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Transparency: - The blockchain ledger is open to viewing which encourages users to the blockchain technology to act with integrity and accountability.
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Security: - Each transaction is encrypted and consensus has to be reached before the transaction is added to the ledger. Once added to the ledger, the transaction cannot be altered. All this protects blockchain from falsified transactions.
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Improved traceability: - Once a transaction is added to the blockchain, its origins is recorded and public for anyone to view. This allows for auditing to occur on transactions whose origins can be traced.
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Increased efficiency and speed: - Blockchain removes the need for middlemen because of its decentralised nature. In industries such as real estate or supply chain, this property of the blockchain shortens the time required to complete and verifiable transaction.
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Reduced cost:- With increased efficiency and speed as described above, the need to pay for middle-men is removed and so is the associated cost. Additionally, auditing costs are reduced with the blockchain being publicly verifiable.
- Transparency
Blockchain provides transparency by creating a globally public ledger of all transactions that have ever occurred. Anyone can view/audit as they wish.
- Security
Security is maximized due to the inherent nature of the redundant nodes of the blockchain network. Itās virtually impossible to hack a network of computers that all have to agree with one another to verify data. Also, due to blockchainās immutable nature, the data canāt be altered in any way, once created
- Improved Traceability
Improved traceability further enhances the trustless nature of the blockchain. There is a transparent trail of data that anyone can see. This will help ensure authenticity of products in a supply chain. Further trust in financial transactions is aided by improved traceability. It just gives more confidence in doing business in so many ways. It also serves as a means by which businesses will be held accountable for the quality of their products.
- Increased Efficiency and Speed
Blockchain is peer to peer, removing the middleman. This alone will increase efficiency and speed. Verification of transactions and funds happens in minutes in the blockchain, versus sometimes days or longer in the traditional financial system structure.
- Reduced Cost
Costs are reduced, due to all the jobs that the blockchain replaces, without the need of 3rd parties to verify and audit. Also, the reliability and efficiency of blockchains reduces costs for Security and most other IT positions. Basically the aforementioned items 1-4 all contribute to 5.
Transparency - No middlemen and trustless system
Security - No one can deny a transaction once it enters blockchain , no modification is allowed
Improved traceability - Blockchain public address ledger is open for all to see , this creates an environment of high accountability
Increased efficiency and speed - No middlemen and 24X7 availability makes it very efficient
Reduced cost - No middlemen so no cost of that , once established blockchain system runs forever thus saves cost in terms of server manitenance and replacement.
All transactions are public and can be viewed by anyone allowing full transparency which creates a trustless environment.
The network is secured by thousands of computers in a global network all incentivised to keep the network running. The decentralised aspect of it is what makes it very secure.
Because every transaction is public, this means there is full transparency with any transaction that occurs on the blockchain.
This type of database removes the need for middle men and intermediaries which creates a faster environment for accounting of transactions.
There is reduced costs involved because the middlemen are removed and everything is accounted for on the blockchain.
Blockchain is a public ledger that is open to all . It is known for its transparency. It is secure network of date share by consensus by all the nodes . As nodes verify, confirm, and update the record onto the ledger. the data can not be changed or alter so it is secure unlike a central network that is private and can be changed/alter. because of the open public ledger system, the record are easily traceable. And because the network does not need to rely on trust nor a central system. efficiency and speed are increase while cost are minimizd.
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The visibility to the public of all transactions is far exceeds the transparency offered by any other accounting system.
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The immutability of transactions, and the network of nodes confirming them, make the blockchain extremely secure.
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Because of the transparency, anyone is free to look at any transaction, or inspect any wallet address, and trace the source of funds. This could also be used to trace funds stolen / hacked.
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The 24/7/365 nature of the technology means is is very quick and efficient. The network competing to process transactions ensures this remains fairly constant.
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Because the blockchain makes many of the existing central authorities redundant, it is cheaper to use.
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Transparency:
Beneficial because of the open viewing of ledger transactions which increases the level of accountability amongst sectors within a company or a chain of transactions.-
Security:
Beneficial because there is a reliance on math. A series of numbers which are unable to be changed once submitted, which increases safety from the hazard of falsified data and hacks/ breaches. All transactions must be confirmed by a network of computers before being linked to the existing chain. -
Improved traceability:
Beneficial because the chained link of transactions/ events can be traced back to its origin which helps in verifying authenticity of information and/ or claims. -
Increased efficiency and speed:
Beneficial as it does away with the need for a middleman. P2P cross border transfers are enabled by way of digital currencies. -
Reduced cost:
By the way it functions, Blockchain facilitating P2P transactions, again it cuts out the need for a middle entity to facilitate a transfer; thereby, cutting out the fee that this middle entity would typically charge.
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eading Assignment
Explain with your own words, why these are the benefits of using a blockchain.
Transparency:
Security:
Improved traceability:
Increased efficiency and speed:
Reduced cost:
Transparency: On the blockchain info and transactions are written on a public ledger, it makes the whole network completely transparent. All transactions are permanent and canāt be removed, only new info can be added.
