Transparency- all of the transactions are on the blockchain and everyone can see the blockchain 247 because it is on the internet
Security- everything on the blockchain has to verify before it can be added to the blockchain so that forms a sense of validness and with holding money you can get robbed or lose something but with a crypto wallet you have a 12-word phrase that exists in your memory that nobody can steal.
Traceability- is important so you don’t have to just trust someone or some company for supplies it can now be verified on the blockchain.
Speed- your funds can be instantly transferred or sent and you can receive them in a couple of seconds
Reduced cost- blockchains are expensive to make and build and takes a lot of time but can change the world on how we use money
Transparency: Everyone can see every transaction ever made on the blockchain in real-time, also known as a public ledger. People can no longer lie where certain things such as money or goods come from or where they go, thus making everybody more accountable for every transaction.
Security: Security is increased because blockchain has a decentralized network of computers that stores all the information, so if one network goes down, there are others that can keep it running. Also, it requires the majority of the network to agree upon a transaction before adding it to the ledger, thus fake transactions cannot be added. It is practically impossible for someone to take majority control and place false information over the network because the resources required would be more than anybody would ever be able to get. Each transaction is also encrypted, which heightens security as well because it cannot be altered. Blockchain also works as a trustless system because rather than trusting the other party, you both transact based on a protocol and therefore can transact safely.
Improved traceability: Every single transaction is recorded on the blockchain, so every transaction can be traced from start to end.
Increased efficiency and speed: With traceability, there is no need for middlemen such as auditors to verify transactions, and the information is retrievable which makes it faster since it can be automated.
Reduced cost: The costs are reduced because there is no need to hire middlemen such as auditors, agents or banks that charge fees for use on top of fees one may need to pay for the transaction.
Explain with your own words, why these are the benefits of using a blockchain.
Transparency: transparency provides a trustless network to securely send and receive a transaction openly to all the ledgers to agree on the transaction. .
Security: Blockchain provides a trustless network which is the most secure network type available.
Improved traceability: every transaction is accounted for with out a third party
Increased efficiency and speed: you are able to transfer money across the world faster and with not third party interference.
Reduced cost: the money goes into your pocket and not a third party
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Transparency: Blockchain’s transaction ledger is openly available to the public, meaning unparalleled accountability and integrity
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Security: Blockchain is decentralized giving it a trustless nature. Immutable and incorruptible, Blockchain cannot be altered.
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Improved traceability: All transactions are recorded on the Blockchain ledger. Meaning full transparency - a supply chain history from manufacturer to distributor will verification of authenticity of the traded assets.
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Increased efficiency and speed: Removes the need for middlemen in the processes such as financial services. Transactions are instant, with complete ownership and tracability.
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Reduced cost: Replaces labor intensive processes. Save time with instant transaction speeds. Blockchain is available 24/7/365 globally. Transactions can occur from one side of the globe to the other.
With blockchains transparency is increased because all points of data at all levels of a potential supply or other network are available for all to see on a public ledger. This could bring much needed transparency to processes that are currently opaque and full of corruption.
Security is a key aspect of blockchains because of the decentralized nature of the network and the incentivization of miners. Because the nodes verify each transaction, there is no central authority that can make a mistake or be manipulated or hacked.
Improved traceability exists due to the public nature and immutability of the ledger. Anyone can go back and look at a particular transaction at any point and confirm that it took place.
Blockchains cut out the middleman in many instances, saving time, resources, and getting rid of the trust problem.
Because of all of the previous qualities listed, blockchains can reduce the cost of currently expensive operations. Saving time, energy, and money for companies and organizations that utilize the technology.
- Transparency:
Since a public blockchain is available for anyone to download or query, it its transactions are completely transparent to all parties transacting on it.
- Security:
Since blockchains data structure is an ever increasing blocks whose hash values depend on the proceeding blocks contents, any attempt to manipulate previous blocks would change this hash value and thus be detected and voted out via the consensus mechanism.
- Improved traceability:
Transactions on a blockchain are completely traceable, for example and amount of bitcoin can be traced back to the beginning of the blockchain, or when it was first unlucked on a new block via mining.
