-
Transparency: Transactions are on a public ledger. This increases accountability. This puts pressure on businesses to have responsible practices.
-
Security: “New transactions are encrypted and linked to previous transactions.” The math creates immutability of transactions that cannot be altered. Decentralization creates trustlessness.
-
Improved traceability: Because of the blockchain ledger, audit trails are created. Improves security, prevents fraud, verifies authenticity of transactions.
-
Increased efficiency and speed: Due to decentralization, the middleman is removed in transactions. Digital currencies are not limited by borders. Smart contracts unify ownership records.
-
Reduced cost: The middleman is cutout from the transactions. Decentralization is the key to improving the benefit to both sides of the transaction.
[quote=“ivan, post:1, topic:8421, full:true”]
Explain with your own words, why these are the benefits of using a blockchain.
Transparency: ledgers are open for public viewing.
Security: each transaction is encrypted and linked to the previous transaction.
Improved traceability: an audit Trail is present every time and exchange happens. This helps verify authenticity. Irrefutable proof of ownership.
Increased efficiency and speed: by removing the need for middle men. P2P cross-border transactions.
Reduced cost: you do not need a technical team to integrate blockchain technology. There will be no disruptions to your current business.
Transparency:
BlockChain transaction ledger can be viewed publicly effectively raising a great responsibility for information to be concise, accessible and clear.
Security:
Blockchain is encrypted data across a network. Data is not stored in a central server but across a huge network of computers which is constantly being check and verified.
Improved Traceability:
The ledger contains all information rooting from the origin or the source where something derived from.
Increase Efficiency:
Since its decentralized, it does not require a middlemen which can sometimes interfere with the process. Its a peer 2 peer exchange where transaction is check and verified by a consensus which is then incentivized.
Reduced cost:
No middlemen services and fees. This reduces cost and improves efficiency.
Transparency:
It is a public ledger open to everybody
Security:
Provided by the immutable nature of it.
Improved traceability:
All transactions can be tracked
Increased efficiency and speed:
Everything is recorded on the blockchain without the need for 3rd parties to verify anything.
Reduced cost:
By removing the need for 3rd parties.
Transparency: Through it’s open source nature, every transaction can be easily verified by anyone.
Security: Because blockchain is decentralized, security is enhanced through all the participants in the network running the same protocol based on unbreakable math.
Improved traceability: Because the whole system is transparent, every transaction can be traced back to it origin.
Increased efficiency and speed: Because blockchain technology requires no middlemen, transactions are free from third party systems that can bog it down.
Reduced cost: When there’s no need for middlemen or auditors, costs can be drastically reduced.
Benefits of blockchain:
Transparency: Creates integrity knowing that information and transactions can be publicly verified. Creates a sense of unity since playing by the same rules or being held accountable is incentivized.
Security: Creates a reliable network without a single point of failure. Also transactions cannot be changed or altered making it safe from corruption.
Improved traceability: Allows source or origin to be determined since transactions can be verified publicly. Allows individuals and businesses to have a greater understanding of where products are coming from or what is in the product.
Increased efficiency and speed: Has the ability to remove the middle man and create a more direct point to point environment, marketplace, and experience. The more the middle man is removed, the faster processes can become. It can also potentially decrease complications and complexity in a process, procedure, or transaction. An analogy would be a direct airplane flight compared to a flight with multiple stops along the way to the final destination.
Reduced cost: The faster and more efficient a process becomes, should allow greater potential to cut costs. If blockchain can remove some of the middle man in a process, it should theoretically be able to reduce cost in a process. Another way it could reduce costs is that transactions can be audited and verified in real time. The ability to track transactions back to the source of origin should also give the ability to potentially reduce costs because you can see where an item may originate from giving the individual or business greater ability to chose who to do business with.
1.Transparency: Quality, Open to everyone to see,honest document shared by the people.
2. Security: Transaction is secure . No fraud.
3.Improved Traceability: Everything in the Blockchain is tracked.
4. Increased Efficiency and Speed: Transaction can be made by us the people through Blockchain don’t have to wait on banks.
