- Transparency: All information on the public ledger consists of all history data in the network. All data is free to see by anybody any time.
- Security: Security is guaranteed by math proven protocol decentralized network and cryptographically connected datablocks.
- Improved traceability: Traceability of data source is proven by digital footprint with timestamp.
- Increased efficiency and speed: Due to decentralized structure of the network middlemans are not needed. Direct connection between related parties.
- Reduced cost: Cost of sending digital currency on the blockchain could be much more lower than by traditional bank, but still limited number of transaction per second on the blockchain may dramatically increase fee.
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Transparency. Transactions are visible for all parts involved in a given product or service.
Security. Blockchain provides a unique code that cannot be changed or deleted.
Improved traceability. Codes cannot be deleted or changed and can be traced further back in the supply chain.
Increased efficiency and speed. The exchange or transaction can take place directly between two parties - without an intermediater.
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Transparency: data ledgers are publicly available which adds accountability, since the data or the transactions between parties can be reviewed by everyone involved. All transactions in blockchain are transparent.
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Security: all new transactions in blockchain are linked to the previous ones, immutable and encrypted, which makes cheating basically impossible. Also, decentralization of data enables trustlessness through the idea of consensus.
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Improved traceability: in addition to transferred goods, for example currency, blockchain ledger data also includes information of the trail that currency have been moving in blockchain. So specific data can be tracked afterwards.
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Increased efficiency and speed: Blockchain is p2p technology, so it removes a need of a third party from the transaction. The only verification needed, for example that you really have the funds that you are transferring, come from within the blockchain.
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Reduced cost: The better the efficiency, the better the result compared to the amount of work. So, efficiency means reduced cost. Blockchain can be utilized for example in daily tasks like tracking supply chain or helping accounting.
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The Benefits of Blockchain
1)Transparency: Transparency is a benefit because businesses and customers alike are able to view each transaction. This will benefit everyone because it adds a layer of trustlessness.
2)Security: Blockchain adds better security because of the fact that it is immutable. Once a transaction is made, there is no going back and changing it. This makes each and every transaction finalized with validity and proof of work.
3)Improved traceability: Improved traceability is an absolute benefit when it comes to using blockchain. This is because of real time auditing. Each time a transaction is made it is leaves a trail which a business or customer can go back and verify that what they are getting is legit.
4)Increased efficiency and speed: Blockchain allows increased efficiency and speed because it operates 24/7/365. There are no middlemen, like banks, that have to approve/disapprove a transaction.
5)Reduced cost: Blockchain reduces costs because it takes out the banks or other third parties that have to verify transactions. These third parties charge fees and also take up time. With blockchain you are using a trustlessness technology that can benefit everyone.
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Transparency: All data/transactions are recorded in the public ledger and there for you verify. No need to rely on a third party to confirm the information.
Security: Itâs an immutable network that connects us to a common standard, with a protocol that cannot simply erase.
Improved traceability: Every information can be tracked to itâs source, providing to the network the benefit of the digital provenance.
Increased efficiency and speed: No third party validators and as mentioned above, the network is connected to only one standard, available 24/7
Reduced costs: Thereâs no need for a middleman, all the parties involved can access the same data.
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Transparency:
The blockchain is an open database that holds a history of all transactions that can be reviewed by anyone.
Security:
Each block is encrypted and linked to the previous block which makes it immutable and incorruptible
Improved traceability:
By holding a history it ensures an audit trail which verifies the authenticity of all transactions
Increased efficiency and speed:
It eliminates the need for middlemen, even with cross border transactions.
Reduced cost:
By creating more efficient transactions without the need for middlemen
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Transparency: everyone can see the ledger so everyone has to act honestly.
Security: The blockchain cannot be altered once it is recorded. Transactions are final.
Traceability: Businesses can check on their suppliers and their sources to ensure that products meet standards. Customers can see what they are buying from its sources.
Increased efficiency and speed: Especially in financial transactions. No need to wait for middlemen to process transactions. P2P cross border transactions are possible.
Reduced cost: This comes with greater efficiency. Eliminate middle men and charges going from one system to another.
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Explain with your own words, why these are the benefits of using a blockchain.
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Transparency: increased visibility into the âgoings onsâ of historically closed systems, is definitely a benefit achieved by blockchain. We know transparency is preferred by all, because govts and multi-national corps are always promising more of it, but never deliver.
