- Blockchains are open for anyone to see all transactions from their provenance.
- Blockchains are made of complex code that cannot be altered, it can only be formed.
- Exchanges of goods can be traced in audit trails.
- Accounting and middlemen are completely done away with because blockchains are peer-to-peer and don’t have to waste time being handed off through banks or other organizations.
- Since information cannot be falsified and transactions happen immediately, there is no need to pay fees for an accountant or a bank which makes transactions a lot cheaper for businesses.
1 Like
- it is visible to the public and this creates a level of accountability and integrity that doesn’t currently exist in the traditional system.
- blockchain removes middlemen, this takes out unnecessary process and people and speeds up the transaction or action required.
- the records on the blockchain are encrypted and linked. This is what creates the chain. Once a block is complete it is added to the ledger and then the next block is added.
- every exchange of good produces and audit trail automatically. Blockchain can be used in the entire supply chain, improving traceability and authenticity of goods.
- Removing unnecessary people and processes in an industry reduces the cost financially and the cost of time.
1 Like
Explain with your own words, why these are the benefits of using a blockchain.
Transparency:
Because blockchain transactions are open to public and anyone can view them. This pushes all involved parties to act with integrity.
Security:
Because each transaction is encrypted and added to the blockchain and can’t be altered or removed once formed. This makes it safe from hackers and from being falsified.
Improved traceability:
One of the function blockchain has is tracking in real time or real time auditing in other words. This helps to verify the authenticity of each trade.
Increased efficiency and speed:
Due to its decentralised nature, it removes middle man. All transaction are happening in real time.
Reduced cost:
Due to all points mentioned above - removes middle man, removes needs for auditing, already is very safe, et.c
2 Likes
Transparency:
In Blockchain transactions for public addresses are open to viewing for everybody
Security:
Every transaction is encrypted and linked to the previous one. Blockchain is composed of complicated mathematical strings of numbers and is impossible to hack once formed
Improved traceability:
Every time a transaction is done it is recorded to provide documentary evidence of the sequence of activities
Increased efficiency and speed:
Due is decentralized nature there is no more need for a middle man like is bank transfers so the process is easier and faster
Reduced cost:
As no middle man is involved in the transaction the fees are lower
1 Like
Why these are the benefits of using a blockchain.
Transparency: Everyone can see all transactions which creates trust and a permanent record for all users.
Security: No one user can control or manipulate the information because all transactions must be agreed on by the network.
Improved traceability: Everything on the blockchain can be tracked and there is a permanent record.
Increased efficiency and speed: Everyone uses the same ledger which eliminates the need for individual programs.
Reduced cost: It eliminates the need for middlemen stops human error.
1 Like
Transparency: All transactions are recorded in the publicly available blockchain ledger which can be downloaded and viewed and thus encourages honesty and integrity.
Security: Once a transaction is entered into the ledger it cannot be tampered with.
Improved traceability: All transactions are recorded in the ledger and thus can be viewed, traced and verified.
Increased efficiency and speed: The blockchain is available 24/7/365 and because it’s P2P, it removes the need for brokers/middlemen, thus making transaction processes quicker.
Reduced cost: By removing middlemen, costs can be saved on associated verification fees.
1 Like
-
The whole chain can be traced back, no information holes
-
Anyone can access the chain data, there is no room for interpretation
-
Everyone in the network is highly incentivized to act securily, and to protect the network itself
-
Anyone with the needed skills can virtually trace the chain. No need to depend on third-parties
-
Blockchain can be up and running 24/7/365 through lots of nodes working together. The sum of all this surpases any private company.
-
Due to its huge dimensions with a retail approach, innovations are achieved at high speed. Cost efficiency is achieved through upgrades and new projects.
1 Like
-
Because blockchain creates an immutable public record, it’s fully transparent and encourages participants to be honest.
-
It isn’t vulnerable to hacking since it is its own incorruptible ledger which is backed up by many nodes globally that have all reached public consensus as to the authenticity of information.