- Increased efficiency and speed:
The immutable nature of blockchains makes them more efficient since we do not have to spend so much effort in making sure we can trust the party we are transacting with. Transactions can also be verified much faster than traditional methods, since all we have to wait on is the next block that includes the transaction to be added to the blockchain, which usually occurs within 10 minutes, along with maybe a few confirmations, or additional blocks.
- Reduced cost:
Since blockchains are secure, costs are reduced since we do not need to spend time and energy trying to protect our database. Also, no middle men are involved to take a bit of money from the transaction for themselves, except of course for the small fees paid to miners.
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Transparency: This is a benefit of blockchain technology because it removes power from large central authorities to lie or omit information, and demands responsible action from businesses. Blockchain also demands a uniformity of protocols, creating a global language, and processes. This can lead to seamless business dealings across borders.
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Security: Using blockchain has higher security than centralized networks because there is no central authority that can edit data or omit pertinent information. It doesn’t allow for entities to operate in silos, which are more prone to error, lies, and more susceptible to hacking. It is seemingly impossible to hack the blockchain because it requires simultaneous agreement among a global network of computers.
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Improved traceability: Blockchain requires that all transactions exist in perpetuity on a public ledger. Furthermore blockchain does not allow data to be deleted, but only added on.
This has huge benefits for supply and demand chains and holding companies accountable for their actions. It becomes extremely difficult to lie about your actions thanks to blockchain. In respect to food and health companies, we can better track what goes into our food, or the actions of pharmaceutical companies. -
Increased efficiency and speed: Blockchain removes many middle men allowing for increased efficiency and speed. For instance, people can trust smart contracts verified by the network rather than waiting for something to be verifies/authorized by central authorities like banks, real estate agents (any ‘agent’ really). As one example, you can wire money to a business directly across the world in a few minutes, rather than going to a bank and paying fees for wire transfers and waiting days. It allows for more seamless coordination within businesses too, as things remain on the block chain once executed, and it is a public ledger. If your company needs to communicate between offices, or even countries, all that information can live on the blockchain, rather than relying on scattered emails, voicemails, he-said-she-said communications.
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Reduced cost: By cutting out the middle men (especially banks) you can save tons of money using blockchain technology. Using smart contracts for business can replace hundreds of hours of human labor, and save human error. Also with less risk of security breaches you can save money on security threats or hacks like in centralized systems.
Explain with your own words, why these are the benefits of using a blockchain.
- Transparency:
every participant is held accountable on their end which makes people act with integrity and incentivizes them to do so
- Security:
with blockchain you don’t need to trust any source because you’re trusting in the algorithm which makes it so every time a transaction is completed it builds onto the last block and updates it without worry of it being deleted or altered or even hacked
- Improved traceability:
with the blockchain ledger every time a transaction occurs it’s then recorded on an auditable trail to trace where everything is coming from, this can prevent fraud in exchanges. In industries such as medicine, it can be used to track the supply chain from manufacturer to distributer, or in the art industry to provide an irrefutable proof of ownership.
- Increased efficiency and speed:
Blockchain removes the need of a middle man by showing all statistics of every transaction publicly thus allowing p2p transfers with a digital currency
Property management processes are made more efficient with a unified system of ownership records, and smart contracts that would automate tenant-landlord agreements.
- Reduced cost:
Blockchain in a box allows companies to create a proof of concept without spending the money on a full development which should make them more likely to have investors invest in a project because they can see what it looks like and how it behaves off of said prototype
Transparency:
Security: It is a trustless peer to peer system
where every transaction is encrypted and added to the chain of blocks in the ledger. All blocks in the ledger are connected and it is impossible to cheat.
Improved traceability: You can trace the data in each exchange.
Increased efficiency and speed: It’s a decentralized system and no middle entety is needed for verification of the transactions.
P2P with a unified system of ownership records, and smart contracts that verifies the proof of ownership.
Reduced cost: No high fees from a middle entety.
Transparency
Allows for real time auditing or authentication of data and or transactions. Which gives the companies and customers using blockchain the incentive to act with integrity and be honest.
Security
The security within a blockchain is a key benefit to the functionality of blockchain because the data within the blockchain has to be authenticated by every network node within the block chain and not one singular entity which make blockchain less susceptible to manipulation. Also with blockchain having its data stored on “digital stones” the information can never be altered or erased.
