Explain with your own words, why these are the benefits of using a blockchain.
1.Transparency:
all transactions are visible
2.Security:
blocks cant be reversed
3.Improved traceability:
all transactions are recorded permanently
4.Increased efficiency and speed:
since there are no third-party transactions can happen faster
5.Reduced cost:
same as number 4
Transparency: Public Global Transaction Ledger
Security: Encrypted and Linked to the Previous Transaction
Improved Traceability: Auditable Trail back to Origin
Increased Efficiency and Speed: Removes Middlemen and Multiple Processes of Legacy Transactional/Supply Chain Technologies
Reduced Cost: Proof of Work
The transaction layer for public adresses is open for viewing 
. This adds a layer of accountability 
on transparency in responsibility and integrity between actors 
.
Each new transaction is encrypted 
and linked to the previous transaction on the blockchain. It security on the blockchain is impossible to falsify and hack 
due to the complicated string of mathematical numbers which can not be altered ones confirmed 
. Itâs immutable and incorruptible. So for strangers they can do business without needed trust.
Each time transaction is added to the blockchain an audit-trail is present to track and trace the bought assets and verify the authentication.
Blockchain facilitates faster 
transactions due to peer to peer cross-border transactions than traditional services. It increases efficiency 
between actors due to the record of the ownership, automated agreements (smart contract) and trustlessness.
Blockchain eliminates middleman / middle-ware 
in many processes due to the decentralized network, which is trusted and secures the authenticy. Also, the proposition 
of 24/7/365 high availability network can increase efficiency and speed which reduce transactional costs on reliability and traceability 
.
1.Actions taken on the blockchain are stored on a public ledger which helps hold users accountable when used in business.
2. The immutable nature of blockchain, as well as the transaction encryption, allows the blockchain to stay safe from security breaches.
3. With the public ledger, blockchain provides us with an audit trail. This gives us an authentic and trustless way to track a wide variety of commodities.
4. Decentralization removes any interference of third parties which in turn allows services to take place through peer to peer agreements. This not only increases speed, but allows an efficient flow of information to be verified quickly.
5. Blockchain provides many benefits that altogether surpass traditional business structures and provides an alternative to things such as paper trails, third parties, and accounting.
Transparency:
Blockchain ledger is open to anyone to inspect transactions. Everyone can be held accountable for business and financial transactions. This encourages participants to act honestly and openly.
Security:
Transactions once added to the blockchain canât be changed, or deleted, they are a permanent record and are publicly viewable and verifiable. The process of consensus amongst the miners ensures that duplicate spends, fake or corrupted transactions canât be added to the blockchain. This mechanism is an essential part of making the blockchain network secure and safe for all users to transact with confidence.
Improved traceability:
The blockchain ledger provides a way for the source of all transactions involving goods and services that can be traced and verified. This feature provides an environment where participants can trust that they will receive payment for goods and services without having to trust or know the other party to the transaction.
Increased efficiency and speed:
Blockchain enables cross border payments in a digital currency with less delays and costs. Centralized business models such as financial services and real estate are examples of services that can be transformed into a decentralized network.
Reduced cost:
Blockchain networks allow peer to peer interoperability between businesses using common standards and protocols for data communication. In addition client and business applications can be standardized to realize lower costs for system maintenance and business operations.
Transparency: Massive benefits due to the fact that the blockchain is all open source to the public and even better globally. This means that many sectors become very trustful as there canât be any manipulation
Security: because of the blockchain is encrypted and stored data that cannot be altered or changed this is a lot harder to be hacked from anyone or companies trying to alter the data. The security will also bring trust to many companies
Improved Traceability: Because of blockchain you can now trace services like food supply way back to the start. EG: the food industry - If i brought a box of chicken nuggets I would be able to trace all the steps from the chickens and supply chains and process time till I receive that box of chicken nuggets
Increased Efficiency and Speed: Thanks to the blockchain it can speed up systems due to the fact the data is stored. For example think about doing your taxes and sending all the many different transactions and receipts to your book keeper that then has to process them for the accountant etc. Well thanks to bloackchain you will be able to keep all transactions stored in the one spot so your account can view everything on the block chain that will save hours of time and speed up the efficiency.
Reduced cost: You will not have to store files and paper of data as you can place it all on the blockchain
Transparency- Everything that is done on blockhain is on public ledger, thus every action that is done can be seen there.
