Transparency: corruption free
Security: full nodes work on consenus rulls. Blockchain is formed by each new transaction that is encrypted and linked to the previous transaction and it is impossoble to be altered once formed.
Improved traceability: data can only be add to a chain and it can not be removed
Increased efficiency and speed: P2P faster transactions without middleman
Reduced cost: there is no need for 3rd person and their paid services
Transparency:
Blockchain allows for all transactions to be accessible to all on a shared ledger, allowing for more transparency with every transaction.
Security:
Blockchain requires every transactions to be verified through consensus from a network of computers, significantly minimizing the chances of unauthorized access or fraud.
Improved traceability:
Blockchain allows you to audit every stop or transaction that has been made, allowing you to track or trace an item all the way back.
Increased efficiency and speed:
Blockchain allows for all transactions to be audited and tracked, reducing how long it takes to account for everything, go through paperwork and go through third parties.
Reduced cost:
Blockchain reduces costs because you donât need as many people/third parties to make transactions.
Transparency: The ledger is open for public viewing making resulting in high accountability
Security: The blockchain is a trustless system that records each transaction using a mathematical system that cannot be corrupted or altered.
Improved traceability: Each exchange of goods creates an audit trail that cannot be erased that enhances security
Increased efficiency and speed: Takes out the middle man
Reduced cost: by cutting out the middleman and being able to keep per track of your transactions which prevents theft or other type of corruption
Transparency, as nothing could be hidden!
Security. as it is trustless and blocks are saved on multiple computers!
traceability. as no block can be deleted; in-and-out is forever on record!
Increased efficiency and speed, no middle men and 24/7/365 running
Explain with your own words, why these are the benefits of using a blockchain.
All transactions are public and available for anyone with internet access to check. A transaction can only be added through the consensus of the network; if a transaction I not accepted, it will not be added to the blockchain. All participants share the same information.
Due to the hashing functions, once a transaction is created, it canât be modified; the hash of a transaction depends on the hash of the previous transaction, so modifying anything on a previous process would change everything what follows, making invalid the entire block
As every transaction is hashed and stored on the public ledger an audit trail is present on each of them.
Transactions can be made without bureaucratic processes involving banks and institutions. A quick transaction from a person to another person, can be made without middle men involved.
As transactions can be made without institutions or banks being involved, costs on high fees and commissions can be saved. A lot of paperwork is avoided, so costs are optimized (reconciliation of multiple ledgers no longer needed, minimize human error on processes, etc)
My Answers:
Transparency
Data is stored on a singular version of a distributed ledger that can be accessed/viewed by all network participants that can only be updated through consensus.
Security
You are not needing to trust in a centralised authority where fraud and manipulation may occur. Blockchain secures transactions allowing for transparency and accountability. Once a transactions gets verified, it canât be reversed (Finality).
Improved Traceability
Because it is impossible to reverse a verified transaction on the ledger, all previous transactions are immutable. Making it an improved system to backtrack all the way to the origin.
Increased Efficiency and Speed
Blockchains decentralised characteristic prevents the need for intermediaries and the use of a single distributed ledger increases the speed and efficiency.
Reduced Cost
No need for third parties that cost the companies money.
Transparency: basically u can see any transaction on ledger, is it public for everyone to check it
Security: u canât change anything in the blockchain. is inmutable.
Improved traceability: u can track any movement in the blockchain
Increased efficiency and speed:intermediaries are not needed there is efficiency, and in a matter of seconds or a few minutes you have your transaction verified and in the blockchain.
Reduced cost: removing middleman u have a reduced cost.
Transparency:
For businesses and financial systems, having a transaction ledger that is available for anyone to see adds a layer of accountability and visibility.
Security:
Blockchain is arguably the most secure record keeping system ever created. Records on the blockchain are unchangeable and cannot be corrupted, making information kept on the blockchain safe from hacks and tampering.
Improved traceability:
Anything recorded on the blockchain ledger can be verified and traced back to when the transaction took place and the amount the transaction was recorded for. This can help prevent fraudulent claims in exchange-related business or in the art industry to prove proof of ownership.
