Yeah that makes sense, thank you for the reply!
1.Transparency:
It is an open (public) ledger(digital stone).
All transactions are approved by a network of computers before recording them on the distributed ledger.
2.Security:
It’s security goes hand in hand with it’s transparency.
It is a decentralized network(a global database(every computer got a copy) which is based on math an protocol), an open (puplic) ledger where all transactions can be traced back and verified so that there is no trust in goverment,central authority,supplier etc needed anymore.
Because of it’s decentralized infrastructure,all transactions are approved by a network of computers before recording them on the distributed ledger. It’s provenance makes it impossible to manipulate/change /remove data .Moreover it’s consensus-mechanism decides which blocks are added to the chain. All computers will check if transactions send to the blockchain are correct(verification).
3.Improved traceability:
Verification of the authenticity of the traded assets/everything in the supply chain can be accurately tracked.
4.Increased efficiency and speed:
Blockchain removes the middle man which makes it peer to peer and very fast.
5.Trust is replaced through verification so that no 3rd parties/middlemen are required anymore with reduces costs.
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" Are Sleep Problems the Next Global Health Crisis?"… according to many researchers, sleep problems are a global issue. Listed below are the reason why integrating blockchain tech into daily life can help address this future globe health crisis:
- Transparency: Trustlessness through a decentralized, consensus-verified network the is available for public viewing should put everyone’s mind at ease regarding the integrity of any and all blockchain-business transactions… thus, helping them to sleep better at night. This benefit exists nowhere in current, non-blockchain, business environment.
- Security: The incentivized consensus process at the core of the blockchain network guarantees that security will always be maximized 24/7/365. Which should also put everyone’s mind at ease… and allow for a better night’s sleep after conduction a large transaction on the network.
- Improved traceability: Greater integrity and trustlessness in any supply-chain network ensures the integrity of any and all end products. The elimination of deceptive, unethical practices by suppliers and sellers, allows for a verified guarantee of authenticity of a product, etc. This benefit of blockchain should also put everyone’s mind at ease, and allow for a better night’s sleep… except, that is, anyone out there looking to scam, hack, deceive, and cheat the system.
- Increased efficiency and speed: What business or service focused on profits in today’s globally-competitive environment would snub their nose at the opportunity to increase efficiency and speed. The decreased costs of doing business, and the increased profits of reduced costs also help put people’s minds at ease, and allows them to sleep better at night.
- Reduced cost: same answer at #4.
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Since the transaction ledger for public addresses is show publicly there are more accountability for the person or company who make the transaction.
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Because every transaction is check by the network before being added to the blockchain and the transaction are all hashed, the bitcoin is way more secure than a conventionnel centralized network.
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A audit trait is recorded in each transaction, who show where the good exchange came from. So you can improve security and prevent fraud and can prove the ownership of a product.
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Because it is a peer to peer network the transaction are made instantly.
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Because you don’t use a tierce party to make your transaction you use far less money to make your transaction.
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Transperancy:
Before a block is added to the chain it has to be approved by various computers, who are running the blockchain node.
Security:
It is very safe, because of the high availabilty. The more people mine, the safer the blockchain gets.
Improved traceability:
The distributive ledger is public, which means everyone can look into it and see from where the transactions comes from (addresses) and to where the transaction went. This is huge in any aspect and a big advantage for any business, because there is no need for trust, they can just verify everything by looking at the logs.
Increased efficiency and speed:
Blockchains are running 24/7/365. There is not one time of the day where people are not mining, it is global. The transaction speed varies based on what protocol is used, but compared to centralized banking, who normally take about 3 days for sepa transactions it is way faster and much more efficient, because when people are not working, like for example on a sunday, then there is no one who make the transactions happen.
Reduced cost:
A transaction on a blockchain protocol is final and not reversable, which makes it much safer and better p2p exchanges. There are no middleman needed and because of that there is no trust involved in any third parties. Everyone only trust maths since the blockchain protocol is build on a binary code (10101010).
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- Transparency: Blockchain provides transparency by having each transaction verified by a network of nodes. Any changes must be agreed upon by consensus.
- Security: Blockchain is secure because the transaction are stored on a distributed ledger across a network of nodes, therefore being impossible to be compromised.
- Improved traceability: Businesses have provenance so everything can be verified through and an audit trail.
- Increased efficiency and speed: People and business can interact directly, cutting out the middleman.
- Reduced cost: Referring to point 4, less middlemen involved will also make the transaction more cost-effective.
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Benefits of using a blockchain.
Transparency: Due to the construct of an incentified public ledger network, where everybody can participate and view the protocol, transactions are immutable and trackable.
Security: The network participants are incentified, which leads to an availability which is unreached. The mining difficulty is scalable, there are always enough participants to keep the network running.
