A blockchain is a public ledger where everybody can look into, (not change but have a view) so totally transparent.
There can only be 100% consensus with the nodes in the blockchain so it’s very secure
Once a transaction is confirmed it is definite so not reversible.
Transactions can be traced back to it’s starting point.
No more paperwork stored by different parties but only one public ledger containing all the needed information, so less time and cost.
1 Like
1.Transparency:All participants of the network have same copy of the blockchain and every new transaction can be aproved with consensus of all participants. To change transaction it will require alteration of records of entire network.
2.Security:No third party is involved in the transaction.The transaction is aproved in the nework and stored on the blockchain and nobody can change.
3.Improved traceability: All transactions are saved on the blockchain and can be tracked. You can check the history of transactions on the blockchain and you can’t delete.
4.Increased efficiency and speed:The traditional process of transactions requires third-party.Processes- transactions made on Blockchain can be done much faster and more efficiently because record is shared between all participants on the ledger and everyone has access to the same information-it’s fast and efficient.
5.Reduced cost: Not involving third-party (middlemen) to guarantee the trasaction and charge for that - blockchain make transaction cheaper -cost effective and we trust in the network.
1 Like
Transparency: everybody can check on the ledger, because it is public.
Security: the blockchain cannot be compromises. It is a distributed ledger.
Improved traceability: The process of provenance is public and cannot be falsified. It saves resources, red tape and is much more efficient.
Increased efficiency and speed: the blockchain records are practically instantly and do not need to be supported by other parties
Reduced cost: it is a process that can be done online, with no third parties involved and no fees.
1 Like
[quote=“ivan, post:1, topic:8421, full:true”]
Explain with your own words, why these are the benefits of using a blockchain.
Transparency: Reduced Fraud
Security: Security or secrecy of Data
Improved traceability: ease of accounting
Increased efficiency and speed: all transactions final and settled then after a few mins at most
Reduced cost: costs of accounting, money transfers
1 Like
Transparency is a benefit because information is visible to all parties. It makes it hard to alter information. Transparency is also good for tax auditing.
Transactions are secure because they have to be verified by the rest of the network. It is possible to trace the transactions because they are all linked together. This is linked to transparency also.
Improved Traceability is good because you can look at the origin of a product or payment and see where it has been before. An example of this could be ingredients used in food.
Increased efficiency and speed is a benefit with blockchain because it cuts out the middle man so to speak. There is one public ledger that people can access. It can also speed up auditing.
Reduced cost due to increased efficiency and speed therefore less labour required. There could be money saved due to all data being more accurate and the fact it is harder to be hacked or be defrauded of money.
1 Like
1. Transparency:
all transactions are accessible to anyone who has access to the network. since blockchain is distributed ledger, all network participants share the same documentation, so data on a blockchain is more accurate, consistent and transparent than paper processes
2. Security:
Transactions must be agreed by different computers before they are registered. If a transaction is approved, it is encrypted and linked to the previous transaction. All information is stored on a network of computers instead of a single server, making it very difficult for hackers to compromise the transaction data. Blockchain safeguards crucial information from fraud
3. Improved traceability:
products traded through a complex supply chain can be registered via blockchain from the very beginning of production to the end user. Every stopover that the product has made on its production journey can be traced. Here too, one can exclude fraud and verify the authenticity of a product
4. Increased efficiency and speed:
the traditional paper path of data processing is time consuming and prone to human error. Mediation by third parties is often required. Since data tracking is performed using a single digital ledger, transactions can be completed faster and more efficiently
5. Reduced cost:
blockchain consists of trust and immutability. this allows you to avoid interference from third parties, which significantly reduces the cost price
1 Like
Explain with your own words, why these are the benefits of using a blockchain.
Transparency:
Everyone in the network ( nodes) share same copy of the database ( distributed ledger ). It is open for review by anyone, who have access to the internet. The shared database can only be changed by consensus of all participants.
Security:
Data stored on the network instead of being stored on one computer. Before adding new data, it is agreed upon by the network, encrypted and linked to the previous block. High security is very important for financial services, government or healthcare.
Improved traceability:
When transaction of goods or data related to it recorded on the blockchain on every step, you can track it’s history from beginning to end. It can help with verification of origin of any goods and their history.
Increased efficiency and speed:
Blockchain eliminates need for time-consuming paper record keeping and need to reconcile multiple ledgers, since everything stored on one shared single ledger. It also eliminate need to trust third parties to perform audit. Clearing and settlement can occur much quicker.
Reduced cost:
Blockchain eliminates third parties for verification, you save time an money. Since everyone has same shared single ledger you don’t need to spend a lot of time verifying documentations. You trust the network.
1 Like
- Transparency:
All participants of the network not only have a copy of the entire ledger, they also must agree (consensus) on any change (e.g. accept a new rule) to make it happen.
- Security:
Every transaction must be verified by the network participants and reach consensus before being saved in the blockchain. Once approved, the transactions are cryptographically linked together (via hashing of the blocks, which blocks include the transactions). Because of this and because a copy of the blockchain is available on many machines, it’s very difficult to hack and compromise a blockchain.