Increased efficiency and speed:
Blockchain can remove the middleman in a number of industries like payment systems and in real estate. Blockchain can allow for peer-to-peer transfer of digital currencies, almost instantly, and between people that can be different countries.
Reduced cost:
Along with eliminating the need for middlemen in transactions, blockchain can also automate many business processes which will then, in turn, reduce costs.
Transparency:
Everyone who has access on the network can see the transaction made. With that in mind you can keep a better eye if everything runs as it should.
Security:
The blockchain is known for its decentralisation. So if someone unauthorised wants to steal the sensetiv information, he would have to hack a whole netwerk of computers instead of just hacking one server.
Improved traceability:
With the improved traceability, blockchain is able to follow every step a product has made from factory until delivery. This gives the customer a chance to decide what they really want to spend their money for.
Increased efficiency and speed:
Peer-to- Peer transactions can remove third parties from the transaction. No hidden information -> better and more efficient communication.
Reduced cost:
By removing the middle man and thirdparties, transition fees can be reduced. This and the acspect that less documents have to be accounted, saves a tone of mony for both trading companies.
Transparency is being achieved by the possibility for everyone to verify, check or simply read the data. No manipulation
Security by eliminating any possibility for anyone to access to your funds, or data corruption. The decentralization of the network ensures that in case of a lost node or fail, the network will keep on and possibly filling that left empty spot with another node.
Improved traceability, this given to the power of the blocks, you can go back and check previous data, allowing you to track transactions or processes without manipulation.
Increased efficency and speed by removing middle parties, and simply doing it peer to peer, this meaning from one to another, this being done faster than other solutions.
Reduced cost, eliminating the middle man, makes the transaction much cheaper, and as said previously with greater speed. Nothing more than the participants and the exchange being done.
Transparency: everyone can view the transactions on the network. Thereâs no way to hide or alter information, as it requires all parties/nodes to agree through a consensus mechanism.
Security: Blockchain is basically a trust network, that allows people who donât know each other to interact knowing they both will behave honestly not because of who they are but because of the way the network is built. Itâs immutable and therefore secure.
Improved traceability: blockchain can provide a permanent record of the productâs history, making it easy to find the origins of an issue with the product, which radically improves supply chain efficiency, fairness and visibility.
Increased efficiency and speed: Cut out middlemen and save: blockchain removes the intermediaries in so many use cases/industries, allowing parties to transact directly on a P2P network.
Reduced cost: In a centralized world each transaction has a number of intermediaries clipping the ticket. On a distributed ledger, the protocol does all the checking and execution work, thus reducing the processing fees.
Transparency: There are informations of past transactions visible to everyone (public ledger).
Security: Due to chain technology itâs a trustless and safe network at the same time.
Improved traceability: every transaction is stored in public ledger so everzone can find anything was ever storen in the blockchain.
Increased efficiency and speed: Transaction time is way too faster than current system that nowadayâs financial sector has.
Reduced cost: In case that I want to tranfer ocuple of milions of $, nobody takes not even 2-5% of my money just for the transfer which is revolutionary and beneficial to simple hard working people who has to sometimes suffer for this money that are taken just because they want to do transfer by someone whoâs already rich.
Transparency is beneficial due to the fact that you do not have to rely on trust as data added to network is verified it is transparent you may check yourself therefore no need for third parties.
Security level obtained on the blockchain complements everyday transactions as it is based on a trustless system, once contract is verified then finalised protocol cannot be reversed therefore creating a higher level of security
Improved traceability due to transparency parties can trace origin of data in contracts which can enhance security breaches
.
Increased efficiency and speed is created by transparency on the network and the speed in which verification can be proven mathematically by its verification PROCESSâŚ
Reduced costs can be enabled as there is no need for middle men as transparency of the ledger is enabled. Less time verifying ledger reduces cost as time is cost in this market.
Transparency: Transactions can be check and seen by anyone.