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Security: Transparency by default increases security. We all correct our behavior when we know we are being watched. The finality and immutability inherent in blockchain creates a trustless network that also enhances security
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Improved traceability: Every transaction entered into the blockchain ledger has its entire history available for review, achieving unparalleled traceability.
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Increased efficiency and speed: Provenance by way of consensus, due to the transparency and security generated, creates a network that handles both the transaction and accounting/auditing of said transaction simultaneously. Along with blockchain being the most available network ever created, thanks to the balance created by mining results in unparalleled efficiency and speed.
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Reduced cost: With transaction processing and the accounting/auditing of said transactions taking place in one fell swoop, this eliminates the need for third party auditors and accountants; as well as earmarking funds for expected fraud losses.
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By being public database, it allows to make great visibility of transactions what have been done and by doing transaction we are able to have âreportingâ same time.
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All the information is being encrypted and stored into block which later are added to chain and validated by other parties. Security check is done by network, where miners are getting reward for making these checks. One there are enough resource, reward drops, when resource demand is growing, reward gets bigger. You can add information to chain, but not modify it.
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Each transaction can be traced, what gives opportunity to be sure of product origin and authenticity.
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With p2p transactions itâs much more faster and efficient compared to having one or more middlemanâs for exchange. With better integration it requires much less resource to complete transaction between parties.
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It pretty much aligns with previous point, by having less involved parties, we get less involved cost which brings to efficient solutions for transactions.
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- Transparency: The blockchain is a Public Ledger which is built to be transparent which prevents corruption.
- Security: Financial transactions and sensitive data requires the highest level of security that is provided through the blockchainâs decentralized network.
- Improved traceability: The Public Ledger design allows for Automated or Manual Auditing which allows for trustless transactions.
- Increased efficiency and speed: In order for Bitcoin to be adopted and used as a peer-to-peer digital currency, it had to be designed to facilitate fast, trustless transactions.
- Reduced cost: By using a decentralized network of nodes, the blockchain does not require any 3rd party intermediaries which drastically reduces costs.
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Transparency: Anyone can look into the blockchain window and get down to a specific event. This helps business better conduct themselves which, trust me, we all need, especially in banking and govât. Jesâ sayinâ.
Security: What he said. Haha! I mean, the fact the chain is spread out to other computers means transaction integrity is better achieved. One 'pooter might get hacked but then all would have to be in order to change or eradicate something already etched in stone and verified through consensus.
Improved traceability: My guess is since each transaction is timestamped, spread out over multiple computing devices, any given particle can be traced from point of origin, steps in between to full stop end.
Increased efficiency and speed: Blockchain obviously circumvents the need for mounds of paper trails to get to the same end in following a given blockchain route. Hate to say it but this could be job-loss intensive but for biznezz, yeah, man. Efficiency, delivery, quality, integrity are greatly enhanced by the olâ chain.
Reduced costs: See âincreased efficiency and speedâ above.
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Explain with your own words, why these are the benefits of using a blockchain.
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Transparency: The transaction ledger is open to viewing which adds accountability making business sectors act with integrity toward the community and customers.
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Security: More secure because each transaction is encrypted and linked to a previous transaction. The blockchain is formed by a network of computers which come together to form a block. The block is added to the ledger to form a chain through a complex string of mathematical numbers that are impossible to alter once it is formed. The immutable nature of blockchain prevents hacks and falsified information. As the blockchain is decentralized, it allows parties to be trustless as consensus must be reached by all nodes that the transaction is correct.
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Improved traceability: Each time an exchange of assets are recorded, an audit trail is present to trace the exchange. This helps verify the authenticity of the traded assets.
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Increased efficiency and speed: The blockchain removes the need of middlemen in fields such as payment and real estate. If a mortage broker or real estate lawyer is eliminated not only are you eliminating cost thereby improving efficiency, but time thereby increasing speed.
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Reduced cost: By removing middlemen cost is improved. Examples are provided in the answer for question 4. Another example would be the elimination of banking services. If a party wanted to sell to another party in a foreign country, a letter of credit might be employed. In a letter of credit a bank guarantees that a buyerâs payment to a seller will be received on time at the correct amount. In the event the buyer does not make the payment, the bank is liable for the amount not paid. Through the use of a smart contract, two parties can transact in a trustless environment whereby the bank is not required.
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Transparency = public record easily observable by all
Security = Consensus prior to placing on the blockchain - agreement of node/miners means no mistakes but it also means nobody can change the record.
