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Transparency is a feature of a blockchain which helps with maintaining consistent and correct data. The ability to see all transaction on a blockchain means that people don’t have to trust anyone’s interpretation of data because they can clearly analyse all transactions on the blockchain. The feature of transparency also means that no one is able to manipulate the data, or change it once it’s submitted to the blockchain.
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The Security of blockchain technology is fantastic as it distributes the point of failure across multiple nodes. The fact that multiple nodes must be running to store and print to the blockchain means that if a validator goes down or acts maliciously (attempts to submit incorrect data to the blockchain), other nodes will be able to reject a particular submission, preventing any hacks through a breakdown in consensus.
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Improving traceability over legacy databases to blockchain provides the benefits for being able to audit the ‘paper trail’ of a certain piece of data (which often corresponds to an object in the material world, for example). This means that at any given point in time, someone will be able to look to the blockchain and find any relevant information, and where and the provenance of certain data.
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The efficiency and speed will increase when an entity moves towards using blockchain for their database. This is for a few reasons:
- Reduced delays in passing information through a supply chain
- Reduces permission delays.
- Everyone is subject to the same consistent information, as it is retrieved directly from the blockchain
- The data on a blockchain is less prone to human error or manipulation, so parties involved in the process don’t have to check for the correctness of the information, provided they trust the processes.
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Reduced costs are also another benefit commonly associated with moving to a blockchain ledger. Many of the cost savings are closely related to the efficiency of blockchains with reduced need for human intervention. Less human intervention means less employee costs and less human-error costs. There are less middle-men required and auditors to check the correctness of the data. You don’t have to trust your trading partners; you just have to trust the information on the blockchain. There will also be reduced documentation as everyone involved has permissions to the one global blockchain with immutable data.
Transparency: All people have the same information. Updated only through consensus. You can’t delete/ alter old transactions. This means it is impossible to “lie” or “fake” transaction records.
Security: Since you need consensus, it is nearly impossible to hack it. Since fewer miners result in more miners, the system will always be available.
Improved traceability: No shady stuff, no Scams, everyone can have insight into everything and see that there is nothing wrong going on.
Increased efficiency and speed: Human error/third party not necessary. Automated processes.
Reduced cost: Less human involvment needed, not as much documentation review needed.
Transparency- Blockchain is like a public ledger, so all transactions are recorded and easily traceable. It would be hard or even impossible to lie about something that has been verified on the blockchain
Security- transactions on the blockchain are verified by a network of computers located all across the globe. This makes it nearly impossible to create a fake transaction and makes it very hard to hack into.
Improved traceability- The blockchain shows provenance, so tracing an items history on the blockchain would be much easier than calling different vendors and going through receipts ect.
Increased efficiency and speed- human to human transactions can be time consuming and error prone, on the blockchain you trust in the math and protocol which is much more efficient than dealing with multiple vendors and middlemen.
Reduced Cost- When using the blockchain you would have much less use for middle men, or other intermediaries who are paid to track transactions or monitor shipments ect.
Transparency: all users use the same copy of a DB, thus making data transparent for everybody.
Security: a transaction must be agreed upon, cryptonized and stored unaltered.
Traceability: record is stored forever across all nodes unaltered, thus could always be traced.
Efficiency and speed: elimination of third parties
Reduced Cost: ease of maintenance, no need for audits, no need for third party middlemen.
Transparency:
Security: All entries on the blockchain are confirmed through concensus which means there are no single points of weakness that can be exploited. Additionally all entries are encrypted.
Improved traceability: Unlike traditional methods that may have multiple documents or databases which may sometimes be conflicting, there is only one blockchain visable to entire network. This means everyone can see the same information and work accordingly.
Increased efficiency and speed: Maintaining multiple databases and accounting for all the entries can be time consuming and costly. Blockchain removes these costs by eliminating the need for any 3rd party audits. No transaction is posted unless it has gone through the approval process. Once approved, it is apart of the chain and viewable in real time so users can know that whatever it says is accurate.
Reduced cost. Eliminating paper heavy systems and the labor associated with maintaining them is the primary savings. Additionally it eliminates the human element from the equation which means loss due to errors made accidentally or intentionally are eliminated as well.
- Transparency: Distributed ledger shared with network, can only be updated if there is consensus.
- Security: Transactions must be in consensus before being added to the ledger. Information is stored on a network of computers rather than a single server which makes it difficult to hack.
- Improved traceability: Blockchain provides a real time audit trail which makes it easier to track items to its original place of origin.
- Increased efficiency and speed: Everyone on the network has access to the same data/information. Information is on a single digital ledger rather than multiple which improves efficiency.
