- Transparency: all parties have access to information/transactions. In order to make any alteration, all parties would need to be updated. No longer does an individual have access to this data which therefore protects privacy for very sensitive information. At any time the data can be located.
- Security: it is not possible for a hacker to manipulate the data of a network of computers. Once a transaction occurs, all in the blockchain need to agree and verify until it is accepted.
- Improved traceability: one single supply chain contains an array of products and suppliers. Using block chain technology it would be possible to view and verify a product’s origin to ensure there is no deceit.
- Increased efficiency and speed: block chain technology really streamlines the process. Record keeping is all kept in one place and the technology really takes the “human” aspect out of it.
- Reduced costs: making use of this technology eliminates room for error. It saves time and leaves out the middleman and third parties. Reviewing documentation becomes unnecessary because the computer handles it for you.
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Anybody who has permissioned access to the blockchain is able to access the data. There is no need to request permission from anybody. In a traditional database data is usually non-transparent. It is difficult to have access to data because it is usually hidden deep and requires a lot of steps if one is to have access to it.
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Blockchain is very secure because of the nature of how data is verified and added to the ledger. Because data can only be added to the ledger once it is agreed upon by consensus it is almost impossible for data to be manipulated (unless all parties decide to do it. Once data is added to the ledger it is almost impossible to change. For these reasons the blockchain is very secure.
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Each and every transaction is recorded in a blockchain. Therefore any step along the blockchain timeline is available and traceable.
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Because transaction data are contained in the blockchain there is no need to ask permission from anybody to access data and there is no need for additional manpower or extra steps to determine the validity of data. This thereby increases efficiency and speed in which data is determined.
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Reduction in cost is a direct result of the efficiency of blockchain.
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Transparency- Transparency is a big positive of blockchain technology because you can follow along and see everything that has happened, as opposed to searching through multiple peoples records.
Security- With decentralization you have so many points of attack to a network and hacking it becomes mostly impossible, even when totally transparent
Improved traceability- This is a big benefit because it creates a totally trustless network, so fraud can be kept to a minimum
Increased efficiency and speed- as technology moves faster and grows, we need to come up with ways to keep it accurate and direct. Blockchain tech gives us a way to achieve this without errors or as many checks and balances to slow down the system
Reduced cost- When you can immediately track everything yourself, you lose the need to middlemen to pay, and can view all the information alone.
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- The transparency of a public ledger will incentivize people to be honest and actually decentivize dishonesty
- Security comes from knowing there is no outside entity that can influence the results of your transactions. The decentralized nature gives power to the users of the network
- The immutability of the blockchain dissolves the difficulty of traceability. The actions within the ledger are set in stone with immutable finality
- Transactions can occur anywhere at anytime as long as all parties involved have a computer with access to the internet
- No middlemen, only those involved within the transaction have any influence over the transaction
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1,everyone can see the transactions
2,transactions are verified before recorded
3,transactions are tracked on the blockchain
4,no middle men reduces time
5,no middle men reduces cost
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Explain with your own words, why these are the benefits of using a blockchain.
Transparency:
Due to the decentralized nature of blockchain, all participants have access to the exact same full transaction information and history. This information can only be updated if all parties agree, therefore creating a system where corruption of the system is virtually impossible.
Security:
Blockchain provides a higher degree of security than standard record keeping systems due to its ability to leverage its decentralized nature and the fact that all transactions are encrypted, then linked to a previous transaction. This creates a system that is extremely resilient when facing attacks from hackers or in preventing fraud.
Improved traceability:
Blockchain creates a whole new way to track and verify the authenticity of assets throughout the complete supply chain. This means that a manufactured product can be traced all the way from when its raw materials were mined/harvested up to the point it arrived at the end user’s hands.
Increased efficiency and speed:
Blockchain provides a greatly improved speed and efficiency when compared to traditional systems by eliminating error-prone human intervention and leveraging a decentralized network in order to streamline and automate the whole process.