- Improved traceability:
In bitcoin, UTXOs can be traced, meaning it’s possible to trace the provenance of funds. Supply chain records saved on a blockchain can also show the history of assets and every stop of their journey. This kind of history helps to verify the authenticity of assets.
- Increased efficiency and speed:
In traditional bureaucratic and paper heavy processes, trading is time consuming and prone to human errors. Blockchains can automate such processes and make them faster, as the ledger is only one and automatically synchronized with all network participants. it’s easier to trust each other without the need of many intermediaries.
- Reduced cost:
With blockchain you don’t need middlemen to guarantee the authenticity of data (you usually trust, at high cost of time and money, that they do a proper auditing). You can just trust the data on the blockchain, because the data has already been verified by the network participants. You can also run a node and verify blockchain blocks with your node (don’t trust, verify). Also, no need to review so much documentation, as every participant has access to the same immutable version of the ledger.
1 Like
Transparency: Allows those you have access to such documentations to see every transaction ever made. Thus this allows no false statements to be made, for they can see the truthful transactions through the documentations. With this, the processed transaction will be added to the database once the value, or data, was approved among all participants. If one would like to alter the processed data, then that individual would have to get the approval from all other participants.
Security: With higher security, there is no way for hackers or frauds to manipulate the system. By this, the data that is recorded cannot be manipulated since it will be linked to the last transaction.
Improved traceability: With improved traceability, those who have access to the transactions are able to see the history of the product. This may include significant history and history that may not be as important.
Increased efficiency and speed: Due to increased efficiency and speed, the system becomes more trustless. Since the process only requires one ledger, there becomes less people interacting with the product all at once. Thus, people will not have to worry about outside parties altering the way transactions are made.
Reduced cost: Because this is a trustless system, there is no need to hire outside parties to do one’s work in order to verify transactions. We are able to verify the transactions through math and protocols.
1 Like
Transparency:
The network participants have to be honest. For example, one can’t manipulate data or hid on his one without that all the other user’s agreement.
Furthermore, all information is always shared instantly and accessible for everyone.
Security:
Blockchain has a much better security in comparison with other systems because the transaction must be agreed and aproved comple decentralized before it is encrypted and added to the blockchain.
Furthermore, hackers will have more difficulty to attack a decentralized blockchain than a normal database.
Improved traceability:
The hole data is on the blockchain. For example, in a supply chain of organic vegetables and fruits, blockchain would it make much easier to trace and verify the provenance and production process.
Increased efficiency and speed:
In comparison to traditional record keeping-systems, blockchain has the advantage through its decentralization where all participants share the same digital ledger to be user friendlier and quicker.
Reduced cost.
Blockchain replace third parties or middlemen like brokers or auditing enterprises etc. because all information needed are quickly accessible on the blockchain.
1 Like
-
Transparency: Due to its distributed nature and execution of provenance,
transparency is one of the benefits of Blockchain Technology. A key feature
is that all computers on the network share an equal copy of all the data. Also,
changes (mainly adding to the network), requires that all nodes/computers come
to a consensus in verifying all previous data before an additional block can be
added. -
Security: With the data on a blockchain being non-central, with consensus
being necessary for changes to be made, and with verification of new and existing data validation,
security is a definite benefit of a blockchain. -
Improved Traceability: Modern day industries rely on information more and more
to run everyday businesses and co-ordinate global networks. Being able to
verify information about a product (its origins and make up) serves to add more
value to any business. Improved traceability validates ingredients in our
products, the companies or processes that have added value, the delivery route,
and so much more. This would be areas that would solely be reliant on ‘trust’ in
the past. -
Increased efficiency and speed: With the verification of so much information
related to blockchain networks, many middlemen and intermediary systems are cut out from any
network that has moved to a blockchain based system. With that in place, increased speed and
efficiency is definite benefit. -
Reduced cost: With the inbuilt security through its decentralized and
distributed nature, the cutting off of so many intermediaries, increased
efficiency, and all of the above, there is no doubt that blockchain technology
reduces cost. For example, there are whole industries related to securing
items that move globally (Insurance, etc). With these blockchain networks a
lot of these services will not be necessary.
1 Like
Explain with your own words, why these are the benefits of using a blockchain.
Transparency: The blockchain is an open public ledger. Anyone can check and verify on the ledger at any time.
Security: The blockchain is very secure because it is decentralized and has no single point of failure. Data on it is also immutable because it is added together in a block which is chained on top of blocks of data that preceded it, making it almost impossibly hard to change the data already on the blockchain
Improved traceability: Historical transactions in the blockchain provide an audit trail can easily be traced back to any origin by anyone
Increased efficiency and speed: Speed and efficiency is increased because of the Trust-less properties inherent in the blockchain, this significantly reduces the need for intermediaries and much of the friction involved in going through the checking processes
Reduced cost: The trust-less properties brought about by the blockchain means that less third parties are needed and this leads to savings. Couple this with increased efficiencies and this translates to benefits in costs
1 Like
Explain with your own words, why these are the benefits of using a blockchain.
