1- Anyone, anywhere can see the exact ledger entry
2- All entries are verified before added to ledger
3- Every entry is tied to the previous entry
4- Verification of entries is simplified
5- No need for multiple verifications, or copies
In previous digital transaction ledgers, transparency was available but this transparency could lead to altering the information on the ledger, With bitcoin came transparency and immutability.
Consensus leads to encryption-- A verified transaction. Distributed network provides more security than a centralized ledger. Combined these lead to enhanced security.
Improved Traceability derives from verified transactions that are on chain and these provide data that can be searched to understand the historical data involved with that transaction.
With transparency, security, and improved traceability these lead to quicker resolution of transactions. Intermediaries are not neccessary and the efficiency is improved.
Again, the greatest gains in this technology are verified transactions and the ability to network the information without relying on third parties to process or audit these transactions; thus, this reduction of intermediaries reduces the over all costs associated with doing business.
- Open ledger
- Decentralized
- All data remains on the blockchain
- 24/7/365
- Optimization
Transparency
Through the use of blockchain technology transactions are more transparent. Blockchain is a type of distributed ledger. Each person shares the same documentation and the only way the version can be updated is by consensus everyone agreeing
Enhanced Security
Information is secured across a network of computers, which makes it difficult for hackers to compromise the transaction data. Transactions must be agreed upon before they are recorded. Every transaction is encrypted, approved and linked to the previous transaction. Information is stored across a network of computers instead of a single server, this makes it extremely difficult to hack or compromise the transaction data. This prevents fraud and unauthorized activity.
Improved traceability
When exchanges of goods are recorded on a blockchain you end up with an audit trail, showing where as asset cam e from and every stop it made on its journey. This prevents fraud and helps verify the authenticity of assets.
Increased efficiency and speed.
Traditional paper based processes are time consuming and prone to human error. Blockchain cuts out intermediaries, eliminates, automates and streamlines processes. Record keeping using a single digital ledger is shared amongst participants, ie everyone gets the same information therefor easier to trust each other. Less paperwork much more efficient.
Reduced Costs
With blockchain you do not need as many third parties. You only have to trust the data instead of your trading partner. Everyone will have permissioned access to a single, immutable version-saving time and money.
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Transparency- Immutable record that can be seen as the same to all who recall the data. Nearly impossible to change even a tiny fraction of blockchain information.
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Security- No single server. Thousands of computers/minors running nodes that share the same information. would take a 51% attack to alter the network data, which would be very expensive and requires the support from other major mining parties.
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Improved traceability- From star to finish, the blockchain can keep a trail of records going back to the origins of a finished product. Immutable records!! Assuming that the information put on the blockchain was honest to begin with.
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Increased efficiency and speed- No banks or financial parties are needed. peer to peer business can both be seen and obtain the same information. Faster than checks, sending money internationally, of physically going to a bank obtaining permission to wire money.
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Reduced Costs- Beneficial for merchants who pay large credit card companies large fees to transact using customer cards. Senders of international money through swift can cost an even higher fee for one time payments. Cheeper middleman fees if you count the blockchain minors as middlemen.
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1.Transparency:
Transactions should become more transparent because the blockchain is decentralised. Documentation is stored on different ledgers, instead of being central on one server/computer
To change the document there need to be consensus which is a kind of verification every single node has top validate the change. If there are any changes made this will be visible/traceable and written to the chain. And thus people can look up the document and all the edited editions which make it more transparent. Besides you can only add data not remove any
2.Security:
There needs to be consensus, people are incentives top play by the rules and information is stored on a network of computers instead of on a single server.
3.Improved traceability:
Because it can be audited: Blockchain can make the accounted layer and transaction layer at the same time. And since you can not remove only add to the blockchain we can traceback transactions/information to it origins in order to verify the authenticity/identity and prevent fraud.
4.Increased efficiency and speed:
Transactions can be completed faster and more efficiently
5.Reduced cost:
Can be a key factor in reducing stock waste, improving efficiency, and enabling companies to have better control over their supply chain management. Smart contracts
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Explain with your own words, why these are the benefits of using a blockchain.
- Transparency: Everyone must agree on the transaction. It can be seen by everyone that has permission to view the transaction.
- Security: It is pretty much hack prove because it is on several computer networks instead of one and each transaction must be approved before it goes through. And it can prevent fraud.
- Improved traceability: There is an audit trail from the beginning of the product (origin) to the end. So you can always go back and see if the label on the product is true with what is reported.
- Increased efficiency and speed: The blockchain removes the paperwork and chance of errors so makes the speed of the transaction much faster. Thus creates a trustless transaction.
- Reduced cost: Removes all the middlemen and the cost of the paperwork where mistakes can happen creating more cost to a business and the product.