- Reduced cost: Can help reduce/remove 3rd parties or middlemen since you don’t have to trust them and can just trust the data on the blockchain.
- Transparency: everyone has a copy of what happened
- Security: every transaction can be reliably backtracked without anyone being able to alter the data afterwards.
- Improved traceability: you have a copy of every transaction that ever happened
- Increased efficiency and speed: no need to verify and audit anyone, you have all the information at hand
- Reduced cost: cutting out a middleman who would be acting as an independent confirmation agent
Transparency provides trust.
Security provides trust.
Improved Traceability equals decentralized.
Increased e and s as there is no need to have middlemen therefore faster to complete transactions.
Reduced costs no auditors to pay.
- Transparency: Documentation / transactions are available to a network for verification, not just a single entity
- Security: It is incredibly difficult for data to be manipulated or hacked because it exists on such a large network, which all has to agree on the accuracy of the data & transactions
- Improved traceability: Tracing the origin of products is much easier with blockchain’s audit trail capabilities
- Increased efficiency and speed: Third-parties slow all processes down. When you take away the middle man, you speed up the process. You reduce the need for complex reconciliations.
- Reduced cost: Again, removing middle men and third-parties will result in cost reduction as well
Transparency: Everything is immutable and accessible by anyone within the network
Security:Every transaction on the blockchain is hashed with the previous block making it impossible to alter because of the consensus required.
Improved traceability: Public ledgers like blockchain make it easier to access transaction history and find relevant sources for companies and customers requiring the data.
Increased efficiency and speed: As everyone is on the same network, multiple paper back trails can be abolished everything is accessible on the same network, reducing the time and speed required to back trace anything.
Reduced cost: Getting done with paper trails, auditors etc, in total reduce costs.
Explain with your own words, why these are the benefits of using a blockchain.
Transparency: All authorized participants have access to the transactions verified on the Blockchain
Security:Once transactions are verified and accepted, the are encrypted onto the previously recorded transaction on the blockchain
Improved traceability:The data trail that shows all stops the transaction recorded made along the way, from inception to its current status.
Increased efficiency and speed: The speed of digital ledgers, far outweighs the traditional paper heavy ledgers.
Reduced cost: Eliminating 3rd party verification of transactions, not only eliminates mistakes, but also reduces the middleman costs.
Explain with your own words, why these are the benefits of using a blockchain.
Transparency: every blockchain user sees the same copy of the data and the data can only be updated through consensus between the validators. When everyone sees the same data, it eliminates chance of errors, eliminates the need to exchange data which can be error-prone.
Security: security is a benefit of blockchain because the data is stored on multiple servers. The data is visible to everyone, yet it is immutable. Adding data requires consensus.
Improved traceability: If all suppliers publicly record the movement of goods on the blockchain, this will create an audit trail which will allow all ingredients/components to be traced from the origin to the finished product
Increased efficiency and speed: as a single ledger, the blockchain eliminates manual errors and the need to have a third-party “clear” the transaction.
Reduced cost: reduces the need for third parties and middlemen, everyone sees the same data so the cost of data exchange is eliminated.
Transparency: With Blockchain, each transaction is timestamped and added to the ledger that is updated and spread across the network through consensus without alterations or manipulation.
Security: With centralized systems, whether it is government or organizations, data becomes vulnerable to hacks and fraud. With Blockchain the data is secured through consensus on the network, encrypted, and recorded preventing any fraud or hacking of sensitive data.
Improved Traceability: With Blockchain you can verify the historical transaction data, trace an item back to its origin, and audit it in real-time.
Increased Efficiency and Speed: With Blockchain, parties don’t have to reconcile multiple ledgers and have access to the same information streamlining and automating the process.
Reduced Cost: Blockchain reduces costs by eliminating the need for a third party or intermediary to do business with strangers. You don’t have to Trust- Just Verify.
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Transparancy: since all participants share the same ledger, anyone can see any transaction and trace it back. Its all on one public ledger
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Security: Every transaction has to be approved by the network before recording. Once it is recorded it is linked to the previous transaction. Becuase it is stored among a series of computers and not one centralized location it is harder to hack.
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Traceability: because all of the transactions are linked together and they are all on one ledger, it is easy to find the sourcing. There is an audit trail for everything.
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Increased efficiency and speed: you dont have to reconcile with multiple ledgers. there is only one and it is computed digitally on the block chain. Everyone has acess to the same information
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Reduced Cost: there are no middlemen. there is no trust needed.
- Transparency: So all transactions can be publicly viewed and have to be agreed upon by all parties.
