Transparency: It’s a public ledger, so anyone can look at it.
Security: By consensus of all parts, every transaction will be doble checked.
Improved traceability: You are able to track from begining to end any transaction.
Increased efficiency and speed: Using all the same infrastucture (standars) It’s a value protocol.
Reduced cost: You stop having intermediaries, therefore you reduce cost
Transparency:
-As a investor in a business that is tokenist you will be apple to have completely transparency in the holders, business development, owners, full capital, transactions.
-You can follow your transactions in realtime.
-The business of any token is completely transparent, that means you can do a research at any moment you want with out needing any permission or timeframe.
Security:
-We don’t need to trust anyone in the blockchain, only in mathematics.
-The system is a decentraliset network and for hacking a network like that you will need to hack millions a computere at the same second.
Improved traceability:
-You can track every transactions on the blockchain.
-See where the transaction is coming from.
-Confirm your contract before buying it.
Increased efficiency and speed:
-Every transactions is don in realtime with out 3P.
Reduced cost:
-The transaction is don in a second where a normal brank transferee can take days and that is reducing the money.
-The transactions is don from p2p with out 3p fees.
The different sectors of the market in today’s economies are inclined to approach its communities with a greater sense of responsibility because the transaction ledger is open to the viewing by the public. Thus giving the blockchain a greater sense of transparency than the traditional centralized system that typically is not open to the public and that requires auditing of its transactions by specific auditing professionals to deem its financial status sound.
The Blockchain offers a greater sense of security, as the name suggests, the Blockchain is formed by a network of computers that come together to confirm a block. This block is then added to a ledger which forms a chain. The Blockchain is formed by a complicated string of mathematical numbers and is impossible to alter once formed. This gives the Blockchain an immutable and incorruptible nature giving a unique quality of being trust-less -meaning that parties do not need to trust each other to transact safely -increased security.
The Blockchain can help both create an audit trail each time goods are exchanged, and verify the authenticity of traded assets through the ledger that is publicly available and updated every time a new operation is recorded, or a new block is formed by those participating in that particular network.
As the middleman can be excluded from many operations global companies already conduct, the Blockchain offers the same services at reduced cost, more efficiently and faster.
2021-04-13T00:22:00Z
Transparancy
As a community we benifit from a public ledger being open to anyone to access. It gives accountability therefore trustless
Security
Blockchain ensures security as a network of computers verify information before adding it to the chain. A ledger is immutable and incorruptible to hacks and alterations as it cannot be changed only added to.
Improved tracibility
With blockchain each time an exchange is made it is recorded on the ledger, giving a string of transactions that can be easily audited. Eliminating third parties
Increased efficiency and speed
Decentralization gives incentives we’re Blockchain enables global p2p instant transactions with digital currency 24/7
Reduced cost
Blockchain data cuts out the middle men because they are no longer needed. With p2p transactions and a public ledger we are enabled to trade and trace in a trustless manner with almost no cost to using centralized services.
Transparency:
Public ledger open for all to view
Security:
Encrypted transactions verified by network of computers
Improved traceability:
Data can be tracked back to origin
Increased efficiency and speed:
No third party involvement to slow processes
Reduced cost:
Ability to test whether it’s a good fit for your company before added costs in implementation. Once implemented, costs are cut once third parties are removed.
Transparency:
Now with advent of blockchain organisations data is in public domain. With blockchain it is impossible to quote wrong information as it is verifiable against public ledger that organisation has.
Security:
It uses cryptography to record transactions. Each transaction is linked to previous transactions. Several computers within the networks comes together to form a block containing transactions through a consensus mechanism. Then the block is added to the ledger i.e. chain. Forming the blockchain & it is impossible to reverse the transaction or tamper the information.
Improved traceability:
As information is available public ledgers they are easy to trace & verify. It is like a global immutable database wherein chance for misrepresentation of information zero. So it is highly secured & chances of fraud is next to nothing. Apart from finance
it helps in various industries such as Supply chain, Medicine, Digital Art, Elections etc.
Increased efficiency and speed:
One of the Central tenet of the blockchain is to remove middlemen or centralised authority. Every rule is integrated inside smart contract making it most efficient way to execute any sort of transactions. And there is no bureaucratic system in place & zero human intervention. It also facilitate peer to peer financial transaction.
Reduced cost:
As there’s no intermediaries there’s almost no need of human resource to handle clearing, accounting & transactions on blockchain. Cost of maintenance is automatically absorbed through incentive mechanism as miners bears the cost of computing includes hardware & electricity. Whereas they get incentivised through blockchain. Making it self reliant global system.
