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Records of transactions are accessible to the public, making business and governments have to be honest.
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Transactions are encrypted and linked to the previous transaction while being trustles.
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All transactions are traceable which will help ensure security and authenticity.
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Blockchain would allow us to remove the majority of intermediates in financial markets while also making it possible to do cross-border P2P transfers in a an efficient manner.
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The removal of intermediates can make it cheaper to transact or execute a smart contract.
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The blockchain is an open ledger, everything can be verified on it
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Blockchain is more secured than a normal system because every new transaction is encrypted and linked to previous one. Also because of immutability, the datas cant be altered. once data is written, it cant be removed.
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In the block chain, every transaction is public, can be verified and audited. With provenance, you can track things like supply chain products, its remove the need of trust. Dont trust verify!
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The blockchain allow the peer-to-peer transactions borderless 24/7 , 365 days a year. Realy faster than swift system(actual banking system) if you want to send money out of country.
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It reduce cost because we dont need these middle men anymore .
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Transparency is important to make sure the different parties are accountable
Security is important to make sure the data is authentic. This is also important for transparency.
Improved traceability is important to insure the integrity of the system so that no trust need be extended.
Increased efficiency and speed is a result because the need for middlemen is eliminated.
Reduced cost results from eliminating the middleman.
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Explain with your own words, why these are the benefits of using a blockchain.
Transparency: the quality of being public, open, and verifiable allow businesses to have greater accountability across all aspects of commerce.
Security: by its immutable nature achieved through encryption and mathematic fundamentals, blockchain can provider a trustless system for different parties (strangers) to safely transact/interact.
Improved traceability: real time auditing can protect businesses from fraud/corruption.
Increased efficiency and speed: digital assets using blockchain can create faster person-to-person transfers across borders with greater ease by essentially eliminating the âbloated middlemanâ from the equation.
Reduced cost: by reducing the overall reliance on traditional financial institutions that tack on countless fees for their centralized services onto any given transaction, costs are reduced across the board (allowing greater access to more people).
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1- the transaction ledger that this technology has is a powerful feature that allows public to openly view it
2- blockchain are secure because transactions are encrypted forever and the new transactions are linked to the previous ones thus stored across all network
3- the blockchain ledger enables goods to be traced like never before
4-Unlike the traditional services, because there are no middlemen, this makes the process more efficient
5- Again because there are no middlemen, the cost is reduced as there can be no corruption no fraud no altered or false information etc
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Transparency is a benefit of the blockchain because all transactions are recorded and able to be viewed.
Security is a benefit because all data is not stored in one place and controlled by one group or entity.
Improved Traceability is a benefit because transactions are final and immutable therefore they can always be traced and verified.
Increased efficiency and speed because in some instances the middle man or party can be cut out. For example in an audit. The auditing company is not needed because all transactions can be verified on the blockchain.
The reduced cost can be taken from the answer above. Without having to hire auditing personnel. The cost can be cut drastically.
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- Transparency:
Every transaction is written on the blockchain making it transparent, verifiable and easy to view.
- Security:
It is impossible to change any data on the blockchain each computer in the network having its own copy of the blockchain, and with all computers on the network having to reach consensus and being incentivised to always tell the truth it also makes it impossible for false data to be stored on the blockchain.
- Improved traceability:
You can see all the steps a product has taken from beginning to end on the blockchain and also prove ownership in the case of things like art.
- Increased efficiency and speed:
Fast and easy to use as there are no middlemen involved and transactions are verified fast (unless you are using the ETH network atm and want lower gas feesâŚ)
- Reduced cost:
No middlemen or central authority to deal with which allows for reduced cost and better speed (except again with the ETH network currently lolâŚ)
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Why these are the benefits of using a blockchain.
Transparency:
allows all parties a trustless environment, improves accountability and improves standards of transactions
Security: transactions have high level of security because they are encripted and immutable, and all transactions are linked together and held on multiple nodes, there are no middle people which could cause error, and parties can verify everything creating a trustless environment
Improved traceability: Real time auditing can be preformed at any time by anyone, the accounting is built into the transaction framework of the blockchain permanently which means ownership is also verifiable
Increased efficiency and speed: being available at all times and on multiple nodes (global network) means that the speed and efficiency is increased dramatically compared to relying on a central authority to be available to verify and complete transactions, no middlemen also increases speed to transactions
Reduced cost: The eliminating of middle men, and the needing of additional resources to produce the same environment of increased security, transparency, availability and accountability.
