- Transparency:
The transperency is ‘pseudo transperent’ so the transparency could be to the fullest within a business keeping track records BUT not absolute since address still needs to be ‘de-mystified’ - Security:
Each transaction in the blockchain is encrypted and linked to the previous transaction. - Improved traceability:
An audit trail can be viewed. and increase the autheneticity - Increased efficiency and speed:
P2P cross border transfers. Ownership records and smart contracts gets much effective. - Reduced cost
No cost of a ‘men in the midle’ and high efficiency keep costs down.
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Explain with your own words, why these are the benefits of using a blockchain.
Transparency: Greater transparency will promote integrity for both producers and consumers. The truth of is always on the blockchain and any unethical acts can ruin one’s reputation.
Security: The blockchain is safe from falsified information and hacks. Multiple computers are incentivized to accurately verify transactions. Its a trustless checks and balances system that is immutable.
Improved traceability: There is an audit trail for exchanged goods on the blockchain. All goods are traced from its origin to the consumer. this allows people to know where their purchased good comes from, how its made, and its quality throughout the process.
Increased efficiency and speed: With blockchain technology the middle man is cut out for a lot of business transactions. Also the speed of transactions on the blockchain are faster than traditional methods.
Reduced cost: Overall, the transparency, security, traceability, and increased speed will reduce costs for businesses. The network already incentivized blockchain operators to do what most companies would hire 3rd parties or additional employees to do. The transactions speeds allow for companies to focus their time on revenue generating tasks. The traceability factor helps keeps a companies integrity and could potentially prevent costly lawsuits because of defamation.
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Transparency: Everything is viewable by anyone. This gives me the confidence to know that a business is actually doing what they say they are doing.
Security: Independent validators adding transactions to an immutable chain. I don’t need to trust you because the validators are doing the due diligence. Also, a distributed and independent network means that it is very difficult for hackers to attack since their is no single point of failure or attackable area.
Improved traceability: everything can be traced back to source on the blockchain. I no longer need to take your word for it that it is an original Picasso piece — I can simply scan it, and trace it’s origin through the blockchain.
Increased efficiency and speed: I no longer need to wait for a middleman to facilitate a transaction (bank ACH 3-5 business days of bullshit). Now, I say I have this money, I want to send it to so and so, and bam, it is there instantly. I can send and receive money in a split second, allowing my capital to move freely and instantly.
Reduced cost: You no longer need to maintain your own database—the incentives exist for validators to do this on the blockchain, essentially outsourcing your database.
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Transparency:
By using a public decentralized ledger, this would allow users to easily verify transactions that occurred on the blockchain. -
Security:
The decentralized nature of the network, coupled with the encryption ensures the transactions are secure – making it very difficult to hack. -
Improved traceability:
Transactions recorded on a blockchain can be easily verified and tracked. -
Increased efficiency and speed:
Many of our existing processes require a third party for reconciliation and verification purposes. With blockchain, this third party will no longer be required. -
Reduced cost:
Third parties that are required to perform financial auditing or to serve as middleman to verify/reconcile transactions would no longer be needed, which would reduce the overall cost.
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Explain with your own words, why these are the benefits of using a blockchain.
Transparency: given the fact that all transactions on the blockchain are public, businesses can build trust with their customers and partners since they can be held accountable. This is a great benefit for businesses and consumers alike. The more trust a company builds, the more money and consumers loyalty they can generate.
Security: each transaction on the blockchain network is verified, encrypted and linked to the previous transaction. Once the transaction is added to the public ledger it cannot be changed.
Improved traceability: when an exchange-of-goods transaction is added to the public ledger of the blockchain the origin of the goods can be traced. This prevents fraud, increases security and allows for the authentication of the provided goods.
Increased efficiency and speed: since the blockchain system is decentralized, there is no need for any middlemen in financial transactions. Cross-border transactions between two parties can be made with cryptocurrencies quickly and efficiently. Traditional real-estate agreements can be simplified and made more efficient through the use of smart contracts that are created on the blockchain.
Reduced cost: given the peer-to-peer and decentralized nature of the blockchain, both businesses and individuals can benefit from cheaper and more efficient transactions since the middlemen can be removed from the equation. The long paper trail required for traditional transactions can be reduced to one immutable blockchain.