Security- It is not possible to alter what is already on the database.
improved traceability: the blockchain records each action, and makes it auditable, thus removing trust from the equation.
Increased efficiency and speed: There is no 3rd party involved, therefore the transactions can be cheaper and faster.
Reduced cost- Also lack of 3rd party
1 Transparency provides control for each user.
2 Mining verification ensures maximum network protection.
3 Improved traceability can provide an advantage in fraud investigations.
4 Increased efficiency and speed is a big advantage for every company.
5 Cost reduction is the foundation of any business.
Explain with your own words, why these are the benefits of using a blockchain.
Transparency: One of the greatest characteristics of the Blockchain is Transparency. Blockchain achieves this transparency with is transaction ledger for public addresses which are open for viewing by anyone. This adds a layer of accountability which no other technology ever achieved.
Security: When you have such a good accountability, the nature of the network becomes more secure. Add in the fact that there are miners who are here for verifying information and transactions you get an extremely secure network.
Improved traceability: if you think about a worldwide network, you probably think about the internet. But everyone knows that you cannot trust everything which is on the internet. Everyone can say and do pretty much anything. Some people even hide who they are or where they came from. With the Blockchain such a thing is impossible. Every transaction has to get verified before it gets published and every block in the chain is linked to its previous block and the block after it. This makes the whole operation extremely traceable.
Increased efficiency and speed: Blockchain removes the need for middlemen. Nowdays when you look at businesses all of this work like verifying, etc. has to be done by someone, a person. This takes time. In the blockchain this step gets automatically done by the math and the program behind the blockchain. This makes the whole procedure way faster and more secure.
Reduced cost: When you donât need to have a middleman like an accountant for example. There is one less person to pay. Add this to a whole global network where many parts from different company partake in - then you can imagine how much money really could get saved.
Transparency: This means that the ledger is publicly available for anyone to view. This is a benefit because it holds all partyâs accountable and responsible for how they act with all other partyâs.
Security: Since the blockchain is decentralized every node has to agree the the transaction is the truth before being added to the ledger. Once added to the ledger, the ledger can not be changed. This means it is not suspect-able to false info or hacks.
Improved traceability: Since all transactions are linked together and the blockchain is public for anyone to view, this allows for real time audits to be conducted.
Increased efficiency and speed: Because it is decentralized, blockchain removes the need for a middle man or 3rd party to handle transactions between 2 people. People can transact peer-to-peer with each other from anywhere in the world.
Reduced cost: Since the blockchain is decentralized and not controlled by any 3rd party or central authority, this allows for people to transact anywhere in world quickly and cheaply because they donât have to wait for KYC, Money to clear, Fill out any legal documents or fourms, accounts or money to be frozen.
Forbes Article Review - Date: 10-23-2019 (Author - Ikler Koksal)
Transparency:
Transparency is achieved with the open ledger model of the Blockchain Environment. Commerce, suply chain, financial and business sector transactions allow a 3-D model of absolute system / network accountability. The Blockchain Environment promotes confidence to all participants.
Security:
Blockchains decentralized configuration makes record keeping more accurate through transaction detail encryption, interconnectivity to the previous transaction (Block of info connected or âBlockedâ), translated into a series of mathematical numbers, submitted to and then confirmed by the network (collective CPUs) and added to the public ledger. Once assembled and confirmed the transaction is memorialized in the ledger and is then âImmutableâ. Security is increased by the best record keeping system that is updated 24/7/365 globally.
Improved traceability:
Each Transaction within the Blockchain Ecosystem has an immediate âAuditâ Trail that records item or currency start points and end points. This aspect of Blockchain increases security, prevents fraud, increases system / network intefrity, serves as an Authentication Mechanism, within industries, finance, and commerce (sales venues) entities. Applications include medicine, any manufacturing products that require a supply chain / supply network validation system. Basically, Blockchain can be considered a irrefutable Chain of Custody.
Increased efficiency and speed:
The Blockchain network with a delineated and confirmed supply chain / supply network lends itself to immediate verification which increases transaction efficiency and speed. Aspects of efficacy include deliveries confirmed in real time, completed transactions, payments finalized and verified immediately.
Reduced cost:
The Blockchain Ecosystem reduces or eliminates the following costs of doing ânormal businessâ:
The need for accounting, auditing, keeping of document records / receipts in the traditional way. In short - no ink cartridgesâ, paper reams, filing cabinets, rental space to store records and is even âGreenâ because of it, a real win-win. Cost of acquiring & disposal of those materials mentioned above as well.
