only in the database to accurately represent your information but as well protect it. In blockchain a network of nodes act as validators of each transaction, therefor database stores information accurately. These databases use each store different information making hacking these network close to impossible allowing for a trustless relationship.
Improved traceability:
- Blockchain improves traceability by combining transactions and accounting. Real time audits are stored in databases that cannot be undone.
Increased efficiency and speed:
- Blockchain networks are decentralized which allows for increased efficiency and speeds. Allowing peer to peer transactions where the trust lies within a blockchain network means that each party of the transaction is trusting math protocol rather than each or a third party.
Reduced cost:
- The cost of peer to peer transactions being validated on a blockchain network rather than a central database is cost efficient.
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Transparency: Blockchainās greater characteristic is that the ledger is open for public address.
Security: Each transaction is linked with the previous one and encripted.The nature of the blockchain make it impossible to be hacked.
Improved traceability: The blockchain ledger tracks from where the goods came from so it can be useful to track everything in a transaction like medical or art.
Increased efficiency and speed: Removes the middle entity or man.
Reduced cost: No need for a middle person checking transactions
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Transparency - you will be able to know exactly everything that happend previosly in blockchain
Security - there is no way to hack this system because of decentralization
Improved traceability - you can track every part of blockchain
Increased efficiency and speed - transaction donāt take time to approving your action
Reduced cost - there is no man that help you to sent money or smth
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Transparency: the entire blockchain can be downloaded to your computer and examined.
Security: the blocks cannot be changed, ever.
Improved traceability: easy to search the entire history of all transactions ever made.
Increased efficiency and speed: Network connected nodes operating in real time across the Globe.
Reduced cost: Once the network is built out, the cost is electricity and maintenence.
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Benefits of Using Blockchain
Transparency: Allows for greater accountability between parties involved as all transactions are stored on a public ledger.
Security: Blockchain is more secure on a global level as only valid transactions are approved and allowed into the network via Consensus and all transactions are tied/linked to previous transactions.
Improved Traceability: Similar to Transparency, improved traceability allows for transactional pieces to be publicly viewed meaning there is no hiding the sources for which parts of the transaction come from or go to.
Increased Efficiency and Speed: Blockchain allows for a Person-to-Person transactional model which helps to eliminate the need for not only middlemen, but also approval from outside systems as transactions are approved by the Blockchain Network itself.
Reduced Cost: Due to the elimination of middlemen, the cost associated with Blockchain technology is severely lower than its traditional centralized counterparts as it relies on fewer people (man hours) to do its work more efficiently. For example, audit departments may become extinct due to the innate ability of transactions on Blockchain technology to be audited in real time, eliminating the need for paper trails that auditors must dig through.
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Transparency: Adds a layer of accountability
Security: The information on the blockchain cant be hacked
Improved traceability: Provides an audit trail to verify data
Increased efficiency and speed: P2P transactions are fast and clean
Reduced cost: removing the cost of middlemen and peoples time
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Transparency: The transaction ledger is public which creates extra accountability by the businesses using it
Security: Once the transactions are on the blockchain they canāt be altered or reversed so there is no risk of them being tampered with
Improved traceability: The blockchain provides an audit chain for the transactions
Increased efficiency and speed: The blockchain removes the need for a middleman, transactions are P2P
Reduced cost: The elimination of middlemen and the simpler audit chain reduces fees and transaction times.
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- All transactions and exchanges are on a real time, open ledger.
- Everything is based on math and protocol, making the blockchain unable to be hacked or falsified.
3)Exchange of goods is recorded on a blockchain, leaving an audit trail.
4)Being connected to a 24/7/365 network creates instant transactions. - There are no hidden costs, chargebacks or fees. Third party charges are eliminated.
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- Transparency: All transactions are publically visible to anyone can audit the ledger
- Security: The transactions, once written in a block cannot be altered
- Improved traceability: Every transaction and itās provenance is on the blockchain and the entire history of any item can be ascertained
- Increased efficiency and speed: blockchains have multiple, hundreds, thousands of nodes running, each offering an access point into the blockchain. At least one of those will always be up.
- Reduced cost: transacting is a simple āpost message to the Internetā. No middleman, no delays, very little cost overhead.
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Transparency
The transparent nature of blockchain allows everyone in the system to see ledgers,information and transactions and holds all users accountable for its credibility. -
Security
Blockchain is extremely secure based on the following:
A group of computers on the network confirm a block that is added to the ledgerā¦these blocks create a chain using a complicated string of numbers that can not be compromised. The transactions in these blocks are encrypted and linked to preceding transactions. The entire process creates trust in the system.
3). Improved Tracability
In the blockchain all transactions are traceable creating an auditable trail of authenticity. With the ability to track the supply chainā¦blockchain can provide proof of ownership, authenticity of its products, and improved security in its transactions.
4). Blockchain reduces the need for middlemen in many processes such as payments and real estate transactions. By using a peer to peer network, digital currency and smart contracts, blockchain increases the speed and efficiency in which these actions take place.
5). Based on all the preceding information, blockchain is more cost effective due to its speed, reducing the need for middlemen, and the efficient and secure nature of a P2P network.
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- Transparency:
Every transaction on the blockchain is open to the public so it provides accountability.
