- Transparency:
This is because all transactions are placed on a digital ledger for all to see and is accessible (even when encrypted) to everyone and anyone. - Security:
The nature and the principles that blockchain rely on not only promote honesty but would be utterly impossible to reverse or add transactions that didn’t actually occur because of how communally based blockchain is miners would want to be as honest as possible when transmitting these ledgers as this is the only way they would be paid. - Improved traceability:
Real-time auditing can be done on blockchain as the blockchain is always online and contains the history of all transaction from the inception of its launch. - Increased efficiency and speed:
Blockchain totally gets rid of middlemen fees that are wasted and normally take up a big expense. - Reduced cost:
These escrow accounts that act as the middlemen take up a gargantuan amount of fees, most transactions take place in a peer-to-peer fashion.
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Blockchain increases transparency because of the nature of the public ledger. This data being publicly available means that it is easy to hold businesses to account for their activity, as it is public.
Blockchain increases security because every transaction is final, it is also difficult to hack because it is decentralised.
Blockchain improves traceability because it is clear to see exactly where certain goods, tokens or currencies came from. This way it is easier to authenticate rare goods and also to avoid fraudulent activity, which simply wouldnt work.
It increases efficiency for many reasons. There is no need for third parties like estate agents, companies like paypal etc to be intermediaries between a buyer and a seller. This is also the case across borders, where exchanges come at no added cost.
In fact, it is cheaper too. Companies will have no need for accountants, financial intermediaries, or the like.
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1 - everyone can see the transaction and is freely available and gives value to the system via its authentication sytem of verification
2 - nothing in a blockchain can be altered once addded in a nutshell, via compex maths
3 - again making the system verify its sources which is open through the BC. Its a traceable system
4 - due to the BC nature transactions are quicker, because the need for middle men / houses for transactions are removed
5 - therefoer the whole BC shows a reduction in costings when intergrated correctly
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Transparency: This allows for verifiability and trustlessness.
Security: People’s personal finance should have the most advanced security possible. Encrypted blockchains are one of the most secure data storage mechanisms ever created.
Improved traceability: This is a result of the transparent nature of blockchains. This is definitely beneficial for keeping both parties more accountable in a transaction. I personally don’t like the idea of some coins being considered “tainted” or restricted or otherwise unusable in some way. This goes against the “immutable” ethos in my opinion.
Increased efficiency and speed: Who doesn’t like 24/7/365 availability mixed with transactions being finalized (confirmed) within an hour (normally) rather than waiting 3-5 business days or longer for a transaction to “clear” in the traditional banking system?
Reduced cost: To me, this is a no-brainer also. How many different “fees” have you ever run into while dealing with traditional finance?
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Transparency; Information entering a blockchain is only agreed one verified by the nodes collectively. Once this complete, the public is able to view it, thus transparency occurs since no trust is needed to be placed on anyone or any entity but rather verified by yourself.
Security; Within the blockchain, the data is spread amongst many computer severs that will have a local copy of the blockchain. Therefore, hackers will find it very difficult to access the blockchain and tried for examples get as many bitcoins as they can, since there is no centralized authority in place.
Improved traceability; you can practically find and trace back the origins of a product from the moment it’s left the manufacturing phase all the way to the last stop it arrives at. You can also track down where the ingredients of the food you have has come from and whether they are naturally or artificially made. This all can verified with blockchain by yourself and cannot be modified in any sort of way.
Improved efficiency and speed; with blockchain, you don’t need an middle entity such as a supplier for example. If you are looking to send to someone some bitcoins, it just gets verified by the blockchain network and is then sent immediately to the person. Thus, enables very fast peer to peer transactions.
Reduced cost; It can remove the so called middle man which can cost a lot of funds for many businesses.
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Explain with your own words, why these are the benefits of using a blockchain.
Transparency: Once a record is incorporated into the blockchain ledger, any transactions processed or files uploaded are visible and accessible at any time.
Security: Besides the security offered by the decentralized architecture of the blockchain system, the fact that each transaction is encrypted and inextricably bound to the previous transaction block, any uploaded data on the ledger will be imperishable for the perpetuity of the blockchain.
