Benefits of using blockchain
1. Transparency:
All transactions/entries are being held in a public ledger. Anyone can look them up.
2. Security:
Blocks that are created cannot be changed. They are also distributed in the network so if some nodes are compromised, the whole database is still safe
3. Improved traceability:
Transactions can be easily verified, ingredients or materials can be traced back.
4. Increased efficiency and speed:
By omitting a middleman we can transfer money across the world in minutes, a process that now requires days
5. Reduced cost:
same as above
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Transparency:
Every transaction on the blockchain is available to view on the public ledger. For businesses and financial institutions this ensures accountability both internally and externally as all transactions can be viewed and verified on the public ledger. -
Security:
As every new transaction on the blockchain is encrypted and linked to the previous transaction this provides additional security on the blockchain. Furthermore as transactions entered on the blockchain and confirmed cannot be edited or removed at any future state this makes the entire system more secure from the spread of misinformation and lies.This removes trust as you can conduct business transactions with strangers, see that the transaction is on the blockchain and know that this cannot be changed. In essence, contrary to a centralised network where one must place their trust in a central authority, in a decentralised network one places their trust in the network i.e. math and protocol.
- Improved traceability:
With every exchange of goods on the blockchain theres an audit trail, detailing all past movements of the good from manufacturer to distributor and eventual purchaser. This provides for increased security and fraud prevention in exchange-related businesses. As the asset can be traced on the public ledger this also ables purchasers to verify the authenticity of sellers claims regarding the products.
- Increased efficiency and speed:
As the entire blockchain process is traceable and verifiable, this removes the need for middlemen at many stages in a business cycle. It renders unnecessary the many checks and balances that may be carried out by businesses in conducting transactions, speeding up the process, reducing costs and removing the potential for human error.
As the blockchain is a high availability network one of its key attributes is in providing a global network and destructing information silos. For example BTC has never been offline which in order for it to act as a global financial network it must be available at all times of the day in all time zones in order to work effectively, efficiently and ensure public confidence in the system. In comparison to traditional financial services, blockchain facilitates faster transactions by allowing P2P cross-border transfers with a digital currency.
- Reduced cost:
As data on the blockchain is trusted and immutable this reduces cost by removing the need for middle men in jobs that have now been rendered redundant.
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transparency: Everyone can check the transactions on every block
security: due to the decentralization all the new moves have to be confirmed by the other participants - no possibility to cheat
Improved traceability: you can even check the transactions in real time and you can look at every block that is made and what s inside.
E&S: you don t have to go to every single participant of an for example product chain - you can look every information by yourself in the blockchain
reduced cost: there is no need for people behind the transactions because it s all said in the blocks.
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Transparency: Blockchain provides transparency to business encouraging transactions to maintain the integrity of products and services in the supplychain.
Security: Blockchain is secure because it is not centralised and no one can alter transactions done on in the blockchain.
Improved traceability: Prevents fraud due to ease of traceability of transactions by businesses. If a business claims that they only provide top class ingredients, people can verify if their suppliers provides them top class igredients.
Increased efficiency and speed: Blockchain provides efficiency and speed as contracts can be made standard on a specific industry or location and smart contracts can be programmed to make transactions automated.
Reduced cost: All of the above reduces cost because there is no need for much middlemen or suppliers in between that adds to the cost. Some of the requirements for tracking costs, etc. can easily be programmed and accessed by people.
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- Transparency: The transaction ledger is public and open for inspection and audit. This forces institutions to be more responsible and act with integrity.
- Security: With blockchain being decentralized it is less prone to error or fraud where institutions are centralized and are open to this. Blockchain transactions are encrypted and linked to each other making them more traceable and transparent. All transactions are immutable and final and mathematical sequences and coding cannot be altered once the transaction has taken place.
- Improved traceability: With the open blockchain ledger there is a record of all transactions and exchanges. There is auditable trail on the ledger which makes it easy to trace transactions. Even if a section of the network goes down there are always others to trace because it is a global network.
- Increased efficiency & speed: There are no middle men involved in payments because there is no central body such as a bank or institution. All P2P transactions are instantaneous and available 24/7. There are no cumbersome processes as in the present institutional centralized systems. On blockchain there can be a unified global system of transactions and records.
- Reduced costs: Due to a decentralized global network with no middle-men there is less 3rd party involvement. When transactions are faster there will be less labor intensive and time consuming processes.
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1.Explain with your own words, why these are the
benefits of using a blockchain.
