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Transparency:
Public ledger where all transactions can be viewed by anyone. -
Security:
Distributed ledger throughout a network, no single point of entry and thus failure making a hack of the database very very difficult -
Improved traceability:
All transactions on the blockchain exist since its inception and into future transactions. It can be traced throughout. -
Increased efficiency and speed:
Streamlined accounting/transactional record without the need for middlemen and paperwork to reconcile transactions and accounting. This is both faster and cheaper. -
Reduced cost:
No middle men or additional paperwork reconciling transactions.
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Transparency: Everyone receives the same immutable information.
Security: Information is not stored in a single server with blockchain. Prevents anyone from manipulating sensitive data.
Improved traceability: Information is linked to one another on a blockchain and you can easily verify authenticity
Increased efficiency and speed: Settlements can be achieved much quicker by removing trust from the equation. Paper processed transactions are prone to human error.
Reduced cost: Cutting third party intermediaries reduces the cost of trades.
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Explain with your own words, why these are the benefits of using a blockchain.
Transparency: It is a network of public ledger that people from different part of the world. This ledger is the same regardless of your access points. No permission is needed to access the information on the public ledger.
Security: This network is a network of many nodes which makes it impossible for hackers to break into the system as compared to one central database. In addition, the public ledger is also in stones which is immutable. There is no way for anyone to amend the data in the public ledger.
Improved traceability: Because the records are immutable right from the beginning, we are able to trace every transaction made on this network, and no one can manipulate the data.
Increased efficiency and speed: It is a network of same public ledger in different part of the world. Thus everyone can access the same information regardless of where you are and the time zones you are in.
Reduced cost: There is no need to go through any middle man to have access the data you need. This greatly reduces the cost of engaging such services inclduing logistic costs of delivering the information.
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- Transactions can be viewed by the public.
- Transactions are immutable once verified.
- Every transactions can be tracked ti its origin
- Transactions are finalized at the end of each block not needing a third party audit.
- The more efficient something can be the better the cost reduction
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al parties have a copy of the ledger in the network and to change it must be a consensus that also changes all the following records.
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every information must be verify by many numbers of nodes, machines or parties in the network that makes it difficult to change or to be hacked.
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as all the transactions are embedded in the blockchain, on can check all the information of the chain whenever one wants.
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its high availability and transparency about the information that all have, makes it easier to not doubt about the information.
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no need for a central authority and no need for third parties to go through a process allow us to avoid high bureaucracy and fast processing to achieve what we want to.
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Transparency; since data on the blockchain is only achieved through a consensus, to change records is quite hectic because it requires the collusion of the entire network.
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Enhance security; once a transaction is approved, it is linked to the previous transaction and stored across a network of computers in-steady of a single server and this makes it difficult for hackers to change any of the transactions.
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improved traceability; on blockchain your able to view the process of an asset from its source hence preventing fraud.
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Increased efficiency and speed; using a single digital ledger that is accessed by everyone, makes it easier because you donât need intermediaries which makes it efficient.
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Reduced costs; you just have to trust the data on the blockchain, there is no other third party to make guarantees hence reducing costs.
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Transparency: All transactions are included into the blockchain and they become part of the public ledger where everyone has access to the information in the transactions.
Security: The consensus between all blockchain participants for the mining of each block removes the trust from this decentralised network. When you have no need for trust then your information and value are secure.
Improved traceability: The blockchain is built out of single blocks of transactions. Every new block is built on top of the previous where it checks if the new transactions are verifiable. Because of that, one can trace information or a transaction from its first time on the blockchain.
Increased efficiency and speed: The efficiency and speed are achieved due to the permissionless nature of the blockchain - no need for a third party verification means faster execution of transactions.
Reduced costs: When you donât need third party verification of your transactions this reduces the costs of running your system.
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- All transactions are visible to all parties.
- Every modification is verified until consensus.
- If the ''way" of one product is recorded on the blockchain, is very simple to find its origin.
- No need of third party meditation, less human errors.
- No need of many verifications, trust and paper heavy documentation, because everyone have access to the same data.
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Transparency: Because for example bitcoin being a public ledger everyone can see which transactions are being documentend. Making it transparent for everyone to see.
Security: It is save because the ledgers on the different computers can come to a consensus if data is added making sure it can be done. Also it is not prone to hackers because there is not a single database were the information is on, but there are many databases with the exact same information. So
Improved Traceability: Because there can only be blocks added to the blockchain and not removed, the data can not be corrupted on manipulated, making it easy to trace itâs provenence. Just like a story that has not changed through time.
Increased effiency and speed: Companies can come much quicker to an agreement because there is no trust needed by third parties and they can be neglected all the way. Also transactions can happen anywhere in the world and there are no borders. Goverments or different valuta is neglected.
Reduced costs: There is no need for high maintenance and third parties are out!