Security: The Blockchain is based on a decentralized network with no central authority using mathematical actions in a trustless environment making it more secure and less prone to hacks, bribes and corruption. One example of many would be if blockchain technology was used in a voting system then the voting system would be transparent and uncorrectable whereas in a traditional system you simply have to trust the end result is correct.
Improved traceability: Any transaction written on the Blockchain network cant be removed, it can only be added which in return provides improved traceability. one example would be, if a medical company used blockchain on a product then the product would have a transparent trail of actions from the beginning of the product life till the end, tracing each step along the way, making the medical company more credible.
Increased efficiency and speed: In a blockchain environment there is no third party as it relies on a decentralized network making the transaction quicker and efficient. One example would be in a payment system. In a traditional payment system the funds would be sent from the senders account, the bank needs to verify that the funds are available, then the senders bank need to verify the receiverās bank, and then the receiverās bank to the receiver account with a process that takes days to weeks whereas a payment done on the blockchain would cut out the bank process (Middleman) sending the funds in a more direct way using a mathematical solution to verify the transaction.
Reduced cost: The Blockchain cuts out the middle man reducing the cost of the transaction. One example would be in real estate where if blockchain is used to rent a property than the action is all processed and verified through the blockchain network in a more direct and efficient system whereas in the traditional system the party would have to deal with the estate company making the whole process longer in time and also more costly due to commissions that need to be paid to the real estate company.
- Everybody can audit and track every transaction. It does not depend on a central authority
- Block chain structure assures that every block is inmutable and not hackable due to a math algorithm that cannot be cracked. At the same time blockchain is replicated in every node in the network.
- Every transaction is traceable from its origin with no possible errors.
- Network is always on and maintained for thousands of nodes, so every transaction is validate and execute in a very small portion of time.
- Infrastructure is existing node network so itās only a matter of development.
Transparency: every transaction is stored as data on a blockchain that is visible globally by anyone and everyone
Security: incentives provide the network security. Miners are incentivized and receive crypto in exchange for data entry into the blockchain.
Improved traceability: transparency, all transactions are public
Increased efficiency and speed: decentralized platform allows multiple people/ nodes to quickly and efficiently enter data into the block chain. Creating a network that is available 24/7 365
Reduced cost: no out side parties/ 3rd parties taking fees
- Transparency: The distributed ledger is available to the public therefore, all network participants see the same information in the same distributed ledger making transactions transparent.
- Security: Transactions are secured due to encryption and linked to the previous block. Additionally, the data on the blockchain is stored amongst multiple nodes instead of a single server preventing risk of malicious attacks.
- Provenance: Due to the open sourced nature of blockchain technology the historical transaction data is auditable in real time. This allows all participants to trace any transaction.
- Increased efficiency: Decentralised ledger technology enables middlemen to be avoided and transactions to be completed peer-to-peer.
- Reduced cost: Decrease in the number of parties involved in a transaction process means there are less costs involved.
Transparency:
blockchain has public ledger technology which can be accessible by any individual, therefore anyone can see for example a companyās transactions.
Security:
blockchain technology uses algorythm to secure the transactions. by nature it is immutable when properly engineered.
Improved traceability:
you are enabled with blockchain to trace the source of an intemās components or compounds of foods. if there is an error or a problem on a chain, it is much less effort to pinpoint the before.
Increased efficiency and speed:
most of the blockchains can do 5+ transactions per minute, some even in the 1000s. blockchain also removes the middleman therefore the administration time is virtually zero.
Reduced cost:
you dont need a middleman for a transaction because you trust the math instead.
Transparency: This is important because it allows for 100% accuracy and the removal of the need for trust.
Security: This is important because, obviously, it allows for secure transactions. Finality in the transaction and the data ALWAYS remaining on the database allow for the defense against hacking and manipulation of your transactions. Hence, feeling secure and removing the need to trust multiple networks. I want to know that my money is untampered with, and ends up where I intend it to arrive at.
Improved Traceability: Again, the fact that all data ALWAYS remains on the blockchain and canāt be taken off, allows all transactions to be traced. Once again this removes the need for trust and allows for 100% transparency and auditing of ALL financial transactions. It also prevents falsified ownership.
Increased efficiency and Speed: Who doesnāt want faster/more efficient transactions. Currently, in my business(es) we send through wire transfers. These can take 24 hours or more to go through. I think itās obvious that better speed/efficiency are more desired. The faster we can get things done, the more money we can collect.
Reduced cost: Reduced cost means more money in my pocket. Plain and simple. If Iām comparing costs as a business owner, Iām weighing out the cost vs the quality of the product. In this case, we are looking at something that is faster, less expensive, and more secure. So, the fact that it IS less expensive is just an additional (and highly important) part of the equation.
1.Transparency is a big characteristic of blockchain because every transaction can be viewed on the network and this in turn can impact the way corporations , governments or any other group display their financial activity. This could have a huge impact on corrupt governments since there would be no way to cheat if blockchain would be integrated into public services. Maybe somedayā¦
2.Security. We are the true owners of an asset in blockchain and there doesnāt need to be any trust for a middleman when you have a ledger and your private keys. As long as there arenāt any mind reading devices that could sort out our private keys we are safe. Also blockchain database cannot be hacked since every transaction is linked to the previous one. To hack one block you need to hack the entire chain which would be impossible.