Reduced cost:
Blockchain helps in reducing costs by cutting out middlemen and providing a system where they are no longer needed due to the increased inherent trust the system provides.
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Blockchain is a distributed ledger and all records of transactions are immutable. Everyone in the network can see all transaction ever recorded in the blockchain.
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Blockchain runs on a network of computers around the world; this make its almost impenetrable to hackers as there is no centralized database.
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The blockchain network is open; every network participant can see every transaction that has ever been record in the blockchain. All transactions can be traced as the blockchain leaves a perfect audit trail.
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Blockchain reduces human error as there are no need for intermediaries/middle men. Transactions are settled almost instantly through automation.
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The elimination of intermediaries completely, makes blockchain cost efficient.
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- Transparency: Transaction ledger for public addresses is open to viewing
- Security: No one can amend the blockchain data once it is recorded
- Improved traceability: The origin can be easily traced
- Increased efficiency and speed: remove the middleman and directly peer-to-peer
- Reduced cost: Remove the risk of being impacted by hacked or dishonest behavior
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1 Transparency:
A blockchain distributed ledger is a single database continuously updated by participants on the network and available for public viewing bringing open accountability to any industry.
2 Security:
The decentralised network verifies transactions by consensus before adding it to the blockchain making the network ‘trustless’. All transactions on the blockchain are stored across multiple nodes on the network. Each new transaction is encrypted and linked to previous transactions on the blockchain making them immutable and safe from hacks.
3 Improved traceability:
The blockchain data ensures the supply chain can be accurately tracked and provides an accurate audit trail to ensure authenticity of assets/goods, improving security and reducing fraud.
4 Increased efficiency and speed:
By removing the need for third party intermediates, P2P transactions improves efficiencies. The blockchain database improves efficiencies by being a unified system of records.
5 Reduced cost:
Transactions are P2P, irreversible, immutable and trustless on the blockchain, removing middlemen, increasing efficiency and auditing capabilities therefore reducing cost.
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Transparency: All transactions are recorded and available on the public ledger.
Security: A consensus of computers verify that an event is either true or false and cannot be manipulated.
Improved traceability: There is clear provenance on the blockchain as each event is recorded and can never be erased.
Increased efficiency and speed: Blockchain can replace traditional processes online which may take multiple business days to confirm.
Reduced cost: Removes the need for independent auditing and can be done cheaper than most traditional methods.
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Transparency: All transactions are added to a ledger through consensus. This means everyone must agree that the new transaction is legit before adding it to the ledger. Once added to the ledger, anyone can look at the transaction, making it very transparent.
Security: Transactions are agreed upon before being added to the ledger. They are also encrypted and linked to previous transactions. There is no central server, instead, there is a copy that is saved on multiple servers so if someone alters one, the others will notice and not allow it to happen.
Improved traceability: Since all transactions are recorded on the blockchain, it is very easy to see where an item came from by looking at its blockchain trail. Today there is no way to truly verify where an item comes from, you just depend on trust.
Increased efficiency and speed: There are no intermediaries in blockchain since everyone has access to the same information and everything can be verified. This makes the whole process more efficient and allows for transactions to be settled almost instantly.
Reduced cost: Everyone wants to save money when they can. By removing middlemen, and trusting the blockchain, the transaction process becomes much more efficient, allowing for cheaper costs.
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Transparency: All transactions are verifiable through the network and it is completely trustless.
Security: Multiple nodes store the network and miners protect the network by either mining or voting.
Improved traceability: Supply chains can verify the process of how their goods are stored and delivered. Customers are also able to do the same thing by checking their suppliers.
Increased Efficiency and speed: Less human error through the process of providing goods and/or services.
Reduced cost: Less documentation to go through and less dependence on third party companies and services.
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Transparency exist and is important cause all transactions are public and cronollogically.