5. Reduced Cost: No need for a middleman.
-
Transparency -
With blockchain technology its transaction ledger is open to the public. By having that type of transparency it provides a huge level of accountability especially in the financial and business areas to encourage integrity and responsibility throughout. -
Security -
In many ways blockchain is probably the most secure record keeping systems that exist. This is because every transaction is encrypted and verified through the chain. Once verified transactions cannot be removed or edited and as its a decentralised network it brings trustlessness so users don’t need to put their trust into a governing body. -
Improved Traceability -
This helps people verify the claim of ownership or authenticity of goods that are traded, as there is a real time audit trail present to trace the origin of the goods. -
Increased Efficiency and Speed -
This is achieved by the blockchains decentralised nature of eliminating the need of middlemen in fields like payments or real estate as examples allowing peer-to-peer cross border transfers along with smart contracts to automate tenant - landlord agreements. -
Reduced Costs -
This is a great consequence of having the increased efficiency & speed in place which cut out the middlemen.
1 anyone can open and trace any transaction
2 no need to trust people only math and protocol
3 transactions can not only be traced but the supply chains can also be traced
4 cut out middlemen auditors who would add hours to what only takes minutes
5 improved efficiency always reduces costs
- Transparency
- Blockchain is a public ledger. Everyone can view and audit transactions.
- Security:
- Because the network is decentralized, it eliminates the need for trust and authority. Tampering data is also an difficult if not an impossible feat due to a consensus on many nodes. The finality or immutability property of blockchain also makes it difficult for parties to deny transactions which protects participants as a whole.
- Improved traceability:
- Provenance in blockchain is a benefit as previous and next data is stored in each block.
- Increased efficiency and speed:
- Blockchain networks run 24/7/365. Because of its high availability, this would not cause delays in global transactions.
- Reduced cost:
- Blockchain removes the need for middle men and fees for institutions to verify transactions.
- Transparency: Everyone can participate or check transactions at any point, which leads to no trust but verification, which makes every transaction transparent
- Security: It is decentralized and existing blocks can’t be altered or duplicated which makes it very secure.
- Improved traceability: everything is for all time recorded and accessible to the public at any time, track and trace
- Increased efficiency and speed: its removes the need of a middle man, which makes it faster and more secure. It is also available to everyone with an Internet connection 24-7-365
- Reduced cost: its reducing cost and removing trust because no middle man
Transparency:
Blockchain technology is transparent for end users as its available publicly.
Security:
Blockchain technology is secure as it requires computers consensus which is decentralized across globe and blocks generated requires complex mathematical formulae for decoding making it impossible for hacker.
Improved traceability: Blockchain transactions are publicly available from start till end.
Increased efficiency and speed:Blockchain technology is based on computers , mathmetical formula and hence computing /processing is enormously faster.
Reduced cost:
Blockchain technology is open source and to utilize it doesnt require large capital to startup or maintain.
Transparency: Blockchain is a public ledger which means it is visible to anyone. This means you can see the money flow from adress to adress. A good example was if residents of certain country, which would utilize blockchain technology, would be able to see how their government is spending their tax money.
Security: Because it is a decentralized network of computers where each of the computer has it`s own copy of the ledger it means that network is probably the most secured network than anything else. Also all participants are financially incentivized to make the network more secure.
Improved traceability: Every block is linked with the previous block and previous block with previous block etc… -> we have a blockchain. We can go through the history of transactions all the way back to where we need to. This means we can track everything on the blockchain.
Increased efficiency and speed: Transactions on blockchain are much faster than with conventional banking and are working 24/7 and much cheaper. Beside that there is no middle man which a) is everything i have already mentioned in first sentence and b) human mistakes are impossible because everything is done automatically and it is based on math which is exact.
Reduced cost: Because there is no middleman needed it means that companies which will integrate blockchain into their businesses wont need to pay for services to different business partners (middleman) Also particular companies will need less employees if they are going to integrate blockchain.
-
All transactions are shared across a transparent network where changes are only made through consensus and then displayed on a public ledger. Therefore, anyone can look up a transaction and confirm its integrity.
-
Blockchain introduces new technology making transactions irreversible and requires all participants/miners to confirm validation. This creates a whole new level of security, preventing hacks, corruption, and fraud.