Transparency - Blockchain is a type of distributed ledger so all network parties or participants share the same documentation rather than individual copies. Updates can only be executed through consensus of the networks so information is more accurate, consistent and transparent.
Security -Transactions on the blockchain must be agreed upon via consensus before it is recorded. After that, it is encrypted and linked to the previous transactions, bringing meaning to Block Chain. With the information being stored on a network of computers, it make it very difficult to hack or alter in comparison to a single server.
Improved traceability - Blockchain can record the exchanges of goods. In a sense it creates an audit trail that can show where a product or asset came from as well as every stop it made on it way to the final destination. this can help verify the authenticity of the product prevent fraud from occurring.
Increased efficiency and speed - Block can be used to streamline and automate processes, thus making those processes faster and efficient. because everyone would have access to the same information on a blockchain, it makes it easier to trust each other with out the need for a middle party or intermediate.
Reduced cost - With blockchain, you don’t need as many middlemen or 3rd party organizations to make guarantees because trust is in the data and the network. This is where a big part of operation costs would be.
1 Like
Transparency:
All participants can view the blockchain agreement between the organizations involved. There’s only one copy that is shared among the participants with approved access and cannot be changed by a single party. Consensus is required for any changes insuring compliance and accuracy.
Security:
Consensus, agreement by both parties involved, is required prior to recording the transaction. The transaction is kept on a computer network rather than a single one, reducing significantly the opportunity for hacking.
Improved traceability:
The provenance of a product can easily and efficiently be traced along the supply chain thanks to blockchain. Verifying authenticity of a product or purchase is highly desirable, and can be accomplished thanks to the blockchain.
Increased efficiency and speed:
Blockchain removes overlaps and redundancies of record keeping, errors in data input, and data retrieval. Multiple ledgers are no longer required which improves efficiency and accuracy. The trustless blockchain system tracks the product’s origination and the steps along the way, leaving no doubt that the verification is effective for transactions.
Reduced cost:
Cutting the fat out of inefficient processes and people in an organization is usually the goal of companies. Blockchain accomplishes this by trusting the data and the transparency of the transaction to those on both sides.
1 Like
ivanLeader
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: the pseudo-anonymous ledger is publicly available, it contains all the transactions since its inception.
Security:Their are multiples actors which incentives are running the Hash fonction, collecting and distributing Blocks solutions, adding reliability and trust in the system.
Improved traceability: The ledger is fully auditable at any time, any where, is highly available and completely public.
Increased efficiency and speed: Collecting and validating process of the transaction does not relie on any third parties, therefor, the transfert delay is highly reduced in time, very much cheaper, and overall incredibly secure.
Reduced cost: Fees are calculated proportionally to the amount of data present in the transaction and is not proportional to the amount of token exchanged.
1 Like
- Transparency is always needed in every system, big or small, so as much as is transparent it’s more reliable and it’s likely that someone will use it.
- Security is big issue nowdays, especially in digital era. With something that is decentralized like blockchain we have that chain of trust and that really for some technology to use.
- Improved tracebility is big benefit because by that we save time and lot’s of paperwork, by that a money that we would pay to someone. So that is one of the biggest benefits.
- These are big benefits because everybody wants to use something that’s efficient and fast, especially if it’s valuable technology in other aspects.
- At the end if somebody can use 2 types of machines and they both work the same but one is reducing costs, it will use the other one, blockchain.
1 Like
Transparency: everyone who has access to the network can see and verify every transaction
Security: no single party can alter the protocol and change the transactions
Improved traceability: historical transaction data shows every record that has been made in the transactional journey
Increased efficiency and speed: no need to wait for 3rd party to verify and trust nor large paper trail
Reduced costs: no need to hire 3rd party to verify transactions
1 Like
Transparency: the ledger is available to all network participants. And thus allows anyone with access to the blockchain to verify this history of transaction.
Security. Through the use of encryption and the way blocks are linked together, coupled with the distributed nature improves both the security of the data as well as the network.
Traceability. Since each transaction is recorded and made available … anyone can see where a transaction came from.
Increase efficiency and speed are new properties blockchains can embody because they have left behind the cumbersome processes of managing records by paper and by hand.
Reduced costs. Due to the efficiency we no longer have to employ as many people to carry out slow and error prone tasks of validating the state of our “economies”, enterprises and communities.
1 Like
Transparency:
data is public and decentralized
Security:
transaction are verified before they are added
Improved traceability:
transactions can be trace to the source
Increased efficiency and speed:
transaction requires less intermediate processes
Reduced cost:
cheaper to operate
1 Like
Transparency: Blockchain is a public ledger that can be verified by anyone.
Security: Blockchain is decentralized. The network is stored on nodes encompassing the globe making it much more difficult to hack and making data impossible to alter because every “copy” would have to be altered.
Improved Traceability: A product/transaction is permanently recorded on the ledger making it much easier to track and verify.
Increased Efficiency & Speed: Blockchain is peer to peer making it very efficient by cutting out the “middle man”. The digital nature of the blockchain makes it very fast.
Reduced Cost: Blockchain has the capacity to greatly reduce business costs. No record keepers, no “processing fees”, no 3rd parties to deal with, etc.
1 Like