Security is important cause it depends on people that they validate every transactions in the blockchain to earn reward (bitcoin fees) or else if they cheat the system they will lose money.
Improved traceability cause all the data from the 1st transaction can be seen by anyone public.
increased efficiency and speed cause of no need of third authority validation, so all goes faster and better in parallel with the reasons that i said above.
Reduced cost because you use the system and system works for you… no need to pay third parties to work for your need.
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-transparency: all participants in transaction on a public ledger share the same documentation, it’s verifiable and trustless thanks to consensus.
-security: traditional keeping information systems keep their data on one or more servers, wail data on blockchain is recorded after consensus and than distributed to the whole network. That makes it impossible to hack and that is why blockchain could be better solution for any industry that holds sensitive information and is crucial to protect them.
-improved traceability: data on a blockchain is final, immutable and trustless, so whole history of product is recorded on ledger, it’s fraud resistant and we can be sure it is authentic.
-increased efficiency and speed: there’s no multiple ledgers you have to reconcile and third parties involved, like in traditional way of exchanging goods, we can completely relay on a single ledger on a blockchain, transactions are much faster and efficient
-reduced costs: transactions are executed pear to pear, on a trustless system, there’s no need for third parties and authorities to be involved in proces, which greatly reduces costs.
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Transparency:
All transactions are public and all participants see the same version of the ledger. -
Security:
The blockchain is very difficult to hack since in order to change a block you will need concensus from the network to change both that and all subsequent blocks. -
Improved traceability:
The blockchain can be used to trace goods all the way through complex supply chains. -
Increased efficiency and speed:
You can automate and streamline processes since all parties are using the same ledger. -
Reduced cost:
You can remove costly third parties and middlemen that act as guarantors. You only needs to trust the math and protocol.
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Transparency: Having all transactions publicly available on the blockchain it allows for an increased level of trust.
Security: Due to data being held amongst a group of servers as opposed to one centralised server it vastly improves the safety of the network against hacks.
Improved traceability: For products with complex multiple supply chains such as food and clothing there’s less requirement to depend on the trust of each chain when it’s traceable on the blockchain.
Increased efficiency and speed: Paper heavy work that would generally require numerous middle men and intermediaries are no longer required to verify processes when the data is readily available on the block chain.
Reduced cost: Again with the reduced number of middle men and verification processes transactions can be instant and direct.
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Transparency:- can view public transactions
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Security:- is a trust-less system allowing business between anonymous parties, encrypted information that is irreversible and trackable forever, and of a publicly viewable, consensus-driven nature.
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Improved traceability:- allows auditing and chain of custody verification to prove authenticity without relying on a single entity or corruptible human for validation.
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Increased efficiency and speed:- a peer to peer network the blockchain network connects the two parties to each other eliminating the 3rd party middlemen. that results in higher efficiency and speed.
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Reduced cost for a verification process by a company.
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Transparency - blockchain is a public ledger available to everyone.
Security - information is stored across a network of computers instead of a single server.
Improved Traceability - all aspects of a supply chain can be traced all the way back to origin.
Increased efficiency and speed - automation with smart contracts and the transparency of blockchain requires for little or no 3rd party mediation.
Reduced cost - most if not all 3rd parties and middlemen are removed from the process.
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Explain with your own words, why these are the benefits of using a blockchain.
Transparency: anyone can verify or audit every transaction on the blockchain
Security: decentralized record keeping through consensus algorithms
Improved traceability: each transaction is recorded on the blockchain and can be verified publicly anytime
Increased efficiency and speed: reduces human through automated protocols
Reduced cost: No need for trusted 3rd parties. Consensus helps maintain only one master chain overtime.
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- Transparency: everyone can see all transactions
- Security: encrypted
- Improved traceability: you know what came before your transaction and what came after
- Increased efficiency and speed: less paperwork, fewer intermediaries
- Reduced cost:. See #4 for why
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