- Security:
The transactions are linked together forming a chain. Once in a block part of the chain, transactions cannot be altered or corrupted.
- Improved traceability:
Every transaction leaves a trail that can be followed to the provenance. Can be applied to supply chains for manufacturing.
- Increased efficiency and speed:
By removing the middlemen in different spheres of business you can speed up a transaction by doing P2P transfers that are trustless.
- Reduced cost:
Goes in hand with increased efficiency; you remove the share of the middlemen during transactions. Saving time for a big company is worth a lot also, so having faster ways to transfer money worldwide is important for them.
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Transparency:
Blockchainās ledger contains all of the transaction that have ever conspired on it and makes it open to the public for viewing. This transparency forces its users to be honest about their history (it removes their ability to be dishonest).
Security:
Every new block added to the blockchain is encrypted and connected to the previous block. When a transaction is accepted, it is both final and immutable.
Improved traceability:
The audit trails that exists in ledgers enable anyone to trace back transactions and locate the origin of goods/money. This makes it impossible for people to commit fraud without any consequences.
Increased efficiency and speed:
Blockchain makes a lot of the middlemen in sales and transactions obsolete. Sellers will be able to engage directly with buyers (and vice versa) removing any need for mediation.
Reduced cost:
Blockchain has the potential to replace all of the normal forms of record keeping. With all of the machines that support it being decentralized, companies and individuals do not have to pay to maintain their own databases and servers. Audits will be significantly cheaper and less time consuming since all of the transaction records and public and readily available.
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- Eliminates any ambiguity or dispute. Transparency allows for zero BS collaboration
- All data is immutable, encrypted, finalized, backed by smart contracts that protect all parties. This gives confidence to all users who interact with the protocol and explore new opportunities securely.
3)Audit trails eliminate fraudulent activity, makes goods traceable to their origins, protects conscious consumers, empowers conscious businesses - Sellers and buyers interacting 24/7/365 from anywhere in the world while eliminating the middle manā¦saves everyone time and money
5)from reducing the cost of moving money (no median) to saving time for big corporations, to increased efficiency by working directly with each other. costs are saved in many ways.
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Transparency: All transactions on the blockchain are open to the public - the blockchain is a public network/ledger. Every party is held accountable because of this transparency.
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Security: Every transaction on the blockchain is encrypted and chained to the previous transaction, once a transaction is made - there is no reversing said transaction.
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Improved Traceability: Every transaction for a bundle of goods is audited and verified where the goods came from, what said goods is/are and everywhere the good(s) went in between producer and final destination ensuring the authenticity of any good(s) transaction that occurs on the blockchain.
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Increased efficiency and speed: Because the blockchain is peer-to-peer, there is no middle man involved in any transaction (or there doesnāt need to be). The blockchain is thus trustless - you do not need to trust a middleman or someone else as the blockchain is verified via consensus by the rest of the nodes in the network.
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Reduced Cost: With Blockchain-in-a-Box, companies/businesses can go on a trial run to create a proof-of-concept to confirm if blockchain is actually realistic enough for them to do before a significant overhaul of their business operations is made.
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Transparency- Blockchain transactions are always monitored and confirmed, they are also permanently attached to the previous transactionā¦
Security- A network of decentralized ledgers verify the authenticity of each transaction, and are rewarded for doing so, all the while, backed by a mathematical protocol that takes away human error.
Traceability- all transactions are recorded from both parties, and each transaction is attached to the previous.
Efficiency and speed- all transactions happen in real time, do not require a third party, and easily verifiable.
Reduced cost: No 3rd party fees or paper processes.
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Transparancy
Blockchain is a public ledger capable of traceability, efficient auditing and identifying the origin of a unique property.
Security
The finality of transactions causes a trustless transaction between parties and the immutibility of the chain as it grows becomes stronger and nearly impossible to forge because of the amount of miners that use consensus to determine the correct ledger. Miners are incentivized to keep the network secure.
Improved traceability
provides a multitude of business solutions from real time auditing, to product and ingredient tracing. It allows for governments to detect fraudulent activity. Traceability provides a trustless framework while properties constantly transact through supply chain.
Increased efficiency and speed
Cutting out a third party allows less time spent on a transaction, and compiling records is a lot simpler as a blockchain system is completely traceable.
Reduced cost
Transferring value peer to peer cuts out third parties and fees associated with a businessā otherwise expensive service. Blockchain provides an easily traceable public ledger that allows you to collect better analysis on data to make better financial decisions
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Transparency: transaction ledger is open to viewing.
Security: new transaction is encrypted and linked to previous transaction.
Improved traceability: each time a transaction happens on a ledger, it is linked to a previous transaction.
Increased efficiency and speed: removes the need for middle men.
Reduced cost: automation and eliminating middle men results in cost savings.
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Transparency: Blockchain technology is Transparant, it means that transactions from begin to end are open for everyone to check.
Security: Blocks, transactions are verified by many many computers. its based on a math protocol and can nog be changed, hacked or lost.
Improved Tracability: as a mentioned before, transactions can nog be changed and are open for everyone.
Increased efficiency and speed: No middlemen is needed to verify transactions so the transactions are P2P and very fast.
Reduced cost: No middlemen has to be payed.
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