- All transactions can be seen on the public ledger.
- The blockchain cannot be altered or falsified. All the nodes must be in agreement for a transaction to be approved, making fraud near impossible.
- All transactions are public and can be traced back to the user.
- Transactions can be performed quickly without the limitations of a traditional network
- Because humans do not need to be employed, especially high-priced management, blockchain networks are much less expensive.
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BC has the benefit of transparency because it’s transaction ledger is open to public viewing which insures accountability within a business and among businesses for them to act honestly with each other, with the community and with their customers.
BC has the benefit of security because all of BC’s transactions are encrypted and linked to previous transactions. It is impossible to “alter” these transactions because of how the BC is formed. The incorruptible nature of BC protects it from false info or hacking and its decentralized nature creates a “trustless” environment thereby insuring “safe” transactions.
BC improves traceability via its continuous audit trail through which all transactions can be verified of their authenticity because it is open to public viewing. For example, it can be used to track the supply chain from manufacturer to distributor.
BC is efficient and fast because its decentralized nature removes the need for middlemen in many situations related to financial processes and transaction. BC has the ability to accelerate financial transaction processes enabling P2P cross border transfer with a digital currency.
Lastly, BC is most cost effective due to the deletion of the many middlemen, due to reduction of financial loss resulting from dishonesty, theft and hacking and due to increased efficiency and speed of transactions, IE… unlike going to a bank to process tons of paperwork for various financial transactions, a costly and lengthly undertaking.
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Transparency - The blockchain is a public ledger not governed by a centralized authority and thus is trustless and fully transparent
Security - Because of the decentralized nature of the blockchain, it is very difficult to hack
Improved traceability - In the blockchain, there is an immutable sequence of transactions that cannot be altered
Increased efficiency and speed - Removal of the middleman(men) increases efficiency, thus making transactions faster
Reduced cost - Again, the removal of middlemen from the transaction eliminates the need for extraneous and needless fees
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Explain with you own words, why these are the benefits of fusing a blockchain.
- Transparency: Data can only be added and not removed. This results in transparency because everyone can trace all the transactions that have been made, even to the very first transaciton of bitcoin (provenance).
- Security: The blockchain consists of many nodes all with copies of the blockchain. These nodes make up a consensus on the data being added is valid or not. Therefore, you can not scam the network, because the nodes have the math and protocols as basis for the consensus they make. The network cant be shutdown because everyone is incentivized to keep it alive. If you have for example 20 nodes and 5 lose their electricity and shut downs, the mining consept will keep it alive. It is also trustless because you it is decentralized, meaning that yoy dont have to trust a third party to for example handle your transactions or for example trust facebook in storing information about you.
- Improved traceability: Because data can only be added ant not removed, tracability is improved as a result of nodes sitting with copies of the entire blockchain. This is very important because it opens up for transparency, beetween for example supplier and customer. The customer will be able to see if the supplier for example use child labour to produce the supplies. Or a apothecary can see if the products they buy are safe.
- Increased efficeny and speed: The blockchain improves efficency and speed because there are no need for third parties. You dont need a bank to verify the transaction from you to someone else, the blockchain does that for you through math.
- Reduced cost: The cost is reduced because you dont need a third party. The lack of third parties reduces the cost as a result of not needing someone else to help you. For example a big company does not need to pay an accountor to help the, the blockchain does that.
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- Transparency means it is a distributed ledger that can trace transactions and be seen by everyone with permission.
- Security because its a Global database of transactions on the blockchain that can not be changed once agreed upon and approved, then linked to the previous one and stored across a network of computers, not just one. This prevents fraud.
- Improved traceability and provenance, meaning everything can be tracked through the blockchain on the supply chain without being corrupted
- There is a digital ledger that everyone has access to so and it runs 24-7-365 days a year without a third party to disrupt it,
5.The blockchain is trusted and immutable, the lack of middlemen that can waste time, money and it runs 24-7.
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Transparency: takes away the trust in transactions because the transactions are verifiable and validated then published on the open public ledger and are visible.
Security: comes in various layers within the blockchain, giving the Blockchain network better security overall with its transactions.
Improved traceability: really comes from the moment an exchange is verified and validated from its previous transaction and when that transaction was logged into the public ledger.
Increased efficiency and speed: is possible because of the Miners and Masternodes that run non-stoppable every day of the year.
Reduced cost: comes from removing the middle man in all levels of any transaction and by removing all conventional ways of refunding a transaction.
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Transparency - Block chain is a public ledger where all the transactions can be seen by anyone adding that extra accountability to all the parties involved in the transaction adding trust less feature to the business.