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Transparency: because everybody can look in it, it brings honesty in area where itâs used
Security: it is decentralized and when once the information is added it cannot be removed. The history of all transactions are still inside from origin up to last change.
Improved traceability: with blockchain can be verified authenticity and origin of product, we donât believe in it, it is based on facts
Increased efficiency and speed: transaction are immedite and across the globe, no stops from middleman
Reduced cost:
It is P2P and it saves money
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Transparency: Blockchain allow anyone to view each transaction taken place in the blockchain. Once the transaction executed, it not able to make changes and delete. Excellent for auditing.
Security: Every transaction is encrypted and recorded into every node. It is not able to be amend or delete. No human taking control, hence, is trustless. Only protocol and mathematic.
Improved traceability: Every transaction is recorded and cannot be amend or delete. It can be trace to the initial record where it was created in the first place. This avoid human error and is great for auditing as no one can manipulate the record.
Increased efficiency and speed: Every transaction is recorded into every node and each node is link to another another node and form a global high availability infrastructure. If one node is down, another node able to take its place. The whole blockchain is operate 24/7 and 365 days per year. No sleeping.
Reduced cost: Blockchain is a database. It record every transaction taken place. The cost is much cheaper than getting those 3rd party database vendor and service provider. Now, blockchain even has BaaS which company able to use this service and not disrupt the existing infra. Once they are ready, they can then fully convert into Blockchain.
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Transparency: Because everyone has the same copy of the blockchain, everyone connected to it can verify its validity
Security: Because itâs decentralised and impossible to to change or alter any changes, there is no need to set trust to a single corporation or person.
Improved traceability: Again, as eveyone has the same copy of the blockchain and itâs impossible to change any previous alterations, you can always go back in the chain and trace every saved and safely stored transaction, for example.
Increased efficiency and speed: There is no need to personally audit or verify because of the built-in mechanism that blockchain provides.
Reduced cost: Removes the middle man.
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Transparency:
In Blockchain, each transaction is verified before it can be added to a ledger. When it gets added to a ledger it becomes available for everyone to see publicly, so there is greater transparency. -
Security:
Once transactions are verified, it is encrypted and linked to the previous transaction and stored in the entire network. To change a record is impossible. Immutable nature and traceability ensure transactions are more secure. This can prevent hacking or fraud. -
Improved traceability:
On the blockchain, it can verify the authenticity of the traded goods. All transactions are recorded so there is a track record that can trace a product from origin to destination. -
Increased efficiency and speed:
All computers are using the same ledger, it doesnât need intermediaries and easy to transfer data making it efficient. -
Reduced cost:
There is no need for third parties for verification which reduces costs.
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Transparency:
Open to public so anyone can see data integrity.
Increased efficiency and speed:
Due to its 24/7/365 availability transactions are made in real time
and this also eliminates the interaction of third party vendors/apps.
Security:
The encryption layer makes the system robust and secure.
It also minimises vulnerabilities and data breaches.
Improved traceability:
Audit trail helps to verify the transaction authenticity and ownership.
Reduced cost:
This would be very beneficial for business to reduce expenses and work towards more profitability
if data is verified and audited this would reduce the need for external parties.
It also reduces the need to double check processes or manual tasks.
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Transparency: once a transaction is completed and verified it goes into the blockchain where it stays and where it can be viewed by anyone ensuring everyone who transacts is accountable.
Security: through a distributed, decentralized network that enables to trust less via unchangeable transactions which can be checked by everybody.
Improved traceability: the origin of any transaction can be followed and checked by anyone.
Increased efficiency and speed: blockchain is up all the time and cuts out the middleman in many industries by that improving the whole process
Reduced cost: the need for paying middlemen who all want their share becomes unnecessary.
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It eliminates the possibility of adding transactions that are not true, and also will require that everyone has best business practices because we are not going to be able to undiscolse information.
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Information cannot be deleted, modified or replaced giving it a sense of security.
