1.There is a public ledger that can only be changed by consensus.
2. All transactions are vetted and stored across the whole network.
3. The ledger keeps the complete transaction history.
4. Paperwork and it’s associated problems are removed.
5. The “middleman” is replaced by rapid data verification without the need to trust.
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- When all bitcoin transactions are transparent, it allows for real-time auditing and verifiability in all data being sent through the network. This makes the technology trustless and manifests an environment where verifiability is the instinctive solution instead of trust.
- The blockchain’s immutability and finality makes it very secure. It means that the nodes/miners in the network/chain need consensus for a transaction to pass through. This means that no user of the blockchain can suddenly give themselves a million bitcoins without the rest of the players in the network/chain agreeing on that transaction.
- This is also part of transparency, but this traceability means that supply networks/chains or claims can all be verified and validated as everything is transparent and available forever on the blockchain.
- In the blockchain, there is no need for third party mediation or verification of processes. The blockchain is an algorithm, it is math, and that means it is not prone to error the same way humans are. It is much faster as validation of transactions is not done by humans.
- less middlemen, less cost.
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Transparency: The the transactions are open to read for the public, this is a great benefit to accountabilty.
Security: The blockchain is an improved book keeping system. It is impossible to be altered once formed. A transaction is trust-less, it does not require third parties involved.
Improved traceability: On blockchain the origin of products or its ownership can be recorded and verified.
Increased efficiency and speed: In blockchain there is no need for middlemen, Smart contracts can automate financial businesses.
Reduced cost: Don’t trust, verify. No middles-men are required to process transactions.
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Transparency: The data is recorded on a publick ledger and everyone can check the history of what has happened on the chain.
Security: Records are not corruptible. A centralised record holder can manupulate the information but with blockchain data is shared across a number of computers which means no one can individually change a record.
Improved traceability: again, the data is shared publicly and everyone can trace the information they want on the chain.
Increased efficiency and speed: the system runs all the time, there are always miners to approve a transaction.
Reduced cost: removing the middle man is always efficient! Think about telephone operators when there were no dial pads on personal telephones.
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Transparency, Shared information speeds up transactions and guarantees correct transfer of value. It is also an open record available to anyone.
Security, the blockchain is not owned or run in a central area or by a single third party but instead is run 24/7 across thousands of nodes. Geographical issues, or government issues in one area will not cause the system to fail, and so Blockchain is more secure in this sense. It is also impossible to forge data.
Improved Traceability, We can now access a public ledger that shows where products come from in a complex supply chain using blockchain technology. Suppliers, to end users can see what and where the products are and come from.
Increased efficiency and speed. Without middle men, there is less paperwork and delays to transacting and verifying information.
Reduced cost, again, no 3rd parties.
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Transparancy-No dusty paper trail/24/7 real time to see and follow for everyone with a clearance
Security-consensus/encrypted/linked to other transctions/shared by many pc’s -Hacking difficult
Improved traceability-Audit trail
Increased efficiency/speed - no human errors gives time/everyone the same info/clearing quicker
Reduced costs-Time=Money/No middleman/No review documents/everyone same info
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If we Focus purely on WHY this are positive benefits, i would say:
Transparency, because all the historical data is available at any given time since the very first block, therefore nothing can be hidden
Security, the fact that is decentralized rather than centralized makes it more difficult to hack and therefore more secure, is not impossible to hack (we saw many examples) but often is due to human error in the code
Improved traceability, as for transparency, the possibility to have everything registered in the public ledgers gives the opportunity to trace everything happened in the blockchain, it also gives the possibility to be traceable for someone and not traceable for others ( i.e. Audit)
Increased efficiency and speed, for this kind of answer often has been used the example of the Credit requests, which in the real world takes ages before all the background checks are done and appointments for the signatureS are scheduled, thanks to the blockchain all this could be done in seconds, increasing efficiency (considering that it can go back to day1) and speed (done in seconds)
Reduced costs, every transaction is normally having the cost of the transaction itself (mining/electricity/gas fees etc) which is way cheaper than having all the people which would be paid for doing their job
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Transparency:
The transactions are verified on a public ledger, and its open for everyone to see and confirm so no one can alter the truth.
Security:
Each transaction is encrypted and all the transactions in a block are hashed. The hash can’t be reversed since it is connected to its unique SHA-256 hashcode.
The transactions between Peer to peer are encrypted with asymmetrical encryption, which means that you have your own unique keypair, one that is transparent and visible to everyone to send you BTC, the other key is supposed to be your own unique key that matches the public key, for you to validate and accept transactions.