Security - In blockchain a transaction once done, cannot be altered or deleted it only can be added to which gives the extra layer of security. in other words the transaction have to be verified by majority (consensus) computers in the network before it is approved and added to the blockchain. Decentralised nature of the blockchain also means transactions or data cannot be manipulated for the benefit of one person/authority.
Improved traceability - exact provenance of each transaction can be traced back there by verifying the authenticity on any assets in a business.
increased efficiency and speed - Block enables the peer to peer transaction by removing the middle man there by increasing the efficiency and speed of the transaction.
Reducing cost - By removing the middleman or intermediaries blockchain saves the unwanted cost in a transaction meaning the overall trading process in simplified and made cheaper.
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Transparency: blockchain has a transaction ledger for public addresses open because of this it gives an accountability never seen before to any system when is aply.
Security: The information can’t be altered or change in any way due the system itself, making it trust less and secure.
Improved traceability: every exchange has its own blockchain ledger so the authenticity of the exchange is verify.
Increased efficiency and speed: the so dislike sometime middleman is taking out of the equation so less steps in any exchange gives faster and less costs.
Reduced costs: when a well implemented system in any industry is aply with less steps, increase velocity and the same results at the end the industry get as reward a reduction in cost.
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Explain with your own words, why these are the benefits of using a blockchain.
Transparency:
All transaction are traced and verified on the blockchain, therefore allowing business to be accountable and responsible towards transaction, business growth, customers and community.
Security:
One of the best feature of Blockchain is that is secured in comparison to other infrastructures. It tears down silos by creating transparency and efficiency in the network by following math, standards and protocols.
Improved traceability:
Once transactions are recorded on the blockchain ledger, transactions can be traced and verified.
Increased efficiency and speed: P2P transaction eliminates the need for a middlemen, therefore allowing speed, efficiency and transparency in each transaction.
Reduced cost:
Once the math, protocols and standards are set in place there is no need for a 3rd party or middlemen. Therefore reducing the cost and allowing the network to run efficiently and smoothly.
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transparency: integrity and accountability goes up making companies responsible for company growth by community and customer being able to see verification of what they say.
Security: the formation of blockchain is by way of complicated math and impossible to alter after it is finalized. thus creating security
improved traceability: it is recorded and audit trails are made to verify authenticity.
increased efficiency and speed - no middle man, can happen from anywhere to anywhere in matter of minutes instead of the old banking system.
reduced cost: no middle man, reduces much cost, it is peer to peer transactions.
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- Transactions are public to viewing
2.Transaction cant be corruptible
3.Better security. Uthenticity of the traded assets.
4.No need for third party
5.No middle man
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1.with the blockchains ledger of transactions being open to public, allowed to be viewed by anyone to confirm or deny another party’s claims. this makes for an environment that doesn’t need trust, because there is undoubting accountability and transparency.
2.the blockchain is built upon a network of computers all completing mathematical equations. these computers form blocks of information which are all stored on a network free from hacks or being deleted. these blocks of information are added to a ledger to form a chain. Each transaction on the ledger is encrypted on a decentralized network making blockchain more secure then any other record keeping system.
3.with Real-time Auditing, undeniable proof of ownership can determined, and far quicker then any other system, network or entity can claim.
4.Because Blockchain is a decentralized network not owned by anyone. there is no need for a middle man to accept payment for cross-border transfers with digital currencies. person to person trades can happen at record speeds in a trust free environment.
5. with increased Transparency, Stronger security, undeniable improved traceability, increased efficiency and speeds. It’s no doubt one of the biggest outcome of all these factors is reduced cost. no need for middle man in between transactions taking payment and enforcing meaningless fees. the blockchain does all the work, confims transaction at a fraction of the price.
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Transparency allows the public to see all of the transactions of the blockchain, which limits falsifications.
Security is offered via the blockchain by linking together transactions by a mathematical thread. Therefore, hackers cannot hack the transactions.
Traceability allows for real time accessibility of blockchain transactions.
Efficiency and speed decrease the need for archaic ways of completing transactions from the past. The ability for all people to see the same leger from anywhere in the world increases settlement speed and decreases need for auditing, prolonging transactions.
Reduced cost is a perk due to the trustlessness of blochchain. There is no need for third parties with third party costs.
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Transparency: all transactions in the blockchain are public, open for everybody to see and verify.
Security: all transactions are immutable and distributed, meaning no modifications are possible and there’s no single point of failure.