Improved traceability: As the blockchain is accessible 24/7/365, real-time auditing is always possible and can be used to verify and authenticate processes, assets, transactions, or whatever data the blockchain ledger is being used to store.
Increased efficiency and speed: As users of the blockchain do not have to rely on other parties to access records on the blockchain, this reduces the time spent obtaining data through traditional processes, such as chasing third party vendors for information and vice versa. As financial transactions and smart contracts are fully automated, it eliminates the need for any go-between parties such as mediators and brokers. Removing this step helps omit any potential errors being induced and also circumvents any possible delay.
Reduced cost: The automation and accessibility that blockchain ledgers provide, can help businesses save time, which ultimately saves costs. This is not just the time spent chasing other parties for information, but what is saved not having to maintain that data on a central platform, which saves on workforce hours and conceivably hardware and software costs.
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In respect to “Transparency”, the most important asset and characteristic of Blockchain is that the transaction ledger is open to the public to be viewed. It is accessible to everyone and not just to a centralized authority.
Security provides encryption on every transaction that is made and also linked to any previous transaction. The Blockchain is made up of many computers that form a block and then connected to other blocks on a ledger to form a chain. Since this connection is put together through sophisticated mathematical computing, it prevents the network from being hacked by unauthorized intrusion. This decentralized system doesn’t need trust to function.
Improved traceability provides an audit trail every time a transaction is made on the blockchain. This only enhances and helps for the authenticity of the transactions being made on the network and prevents fraud.
Increased efficient and speed eliminates the need for a third party/middleman to be part of a transaction that takes place on the blockchain. It increases the speed of the transactions across borders without restrictions.
In conclusion, the decentralized nature of blockchain technology undisputedly reduces costs because its main purpose is to permit two parties whether it is two companies or simply individuals to engage in a financial business transaction without the participation of any other party.
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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 blockchain the blockchain 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: The ability to be fully aware of every transaction in btc history
- Security: Immutable transactions, Strong consensus on transactions
- Improved traceability: every transaction is transparent
- Increased efficiency and speed: No need for banks. Transact regardless of geographical location
- Reduced cost: No need for middle men, where you loose money to transferring through multiple financial systems.
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- public transaction ledger makes everything available for everyone to see. No need for forensic accounting
- cryptographic hashing means everything is verifiable and immutable
- automatic audit trails since everything is public and immutable
- removal of middlemen needing to review and approve transactions
- removal of middlemen taking a cut of the transaction
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Transparency: The data is shared to all participating networks, being visible for everyone to check, trace, 24/7. The data is added to the chain through consensus (the data has been verified by multiple sources)
Security: The immutable and incorruptible nature of blockchain makes it safe, way too tricky to hack, due to consensus. Each new transaction is encrypted and linked to the previous transaction. Being decentralised, it’s way too difficult to hack and it’s decentralized takes out the element of trust.
Improved traceability: 24/7, there is an audit trail which trace the history of each transaction recorded on a blockchain. It can help verify the authenticity of the traded assets as well.
Increased efficiency and speed: Due to it’s decentralized nature, no need for 3rd party intermediates. Blockchain facilitates faster transactions compared to traditional financial services and these transactions are easy to access.
Reduced cost: No need for 3rd party intermediates. Also, you reduce the cost of auditing.
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Explain with your own words, why these are the benefits of using a blockchain.
Transparency: its decentralised database means its open to the public. This adds a layer of accountability never seen before, which promotes integrity towards business growth, its community and customers.
Security: Each new transaction is encrypted and linked to the previous transaction comprised of a complex string of mathematical numbers and cannot be modified. This immutable and incorruptible nature of blockchain protects it from hacks, manipulated data and fraud.
Improved traceability: An audit trail is present to trace each transaction, which helps verify its authenticity and is beneficial to industries such as medicine and art, for example.
Increased efficiency and speed: This is achieved by having all transactions being on only one ledger which everyone can see and access at any time and the verification of a transaction. It eliminates the need for middlemen in many processes such as payments (e.g brokers) and real estate (e.g estate agents), and efficiency is increased by allowing crypto currency transactions. A unified system of ownership records and smart contracts would automate tenant-landlord agreements for property management purposes.