- Security: information is stored across a network of computers rather that one server. There’s an incentivised system to validate transactions. the more miners the higher the security.
- Improved traceability: all transactions are recorded on the blockchain and cant be removed or altered
- Increased efficiency and speed: much efficient that paper based systems.
- Reduced cost: lower cost than paper based systems and no middle men in transactions
Transparency
- Blockchain is a type of distributed ledger, which means all network participants share the same documentation opposed to each having their own individual copies. The documentation can only be uploaded onto the ledger through consensus, which means that all participants must agree on the record. To change a single transaction would require changes to ALL subsequent records which would be very difficult and tedious. This is what creates a completely transparent database.
Security
- All transactions must be agreed upon before they are recorded. Once it is approved, it is encrypted and stored across a network of computers instead of one single server. This helps prevent hacking, fraud, and unauthorized activity.
Improved Traceability
- Normally it can be difficult to trace an authorization back to its origin. On Blockchain, everything is automatically audited and shows a trail of historical data. This helps to verify the authenticity of assets and presents a transparent feed for every process.
Increased Efficiency & Speed
- Traditional processes are often time consuming and are prone to human error while also often requiring third party mediation. With a majority of these processes becoming streamlined and automated with blockchain, we can complete these transactions faster and more efficiently due to everything being on a single digital ledger that’s shared amongst everyone. This creates less clutter and allows everyone access to the same information which allows trust without multiple intermediaries, and gets things done much quicker.
Reduced Cost
- With everyone receiving access to a single ledger, businesses can cut costs through middlemen or third parties because there is no need to trust who you’re conducting business with. All that is required is to trust the data on the blockchain. This saves time having to review documents and files and also provides a transparent and immutable source of data.
Explain with your own words, why these are the benefits of using a blockchain.
Transparency: All networks/participants have the same ledger with the same transactions. Changing or altering a transaction would mean to get all participants to also change or alter a transaction (aka Consensus).This makes transactions accurate, consistent and transparent.
Security: All transactions need consensus by the other nodes (participants) before it is permanently added to the blockchain. This transaction is permanently added across all nodes after consensus thus making it difficult for hackers to alter or change a transaction.
Improved traceability: Since all transactions are permanent and public, you are able to audit a transaction/supply from it’s origin and at every stop.
Increased efficiency and speed: Transactions completed quickly on blockchain. And since it all nodes share the ledger it is accessible by all to confirm transactions.
Reduced cost: Don’t need as many 3rd parties or intermediaries. All information is accessed through the blockchain so there is no need to verify mulitiple forms of documentation since it is all found on the blockchain.
Transparency: Open, public ledger of information shared by all participants. Each transaction requires consensus to be accepted
Security" Transactions must be agreed upon, encrypted, and linked to the previous transaction, and distributed throughout the entire network.
Traceability: Creates a historical database of transactions, allowing for an asset to be traced back to its origin, verifying authenticity and preventing fraud.
Efficiency and speed: These transactions can be streamlined and automated to be completed faster and more efficiently across a single digital ledger. Everyone involved has equal access to the same information, removing the need for trust and middlemen.
Reduced costs: Saves the cost of middlemen and no trust needed in a trading partner, only trust in the data provided on the blockchain. No need to review documentations because everyone has access to the same immutable information
Transparency: everything is seen by everyone so it cant be easily changed.
Security: data is stored throughout the network and has to match so there is not one place you can hack to change information.
Improved traceability: products can now be traced every step of the way from start to finish.
Increased efficiency and speed: removes the paper work and human error that comes with it and everyone has access to the information that makes things easier accessible which makes things faster.
Reduced cost: you can cut out third parties and middlemen since you can trust the system therefore reducing cost.
Blockchain achieves greater transparency than traditional systems as all the data is a permanent public store of information that cannot be altered. Blockchain verifies each transaction and all information processed.
Blockchain is built on a decentralized network meaning information is stored across a network of computers as opposed to one location. This makes it very difficult for hackers to access information on the blockchain. Once each transaction is verified or has achieved consensus from the network, that information is encrypted and is unable to be altered or tampered with in any way.
As information on the blockchain is immutable and cannot be altered with, this records all information on goods, how they are treated and exchanged. It provides an audit trail of its journey.
As all information on the blockchain is verified, the need for trust is removed. All data is stored on one ledger, unlike traditional databases that may be stored in multiple locations. As all information on the blockchain is validated and easily located, transactions can occur with greater speed and efficiency.
All information is recorded and stored in real-time. As it is also verified there is less of a requirement for trust. Once you trust the information on the blockchain, there is no requirement to trust those you are transacting with. It also requires less intermediaries to be involved, thus reducing overall costs.