-
It creates its own paper trail that would publish every step along the way in a supply chain.
-
Since it’s P2P, it removes middlemen for transactions and contracts.
-
Since it does all these things automatically and without regulation, there are less associated costs.
1 Like
Transparency: The blockchain is a public ledger the transaction is a unique key that locates the transaction on the blockchain and side chain if tokens are involved.
Security: A transaction can’t be lost or changed on the blockchain.
Improved Traceability: The series of transactions that make up the deal are timestamped and identified with a unique key linked across time on the blockchain and can be traced with blockchain “explorer” software.
Increased efficiency & speed: Blockchain transactions are verified in seconds or minutes on an uncongested network or hours in the worst case scenario without the need for a paid middleman.
Reduced Cost: Blockchain transaction fees are a tiny percentage of the transaction paid at the time of confirmation compared to normal bank transaction fees & duration.
1 Like
Explain with your own words, why these are the benefits of using a blockchain.
- Transparency:
By the very nature of the blockchain technology being that of an open ledger, all transactions are seen and verified in their nature. - Security:
The cryptographic nature of blockchain and its intrinsic one way valve system makes it untouchable by conventional hacking techniques. - Improved traceability:
The fact that every transaction is verified and recorded on the blockchain ledger, a quick audit allows the user to see the exact course of the item in question. - Increased efficiency and speed:
Aside from the self evident improvement of information through a secure network. Errors in logistics and also a removal of the need to verify in person, will vastly reduce the times in which goods, services and production can be achieved. - Reduced cost:
Greater efficiency = lower costs
Greater Speed = Greater efficiency
Greater Traceability = Greater Speed
Greater Security = Greater Traceability
Greater Transparency = Greater Security
It cost less to be transparent = Greater Transparency
1 Like
- Transaction can be seen& checked by anyone.
- Each transaction is encrypted and linked to the previous transaction. Network is decentralised with multiple computers.
3.No need for third party, data is correct by default.
4.All computers using the same ledger, also third party is not needed. - No need for middle man or documentation.
1 Like
-
So blockhain is open to viewing, companys need to take there responsibility to act with integrity towards the company itself and there growth
-
Blockchain works with a network of computers that needs to come together and confirm a ‘block’, so you can not be false and say you have 1mlj btc bc the other computers knows its false. this is great bc you work trustless with strangers
-
It’s all saved in the database every transaction you made or recieved, so you see from where it came all the time.
-
You don’t need people that manuel verify your transactions that takes time and money, it’s all automatic
-
like i said you don’t need people who manage everything, so you don’t need to pay someone for there service. the mining itself earns money
1 Like
The blockchain database is always visible for all parties and confirmed info in the blockchain are copied on every ledger and to change what’s already on the blockchain is a lost case! With that it also bring high security to the information and there is no need for a trust in third man only in the system. and be the traceability of the blockchain it provide you everything that ever happened in the blockchain also what’s going on in realtime. What increases the speed is the remove of middle men, third parties that promise you for fees and delay. with that its easy to do business with anyone, anywhere and anytime! The trust in the system is what makes it work and we together make its better, faster and cheaper!
1 Like
- Transparency
Blockchain is a digital ledger that contains a record of all transactions / data entries that have ever been stored on that database. It is a public ledger, so anyone can access the data and use it to verify information based on this data. Thus, blockchain can make processes more transparent and increase accountability of the involved parties because their actions/transactions/information/statements can be verified using data. Additionally, blockchain uses a protocol that is published, which makes the system itself transparent.
- Security
Blockchain operates on a protocol that is based on complex mathematics. The decentralized network of nodes applies a consensus algorithm to verify data and to come to an agreement on which new data to add. Comprehensive data encryption creates a “link” to historic data of the database that makes data stored on the blockchain immutable. The decentralized nature of the blockchain network, i.e. the absence of a central database, makes the network more resilient against attacks.