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Transparency - In an open ledger, everyone can see what the government is doing. Where they are spending money, and who they are giving it to. This creates full accountability for their actions and when they are open to public scrutiny, they will be more careful about how they spend money.
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Security - When thousands of computers around the world have access to the same blockchain, it can not be hacked and information can not be changed. Any small change would require a consensus of all the validators, which is almost impossible.
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Improved traceability - All money transactions can be traced from the source to all the other parties that received the money, in circulation. This allows full auditing of all financial activities.
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Increased efficiency and speed - The entire blockchain and public ledger are available to anyone, anytime, anywhere. There is no need for a middleman to access this data so anyone can look at everything on-demand. Also, any transactions are processed instantly and immediately stored on an immutable ledger for a very small cost.
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Reduced cost - There is no need for a middleman to process transactions and store data, so the cost for every individual user of the blockchain is negligible.
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These are the major benefits of using blockchain technology -
Transparency: This is a key component because of the shared ledger thatâs accessible by everyone who is participating. The same one is simultaneously shared and viewed by the allowed participants on the network and therefore very transparent with transactions and updates through consensus.
Security: Because of extensive computers being used to support the network and not one single-point of access (attack) the technology is extremely difficult to hack, making it exponentially harder to commit fraud and other unwanted or unauthorized activity. Very shielded by encryption.
Improved traceability: There is a transparent record of all exchanged goods and transactions, allowing you to verify trustlessly. It leaves a âtrailing auditâ.
Increased efficiency and speed: Because of this verification process, all actions are quicker⌠bypassing the need for middlemen, other forms of verification, and also eliminating the usual human error that goes into manually storing and calculating data. It is more efficient.
Reduced cost: Everyone has access, and possibly ownership, to their own actions and transactions, holding everyone accountable through eliminating a third party or middleman to trust.
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Explain with your own words, why these are the benefits of using a blockchain.
Transparency: Having a shared history parties are able to look at all transactions on the Blockchain. Transactions are made by consensus, where all parties agree on them.
Security: The transactions are encrypted on the blockchain & stored on many different computers, making it difficult to hack.
Improved traceability: All data is stored on the blockchain. This makes it easier to track the history on it.
Increased efficiency and speed: Using blockchain eliminates the need for multiple parties doing the book keeping. All transactions are recorded on the blockchain, so the parties involved can see the same information.
Reduced cost: There does not need to be many parties involved to guarantee the information. This also reduces the amount of paperwork & time to verify the data.
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Transparency: transactions are public.
Security: transactions canât be modified by a single actor.
Improved traceability: movement of a bussiness can be tracked back.
Increase efficiency and speed: a blockchain network keeps it self updated at all times.
Reduced cost: when there is less overhead and maintenance necessary, costs go down.
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Transparency:
All parties can see which transaction were recorded on the blockchain. There is no central database or authority holding the keys to the castle and telling who can enter and when to view the data. Anytime, anywhere by anybody audits can take place. Leading to greater transparency. -
Security:
Due to cryptographic hashfunctions (math), proof of work (protocols), and a vast amount of computers (nodes) having a permanent record of the blockchain with all transactions leads to greater security. -
Improved traceability:
Transactions need to be verified before they are recorded onto the blockchain. Historic data can be accessed because the blockchain never closes down and is available every second of every day. -
Increased efficiency and speed:
There is no need to be physically present in order for a party to perform an audit. It is only necessary to have access to the blockchain in order to view in realtime which block have been made. Blockchain works with speeds greater than traditional methods. Every 10 minutes a new block is added to the digital ledger. -
Reduced cost:
It is much more cost efficient for all parties involved to have their data decentralized but available at all times. There is no need for a central database.
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The Benefits of Blockchain Technology:
Blockchain records every transaction making it available to all parties concerned, all the time, which allows for transparency. The record of transactions is verified through consensus via a network of global computers. Trust in the digital ledger creates an environment safe and secure from fraud or human error, and due to the math protocol which cannot be broken, hacked or corrupted this creates enhanced security for users on the blockchain. Data input on the blockchain creates a history and provides provenance. All items can be tracked and verified without alteration allowing for improved traceability. Where checkpoints are necessary in a centralized environment, the removal of multiple intermediaries, chokepoints, multiple data entries and human verification of data input on decentralized databases achieves increased efficiency and speed along with reduced costs on the blockchain.
Note to self: Use blockchain everywhere possible!
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1 with blockchain all transactions , and information are available and everyone on the chain has to agree ( consensus ) nothing can be added changed or taken away without total agreement thus leading to complete transparency
2 Everything that is added to the blockchain must first be agreed and approved then the information is encrypted and is immutable so much less chance of being hacked , ideal for financial , medical and sensitive data to be recorded
3 Everything about a product , financial transaction etc can be traced from origin as it is all logged on the blockchain with full census , even complex supply chains of a product can be checked which excludes fraud and mis-information . All financial transactions are traceable as all info is in front of you ,
4| There is no need to double check any info , no need for lots of paperwork which can be very time consuming and man power heavy and no clutter . all info is on one ledger . The system works so much more efficiently with no checking and transactions much quicker .