Improved traceability: when a blockchain is used in a supply chain, it can help to verify the authenticity of the traded assets
Increased efficiency and speed: no need for a middleman (a bank) in transactions, also works across national borders, meaning cheaper and faster transactions
Reduced cost: see above
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Every transaction is public on the blockchain which leads to transparency. In order for a transaction to be completed/approved we need the Blockchain to run the Math & the protocol for it to go through. The blockchain is decentralized and run by every ledger on a network, it runs 24/7/365. The middle for the sender & the receiver is the blockchain which is extremely efficient & low of cost.
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Transparency: In blockchain before a data gets added to the blockchain it has to be agreed upon collectively by the nodes. And when it gets added it becomes available for everyone to see, so it is more transparent because you don’t have to trust anyone but you can see for yourself and check if the given information is correct.
Security: In bolckchain the blochchain aka the database is spread out on many computers geographically, and not only on one or two servers therefore it is extremely hard for hackers to hack the blockchain in which there’s no central base for it.
Improved traceability: in blockchain the traceability is improved in which you can track the origin of the product and where has it been and where did it stop etc. And you can make sure that the information you’re given is correct in which in blockchain the data can’t be changed or manipulated.
Increased efficiency and speed: Blockchain removes the middle man which makes it peer to peer and very fast.
Reduced cost: As i said blockchain removes the middle man who can cost a lot of money. and makes it peer to peer.
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Transparency
Verifiable info/transaction validated by consensus. The result of the public ledger where info can only be added and read, consulted by all,
Security
The entirety of the network cannot fail, cannot be hacked. The network is incentivised to play by the rules and protocols established.
Improved traceability
The public ledger allow to track every transaction, and information exchange. Potential use case for authenticity and ownership of assets etc…
Increased efficiency and speed
Once a transaction is validated it cannot be changed. No need to know your business partner on a given transaction, no need to audit… need for trust is removed. It also removed data entry errors.
reduced cost
No need for third party intermediaries or guarantor of “trust”
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- Transparency: the fact that its transaction ledger for public addresses is open to viewing. In financial systems and businesses, this adds an unprecedented layer of accountability, holding each sector of the business responsible to act with integrity towards the company’s growth, its community and customers.
2.Security: Blockchain is far more secure than other record keeping systems because each new transaction is encrypted and linked to the previous transaction
3.improved Traceability: With the blockchain ledger, each time an exchange of goods is recorded on a Blockchain, an audit trail is present to trace where the goods came from.
4.Increased efficiency and speed: In comparison to traditional financial services, blockchain facilitates faster transactions by allowing P2P cross-border transfers with a digital currency.
4.reduced cost: BaaS or Blockchain-as-a-Service companies allow customers to integrate Blockchain technology into their businesses easily, without disruption to their daily processes
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Transparency:
All participents share the same data from the ledger with full transparency, Which makes all parties conduct business with more integrity trough transparency and trust.
Security:
Today we put aweful lot of trust in centralized third party databases that are in the hands of humans, humans can make mistakes or be bribed. Having a public ledger that is immutable and incurruptable trough consens of the network makes it impossible to break any information on the ledger.
Improved traceability:
Having traceability is key for many businesses. For authenticity of a traded asset, tracing a supply chain or auditing. For traceability to be transparent is key in trust between party’s which become more and more important as we get more and more globalised. Having a public ledger like the blockchain that is verified everything trough the consensus of the network is key for the future of businesses.
Increased efficiency and speed:
The system the banks are using are not keeping up with the pace of the rest of the society’s technology. After a consumer pays for a product the settlement happens days after. With cryptocurrency on the blockchain, the transaction is the settlement.
Reduced cost:
By using the blockchain companies can reduce their cost of transaction fees and supply chain as this is a big expense for alot of companies.
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Transparency:
because every transaction is public, everyone is incentivized to play by the rules and act with own integrity and take responsibility of actions he takes
Security:
By hashing all the past transactions you can be sure nobody manipulated the past. For example sometimes in history regimes changed the history books to manipulate the masses. This could not be possible if history would be written to BC
Improved traceability:
As every transaction is recorded and is public, you can trace down the origin of all transactions. If this transaction would be a product in a supply chain, you could trace down where all the parts of a yogurt all comming from
Increased efficiency and speed:
P2P networks remove the need of a middleman which is an unnecessary entity in the transaction. The middleman takes additional fees, the data has to travel through another entity instead of going directly to the seller and buyer.
Reduced cost:
By removing the middleman the process is more effective, thus cheaper. You can automate a larger variety of tasks by using Smart contracts.
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