Improved traceability: When the network finds consensus, the provenance of goods/values in transactions is verified. It can be seen as a realtime auditing, which makes it easy to verify the origin of e.g. each good in a supply chain.
Increased efficiency and speed: As the system is decentralized and consensus verifies all transactions, there are no more middleman or institutions needed which would increase cost and time effort.
Reduced cost: Due to the lack of middlemen/instituions, costs are reduced.
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Transparency: Anybody can see the transactions on the blockchain which makes accountability unavoidable and results in more integrity.
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Security: Each transaction is encrypted and the blockchain is immutable and incorruptible. Blockchain is safe from falsified information and hacks from bad actors.
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Improved traceability: An audit trail is created on the blockchain making it easy to track and authenticate without the fear of fraud.
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Increased efficiency and speed: Removing the need for middleman gives blockchain and edge by facilitating transactions p2p increasing speed and efficiency. Automation of contactual agreements makes keeping your end of a deal easier and a unified system of ownership records makes it easier to verify authenticity.
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Reduced cost: Implementing blockchain technologies will reduce costs by improving your business processes in all the aforementioned ways above. By not needing to spend money worrying about fraud, fakes, hacks, spending valuable time digging through records to verify authenticity or wasting time waiting for middle men to verify transactions and do their jobs in the matter you safe tons of money!
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- Transparency is a benefit because your suppliers can know what is going on and your customers can see what ingredients are in a particular item if a fruit or vegetable is “organic”.
- Its immutability makes Blockchain have stringent security, it also is tied to the previous block so that there is a record.
- As previously stated, Blockchain has an address attached to each transaction so that it is automatically audited.
- Blockchain is efficient because it enables multiple entities to have one ledger instead of several.
- Blockchain reduces costs because it disregards unneccessary third parties that are not needed and a wasted cost.
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- transparency. blocks are stored for public view in a ledger on a chain via computers that network together.
- security. no one can ever take anything off the ledger thats been entered. each transaction is encrypted and follows the previous thansaction before it. there are no human error, human corruption or mistakes b/c its a mathematical solution which is tracable.
- tracibility is build in to the blockchain by following previous blocks & transaction to see where the (ex.) ingredients, medical supplies etc. were manufactured and what they were made with for… Its all verifiable & tracible back to its origins.
- speed is P2P digital networking that moves quickly and there is no need for middlemen slowing down the process b/c blockchain combines individual infastuctures into 1 blockchain infastucture for efficiency and for speed.
5)costs will be cheaper with blockchain due to lack of middlemen, auditors & security measures all that are required with seperate individual infrastructures.
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Transparency: a public ledger ensures that the blockchain is visible to everyone
Security: a blockchain is secured by the notion that the system is spread across all computers in the network, this power in numbers approach makes it extremely difficult to hack.
Improved traceability: The pubic ledger allows individuals to track the activity of themselves and others easily, this motivates accountability and honest by big institutions to individuals.
Increased efficiency: the blockchain essentially automates the middleman to mathematics, this reduces
costs as well
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Transparency - because all transactions are stored in the public blockchain distributed ledger, all interested parties have full view of every transaction, ensuring 100% transparency of all transactions for all parties.
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Security - because blockchain ensures that once written to the distributed ledger, nothing can be altered or removed (immutability), this ensures security. The system does not rely on trust of any central authority, or any particular party. Blockchain systems are described as trustless, which means complete strangers can do business without the need to trust each other. Security is achieved in the trust of the maths and the protocol provided by blockchain.
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Improved traceability - similar to transparency, because every transaction forms a block that is agreed by consensus of all nodes in the network, and is a added to the continuous blockchain, comprising of all transactions ever performed in the system, and all network participants have a copy of the blockchain database, then all participants can easily real-time audit the blockchain, tracing the history of assets, against which transactions are executed. All participants can trust the traceability because the blockchain is immutable.
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Increased efficiency and speed - the distributed nature of the blockchain database, where all nodes in the network have a copy of the database, and are responsible for ensuring its integrity through consensus and incentivisation, means the database is available all the time for all participants. This enables real-time audit of the blockchain, and no downtime because no single point of failure. The network participants do not need to rely on a central authority to retrieve information, execute transactions, or perform queries on the database. All network participants can query the database at anytime.
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Reduced cost - real-time availability, knowing the blockchain database is correct and cannot be changed, reduces costs that can arise in centralised systems from disputes, the need to perform regular audits of all transactions, and downtime/unavailability, leading to delays.
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Transparency: A public ledger creates more accountability, people act with integrity due to incentives.
Security: Security is increased with encryption and previous transaction linking. It’s a global database that cannot be manipulated. It is based on math and protocols once a transaction has happened you cannot take it back.
Improved traceability: Real time auditing to track where it all comes from, a network of computers that all need to agree on what is true.
Increased efficiency and speed: It creates a unified system of ownership records and smart contracts, 24/7/365 availability.