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Transparency is allowing everyone to see the ledger, this forces the company to have better accountability since everything will be recorded and can’t be changed.
The security of the blockchain unmatched by anything else. The blocks are formed in the mining process and once accepted added to the ledger as a chain. Once it is added it is given a specific mathematical number that cannot be changed. This makes it impossible from being altered it hacked.
Improved traceability is a huge benefit for example it can be used in the supply chain industry to make sure people are telling the truth about goods. If someone get yogurt and the yogurt company uses blockchain it can trace all the ingredients in it, this can be used to verify it the yogurt is organic or what not and then the company can advertise that. If the company says it is organic but when looking on the blockchain something comes up to disprove that then this can hurt the company who advertised it was. So it keeps in check that a product is what it says.
Increased efficiency and speed is being able to take the middle man out of of whatever transaction is happening. For example if someone wants to get a loan however they do not wish to use a bank the can use a peer to peer lending service. This would be comprised of smart contract and someone willing to lend out money. The smart contract with make sure both parties agree to the terms and facilitate the transaction. This transaction can be done very quickly as well, and the person can have the money in a reasonable time.
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Transparency:
Blockchain public ledger open to every one. easy to verify. people can see the whole transaction
Security:
Its’ distributed network and immutability ensure that it cannot be reversed or hacked.
Improved traceability:
You can track down the whole record see what happened.
Reduced cost:
Blockchain has no middlemen. Making it faster and less fee for cross-border transfer.
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1.The ledger is open to the public for viewing which creates accountability and integrity.
- The blockchain is immutable and incorruptible and the parties do not need to trust to
have a safe transaction.
3.The blockchain can track the goods from start to finish with an audit.
4.Blockchain removes the middleman and has faster transactions.
5.A Unified system will reduce cost and time .
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It’s transparency is evident when all nodes have to see and agree and have a consensus about the transaction before it’s accepted into the blockchain.
The decentralized nodes provides the security.
Improved traceability is due to inability to manipulate , delete or change the data once it’s on the blockchain.
Layer two development has been increasing the speed and efficiency of blockchain.
Reduced cost is achieved by eliminating the middleman in transaction costs across varous industries.
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Explain with your own words, why these are the benefits of using a blockchain.
Transparency: Blockchain is global ledger, everyone can see the transactions. This will increase the integrity of the whole supply chain to act as what is promised, and to enhance the commitment of every participant in the system.
Security: Make the transactions safer & cannot be hacked, so participants do not need to trust to join the network.
Improved traceability: Make everyone in the supply chain to be more responsible for any claims. Make it easier to trace back the source of the final goods to prevent fake origin.
Increased efficiency and speed: No more intermediates needed. And it is on digital, there is no limit for space between participants.
Reduced cost: No more intermediates needed. No fees for 3rd parties.
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Explain with your own words, why these are the benefits of using a blockchain.
- Transparency: New evolution of “golden” transparency
- Security: Transactions are final and immutable
- Improved traceability: Provenance over transactions.
- Increased efficiency and speed: Complete availably 24/7/365
- Reduced cost: Trustless based solely on math and protocols.
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Transparency:
The open source nature of blockchain technology allows for public viewing and auditing at all times resulting in an increased demand for honest, accurate and legitimate information to be brought forward.
Security:
The risk of human error, complacency or fraudulent attempt is significantly reduced by employing mathematical protocol to verify transactions rather than relying on an individual, group or entity.
Improved Traceability:
Allows businesses to monitor and track any goods being manufactured and distributed are being done so in an authentic and ethical manner.
Increased Efficiency, Speed and Cost Reduction:
Near instantaneous, verified transactions via blockchain eliminate the reliance of third-party intermediaries and can significantly reduce unnecessary in-house labor positions which in turn drastically reduces costs and increases efficiency.
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Transparency: Blockchain being publicly viewable for everyone provides another layer of accountability for those who use it.
Security: Being less prone to variables such as human error or malintent makes the blockchain platform much safer and more appealing.
Improved traceability: Similar to transparency, traceability adds to that additional layer of accountability for all parties involved.
Increased efficiency and speed: Efficiency and speed incentivize use of the network, which in turn increases security.
Reduced cost: Reduced cost provides the same incentive and therefore same benefit as efficiency and speed.