3. Every transaction is traceable .
4 and 5.Even though bitcoin is not the fastest to transact nor ethereum is the cheapest due to itās high gas fees , the technology is evolving at a rapid pace competing with centralised finance.
Explain with your own words, why these are the benefits of using a blockchain.
Transparency: everything ever done on the blockchain is viewable and therefore enhances overall accountability and consistency of information throughout the supply network
Security: Its decentralized nature makes is secure in verifying transactions over a wide network with each transaction being final and unchangeable on the block
Improved traceability: Blockchain technology allows for every aspect of a product, transaction, or service to be traced and linked so authenticity, transparency, and proof of origin or ownership can be easily established.
Increased efficiency and speed: Because the blockchain network is incentivized to run 24/7 through compensation for work, the system is always working and has individuals picking up the slack if an opportunity presents itself.
Reduced cost: Because you cut out the middlemen in business, eventually the spin doctors and marketing departments that try to make claims that the blockchain will not support, the cost of doing business on the blockchain is inherently lower. It makes authenticated P2P transactions available on a global scale.
- Transparency: Every transaction or product recorded on the blockchain is stored forever on a public ledger than anyone can access at anytime allowing for total transparency.
- Security: A blockchain can verify someoneās personal data in a transaction while still keeping it encrypted so that someone can verify a transaction and trust the validity of their identity without the need to see the personal credentials. The fact that the ledger is immutable also makes it impossible for someone to change or lie about the transactional data.
- Improved traceability: Since every node in a blockchain shares and verifies its transactional data with all the surrounding nodes through a process called consensus it allows for total traceability of transactional data.
- Increased efficiency and speed: Since it operates on a decentralized network a blockchain removes the need for middlemen in many businesses that involve payment processing or real estate making it a cheaper and faster process to make a transaction.
- Reduced cost: By removing the need for middle men in many industries we will get rid of a lot of businesses that take more value than they add like agents in the music industry or real estate industry that take a commission for āMaking the deal Happenā when today we can decentralized automated systems that allow 2 parties to fulfill the needs of a transaction without the need for third party help or fees, and without the need for trust.
Good Day Sir!
Transparency:
Because information can be stored on a public access ledger meaning that information can be accessed by anyone, anywhere, anytime.
Security:
With a blockchain network security is improved dramatically, to the point that cyber attacks are technically still possible but practically very difficult. This is because no central vulnerability exists, data is immutable and the hash power of the network far exceeds that of current cyber attackers.
Improved traceability:
All information on the network is stored indefinitely and cannot be altered. This allows for all transactions within the blockchain to be 100% traceable.
Increased efficiency and speed:
Blockchains can operate 24/7-365 which removes restrictions on when a transaction can happen. Transactions can become faster because there is no need for a third party or intermediary. Also, processes become more efficient because all data can be stored and accessed within the blockchain instead of being distributed across separate databases.
Reduced cost:
Funds can be transferred globally in one transaction with no middle-men. As there is no intermediaries they cannot charge a fee and network fees are extremely low relative to fees in the current financial system.
Transparency : everyone has an open access to the blockchainās information, reducing the risk of corruption or fraud in any layer of production processes, companies or organizations.
Security : the information held in the Blockchain cannot be altered after its introduction in the system, and the worldwide network of computers needed to verify the blockchain makes it much more difficult by nature to be hacked or falsified.
Improved traceability : when all the protagonists of a production process use the blockchain, every step / exchange / ingredient is traced and authentified.
Efficiency and speed : Thanks to the decentralized and trustless nature, no intermediates are needed anymore in usually time-consuming processes.
Reduced cost : less intermediates also means less commissions or service fees. By its nature, blockchain records can also potentially save audit fees for companies.
[quote=āivan, post:1, topic:8421ā]
Transparency: It is a public ledger of all transactions. Can be audited by anyone at anytime
Security: There is no third party involved in any transaction eliminating the opportunity for mistakes or malfeasance.
Improved traceability: All transactions are fully traceable and can be made public
Increased efficiency and speed: reducing human error through automation
Reduced cost: replaces a paper heavy process and removes 3rd party trust brokers
- Transparency:
- Transactions are viewable meaning that a company or a government will be held accountable towards itās integrity.
- Security:
- A blockchain is based on protocols and maths and cannot be broken or modified. Also called āimmutableā. This means fraud and hacks are eliminated. Blockchain is a ātrustlessā system because you donāt need to trust anything or anyone - you can simply verify the transactions.
- Improved traceability:
- One of the key points of Blockchain is that you can have an audit trail for each transaction/step in a supplychain for a business process. This way you can trace the full ājourneyā of a end-product back to itās origin state being different parts from various compies along the way. Everything can be verified in the blockchain.
- Increased efficiency and speed:
- Blockchain facilitates faster transactions by allowing P2P cross-border transfers with a digital currency. Processes like property management are made more efficient with a unified system of ownership records, and smart contracts that would automate tenant-landlord agreements.
- Reduced cost:
- No third-party or middlemen are needed with blockchain because of how it is structure with maths and protocols.