Transparency = Accountability
Security is enhanced due to encryption and the link to previous transactions.
Traceability is enhanced due to the inherent audit trail that is created by every transaction.
Efficiency is increased because there is no middleman taking a cut of every transaction.
Cost is reduced because there is no need for an expensive infrastructure to work with the blockchain
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- Transparency: the transaction ledger is public. Anyone can look at everything. This is unique.
- Security: all participating computers has to confirm all transactions.
- Improved traceability: all exchanges of goods ara recorded.
- Increased efficiency and speed: no middlemen
- Reduced cost: no middlemen, no extra fees just the transaction itself
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By using public ledger to follow all transactions open viewing to businesses to be more honest and responsible.
Security is being transparent in a network that you canât cheat since it is open to public ledger. Since it is decentralized, you canât hack the network.
By using provenance, you can trace and verify the product transactions in the network.
By removing middle man to make further transactions to be efficient.
Using immutability to verify and approve transactions without using a middle man and expenses.
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Transparency:
Every transaction is written on the ledger and open to be viewed by anyone.
Security:
Each transaction has to be veryfied by the nodes (computers). Once it is veryfied it creates a block which is added to blockchain (ledger). Blockchain is formed from many blocks which are connected with complicated strings of mathematical numbers. It is imposible to be hacked.
Improved traceability:
Audit trail is presented in every transactions. Goods can be traceable. You know the manufacturer, supplier (every middle steps) and final recipient.
Increased efficiency and speed:
Blockchain do not need middle man to verify transaction. It is open 24/7/365. Middle man can be wrong sometimes. Mistakes can not be made by the nodes.
Reduced cost:
As mentioned, middle man is no needed, consequently reduced cost.
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All the transactions are available to the public. Businesses are forced to be transparent, which benefit both the businesses and the consumers.
Transactions are verified and confirmed by many centers of the blockchain. Once the transactions are entered, they cannot be edited or reversed, ever.
Every transaction is traced and verified. This for example, helps us know where a business gets its materials from, or who the distributers are etc.
Removes middlemen. Transaction from and to different locations in the world are made faster with cryptocurrencies.
Removing middlemen means reduced cost. We pay only the transaction fees.
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Transparency:the main feature is that their ledgers are open to the public.
Security: once information has been recorded it cannot be modified or deleted.
Improved traceability: once the transaction is completed you can be tracked from start to finish.
Increased efficiency and speed: no intermediaries needed and goes from point a to point b direct.
Reduced cost: we have no intermediaries and as a result we donât have to pay fees.
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Transparency: Anyone can view the public ledger and verify transactions, which increases accountability.
Security: The blockchain cannot be tampered with or hacked and it does not require trust.
Improved traceability: The history of transactions is transparently available on the blockchain, essentially providing an audit-trail for everything that happens on the blockchain.
Increased efficiency and speed: It removes the need for middlemen. Also transactions and behaviour can be automated with smart contracts.
Reduced cost: No need for middlemen, more efficient & digital processes.
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Explain with your own words, why these are the benefits of using a blockchain.
Transparency:
Blockchain provides a new way to track every movement made by a public address made it easier to see any fraud or error
Security:
The security provided by a blockchain is higher due to how the decentraliced computer net works adding every block of transactions where everything is encrypted in a only 1 side way. This also avoids having to trust a third person to secure your transactions.
Improved traceability:
Blockchain system verifys every transaction by saving a copy of the ledger since the beguining of times, this is a way the computer systems that verifys the transactions cant create a block without tracing and being accordant the rest of the data
Increased efficiency and speed:
P2p provides a way to send direct crossborder transactions without relying on others improving efficiency and speed
Reduced cost:
Reduces the middle men so you only pay the minimum to incentivise the comunity to continue adding blocks.
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Explain with your own words, why these are the benefits of using a blockchain.
- Transparency:
- In a well made blockchain, the truth, such as date and time, about all the transactions is easily verifiable and can be continuously audited. This attribute leads to number 2âŚ
- Security:
- Security is a benefit because instead of needing to vulnerably trust third parties, with a well made blockchain, we can all verify the truth because of its transparency.
- Improved traceability:
- Security coming from transparency improves traceability, in other words, transactions are easy to trace to specific days or locations or amounts and from which wallets.
- Increased efficiency and speed:
- because of the improved traceability stemming from security which is possible because of transparency, the system runs like clockwork and is way more efficient than analog financial systems.
- Reduced cost:
- This increased efficiency and speed coming from improved traceability, which grew from the security that comes with transparency, reduces the costs verifying transactions.
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Transparency: Blockchain is an open ledger and all transactions can be seen by the greater public. Thus, people will act with more care for their consumers, community and the wellbeing of a company.
Security: Blockchain is formed from a string of complicated mathematical equations that are impossible to alter. Each new block becomes encrypted to the previous transaction block and once accepted by the blockchain, it is impossible to reverse.
Improved traceability: Blockchainâs ability to be irreversible makes it beneficial for industries who are involved with exchange related services. When info is accepted into the blockchain ledger, it leaves an audit trail which can be traced.
Increased efficiency and speed: Because of its decentralized nature, transactions on the blockchain can be processed without a middle man, This makes blockchain more efficient and faster.
Reduced cost: Since blockchain eliminates the need for a middle man, it also eliminates fees and costs that come with working with a third party.
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- Transparency:
Transparency in a business increases trust between the business and their customers. So all parties involved in the supply chain process will need to conduct business ethically and morally.
- Security:
In blockchain, all transactions are immutable. These network of nodes make the entire system trustless and pretty much unhackable.
- Improved traceability:
This allows you to trace and track each and every step of the process of a product, and the suppliers involved in supplying the materials required for the product.