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Benefits of the Blockchain technology
- Transparency:
Blockchain allows data to be visible and organized in a single format. Those examining the data can have inherent assurance that the system is doing the right thing due to the consensus mechanisms at play. It is understood that a great majority of the distributed consensus nodes would have to conspire together to make changes to the blockchain, not likely since the system is designed to reward good actors for being part of the network (minors or other staking methods).
- Security:
Data is immutable and part of a system that checks the other consensus nodes results and the transaction is written due to majority consensus. Cryptographic hashing algorithms help add a strong layer of security since the data is compressed through a 1-way crypto hash function such as SHA-256. These transactions are cryptographically linked, each one passing the previous cryptographic hash onto the next creating the blockchain. Benefits of all this well thought out security measures provides peace of mind that security is the backbone of the blockchain.
- Improved traceability:
Blockchain is an excellent representation of provenance to track/trace the movement of an asset over time while tying in ownership each step of the way as a single source. This provides those that rely on the chain proof of verification without having to have blind trust in any one component of the path of a transaction.
- Increased efficiency and speed:
Implementing a blockchain over a multitude of documents and separate documentation processes allows the information to be consolidated into a single source of information which will provide time back where it would have been spent analyzing over fragmented data which may have had varying quality control standards.
- Reduced cost:
Reduced the potential costs of the need of an intermediary/middleman or other 3rd party solutions needed in the validation or data capturing efforts. Reduced time cost in the sense that the data will be confined to a single source.
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The benefits of using a blockchain.
Transparency: Greater transparency is both a side benefit and a requirement enabling all network participants to digitally verify and agree by consensus on the truth of the immutable records contained within the distributed blockchain ledger.
Security: Security is enhanced over other record-keeping systems because of the system of consensus over the content, veracity and immutability of the linked records/transactions in the blockchain. Records/transactions can also be verified trustlessly when inspected or recovered from the blockchain.
Improved traceability: The sequence of custody exchanges, transformations and item combinations that occur in the supply or production of some asset or service are locked into the blockchain records in such a way that the blockchain alone can be trusted as the true record of verified traceability without relying on inefficient and incomplete paper record systems.
Increased efficiency and speed: Numerous intermediaries are eliminated, and trading participants can trust each other more quickly and easily because everyone has access to a common, verified record in the form of a shared immutable blockchain ledger of supply chains and associated transactions and verifications.
Reduced cost: Since everyone has access to a single, immutable version of the blockchain trading ledger, fewer parties need be involved and less time and cost is required to finalize a trade.
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Transparency: Blockchain improves this as the transactions that happen on the blockchain is public and immutable information.
Security: Blockchain increases security as each transactionâs validity is verified by consensus of myriad computers in the network, and is also encrypted. Thus, hacking the transaction ledger and falsifying transactions is nearly impossible.
Improved traceability: Since the whole history of transactions are available in the ledger, every coin can be traced back to its origin(when it was mined)
Increases Efficiency and Speed: Through digitalizing transactions, we improve efficiency by making transactions less prone to human error. We also improve speed by virtually eliminating any need of intermediaries for a transaction, due to the trustless nature of blockchain
Reduced Cost: Without having to use middlemen and intermediaries, businesses can do transaction without this sunk cost. Other than that, it removes the cost of having to do paperwork for the transaction
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- Transparency: Shared documentation across the network for everyone. Altering transactions becomes almost impossible.
- Security: All transaction need to be agreed upon before recorded then encrypted which helps fraud and unauthorized activity.
- Traceability: An audit trail that shows the assets historical journey and helps prevent fraud activity.
- Efficiency: Everyone is sharing a single ledger and has access to to the same immutable version.
- Costs: Eliminates third party participants and associated costs that they add.
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- Transparency: everyone can see the transactions that have happened.
- Security: hackers cannot change existing blocks, preventing manipulation of data.
- Improved traceability: all transactions can be seen by all participants at all times
- Increased efficiency and speed: The shared ledger allows everyone to be certain of transactions that took place which is much faster when trust must be proven in other ways
- Reduced cost: centralized services are slow and expensive as they are not trustless so expensive safeguards must be utilized which takes more time and energy, increasing costs.
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Transparency - Blockchain creates a worldwide transaction history rather than having personal copies, meaning approval can only be met through consensus. Wanting to alter or change the transactions would require you to change all the subsequent transactions.
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Security - For a transaction to be recorded it must first be approved by Proof of Work (POW), if done correctly it is added to the previous transactions. This imformation is recorded across a network of computers as opposed to one which makes it almost hopeless for hacker to try and compromise.
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Improved Traceability - Blockchain has a improved traceability by creating a history of all transactions or checkpoints leading up to the current transaction that is recorded, making it very easy to track its orgin.