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All transactions are traceable therefore I cannot come up with sums of money I do not have for example.
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Auditing can be done basically in real time.
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Since transactions do not depend on 3rd parties moving funds can be very accsesible for everyone.
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- Transparency: The transaction ledger for public addresses in Blockchain technology is open and available for viewing. This means all these transactions can be verified by anyone looking to verify them. This is an unprecedented level of transparency and thus any party using the blockchain can/will be held accountable to very high standards.
- Security: Each new transaction entering the blockchain is verified/confirmed by a group of nodes (computers) reaching consensus. This ensures the accuracy and security of the transactions and the entire ledger in general. Suspicious activity can be rejected and will never enter any âblockâ that enters the ledger.
- Improved traceability: When a transaction enters a block and confirmed, the details (publicly available details) can easily be confirmed and traced. This leaves an audit trail for all transactions entering the blockchain and reduces chances of fraud. The immutability of data in the blockchain also ensures past records cannot be modified or altered further enhancing the ability to trust the trail left by each transaction.
- Increased efficiency and speed: Transactions can take place between peers directly without the need of a middlemen or bottlenecks in processes. This dramatically increases efficiency and speed since organizations like clearing houses, banks, brokers are not involved and thus not required to perform additional steps which require time.
- Reduced cost: Not requiring middle-men to verify/audit transactions and clear them to proceed reduces the costs associated with salaries and/or maintenance of such people/organizations/infrastructure since they donât have to be paid.
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1. Transparency:
Decentralization and trustless brings
transparency to the blockchain.
2. Security:
Each new transaction is encrypted and linked to the previous transaction. In such a way blocks are added to the ledger, forming the chain. And this is accomplished on a decentralized network of computers. That way blockchain is secure at its core.
3. Improved traceability:
An auditable trail is tracing where the goods came from.
This prevents fraud by verifying the authenticity of the transactions and assets.
4. Increased efficiency and speed:
Blockchain removes the need for middlemen: auditors, banks, ⌠And transactions are in real-time. It is especially faster for over-the-border transactions.
5. Reduced cost:
Not just with speed and removing the middle man. Also by the more efficient system with unified ownership records and smart contracts, blockchain is reducing the cost.
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Why these are the benefits of using a blockchain.
Transparency:
Blockchain transparency provides efficiency (no middle man or authority required to review transactions) and negates the need for trust. It also enhances interoperability.
Security:
As the blockchain is immutable and is consensus-written, it is much more secure than traditional centralized databases.
Improved traceability:
The blockchain is an immutable ledger of consensus-written transactions. This traceability is critical to support Provenance and verification needs. As there is no middle man or central authority and all transactions are publicly viewable, traceability is greatly enhanced over traditional solutions.
Increased efficiency and speed:
The need for a central authority and extra steps required by trust-based centralized systems is eliminated by the blockchain design. As a global standard it also reduces the amount of systems and protocols required, further increasing transaction efficiency and speed.
Reduced cost:
Eliminating middle men, using a single standardized system, and reducing the need for external checks and trust makes blockchain a cheaper solution that traditional centralized databases.
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- Transparency:
Even though the blockchain is encrypted, anyone can check it, as it is available for everybody. I think you can even download it from internet.
- Security:
After being released, the block cant be modified anymore. Furthermore, there has to exist a consensus between all members of the network to approve a block, which means it´s very hard to cheat the system.
- Improved traceability:
If you go backwards through the blocks, you can see all the processes made, so the traceability is really easy to follow
- Increased efficiency and speed:
Without the need of intermediaries to verify/audit the operations, and with the help of internet, every process can run immediate; immediate data transactions, assets, etc.
- Reduced cost:
As all the network Works together ( the work to be done is divided in many users, so Little work for everybody) and the need for external verifiers/intermediaries dissapear, that reduces the cost of all operations.
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Transparency: Anybody can see the transactions registered on the ledger
Security: Impossible to change the record once it is validated. Encrypted transactions.
Improved traceability: For example in supply chain case, it helps to trace the components where they come from.
Increased efficiency and speed: There are no intermediary layers. Faster transactions.
Reduced cost: No middlemen leads to reduced cost.
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