Reduced cost: Blockchain removes the middle man and creates a global protocol.
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1. Transparency:
The open nature of the ledger in blockchain is a benefit because it requires honesty through accountability on every level of a network or business. The transparency forces responsible decisions due to the traceable nature thus creating growth and positive forward momentum for all involved.
2. Security:
The Blockchain network’s operations creates a security benefit through its trustless nature of immutable coding of every transaction to every node. Each transaction is secure from falsified data or hacking by the entire network needing to compare all changes with each other and validate that he new data is accurate. Creating a open security that is impossible to break as it is already transparent and a consensus on the blockchain creates its permanence.
3. Improved traceability:
The very nature of blockchain is traceability. The open ledger shows a chain of custody or evidence of ownership through each transaction. Giving the benefit of improved traceability to all transactions processed through a blockchain and each step that it took a long its path between parties.
4. Increased efficiency and speed:
The decentralized nature leads to high availability of the network which creates the benefits of speed and higher efficiency. Also by removing middle men from the transfer of goods, funds, information or contracts it is a huge leap forward in efficiency as well as speed.
5. Reduced cost:
As the blockchain operates on the costs of the miners for validating the blocks of data it eliminates the costs involved with securing, building and maintaining large databases or ledgers. It also removes costly middle men and steps on various types of transactions. With a final cost reduction benefit that any transaction can be traced, confirmed, and accessed from anywhere at anytime for zero cost.
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Transparency: AS THE BLOCKCHAIN IS TRANSPARENT WE CAN HAVE A TRUSTLESS ENVIRONMENT.
Security: IT IS SECURED DUE TO DECENTRAISED CONCENUS. THIS IS INSTEAD OF CENTRAL AUTHORITY, CENTRALISED AUTHORITY MAY BE CORRUPT.
Improved traceability: ALL TRANSACTIONS CAN BE SEEN ON THE BLOCKCHAIN ALL THE WAY BACK TO THE SOURCE.
Increased efficiency and speed: THERES NO CENTRAL AUTHORITY, IT IS GOING DIRECT PEER TO PEER.
Reduced cost NO CENTRAL AUTHORITY COSTS.:
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1. Transparency:
Transactions are public and can be verified. It creates a trustless and transparent environment where businesses and individuals do not need to rely on trust or on third parties to exchange goods and services.
2. Security:
The blockchain consists of a decentralized network of computers which makes it nearly impossible to hack. Each transaction is crypted, added to a “block” linked to the previous one (forming a chain of blocks) and can’t be removed (immutability). Those properties make blockchain very secure.
3. Improved traceability:
Each transaction is timestamped and contains addresses binding a sender to a recipient. A series of transaction form a block which is linked to a previous one forming a chain of blocks. By design the blockchain technology makes all transactions traceable and therefore can be audited in real-time.
4. Increased efficiency and speed:
Since there is no need for intermediaries, transactions on the blockchain are operated directly between two individuals or organisations. This way of working increases speed and efficiency.
5. Reduced cost:
Peer to peer transactions and the absence of intermediaries make data transfer more efficient and reduce costs.
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transparency is provided by having all data visible for everyone to see on the public ledger.
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security is provided by requiring the majorityof the network to approve of interactions on the network.
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traceability is improved by all data being available for all participants in the network.
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efficiency and speed is increased through traceability, which reduces the need for intermediaries.
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verification through a mathematical system, removes the need for intermediaries, rseulting in reduced costs. even though a the network costs need to be taken into consideration…
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FIrst, the BTC blockchain you can see every transaction. You can follow every single bitcoin from it’s source. The decentrealized nature of the blockchain makes it impossible for now to be hacked. By this blockchain can eliminate the middleman in many aspect of our life - landlords, buyn properties, verifying products. By this it is cheaper and much faster - 24/7/365 - Bitcoin never sleeps.
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Transparency: An open ledger anyone can view makes it harder for any bad actor to hide their actions
Security: Since a 51% attack is the only way we know could corrupt the agreed upon consensus of the data on the ledger, the nature of blockchain is, the bigger and more decentralized the network becomes, the harder it becomes to corrupt the ledger.
Improved traceability: In supply chains e.g. blockchain can be used to trace and view the full history of products from manufacturer to supplier.
Increased efficiency and speed/Reduced cost: removing all middlemen and allowing p2p transactions, makes for a faster and cheaper means of exchanging value.
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- Transparency: there is no better way to create a system (without the Trust Factor) then making it open source to anyone and everywhere.
- Security:
Every single computer acts like a individual auditor so the bigger is the network better is the security. - Improved traceability:
You can only add data, and cannot modify or erase the inserted data. - Increased efficiency and speed:
Peer to peer transactions as also peer to peer data so the efficiency is total and the speed instant. - Reduced cost:
Less intermediaries involved, less redundant is the entire system.
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