- Improved traceability
Each transaction/data entry is permanently stored on the blockchain and this data is publicly available. Whit regard to supply chain management, data can be used to verify any stage an asset has gone through during the process of its making, thus enabling to trace it back to its source of origin and verifying all the components that make up the product. This also helps to verify authenticity of a traded asset.
- Increased efficiency and speed
The absence of intermediaries and the adherence of all network members to the network protocol reduces bureaucracy and promotes a clear and smooth interaction between the network members. This removes unclarity and makes the processes within the network faster and more efficient.
- Reduced cost
Blockchain makes it possible to remove intermediaries from a process, which removes the corresponding service fee as well. Furthermore, blockchain creates a trustless environment, which reduces the cost of asymmetric information for parties that want to conduct business with each other.
1 Like
-
Transparency allows users to “trust” transactions in a trustless environment, due to the tracability of all transactions.
-
Transactional security means that there is no fraud within the payment system. When a transaction is completed, it is unable to be reversed. Security is also prevelant within the blockchain as multiple nodes need to authenticate each transaction.
-
Improved traceability allows instantaneous accounting as each transaction leaves a traceable footprint.
-
A blockchain offers increased efficiency and speed as there is nor middleman to slow down the process. Transactions happen in realtime from P2P.
-
Reduced cost is achieved by removing the middleman and the infrastructure that is associated with institutions like banks, for example.
1 Like
Transparency:
Because on the public ledger everyone can see all of the transactions.
Security:
With every block that’s being created transactions are being encrypted and linked to the previous transaction. Because of the decentralised nature of the blockchain it is almost impossible to “cheat” this system.
Improved traceability:
With blockchain technology it is possible to do transactions and send information about that transaction in real time.
Increased efficiency and speed:
With the decentralised nature of the blockchain you can cut out the middlemen and use smart contracts to pay with digital currencies (p2p) and records for ownership.
Reduced cost:
You can reduce costs because there is no middlemen anymore to pay for there services. Also transactions are saver, faster, cheaper, transparent and traceable. So if you take all of this in consideration it is overall cheaper then how things are currently done.
1 Like
Transparency:
Open for public viewing, removes trust through consensus
Security:
Decentralized encryption, no middle man or single point of attack
Improved traceability:
Can track data to the beginning with an audit trail to authenticate products
Increased efficiency and speed:
No need for third party helping reduce human error and need to reconcile
Reduced cost:
All reasons above reduce cost on the bottom line, what businesses strive for.
1 Like
- The blockchain allows for greater transparency due to the fact that everything is recorded in a public ledger. Every transaction made on the public ledger can be verified to insure total transparency and honesty.
- Blockchain has one of the most secure recording systems because every transaction is new and connected to the previous one. Changing this code is practically impossible allowing for a trustless system to confirm the transactions.
- Traceability greatly benefits from the blockchain because it allows every transaction of assets or materials to be traced to the exact original source.
- Blockchain allows for increased efficiency due to its removable of a third party from the transaction. The removal of the third party also allows for increased speed because the transaction no longer has to be verified or settled with a third party. Allowing for fast exchanges of assets or transactions.
- The blockchain reduces cost by removing the third party. Every fee or interest no longer necessary.
1 Like
- Provides a public ledger of all transactions.
- Ledger cannot be manipulated or corrupted because of the consensus mechanism built into it.
- Provenance or a complete history of a product can be easily tracked no matter where it goes or who possesses it.
- This all takes place on an already running network with the information basically moving at the speed of light. Removes middle men.
- If you can remove middle men and increase speed and efficiency, reduced cost is an automatic byproduct.
1 Like
1. Transparency:
The history of all transactions is visible to everyone.
2. Security:
The data within the blockchain is encrypted and unchangeable
3. Improved traceability:
Easy tracking of the origin of goods precisely because data changes are not possible.
4. Increased efficiency and speed:
There is no need for an intermediary that automatically speeds up the execution of any contract.
5. Reduced cost:
The cost reduction is a result of all of the above
1 Like