5 Blockchain is financially effective as it reduces man power as everything is on one ledger and erases the need for checking by many staff
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1 Blockchain is distributed ledger,there is no individual copies,everything is shared and can only be agreed by everyone trough consensus.
2 Recorded,encrypted and decentralized.You donât need to trust third party since everything goes trough consensus.
3 Goods are recorded on a Blockchain,a system that traces every transactions.
4 Everyone has access to the same data the ledger ,same information and it is easier to trust each other.
5 No middleman,less time for transaction,more trust between seller and Bayer.
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Transparency: Is where all network participants share the same documentation as opposed to individual copies allowing greater transparency.
Security: Transactions must be agreed upon before they are recorded. After a transaction is approved, it is encrypted and linked to the previous transaction. This, along with the fact that information is stored across a network of computers instead of on a single server, makes it very difficult for hackers to compromise the transaction data. Because of this, all transactions are better secured than the old record keeping systems.
Improved traceability: Is when exchanges of goods are recorded on a blockchain, you end up with an audit trail that shows where an asset came from and every stop it made on its journey. This historical transaction data can help to verify the authenticity of assets and prevent fraud.
Increased efficiency and speed: By streamlining and automating these processes with blockchain, transactions can be completed faster and more efficiently.
Reduced cost: Is because with blockchain, you donât need as many third parties or middlemen to make guarantees because it doesnât matter if you can trust your trading partner.
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Transparency: Through the ledger protocol, all parties must agree to the inputted data before it is entered into the ledger at which point the data input becomes consistent and readable from a common ledger infrastructure which is open for anyone to examine or audit.
Security: Through consensus software rules, multiple systems ensure that all data is verified as being accurate, rather than via a central entity. After which the data will be input and become trusted. The data is encrypted and added to the blockchain in sequence with the previous valid transaction. This greatly reduces the likelihood of data manipulation or corruption due to a hack or other, of a centrally managed system.
Improved traceability: We can ensure that data entered into the blockchain provides provenance through immutable data entry and natively providing an audit trail of exactly how a product went from all steps of production to the shelf.
Increased efficiency and speed: By moving from traditional paper based processes which are prone to human error to a blockchain shared infrastructure, we speed up the time it takes to source the required information as we donât hold distributed databases of such information.
Reduced cost: By using blockchain technology we can automate many processes and in turn reduce cost. We also reduce massive costs through the potential of provenance by reducing the possibility of counterfeit goods in the market translating to overall cost savings.
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Transparency:
All participants have an identical copy of the ledger. Since these ledgers are mathematically verified to be correct in order to add a new transaction to the ledger all the distributed ledgers have to be the same (or the math does not work). This means that any participant has complete knowledge of all previous transactions which enables enhanced transparency.
Security:
All transactions have to be verified and a consensus has to be reached before they are committed to the ledger. This means an attacker who wants to record invalid transactions would need to compromise a very large proportion of the nodes. Since all transactions are linked to previous transactions mathematically it is near impossible to add an invalid transaction without an enormous effort to somehow invalid previous blocks and replace them with new and altered ones.
Improved traceability:
Since transactions are linked to previous transactions the provenance of an asset can be audited back to its creation thereby providing traceability.
Increased efficiency and speed:
Compared to paper based accounting the digitization of information is a well known efficiency. The main advantage is in the reduction or elimination of the need for accurate auditing since all the distributed ledgers are identical removing potential data entry errors. Since transactions are immutable the need to verify the trust worthiness of the other party is also eliminated.
Reduced cost:
The reduced cost comes from the above increased efficiency and the reduction in the need for third parties to act with escrow or a dispute resolver.
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- Transparency: All participants in the network share the same information (ledger) instead of their own copy. Information can only be added to the network through consensus (that everyone agrees).
- Security: Instead of having the network on a server that can be hacked. All information is stored on a ledger that exists on every computer on the network.
- Improved traceability: In a normal supply chain it is very hard to trace an item back to its origin. In a blockchain you can follow the item through an audit lane that everyone can access.
- Increased efficiency and speed: Transactions become faster and processes more efficient when everyone shares the same digital ledger.
- Reduced cost: With blockchain you can cut expensive middlemen you normally have to trust and instead trust the data on the blockchain. Expensive processes can also be decreased when everyone can access the same information that is immutable.
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Well lol Honestly they speak for themselves right there in the question, transparency leads to improved traceability which leads to increased efficiency and speed when it comes to verification of a certain transaction, this is streamlining our financial system which reduces overall costs that go to waste on third party central authorities. All of these things are only beneficial to us as a whole
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