-
With everyone on the blockchain being in constant communication with full limpidity, one can always evaluate a supply chain and/or trace the origin of a unit
-
Blockchain is without any third party or traditional paperwork, eliminating any technical errors and prolonged labor time. This makes the over all structure and process more productive.
-
Blockchain is majority computerized and uses an algorithm, therefore keeping human labor at a minimum and cutting out the middleman.
Transparency: By being a public ledger every transaction becomes traceable and accountable.
Security: The blockchain links every transaction ever made with the current ones being made, on a distributed decentralized network
Improved traceability: We can know where our asset is coming from
Increased efficiency and speed: By removing the middlemen blockchain facilitates peer to peer exchange of value
Reduced cost: Again by removing the middlemen we are removing costs associated with them
Transparency:
Everyone can view Blockchain transaction ledger, thus achieving transparency.
Security:
The immutable nature of the Blockchain transaction makes it impossible to be hacked and falsified.
Improved traceability:
An audit trail is created for every transaction recorded in the ledger, thus the origin can be traced.
Increased efficiency and speed:
Because Blockchain enables end-to-end transfers without needing a middleman, the efficiency and speed are improved.
Reduced cost:
As middleman is not needed, the cost is greatly reduced.
Transparency: Public keys are used for the transactions that are recorded in the Blockchain, so all transactions are visible.
Security: Transactions are verified and approved by consensus, are graded in the Blockchain where they are unalterable.
Improved traceability: All transactions are recorded with a digital identity in the blockchain and the blocks are connected to each other, so when looking for a transaction is easier to find it.
Increased efficiency and speed: Being all engraved in the blockchain and these blocks are connected to each other, it is faster to find the origin of a product or transaction in the chain.
Reduced cost: when there are no intermediaries, the cost is reduced.
-
Transparency produces a high level of integrity because you cannot cheat or manipulate data. Blockchains produce openness and verifiable information
-
Security is one of blockchains best use cases especially bitcoin. With miners protecting the network for rewards and nodes in every country, users can be sure that the security of the network is far more advanced than the current security of databases.
-
We are moving towards track and trace society. This will allow for improvements of medical records, food and merchandising logistics and authenticity of items.
-
Blockchain increases efficiency and speed by reducing friction cross borders. We can now do business or send money cross borders without a middle man or regulation requiring you to wait 7-10 business days
-
Cost reductions are important to everyone , blockchain allows for merchants and companies to reduce fees using blockchain because they don’t have to pay visa or MasterCard first so they are saving on every transaction. You can also send large sum on money in minutes at a fraction of the cost of western Union or money gram.
transparency:
through blockchain technology you can remove the need of trust. with blockchain and its transparency you can just check and verify.
security:
the first point is that its encrypted. besides this its impossible to change data which have been made or remove them. One example: when I send you money to buy something and i pay via blockchain there is just no way for you to say I haven’t send you money because you can’t remove the transaction or alter it on the blockchain. For the ones verifying a transaction it just wouldn’t make sense to lie because the wouldn’t make profit of it. As far as I understood they would even loose money if they’d do so.
Improved traceability:
Through the insight everyone gets by using blockchain you have a digital bill which cant be destroyed or altered in any way. Plus instead of just verifying that you bought a good from the shop, every part of the whole supply chain of this good ist recorded.You can trace back the journey of the good from the beginning until you get it without being afraid to get false information about it because data can’t be changed or removed once saved on the blockchain.With art for example you could trace back the way of a picture to the one who painted it. you would see everybody who bought it in the past and you can proof it yours.
Increased efficiency and speed:
Because you don’t need middlemen anymore you don’t have to wait for them to go to work or things like that. I can send you money to china even if the bank is closed 24/7/365 even on Christmas. By the way mathematical rules and blockchain technology won’t do human mistakes.With blockchain technology transactions can be made in real time.
Reduced cost:
Again you don’t need middlemen you had to pay in the past. At the moment you basically pay these big buildings your bankers are sitting in with service fees.
Transparency: Every transaction is visible to everybody
Security: Because of the decentralized network, it can not be hacked, modified, or deleted
Improved traceability: All the information can be tracked until the origin, whole history is public
Increased efficiency and speed: It reduces human error and the data validate the information
Reduced cost: No third party is involved, no paperwork.