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Increased efficiency and speed - Blockchain removes timne consuming mediation and human error when recording a transaction mkaing it faster and efficient. When tracking the history of a transaction it is all under one digital ledger as opposed to multiple centralized ledgers. This removes clutter and allows for secuirty across all corners.
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Reduced Cost - Blockchain enables the ability to cut out third parties and their trust by having concrete and finality in the transactions that are recorded into the blockchain. Middle men are not required to be âtrsutedâ as the Proof of work and history is accessible to all and is immutable.
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Transparency:
Transparency speaks to the open and visible nature of blockchain activity within an ecosystem. This works to keep participants honest and helps propel the viability of the organization. -
Security:
The decentralized nature of blockchain data prevents someone from gaining unfettered and unauthorized access. While they would only have access to the portion of data that was accessed, they wouldnât have the keys to the kingdom. -
Improved traceability:
The immutability and digital footprint of blockchain make for easy traceability. Itâs a great fit for supply-chain operations as it validates the provenance of each component that is used in the creation of the final product. -
Increased efficiency and speed:
Blockchain is efficiency personified. Removing paper, human error and automating redundant tasks, and maintaining processes within a defined set of predetermined rules. -
Reduced cost:
Implementing blockchain is in and of itself leaning. It reduces cost by eliminating traditional labor-heavy trust-based solutions and places the âworkloadâ on the protocol and process.
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Transparency:
By the fact that the sharing of information between the parts involved in the process is by a single and global database, this reduces the chances of conflict between different versions of the same data.
Security:
The most distinct aspect of the security withim the blockchain protocols is the fact that all transactions must be agreed before theyâre finished. The agreement doesnt ocurrs by persons or instituitions, but by a transparent set of rules based upon matemathical principles and executed by computers.
Improved traceability:
The perpetual aspect of the information withim the blockchain networks give the most sofisticated form of traceability avaliable till now.
Increased efficiency and speed:
Since the process of verification, validation and certification does not require human intervention, it can be finished much faster than the banks or cartorials establishments could possibly do it.
Reduced cost:
Without the demand for banks (traditionals, at least), cartorial establishments or human supervision, we can reduce the cost to computering and human work. And the human work here is not the mechanical tasks of the primitive economy forms, but the distinctly form of human creation: the imagination and poetry of producing a better world.
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Explain with your own words, why these are the benefits of using a blockchain.
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Transparency:
On blockchain, data is a shared ledger which is available to everyone (with permission) and it can only be updated via consensus making it very hard to change. The result is more accurate, consistent and transparent data. -
Security:
Transaction must be agreed upon before being recorded, after which it will be encrypted and linked to the previous transaction thus making it very hard to be hacked. The data will stay intact, not easily compromised helping to prevent fraud and manipulation. -
Improved traceability:
With blockchain, we can follow the flow a data/good go through, a historical record thus proving its authenticity and prevent fraud -
Increased efficiency and speed:
Traditional method of transaction is time-consuming, prone to error and require third-party verification. Using blockchain, these processes becomes easier and faster; because the use of a common single ledger produce less clutter and requires less reconciliation work. Therefore there is no need for trust among the users, speeding up the clearing and settlement process -
Reduced cost:
With blockchain, we do not need third party to guarantee the transaction data because we can trust the data on the block and we do not have to review the documentation because everyone is able to access the single immutable data.
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- Transparency:
Blockchain enables more accurate, consistent, and highly available data compared to traditional networks. - Security:
Blockchain is more secure than other methods. No single computer or entity controls a majority of the network making it next impossible to take over. The need for consensus and incentives to confirm verifiably accurate trades/transactions also improves security without the need for third parties. - Improved traceability:
Breaks down barriers of a complex supply chain. Allows for easier and more accurate communication between links of the chain d/t all links having access to the public ledger of the blockchain. Also allows for provenance and origin tracing. - Increased efficiency and speed:
Removes a lot of human error. Automation of processes removes people power needed. Streamlines processes to make them faster than traditional systems and allows for quicker reconciliation of transactions. - Reduced cost:
With all of the above comes less costs. Increased speed, efficiency, security, and less need for third parties/people power severely reduces costs for any entity switching over from traditional methods to blockchain.
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Transparency: All, everyone, anybody can see/verify data eliminating errors
Security: A consensus is required by the network of nodes. After approval, the transaction is encrypted into a block and linked to the previous block (hence chain). The data/transactions are held secure via a network of nodes vs a single CPU or server making it near impossible to hack.
Improved traceability: The blockchain provides an audit trail to know beginning, step-by-step progress and current state of things assuring authenticity.
Increased efficiency and speed: Blockchain removes human error, layers of processes and third party verification and/or reconciliation.
Reduced cost: Blockchain does not require third parties or middlemen, saving their respective charges/fees, i.e. Researchers to provide Title Insurance, Medical records, etc.
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