Transparency:
Security:
Improved traceability:
Increased efficiency and speed:
Reduced cost:
Verbatum from article. It captured the answer to your question best.
With its decentralized and trustless nature, Blockchain
technology can lead to new opportunities and benefit
businesses through greater transparency, enhanced security,
and easier traceability. Through its distributed and decentralized nature
and the fact that its transaction ledger for public addresses is open to viewing.
This shows blockchain’s greatest characteristic.
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Transparency:
The public ledger allows anyone to verify the history of transactions that have occurred.
Security:
The technology is trustless, because it is decentralized. Blockchain encrypts each new transaction, and links it to the previous one.
Improved Traceability:
Blockchain enables real time auditing. It also enables verification of the authenticity of tradeable assets.
Increased Efficiency and Speed:
It enables P2P transactions across borders. Smart contracts can automate agreements. There is a verifiable record of ownership of property.
Reduced Cost:
Blockchain removes middlemen in industries like finance and real estate. Sending money around the globe becomes easier and cheaper.
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Transparency
Each and ever steps, transactions are written in the public ledger, open for everyone to see. It encourages every sector to act with integrity and helps the community build trust.
Increased Efficiency
Facilitates transactions through a unified system and removes middlemen due to its decentralisation.
Better Security
Encrypted, each new transactions are linked to the previous one. Blocks are added together to form a chain in the ledger and are cannot be modified anymore once assembled.
Improved Tracability
It acts as an audit each time a transaction is recorded and traces the provenance of the goods. It prevails frauds from happening and verifies the authenticity of the assets.
Reduced Cost
There are no middlemen or intermediaries involved. The network verifies every transactions on the blockchain with its set of protocol and math.
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- Transparency is a benefit of blockchain because it is a public, distributed ledger where anyone can verify transactions.
- Security is a benefit of blockchain because each transaction is encrypted and cannot be altered once formed. Decentralized nature also makes it trustless.
- Improved traceability is a benefit of blockchain because every transaction has an audit trail, making it easier to verify the authenticity of traded assets.
- Increased efficiency and speed is a benefit of blockchain because middlemen are removed in many processes such as payments and real estate. Faster transactions are a result of peer to peer cross-border transfers with digital currency.
- Reduced cost is a benefit of blockchain because it removes the need for middlemen.
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Reposting
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: Verbatum from article
With its decentralized and trustless nature, Blockchain
technology can lead to new opportunities and benefit
businesses through greater transparency, enhanced security,
and easier traceability. Through its distributed and decentralized nature
and the fact that its transaction ledger for public addresses is open to viewing.
This shows blockchain’s greatest characteristic.
Security: Decentralized nature also gives it a unique quality of being ‘trustless’
Improved traceability: An audit trail is present to trace where the goods came from
and improve security and prevent fraud in exchange-related businesses as well as
verify the authenticity of the traded assets.
Improved traceability: With the blockchain ledger, when goods are exchanged it is recorded
on the blockchain,an audit trail is present to trace where the goods came from. helps
improve security and prevent fraud in exchange-related businesses, and can also help verify
the authenticity of the traded assets. Can be used to track the supply chain from
manufacturer to distributer.
Increased efficiency and speed: facilitates faster transactions
Reduced cost: By using blockchain in a box, clients can get a
scaled down version of project to see if it is cost effective
for them. Easier to get financing with a prototype.
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Transparency is a benefit of using a blockchain because it allows for business to keep their use of the blockchain ledger public, increasing trust and communication with their customer base. Since the blockchain is decentralised and nodes need to approve of the data going into the blockchain, customers would know that the information within the ledger is true.
Security is a benefit of using a blockchain because they tend to be decentralised, which means, there in no one single point of failure, the entire network would have to fail for there to be a breach.
Improved traceability is a benefit of using a blockchain because it is much easier to trace transactions in the blockchain (you can do it in real time).
Increased efficiency and speed is a benefit of using a blockchain because it reduces the need for the middle man (intermediaries). This can lead to a reduction of cost and time spent communicating with a middle man & other parties.
Reduced cost is a benefit of using the blockchain because as stated previously, the technology allows us to reduce the number of middle men needed in certain areas. These middle men would often have very high costs and increase the cost of doing business.
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Why these are the benefits of using a blockchain?
Transparency: This benefit refers to the fact that all transactions are public and so it increases the responsibilty and accountability.
Security: Due to the fact that behind this technology there is a strong mathematical protocol, the information cannot be corrupted or hacked.
Improved traceability: Since transactions cannot be altered and are public as well, it is easy to trace down the origin of a product, transaction, etc. In this way, businesses can perform safer activities.