Reduced cost: It removes intermediaries that charge fees to verify transactions/processes, thereby saving costs.
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- Transparency: Through transparency, everyone is compelled to conduct business truthfully. This is because everyone can see everything taking place on the blockchain.
- Security: Security is derived from the encrypted nature of each transaction. And each transaction is linked to the one before it and the one after it. This ‘chain’ is where the security of blockchain comes from.
- Improved traceability: Similar to transparency, traceability enables detailed auditing of transactions. Like the article pointed out, traceability also prevents fraud and can help verify the authenticity of traded assets.
- Increase efficiency and speed: The fact that blockchain networks are decentralized, ‘middle-men’ are removed from the equation. When it comes to things like payment transfers, contracts, and other forms of exchange; middle-men greatly slow down the process of transactions. With blockchain, peer to peer (P2P) becomes the new standard.
- Reduced cost: Transaction fees are one thing that comes to mind when I think of middle-men and payment transfers. With P2P, there are no such fees and blockchain will revolutionize transactions moving forward.
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Transparency: Ledger open to viewing
Security: Decentralized, each transaction are encrypted, thanks to miners who are economically incentivized to secure the blockchain, and all transaction are linked to other when added into the ledger.
Improved traceability: Blockchain ledger track each exchange (where, when, who, how much)
Increased efficiency and speed: P2P no middle man, digital so no borders (no need to change assets to interract with someone or something)
Reduced cost: P2P
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Transparency: blockchain are a database that open ledger that public on a open network that any one can view. this make blockchain the most transparency database on earth.
Security:
cause blockchain 's based on math , and based on portocol, you don’t need put your trust on some central organization. also people mining make money to protect the blockchain.
Improved traceability:
gaves you real-time auditing
all the transcations you need are on a public trustless ledger.
Increased efficiency and speed:
the network alive 24*7,globaly
don’t need a milldleman
Reduced cost:
less cost on auditing ,less cost on third party
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Transparency: The blockchain is a ledger that is open for everyone to see. No way to hide or falsify the data.
Security: Since the blockchain is decentralized, meaning it is a giant network of computers all containing the same ledger, there is not one central point of attack, as such in a centralized network.
Improved traceability: Every transaction in the supply chain can be easily traced, as every transaction is accounted for on the ledger.
Increased efficiency and speed: The digital ledger is easily accessible by anyone so middle men are not necessary.
Reduced cost: Since no middle men are needed, there is a significant reduction in cost.
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- Transparency: provenance guarantees everyone in the system knows what is happening at the same time. Making sure information is correct without depending on trust.
- Security: since it is descentralized and everyone in incentivised to tell the truth we guarantee that outcome.
- Improved traceability: there is an audit trail to guarantee the provenance of any data.
- Increased efficiency and speed: as everyone has access to the same information, and through a single ledger you can get that information in the network it makes the operation very effective.
- Reduced cost: you dont have to spend money on third parties or intermidiaries.
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Security: No need for trust
Improved traceability: everything is public and everyone can see all transactions
Increased efficiency and speed: nodes that verify transactions and are incentivized to do it quick
Reduced cost: P2P no fees for banks etc
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Transparency- transaction ledger is open for public viewing
Security - each new transaction is encrypted and linked to the previous one
Improved traceability- audit trails are immediately present
Increased efficiency and speed - Peer to peer - no need for a middle man.
Reduced cost - no intermediary costs and no loss due to customer fraud
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Transparency: The distributed and public nature of the blockchain ledger grants unparalleled transparency.
Security: The means in which a block is created and verified, attaching it to a further verified history, makes the system immutable.
Traceability: The nature of a blockchain records history. To trace the origin of something is to look into the events in its past. This is an excellent use case for blockchain.
Efficiency and speed: No middlemen, hundres of employees, lawyers, skyscrapers and share holders. No organizational overhead. Blockchain operates at the speed of the code it executes and network it operates on.
Cost: Lack of the aforementioned overhead means lack of fees and infrastructure costs.
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