Transparency : In blockchain, the database serves as a public ledger, that anyone can consult and audit at any time. This encourages accountability and integrity.
Security : Blockchain’s “trustless” nature stems from its incredible security ; the network is safe from hacking or false information, as each new piece of data added can only be confirmed through consensus of all the actors in the network. It also benefits from finality/immutability ; once data is in the blockchain, it can not be altered or removed.
Improved traceability : In blockchain, fraud can be prevented, as the addition of data to a blockchain network leaves behind a transparent audit trail, allowing anyone to trace any transaction back to any supplier or distributor.
Increased efficiency and speed : Through blockchain’s use of digital currency such as Bitcoin or Ethereum, transactions can be done at any time, across the world, instantly. Blockchain is decentralized, and keeps safe records of everything, which removes middlemen in many processes which may compromise the network.
Reduced cost : Blockchain technology can greatly simplify and improve companies’ actions, removing middlemen and third parties, and assuring security. Through kits such as Blockchain-in-a-Box, companies may have an introduction to blockchain as a mainstream occurrence, before making the decision to invest in it.
Transparency The distributed ledger is open for everyone to view 24/7/365. This ability to see all the transactions between areas of the business keeps each sector accountable for their actions, creating an environment where integrity will be encouraged.
Security By encrypting each transaction and linking it directly to the previous transaction, Blockchain forms an immutable and incorruptible chain of information that cannot be hacked or falsified. Add to this that once a transaction is verified by a network of computers, that transaction can never be removed from the ledger, it’s easy to understand why no current record keeping system even comes close to the level of security.
Improved Traceability Having an open ledger to view each transaction makes it easy to verify where any product came from and went to or what service was provided and who or what it was for. This could include almost all, if not all, business that is conducted between two or more parties.
Increased Efficiency and Speed By eliminating the middleman, financial or business transactions can take place in real time, even across borders.
Reduced Cost In businesses with multiple supply chains or global facilities, this could save millions of dollars and weeks of time in billing and invoicing alone. In smaller businesses or with entrepreneur’s, having the ability to allow for automated financial transactions with smart contracts and a higher level of integrity in their supply chain with the ability to trace transactions or product in real time would be the difference between success and failure in a competitive or global market
Explain with your own words, why these are the benefits of using a blockchain.
Transparency: The ability to know that each transaction is available one the blockchain, and a transaction will only be performed if all of the computers come to a consensus gives you the ability to know how, when, and why each transaction you have been involved in has taken place. This gives all users the ability to know that there is no data manipulation.
Security: Since there is finality and immutability with each transaction, the blockchain is trustless. The data is verified continuously in real time, and the ability to enact fraud is near impossible.
Improved traceability: Since you can see every transaction that has ever been listed on the blockchain, you can track every transactions details. This also has implementation in other fields. Using blockchain, you could trace every ingredient that was used to create the item you buy at the grocery store.
Increased efficiency and speed: Using blockchain perform many attributes of business. One of the biggest is auditing. Each transaction can be tracked and audited in real time, because of the way blockchains computers reach a consensus, and the transparency of that information.
Reduced cost: If you use blockchain to track the supply chain of a bottle of ketchup, it would eliminate the need for each company to audit their source individually. Blockchain would allow you to see in real time where each ingredient came from. The elimination of these middle men would cause savings for companies.
Transparency - Anyone can view transactions this helps to make businesses more accountable and responsible.
Security - There’s more security with blockchain because a network of computers come together to confirm a block before adding it to a ledger and finally the chain. Can’t be hacked as each transaction is linked to the previous transaction.
Improve traceability - a huge benefit here as every time there’s an exchange of goods an audit trail is created which can be used to verify the supply chain. This prevents dishonesty.
Increased efficiency and speed - There’s no middle man so speed is increased therefore allowing automated agreements to happen directly between people.
Reduced cost - By having everything trustless and automated this cuts costs tremendously.
1. Transparency:
The degree of transparency that blockchain technology can offer is one of its most enticing features. Blockchain ensures integrity by preserving information in such a manner that it cannot be changed without tracking the modifications made using the requisite security and control mechanisms.
2. Security:
Since information is distributed through a network of machines rather than on a central server, hackers have a much more difficult time compromising transaction details.
3. Improved traceability:
Blockchain contains honest traceable data that cannot be distorted to insure truthful, sound evidence to all stakeholders within a mechanism or chain.
4. Increased efficiency and speed:
The blockchain enables the tracking of an item’s provenance in the supply chain. The data can be validated by linking it to data from other network members. As a result, blockchain can be used for a variety of traceability use cases, including authenticity checks and fraud protection .