Legal fees & litigation costs are eliminated or significantly reduced as all transactions are final & immutable.
Tracking, supply chain logging, chain of custody and security escort savings are achieved too.
RJR - 2021-02-26T05:00:00Z
transparacy: Due to blockchains public nature everything can be viewed and verified by everyone. This creates a newtork of trustlessness
security: Blockhain is not based on trust but on Math. Once something has been confirmed and added to a block it cannot be manipulated. Dont trust, verify.
improved tracabiliy: each exchange of goods are recorded on the blockchain with an audit trail.
This way it is always possibly to check where the good originally came from and when it was send to whom.
increased efficiency and speed: As no third party is involved everything can exchanged directy. furhtermore the system is accessible all the time with no downtime at all.
reduced cost: With removing the needs of third party services companies can reduce a large amount of cost. furthermore by using a trustless system costs of failures and scams can be reduced.
Transparency - The way block chain stores data is irreversible and means every transaction that has happened is now stored on the blockchain and can not be tampered with. With the blockchain being a public ledger this means anyone has access to take a look at the database, confirming any previous transactions/activity.
Security - It allows you to put trust into decentralised network of computers that hold the same data from the blockchain, which all have to agree creating a consensus. You donât have to put your trust into a person or organisation (3rd party), which could be bribed or hacked, Leading into important information being leaked and can lead to such things as identity fraud etc.
Improve Traceability - Many businesses rely on their supply chain to receive parts/goods, not knowing the products full history such as storage temperature or true origin. Digital provenance allows businesses to track everything ensuring they are receiving what they have been promised making the process completely transparent.The Blockchain provides a transparent database which allows things such as products and financial transactions to be tracked and logged.
Increased Efficiency and Speed - It cuts out any middlemen when dealing with transactions or contracts. People can be confident that the data stored on the network is accurate which stops people from having to scan and recheck any data which creates a trustless system and makes the process much quicker allowing the blockchain to act as the middleman.
Reduced Cost - If companies adopted a system such as the blockchain the need for 3rd parties would no longer be there, saving companies on expenses and time.
Explain with your own words, why these are the benefits of using a blockchain.
Transparency:
With Blockchain ledger, you can see all previous transactions that has ever occured which leads to COMPLETE transparency with confidence
Security:
Because of itâs decentralized nature, it is much more secure than a centralized system which can be compromised much easier since there is no network effect on centralized system.
Improved traceability:
Since each new blockchain transaction is encrypted and linked to previous transactions, you can follow the trail down much easily and it is actually possible with block chain technology.
Increased efficiency and speed:
Since Peer-2-peer is used it is much more faster and efficiency than centralized system.and it reduces the middle man
Reduced cost:
Since the cost of maintaining networks is incentivized to give money, it will be spread across network. and there is no need for âmiddlemanâ which is ahuge cost.
T) little to no opportunity for fraud through secrecy and behind the scenes manipulation
S) practically unhackable
IT) little to no opportunity for fraud through misdirection/lying
IES) cutting out middlemen simplifies processes
RC) less cost is an incentive to switch processes long term
Transparency: Blockchain has a public immutable ledger that can be viewed by anyone at any time.
Security: As a global immutable ledger, every block is added to the block prior and all are all available to be viewed. It is impossible to âfakeâ a transaction or edit a block once it has been completed.
Improved traceability: With a fully public ledger, anyone can view and verify the transactions/data on the blockchain at any time. This could be a huge benefit to the supply chain as well as many other industries.
Increased efficiency and speed: There is no middleman. As a trustless network, a transaction can be made between two individuals/parties without any sort of intermediary to verify the transaction.
Reduced cost: Generally speaking, greater efficiency reduces cost, however, the transparent nature of the blockchain also reduces accounting âblack holesâ where money could be spent inefficiently/wasted, or even stolen.
Blockchain is a public ledger that canât be changed and can be viewed by anyone. This transparency provides extra accountability.
Once a block is added to the blockchain it canât be reversed or altered. This makes it a trustless system which means business can be done securely between strangers.
The origin of a particular asset can be easily traced which is useful for proving authenticity. This is also useful in many industries for tracking supply chains.
Every transaction can be tracked and audited in real time. Information can be verified without having to physically be there. Removes the need for middlemen.
No need to involve a third party for transactions or audits.