Traceability - we can look at the records and trace the transactions/audit transactions any time
Less steps to record and audit transactions = efficiency and speed
Reduced costs because the algorithm is doing the work and storing the data - no people are required to keep records etc.
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- transparency= its a public ledger. Everyone can see the entries
- Security = through consensus all computers in the network agree before an entry is made. Once info is confirmed it can not be removed or changed.
- Improved Traceability = ability to backtrack items back through the block chain in a kind of "chain of custody
To verify info back through the manufacturing process
(Or whatever process your tracing) - Increased speed and efficiency.
Accurate records held on a public ledger means less middle men involved. - Reduced cost= again less hands in the pie equals reduced cost which goes hand in hand with higher efficiency.
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- Transparency means everyone can view every operation in the network. This fact incetivizes people act with integrity
- Blockchain has incorruptible nature. Because of that it is impossible to be hacked of falcificate.
- Every step is accurately written down on blockchain. It is easy enough to trace every counterparties relationship history using blockchain only.
- It is more efficient because we remove middleman. Less counterparties higher efficency and speed
- I guess we have less costs because we have less middlemen to be paid.
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- Transparency:
With blockchain, all transactions on the public ledger is open for viewing, also providing increased accountability. - Security:
Transactions are encrypted and linked to previous transactions via mathematical algorithms, ensuring transactions cannot be altered. - Improved traceability:
Because the latest transactions are always linked to previous transactions, hence forming the blockchain, there will always be an audit trail of the transactions that cannot be changed. - Increased efficiency and speed:
There are no âmiddle menâ to slow down the process, neither integration of difference systems, nor timezone delays etc. - Reduced cost:
The use of third parties and complex historical systems are expensive. Once eliminated, transactions become much more cost effective.
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Transparency: This allows a level of accountability since the ledger is open for the public to view.
Security: Decentralized, trustless, and impossible to falsify or hack
Improved traceability: Can be used to track items in a supply chain or real time auditing to prevent fraud
Increased efficiency and speed: Gets rid of the middlemen process and border limitations. Also can be automated with smart contracts.
Reduced cost: Eliminates costs from having middlemen and cross border fees.
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The benefits of blockchain are explained by its unique properties as a trustless, decentralized network of information.
It is transparent, in that all transactions (with their associated public keys) are visible on every node of the blockchain. It is this feature of blockchain which allows for the improved traceability of the network compared with trusted, centralized networks. This allows for validation of provenance and instant audits of the information contained on the blockchain.
Being a distributed ledger which relies on proof of work by miners ensures the security of the system. The Blockchain protocol is built around incentivizing miners to validate every additional block of data on the blockchain, as the system is distributed among many nodes, the coordination of bad actors seeking to compromise the information on the blockchain becomes virtually impossible.
Finally, because of the above features, the Blockchain can remove many of the steps involved in validating transactions. This translates to increased speed and efficiency when transacting on the blockchain; for example, if the title to an asset or property was secured on a blockchain there would be no need to pass through the normal due diligence process when selling the asset. In addition, if the payment was made in bitcoin the transaction time for a bank transfer would be reduced from days to minutes.
If our example was an international transaction, the costs associated with this transaction in terms of foreign exchange transfers, hiring of legal teams in different countries and travel to complete the transaction would balloon.
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Transparency: The ledger is available to the public, leaving no choices for businesses but to be accountable.
Security: The complexity of how blockchain is created makes it impossible to corrupt transactions or the ledger itself.
Improved traceability: It helps prove the authenticity of whatever is being traded within a supply line.
Efficiency and speed: Allows for faster transactions between individuals and businesses with borderless crypto currency. No need for brokers or agent with smart contracts.
Reduced cost: No need to international transfer fees. No need to pay middlemen in multiple businesses. Cheaper auditing process.
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Transparency: A distributed ledger by design enables transparency because transaction records are visible and can be checked anytime on block explorer.
Security: New blocks on the the chain are transactions that are only recorded after cryptographic verification and consensus has occured, also being decentralised, it is difficult to modify.
Improved traceability: The immutability of transactions on the blockchain as a distributed ledger enables one to check the history of all transactions right up to origin block zero.
Increased efficiency and speed: Traditional processes that involve paper or even Web 2.0 still involve additional layers of processing between multiple people, systems and databases. The blockchain is a shared single ledger that provides a consistent reference across all participants in the process, there is no need to have additional reprocessing.
Reduced cost: A shared single ledger enables trustless and efficient processing, therefore reducing costs because we can skip middlemen.
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