Security: Each transaction is encrypted and linked with the previous transaction and the network is decentralized.
Improved traceability: The is no need for a third party to be involve.
Increased efficiency and speed: All computers are suing the same ledger, making it no need for third party.
Reduced cost: It reduce all the need and expenses of a middle man or documentation.
Explain with your own words, why these are the benefits of using a blockchain.
Transparency: A business that uses blockchain can assure their customers that they are honest because they implement blockchain into their business therefore they can be held accountable as the blockchain will keep them fully transparent.
Security: Using blockchain prevents fraudulent activity as it cannot be changed or altered and it would be almost impossible to be hacked as it would require changing everything on the blockchain.
Improved traceability: For a business that has a big supply chain it can help trace products throughout the supply chain from start to finish. It could prevent items from being stolen by a middleman as every step is accounted for.
Increased efficiency and speed: Blockchain can prevent long bureaucratic paper trails. The blockchain is paperless and more efficient at keeping records. There is an audit trail for accountability and a third party is not necessary to audit transactions.
Reduced cost: A business can eliminate costs by cutting out the middleman and doing business directly with another business even if they dont trust each other because they can trust the blockchain. Eliminating a middleman will reduce the cost of doing business.
Transparency:
On public blockchains, all users have the exact same access the all the transaction data.
This shared distributed ledger allow to keep track of all transactions history so everything is visible and not hidden like older systems could be.
Security:
Each time a transaction is added to the ledger, it is systematically approved by the blockchain, then encrypted and append to the last one.
By design, a blockchain is distributed so there is no single point of failure so it makes really hard for hackers to take the control of it and compromised dataâŚ
Improved traceability:
If any supply chain relies on blockchain technologies, then all exchanges of any assets will be tracked on it. It can prevents frauds on the origin of those assets and their quality. As all participants can have direct & quick access to those chains of assets, it can help companis to bring a certified quality to final consumers.
Increased efficiency and speed:
First of all, all the contracts are now digitalized in the blockchain, so it is faster to exchange value because there is potentially less intermediaries.
Secondly, all the participants of the ecosystem is sharing the same standards, it is the blockchain, so it is not neccessary to build bridges between companies as it is widely done now.
Reduced cost:
Trusting the blockchain and the math calculation behind it will replace many intermediaries who were playing the role of mediator between two entities. Therefore companies will remove those useless costs by adoptiong blockchain technologies.
Transparency: Provides an open ledger that can be viewed by anyone, and shares that ledger with all participants of that network and can only be updated via consensus.
Security: Amazingly the consensus system allows data to be undated across the network instantly. For instance the historical data such as the longest chain becomes the point of reference for security throughout a particular chain.
Traceability: The decentralized nature of blockchains means a production history can be viewed by anyone and is easily accessible to validate.
Efficiency: Since the data is easy accessible to has and it done by network consensus it makes the system not only faster but also more efficient in reducing the possibility of human error through authentication.
Reduced cost: This efficiency provides a hige utility in reducing the paper heavy processes of the past which is both ecologically beneficial but also much more cost efficient. Also reduces the need for 3rd party entity to keep track of an otherwise centralized ledger.
Transparency:
The current/real time âstate of the worldâ, the current/real time state of ownership and all transactions that lead to it (back to the very first originated transactions) are transparent for everyone accessible on the blockchain.
Security:
Blockchain is highly secure as any transactions are based on mathematical encryption.
Improved traceability:
Every âstate of ownershipâ can be traced back to its origins (provenance).
Increased efficiency and speed:
The blockchain allows participants to transact directly with each other, peer-to-peer, which makes a transaction much more efficient and faster.
Reduced cost:
Point 4 results in much lower costs (no intermediaries, no auditors, not custodians etc.).
-All transactions can be seen publicly - even if no one knows who owns which wallet
-Txs are immutable
-Txx can be seen end-to-end
-Faster (subject to fees), but 24/7, no bank holidays or weekends
-Depending on chain, fees can be much lower that a typical 35Euro SWIFT fee.