The Blockchain is open 24/7 and available to be secured within the whole world.
Improved traceability:
Since all the transactions are store in a public ledger, it is visible for anyone to see, the information can’t be altered nor be removed.
Increased efficiency and speed:
Since Blockchain is based on peer-peer transactions, no middleman in required between transactions, if you go to a bank and want to send your friend that is with an other bank some money, it may take days for it to go through since banks usually operates on working days too. Blockchain is open 24/7
Reduced costs:
Since no middleman in required in the Blockchain there is less costs to be considered, the costs in the transactions are usually gas and mining fees which is a lot cheaper than a middleman , companies that uses the Blockchain will therefore save money and time.
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A1. In the blockchain system, all transactions are recorded in the ledger immediately and the ledger is open to the public for their viewing. This transparency is not guaranteed in the traditional centralized system whether it is a financial, medicine, real estate industry or whatsoever it is.
A2. Blockchain provides more security than any other record keeping system because each new transaction is encrypted into a new block and added to the previous transaction forming chains of blocks. These chained blocks cannot be altered once they are formed. This immutable and incorruptible nature of blockchains makes it safe from falsified information and hacks.
A3. Each exchange of goods is recorded on a blockchain ledger leaving an audit trail for any 3rd party to be able to trace back where the goods came from. It helps improve security, prevent fraud in exchange-related business and verify the authenticity of the traded assets.
A4. With its decentralized nature, Blockchain removes the need for middlemen in the various chain processes such as creating smart contract, filling the pipeline in the supply chain and effecting payment. For instance, in the financial services, blockchain speeds up transactions by allowing P2P cross-border transfers with a digital currency.
A5. As mentioned in the above, all benefits that Blockchain provides the business and society all together save the resources and reduce cost with its improved security and increased efficiency in doing business over decentralized and trustless networks in the system.
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- Transparency: a digital public record is available to all and can easily be inspected by anyone.
- Security: encryption combined with a decentralized database provide strong incentives for nodes and users to maintain the security of the network.
- Improved traceability: Inputs and outputs from all transactions are mathematically linked through the blockchain all the way back to the original block.
- Increased efficiency and speed: the bloated legal bureaucracy and ‘red tape’ associated with financial services can now be side-stepped.
- Reduced cost: reducing the number or parties involved in a transaction, and eliminating the need for large clunky banking and legal infrastructure.
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Explain with your own words, why these are the benefits of using a blockchain.
Transparency:There is a common understanding and everyone must agree on the ledger and hence you only need to trust yourself
Security:Transaction must be agreed upon before they are recorded on the blockchain and hence it is hard for hackers to get on it
Improved traceability: Since there is only one transaction it makes it easy to acess it.
Increased efficiency and speed: It does not have a middle man
Reduced cost: Saves money as there is no middle man
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- Everybody can access the same data, al the nodes agreed to add some data.
- Since its imutable, nobody can transform or hack the data base since its needs all the nodes to agreed on a consensus
- BC provide a track of record like nothing els. And plus copied and recorded in all the nodes of the network.
- In trading for instance, no need an huge ammount of paper work or contracts between parties. The trading process can be automated, since the trusts issues are removed because everybody access the same info and processes along the way.
- No need of a third party to audit or generate trust in which we trust because we pay…
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Explain with your own words, why these are the benefits of using a blockchain.
Transparency: Everyone can what is happening in terms of agreements and everything that takes place is recorded and documented on the network for all to see.
Security: All transactions must be agreed upon before taking place. Once the transaction is complete it’s immutable and will be recorded and logged by the blockchain forever.
Improved traceability: All transactions are logged by the blockchain and exist as a public ledger for everyone to see.
Increased efficiency and speed: With no requirements for middlemen to verify the agreements between parties all contracts can take place expediently without any required third party to facilitate the legitimacy of a transaction.
Reduced cost: Saving money in regard to time and need for third party verification.
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Transparency
Blockchain is a distributed ledger and all participates share / have access (as long as they have permission) to the same documentation -
Security
All transactions must be agreed before they are processed / recorded it is then encrypted and then linked to the previous transaction. This information is stored on a network of computers, this prevents fraud. -
Improved traceability
There is an audit trail where you can trace / track and item / transaction back to its source. In a supply chain you would be able to see every stop of the item on its journey. -
Increased efficiency and speed
Processes are automated with a blockchain removing human error and efficiency. -
Reduced costs
Blockchain removes the middle man / third party as well as the trust issues this reduces costs as well as efficiency
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Transparency: Blockchain is a public ledger so the records on it are visible to anyone who has internet access.