Improved traceability
The benefits of having improved traceability within a blockchain is knowing that the data portrayed within the blockchain has been authenticated from all of the networking nodes within the blockchain. So this benefit ensures that all information within a blockchain is legitimate and authenticated information and in return prevents fraudulent acts.
Increased efficiency and speed:
Speed and efficiency are key parts in a blockchain that are crucial for data within the blockchain to achieve consensus by improving the time in which it takes for provenance to be determined.
. Reduced cost:
Reduced cost is a key benefit to blockchain because its allows for P2P transactions with no middle man so in return it reduces the overall cost for the blockchain to operate.
Explain with your own words, why these are the benefits of using a blockchain.
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Transparency:
every part of every block is accessible to everyone everyday anytime -
Security:
aspects such as encryption, miner verification, and decentalization make blockchain data secure -
Improved traceability:
each data piece on each block can be traced and revisited for viewing or verification anytime and from anywhere -
Increased efficiency and speed:
the speed of people or organizations is not a factor in blockchain, so just the speed of the blockchain’s processing of transactions is the only limiting factor - this makes blockchain’s automated transaction processing very efficient -
Reduced cost:
Explain with your own words, why these are the benefits of using a blockchain.
Transparency: Digital verifiable public ledger anyone can access
Security: Network of nodes spread out to ensure no one single point of failure and increased verification and nearly impossible hacked
Improved traceability: Data can not be manipulated or changed it is also more easily verified the origin of the data or product in question
Increased efficiency and speed: blcokchain removes the middle man using peer to peer to exchange data is faster than uploading to database and waiting for it to be available
Reduced cost: Middlemen are usually the people stealing your money or data blockchain removes these middlemen making it cheaper to perform transactions or do business
Transparency: Every transaction is visible as the Bitcoin blockchain is a public ledger.
Security: The blockchain is secured by a network of independent computers around the world. Everybody can secure the network by mining and get a reward for it.
Improved traceability: Even though you cannot see the legal owner of a transactions, every transaction ever made is forever saved in the blockchain. That is why it is called a public ledger.
Increased efficiency and speed: Transactions are verified automatically through computers and not through humans like in the traditional financial industry. This makes it much more efficient and transactions are verified much quicker.
Reduced cost: Compared to transactions submitted through a traditional bank, where many humans are involved and therefore on the payroll, transactions through a blockchain are causing much less costs.
- Bolckchain transactions are on transparent transaction ledger on open pubick addres open to viewing. Pushing people involvment in a integrity manner and accountabuility.
- Security comes from the matematical verification that is carved into the blockchain blocks that are linked like a chain into each other. Before they are linked are verified that the information is not being corrupted. No third party involvment that can influence the proces.
- Improved Traceability, is that with the blockchain ledger provenance provide deep tracebuility and autenticity of products, ownership, transaction etc.
- Increased efficiency and speed comes from less bureaucracy. Running 24/7/365 in real time.
- Reduced cost comes from efficency, no need for middle man. Less corruption les trusted autorities involvment!
Explain with your own words, why these are the benefits of using a blockchain.
Transparency: Transparency is the most important aspect of blockchain as it helps in verification instead of just blindly trusting and it also helps in doing real-time audit.
Security: Its decentralized nature makes it more secure because there is no involvement of a 3rd party, the entire network can not be compromised by one single entity as it follows a set of protocols.
Improved traceability: The aspect of traceability in blockchain helps in saving time, improves management of the supply chain, prevents fraud, shows authenticity, increases security. One can verify it anytime which removes the factor of blind trust.
Increased efficiency and speed: Being available 24x7 - 365 days makes it an efficient public ledger which any once can access globally. Its p2p and highspeed nature is destroying traditional finance.
Reduced cost: It will help in real time auditing, will also make accounting and transactions come together like two sides of the same coin which help the business save cost and time. It eliminates the 3rd party and reduces cost.
- Transparency:
The full ledger of transactions is open to public viewing, therefore, virtually ensuring full accountability, driving honesty and integrity.
- Security:
Once a transaction is verified and confirmed by all computers on the network, it is added to the ledger with all previous transactions, and can never be altered or deleted. This facilitates the trustless nature of bockchain.