5. Reduced cost:
The blockchain allows the automation of certain systems and clear access to others without the need for intermediaries, additional databases, or software. Consequently, there is a cost savings.
Transparency: Anyone can view the public ledger (the blockchain) at any time - this forces much greater accountability for businesses or organisations who put their data on a blockchain.
Security: The very nature of a blockchain makes it secure in certain ways - once transactions have been recorded on the blockchain it is virtually impossible for anyone to go back and change them. So one can trust the records that are there.
Improved traceability: Any time that goods are exchanged, and it is recorded on a blockchain, that exchange will be available on the blockchain at any future point in time. This makes it easier to trace an audit trail that you can trust.
Increased efficiency and speed: Using a blockchain removes the need for a middleman from many processes, increasing efficiency. Cross border transactions become faster and easier. Smart contracts can automate many transactions.
Reduced cost: By removing a whole layer of middlemen, the use of a blockchain has the potential to also remove a layer of cost from many transactions and exchanges.
1. Transparency: As open to public it adds a huge amount of accountability to the network.
2. Security: Mathematical calculations and protocols (cryptography) makes it so secure.
3. Improved traceability: Each transaction entry leads to a gapless audit trail.
4. Increased efficiency and speed: Due to decentralization character, no middle man needed. Fast transactions through digital currencies possible.
5. Reduced cost: If no middle men/third parties involved costs of contracts/transactions are reduced.
Blockchain is a public ledger of transactions. Once a block is added, it would be on the blockchain forever and available for anyone to see
Blockchain, by design, ensures that no single entity can control the transactions. As it is decentralized, there is no single entity controlling it
It is easier to trace transactions and data in a blockchain as all the transactions are timestamped. For eg. If a bitcoin trasaction happens, it is possible to trace back to where this particular bitcoin has originated
By removal of middle-men and relying of mathematics and internet protocol, it's extremely efficient. As it's a central network similar to Internet, integration becomes extremely easy.
As blockchain enables trustlessness and real time auditing, businesses can save a lot of money by eliminating middle-men. Costs are also reduced by increased efficienct and speed
Explain with your own words, why these are the benefits of using a blockchain.
Transparency: Blockchain’s transaction ledger for public addresses is open for everyone to see, adding accountability and greatly reducing, if not eliminating, the chance of foul play through scams.
Security: Each new transaction is encrypted and linked to the last transaction. It’s impossible to alter or erase any transaction in the blockchain, so users don’t need to worry about trusting one another.
Improved Traceability: Every transaction on the blockchain has an audit trail to trace it’s origins. This improves security, prevents fraud and proves the authenticity of transactions.
Increased Efficiency: There are no third parties in the blockchain. Instead, there are faster transactions through P2P transfers of a cryptocurrency.
Reduced Cost: Businesses using blockchain technology save money since there’s no need to pay a middle man to process, verify or store data of any transaction. Essentially, the blockchain is the middle man and can be trusted based on its protocol.
Transparency - Is really important when your running highly complicated systems that govern money. The fact that you can trace a transaction back to its genesis date is going to be highly important in the long term. Without transparency you cant have a trustless system that isnt run on blind faith.
Security- Without security you will never have trust in the system. Without trust in the system it will always fail eventually.
Improved Traceability - It all goes hand in hand but when you no the full provernance of a transaction or item it creates a stronger system.
Increased efficency and speed - In a world that is getting faster and faster. We need our sytems to be even faster and more efficient. If you tried to run the global systems on Windows 95 it wouldnt work. So without improvements in speed and efficiency. Systems will stagnate and fall out of favour.
Reduced costs - Simple whoever can be the cheapest while still mainiting a level of quality will always be the market leader.
Explain with your own words, why these are the benefits of using a blockchain.
Transparency:
Blockchain creates an environment of integrity and holds those transacting accountable by authenticity and public availability of record keeping.
Security:
all transactions are held on the Blockchain ledger that is a continuously evolving stream of data that is complete and mathematically sound in its total equation of balances. This is all held together by incorruptible physics of math and essentially laws of nature operating on a binary basis.
Improved traceability:
Traceability is enhanced and created by the blockchain by constant record keeping that creates an authenticity of product, transaction and entity. tracabilty hold accountability thus creating a natural order of trust based on truth.
Increased efficiency and speed:
efficiency is one of the greatest benefits of blockchain. This is due to its faster transaction speeds, p2p ability that cuts 3rd parties out, trustlessness of consensus and math. this unified system of ownership records creates quicker automated processes in transactions on the blockchain.
(DAOs) Decentralized Autonomous Organizations
Reduced cost:
eradicates the middle man and their high costs.