Security: Members of the network need to agree on a transaction before it is added to the blockchain. Once added, it is not possible to alter data.
Improved traceability: Each transaction is recorded on the blockchain and so there is a record of transactions or things such as ingredients in food, or supply chain data.
Increased efficiency and speed: A blockchain network runs continuously so transactions are carried out 24/7. There are no barriers to cross-border transactions.
Reduced cost: The need for middlemen is reduced as is the need for extra auditing.
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Transparency:
Blockchains increase transparency as data is stored on a distributed public ledger. This means that no single party can alter or add information without consensus from the rest of the network - everyone shares the same copy of the ledger. The ledger also maintains an immutable record of who added information, and when, and so exposes any attempts to alter or manipulate records.
Security:
Security is enhanced because there is no longer a vulnerable central authority. Hackers would require access to the entire distributed network (or at least a majority) rather than a single entity. Transactions must be agreed by the network, and are immutably added to the entire history of transactions, thus providing a strength in numbers and making it difficult for information to be compromised without the knowledge and agreement of the rest of the network.
Improved traceability:
Blockchains provide an indisputable chronology of transactions and so make it easier to trace the history and ownership of items, for example. In the event of a dispute or problem with an item in a supply chain, the ledger provides an audit of the journey an item has made, with a record of the condition and transactions at each stage.
Increased efficiency and speed:
Speed and efficiency is increased because blockchains remove the need for verification by intermediaries and third parties. Trust and human error is removed, as well as the time consuming and wasteful processes of copying records, as each party shared a common ledger that is updated and can be settled without relying on external mediation.
Reduced cost:
Costs are reduced due to third party mediators no longer being required. Much of the bureaucracy can be cut because of the shared ledger that removes the need for trust, and settles transactions based on mathematical proof. With all parties having access to a single, definitive ledger, there is less need for costly copies of transactions and documentation, as well as measures in place to reduce fraud and deceit.
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Anyone can have access to the blockchain, making it much easier to see that, what is said to be done is actually what is being done. There are no secrets of shady dealings.
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With the blockchain each transaction is tied to the previous transaction. Making it basically impossible to change. The whole network would have to come to a consensus to make the change. Which just can’t happen since they are positioned all over the world.
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This function provides anyone to check on the authenticity of where a product or ingredient came from and that it is in fact the true origin.
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While this will cut out the middle man, it proves to be a “if” and “then” contract. No need to have someone check on the other side. And it speeds up transactions for the funds being received and sent.
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With the trustless side of Blockchain, you no longer have middle men in the chain. It is more of a peer to peer transaction. The fees are much lower and much faster.
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Transparency: Ability to verify the accuracy of the data.
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Security: encrypted data that cannot be altered.
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Improved traceability: ability to track products/assets along the supply chain
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Increased efficiency and speed: ability to immediately transact and audit data without a third party.
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Reduced cost: cuts out the middle man.
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Transparency: everyone can view the public ledger that has the transactions recorded
Security: A network of computer confirm together a block, which is added to the ledger – in turn forms a chain; its also formed with a complicated string of mathematical numbers which is hard to alter
Improved traceability: can help verify the authenticity of the transaction of traded assets; blockchain ledger and audit trail
Increased efficiency and speed: removes the middle man because its decentralized in nature
Reduced cost: peer-peer electronic cash system where there is distribution and decentralization
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Transparency: because many blockchains are public, any one with an internet connection can see what transpired over the network at any given moment. This means there really is no way to cheat the system because what ever action you take will be recorded and verified by the rest of the network.
Security: the structure of a blockchain means that no one needs to trust a centralised party, the network is decentralised. It is given these attributes by the way is has been created. The primary components are protocols, math, and incentives. The user can trust in the protocols, and are rewarded for telling the truth. The data base its self is secure beacsue of the math behind it, making it uncorruptable (at least by standards that can easily corrupt a person, i.e. bribery and theft).
Traceability: similar to the attribute of transparency, the public nature of a blockchain also makes it a great tool in tracing data across the network. Because the network must verify all blocks, a user can be sure that what happened on the blockchain x days, weeks, or years ago are exactly what is stated.
Increased efficency and speed: the current internet envrionment has many information infrastructes (like AWS and Microsoft Azure) that can not communicate with each other properly. This ultimately creates information silos, which makes record keeping and communication cumbersome. With a blockchain those problems are removed and the information infrastrucre is made standard and global, which means more effiencient communciaton at greater speeds.
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