- Increased efficiency and speed:
Blockchain removes the need for a middleman completely which speeds up and makes the work process more efficient.
- Reduced cost:
Like mentioned above, without the need for middlemen, cost of things are naturally reduced.
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Transparency:
All transaction are accessible to public which makes money flow transparent and easily auditable. This holds companies accountable to act responsibly towards companyâs growth, community and customers.
Security:
Trustless system, difficult to hack, information cannot be altered and is verifiable.
Improved traceability:
Blockchain makes it easy to âfollow the moneyâ which allows to determine origin of goods and currency.
Increased efficiency and speed:
No need for a middle man and automatically action taking smart contracts make blockchain efficient and fast.
Reduced cost:
Cutting the middle man results in reduced cost. High level of security (low risk of fraud and hacking) results in minimizing risk of losing funds.
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Transparency: blockchain is a distributed ledger, anyone with a copy of the ledger can review the exchange of goods.
Security: all entries on the blockchain are agreed on consensus. all transactions are encrypted hence creating a chain which cannot be modified.
Improved traceability: all transactions recorded on the blockchain are open and available for review. there is no need for reconciliations or checks/balances.
Reduced cost: Third party/agency costs are eliminated. Expensive renting of banking building or excessive CEO bonuses saved.
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transparency: blockchain leads to transparency because all the information on the blockchain is accessible and public.This leads to an environment where businesses are held accountable for their actions.
Security: blockchain security benefits are many, the blockchain system is not able to be hacked or altered, the information cannot be changed once it is on the chain and all information is backed by consensus, and proof of work.
Improved traceability: all info of orgin and location is on the block chain and un changeable so it makes it far easier to to track and audit authenticity or orgin of a product.
Increased efficiency and speed: Blockchain technology can eliminate the middle man and mistakes also all of the information would be on the same ledger eliminating the need for outside auditing etc.
Reduced cost: Blockchain can reduce the cost by eliminating the need for other parties or companies for auditing and streamline shipping, receiving, and sourcing.
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- Transparency
Transactions are public and can be viewed by anyone at any give time to verify the information. It will be a big innovation in the business world to because this transparency leads to the integration of the sectors of the business toward their customers and communities. - Security
Because of its decentralized and trustless system, Blockchain, once stored a transaction or data, nobody can intervene or has the power to change it or delete it. It is recognized as incorruptible nature because we put trust on the maths and the protocol of value Blockchain provides us, not in different institution, people or companies. - Improved traceability
Every time a transaction happens, it is recorded and can be traced for verification. This will help the society to prevent fraud and manipulation. The system can trace even entire supply chains and people in this way can trace products from the beginning and get better informed. - Increased efficiency and speed
By removing the intermediary, a lot of time can be saved, and that is what Blockchain does. This unified system makes it easier and cheaper for people to verify information in a very efficient way. - Reduced costs
By cutting intermediaries, you reduce costs also and it makes the business directly linked.
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Transparency:
Since the blockchain is a public ledger anyone can see the transactions in it.
Security:
The many nodes on the network receive rewards as incentives to secure the network through mining.
Improved traceability:
The sequential nature of the blockchain transactions allows one to track the source of funds.
Increased efficiency and speed:
It is a technology that can provide close to instant transactions with no charge backs.
Reduced cost:
It removes banks and other such unnecessary actors that inflate the cost.
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Transparency: all transactions are visible & traceable on the blockchain
Security: Is encouraged through incentives, so even if parts of the network shut down new nodes will join to improve the security
Traceability: As everything is always stored and cannot be changed afterwards (finality) transactions on the network are traceable
Increased efficiency and speed: because all members of the technology relly on the same network and technology they all work on one platform and all new projects improve the system more than in separate systems
reduced cost: removes the middle man who can often charge extra for conducting a service (this highly depends on what is being provided but reduced costs may occur)
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Transparency: All transactions on the blockchain are visible by the entire community so trust can be promoted to incentivize new comers.
Security: Every transaction on the blockchain can be checked and verified, because all computers are nodes that justify the network. There is no one centralized authority that hackers can use to break into the network to take advantage of the system.
Improved traceability: Each transaction is traceable with public, private keys and time stamps. The origin of anything done can not be changed or deleted, so every transaction is verifiable and can be looked up.
Increased efficiency and speed: No third party verifier is needed to make a transaction on the blockchain, so most transactions are way faster than traditional markets.
Reduced cost: No third party verifier or organization is needed to make simple transactions, so the work or transaction cost is reduced dramatically.
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- Transparency: The transparency of the blockchain will stream line processes related to real estate, supply chain, and financial settlements to name a few. Transaction data that is publicly accessible, searchable, and immutable will transform industries.
- Security: Because of the increased availability due to the decentralized architecture of the blockchain as well as the immutable fabric created by the interwoven blocks. The trustless reliability of the data is extremely secure. This security will benefit all participants of the blockchain ecosystem by fostering trustless reliable transactions.
- Improved traceability: Full transparency into every transaction ever made will benefit many processes that historically required high level audits. ie real estate title modifications and financial settlements
- Increased efficiency and speed: The efficiency and speed of the blockchain will benefit almost all global market participants.
- Reduced cost: The reduced cost of implementation of decentralized financial services will induce a explosion in innovation in fintech field.
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Transparency: a benefit of blockchain by the nature that all transactions are publicly available to view by all
Security: a benefit of blockchain by the fact that each transaction is encrypted in a sequential manner, chaining all transactions together and once this is the case they are unchangeable and lastly enhanced security stems from the technology since it is decentralized and therefore does not necessitate trust
Improved traceability: since the technology chains all transactions their origin can be derived through the trails natural auditing feature
Increased efficiency and speed: blockchain is efficient due to the reduction of middlemen
Reduced cost: less middlemen less cost
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