Increased efficiency and speed: The efficiency and speed of transactions are due to decentralized type of process, and in this way some categories of middle-men are eliminated. Moreover, the system and currency is available worldwide and transactions can be made easily.
Reduced cost: Because middle-men are out of this equation, it costs less.
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1 - Transparency - All transactions are on the public ledger
2 - Security - Once the block has been validated, all transaction are immutable
3 - Improved Traceability - You can see all transactions for a sender/receiver (follow the flows)
4 - Increased efficiency - The middleman is eliminated so this reduces transaction friction
5 - Reduced costs - No middleman costs
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- since the blockchain uses a public ledger, everyone can see what transactions are happening and when they happened, making it hard to hide events
- security- transactions cannot be reversed, and data can only be added to the blockchain, not edited or removed
- traceability- there is an audit trail with a transaction, so you can verify the item traded is authentic and valid.
- efficiency- with smart contracts and p2p cross border transfers with digital currencies, the blockchain can cut out middlemen
- reduced costs- there is no fee you have to give to a middleman to facilitate the transaction
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Transparency: It comes from a public transaction history (public ledger),
and can be checked by all parties/departments. Is open and
available, therefore shows what departments made, which
makes them more accountable.
Security: Block-chain needs several parties to confirm a block on the chain. the chain is made of complicated strings of mathematical numbers and has an immutable incorruptible nature. Its a trust less system and it makes it very safe for hacks or falsified information.
Improved traceability: Every step of a process is integrated in a block chain and can therefore show the origin of the good or transaction. it helps with rights of artists in NFTs and in the food or medicine industry it shows the manufacturer and the distributor.
Increased efficiency and speed:
Is independent of middleman, in finance, banks and in real estate there is no need of agents. By skipping this mediation it is cost and speed efficient.
Reduced cost:
By getting the sender/receiver, buy/seller, tenant/landlord, directly together there are no fees for middle men.
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- Allows for services and transactions to be trustless.
- The system is incorruptable which means that it can’t be manipulated or changed.
- Allows for all transactions to be verified and visible for everyone to see.
- Cuts out the middle man which in the end makes transactions quicker, trustless and cheaper.
- Allows for more profit and financial agility.
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Transparency - Everyone can see and follow the transactions on the blockchain.
Security - Blockchain is trust-less as the blockchain cannot be altered or copied which means you can reliably do business with strangers.
Improved Traceability - You can view all transaction data on the blockchain in real-time. This also creates an accurate historical audit of all transactions.
Increased efficiency & Speed - Blockchain requires no middleman so this reduces costs and time to create a transactions.
Reduced cost - There is no need for intermediaries which means less money going to these people and organizations. Don’t trust, verify.
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Transparency; all addresses and information are open to public for inspection.
Security; all transactions are encrypted and placed on multiple ledgers.
Improved traceability; all transactions are connected in chain like format so they are linked together.
Increased efficiency; transactions are written on a unified format that enables the computers to talk to each other.
Reduced cost; transactions are person 2 person therefore removing the middleman.
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Explain with your own words, why these are the benefits of using a blockchain.
Transparency: companies instinctly knows that the only way to present your company in a blockchain is via every action, not via an annualized financial report (which can be tampered)
Security: each txn is encrypted and linked to the previous txn. with every other block on the blockchain as a ledger, there is unprecedented level of security.
Improved traceability: allows tracing via the audit trails to trace where the goods came from and provides an irrefutable proof of ownership
Increased efficiency and speed: it removes the need for middleman to complete the requested action. And hence reduce the time and steps to complete the action.
Reduced cost: without the need for middle man or more staffs, there is much savings for companies as well as buyers of products/ services .
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Transparency: All parties are verified and no one in the block chain can advance or take advantage of anyone with out getting verified. In this game, all cards are shown in everyone’s hand.
Security: Blockchain is highly secure because each new transaction is encrypted, verified, copied to each computer and linked to the previous transaction.
Improved Traceability: When using the blockchain as a supply chain, it allows for all transactions or entities along the chain to be recorded in the block. Since all transactions are linked to the last transaction, it’s easy to trace the supply along it’s chain.
Increased efficiency and speed: Since all blocks are on the same network, speaking the same language, connected to each other, this creates a fast and efficient network.
Reduced Cost: No longer do companies have to invest in it’s own network and infrastructure, they can rely on the blockchain to provide all transactions and verifications. Also, there is no need for the middleman adding more profits to the company.
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