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- Transparency:
It allows to see from where and to where every transactions go and for what. it adds trustless. - Security:
Transaction are verified and approved by each node on the network, make impossible to trick/cheat - Improved traceability:
All the transactions are written on the the bc so easily traced - Increased efficiency and speed:
As the technology is p2p, efficiency and speed is increased - Reduced cost:
No middle man/company so, less fees
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Transparency: All information is present to anyone, so it is known who did what at the time of the transaction to maintain accountability.
Security: Information is linked to the current and previous transaction while simultaneously being encrypted. Due to its mathematical nature, it makes it impossible to manipulate the system
Improved traceability: Easy to verify a transaction by providing “who got what from where” so that way both the business and the client know what they’re receiving, while also providing an ease of mind with the elimination of fraud.
Increased efficiency and speed: Cuts out any unnecessary steps to complete a process/transaction providing speed. Given the history of the process are recorded and permanent, it makes it easier to process thus providing efficiency.
Reduced cost: Provides extremely little delays which assist in reducing costs, also cuts out any unnecessary steps to make a transaction happens which means faster approval times thus leading to faster transaction times.
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I hate those pesky middle men,… they always seem to come up on us.
Transparency:
You don’t have to trust the other party to be telling the truth about something when you can just do your homework and verify it for yourself on the blockchain. Also, due to the transparent nature of blockchains any questionable transaction will be seen by everyone, so it’s best to act wisely.
Security:
Blockchain is immutable - its information cannot be changed once it is “out there”. This is useful to protect against malicious attacks where someone wants to falsify or hack the data.
Improved traceability:
Improved traceability means easier verification for authenticity, because to see where something came from, all you have to do is follow the “path” that thing took to arrive at its destination. This is useful to prove ownership of certain assets such as NFTs, to follow the supply chain of a certain product, etc.
Increased efficiency and speed:
Blockchain eliminates the need for a middleman. For example, Bitcoin allows individuals to send money without having to first wait for the bank to approve of that transaction. In a traditional financial system, wire transfers can take days to arrive, but with blockchain, that waiting time is cut down greatly.
Reduced cost:
Because blockchain eliminates the need for a middleman, you don’t need to pay as much in fees when you want to send money to someone else. It would be a peer-to-peer transaction where you directly send the money to its intended recipient. As such, you saved money by not having to rely on that middleman to help you out.
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Transparency:
A blockchain database is actually completely open for anyone (in or outside the network) to see, audit and trace back. The network is not going to have a name for you but instead a circa 60 character ‘address’ which is able to be located 24/7
Security:
It is secure because of the finality function of the database. Anything can be added but never removed. In addition, it is agreed upon by multiple actors who do not know each other. It is all encrypted and linked from the previous block to the next block.
Improved traceability:
Since all transaction are finalized and available 24/7 on the database traceability increases. If one knows a wallet address one is able to back track and audit all the txn that happened in relation to the address at hand.
Increased efficiency and speed:
It is more efficient because there are fewer entities involved for the same ‘stuff’ to occur.
Reduced cost:
The reduced fees is a little murky right now given that we are not fully calculating the environmental costs and externalities related to running the nodes. However, given there is no middleman means the txn fees should be lower if the system is running efficiently.
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Transparency: a distributed ledger that has the same documentation shared by everyone and available to all with permissioned access.
2. Security: transactions are agreed upon and approved, then linked to the previous one and stored across a network of computers, not just one.
3. Improved traceability: everything in the supply chain can be accurately tracked.
4. There is a single digital ledger; intermediaries are not needed which increases efficiency.
5. Data on the blockchain is trusted and immutable which reduces cost because middle men are not needed.
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- Transparency: The blockchain is a public ledger where the transactions are easy to view.
- Security: It is more secure because it uses mathematics to ensure that the data is not corruptible and each new transaction has to be encrypted and linked to the previous transaction.
- Improved traceability: with blockchain the authenticity of a product can be verified thanks to the audit trail that is left behind by each new transaction.
- Increased efficiency and speed: Blockchain helps remove the middlemen in many process allowing a peer to peer transaction making it a faster and more efficient.
- Reduced cost: Without the need of middlemen to carry out various process and by having many agreements automated through the use of smart contracts less work forces is needed to complete each task.
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