- Improved traceability:
Every exchange/transaction is recorded on the publicly viewable ledger giving full transparency, thus preventing fraud and improving security.
- Increased efficiency and speed:
Fully supports P2P transactions and exchanges, cross border, with no requirement for ‘middlemen’.
- Reduced cost:
Due to inherent transparency, security, traceability and efficiency additional costs for middlemen to check, verify, secure and facilitate transactions and exchanges are not required.
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Transparency:
Each transaction is publicly available on the ledger which leads to accountability and integrity -
Security:
Each transaction is encrypted and stored on a block. Chains of blocks are then formed using mathematical strings that are impossible to break. This leads to an immutable and incorruptible network. -
Improved traceability:
As every transaction is stored on the Blockchain an audit trail is created making it easy to trace where goods came from. -
Increased efficiency and speed:
Blockchain facilitates faster transactions by cutting out the middle man. All transactions are peer to peer -
Reduced cost:
By removing the middle man blockchain is reducing costs
- Transparency: This allows everyone to see everything that is happening and verify that it is acceptable. This is one of the aspects required in creating a trust-less system.
- Security: There is substantial real-world/physical components securing the network, being incentivized to uphold the system with real financial rewards. Also, the reality of the computational components required for “breaking” the system can be challenging to obtain, delayed by manufacturing bottlenecks, and have large price tags. Additionally, the nodes are not necessarily being rewarded financially, and are separate from the hashing/miners, such that anyone can set up a node with ease and provide yet another backup of the system.
- Improved traceability: Long term monitoring and tracing is possible because of the transparency of the network. Everyone has the ability to see everything. This also prevents falsifying records because the network as a whole verifies it. This can have physical world uses, such as supply chain stores and conditions being verifiable.
- Increased efficiency and speed: There is significant improvements over previous systems because anyone anywhere can use the data as soon as it is adequately finalized on the blockchain. Financial settlement is fast and requires only the resources already being used.
- Reduced cost: These factors all lead to reduced cost through increasing productivity. Additionally, blockchain technology is open to innovation without constraints. If someone creates a platform using it and it becomes popular, like a trading/banking/lending platform, yet they begin charging higher and higher fees, another person can simply duplicate this open code and change it to a lower fee structure while providing all of the same useful tools. This all leads towards decentralization, improved innovation, and greater equality for everyone engaging with the network. Not only are people incentivized for interacting with it, the platforms become incentivized to reduce costs to users since it can easily be made available with lower costs.
Transparency:
Since all transactions are recorded and visible in a public ledger, every company is required to act transparently, thus creating trust with their partners and customers.
Security:
Blockchain is made of complex strings of mathematical operations that confirm ‘blocks’ of information. This information is chained creating an immutable database. Since every transaction goes through a decentralized verification process, the information’s legitimacy is guaranteed.
Improved traceability:
Since all transactions are recorded and visibly open in the blockchain, it’s possible to trace where they come from and where they go in the future. This makes it easier to audit a supply chain.
Increased efficiency and speed:
Transactions can be made directly between partners without the need for the middle man.
Reduced cost:
Blockchain give businesses the efficiency of direct peer to peer connections. This helps them reduce time and costs for making transactions.
Explain with your own words, why these are the benefits of using a blockchain.
Transparency: A blockchain is available 24/7/365. With global access, through the consensus who are incentivized through keeping the blockchain alive as well as verified, all transactions are publicly on the ledger making it transparent.
Security: The finality of a blockchain makes it immutable or irreversible. So no changes can be made, only future blocks can be added making it secure and verifiable.
Improved traceability: Since blockchains can only be added and not removed nor altered, auditing a trial of the transactions and authenticating is easier.
Increased efficiency and speed: Blockchain removes the middleman making the transaction peer-to-peer without all the hassles of fees, or even the bias of approval from a centralized authority.
Reduced cost: This aligns with efficiency and the speed of blockchain technology, which relies on the consensus who are incentivized by keeping it alive. In order to make blockchain decentralized in nature, peer-to-peer transactions are possible through eliminating the middle man and delivering results in the least amount of time with the least amount of cost.