Transparency means that transaction are available for everyone to see, including the audit trail that precedes them. This creates trust.
Security in ensured by the fact that there are multiple decentralised computers that confirm a transaction, which again create trust and certainty.
Improved traceability results from a prove-able audit trail which is faster, and does not require trusting the counter-party.
Increased speed results from everyone using the same network and no time and resources lost on auditing and reconciling disparate transactions.
Reduced costs result from efficiency, of everyone using the same network and the fact that an audit is not required. This is a big advantage to businesses and individuals.
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Transparency: The blockchain is a decentralised ledger where everyone with permission has access to data.
Security: The blockchain is secure because before each new data or transaction is added it needs to get confirmed by all participants to be added to the chain, any change will have to change the single copy of the long-chain data on each computer on the network.
Improved traceability: as all data is securely saved on the chain, it can be easily viewed by all members in real-time
Increased efficiency and speed: One public ledger is used there for cross-checking with multiple ledgers no longer required thus increasing speed and efficiency.
Reduced cost: as not third party intermediaries are required the fees are low and thus the cost are reduced.
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Transparency: Everything is recorded publicly in the blockchain and thus each transaction is open to everything. Removing unknowingness and thus trust.
Security: Since multiple servers constantly check each other for each transaction, it is impossible to make false transactions.
Improved traceability: Since everything is recorded and never deleted in the blockchain, we can have constant, real-time audits as suppliers can trace where their products go and consumers too.
Increased efficiency and speed: no 3rd parties, transactions are done by the system and only slowed down by it.
Reduced cost: no 3rd party fees
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transparency - all changes are visible to all, and verified by nodes for integrity
security - no info can be added without consensus
traceability - audit trail based on how data is added to blocks and is foundation of data for next block
efficiency - one ledger which is distributed rather than multiple ledgers
reduced cost - trustless - no intermedidaries
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Transparency: all transactions and records on the blockchain can be accessed in real time globally in a single public distributed ledger
Security: for the transactions or records to be approved, there must be a consensus among all the network participants. The approved records will also be added and linked to the previous records in a single distributed ledger
Improved traceability: a digital real time audit trail will be made via blockchain
Increased efficiency and speed: the records all kept real time in a single public digital distributed ledger that does not require multiple reconciliations
Reduced cost: reduced record keeping and reconciliations
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Transparency: All transactions in blockchain are stored in a distributed ledger that can be public. This gives very high level of transparency and provenance.
Security: Having a distributed network of nodes as validators adds extra security. Adultering a transaction accross a whole network of computers is exponentially harder than doing the same on a single server.
Improved traceability: Since blockchain is immutable, it gives absolute provenance and all assets and data registerd on the database can be traced back all the way to its origin.
Increased efficiency and speed: Removing middlemen and bureaucracy will generate a new level of automation and reduce friction in many industries.
Reduced cost: The reduction of friction and removal of middlemen from transactions means that there will be less people ātaking a cutā. This will redcue the costs for end users.
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Explain with your own words, why these are the benefits of using a blockchain.
Transparency: The blockchain is open and public regarding all transactions, adding to the idea of being ātrustlessā. Nothing is hidden behind private servers or IT āinformation silosā.
Security: Since the BTC blockchain is distributed and decentralized and is secured through consensus and a system that rewards good actors and penalizes bad ones it is highly secure. If any node or group of nodes goes offline there are countless others that are always up and updating the blockchain in real time. Thereās no central point of failure.
Improved traceability:
Everything is open, public and transparent. Nothing is hidden behind information silos and multiple cloud storage companies or within the private databases of central authorities.
Increased efficiency and speed:
Since everything is public and on one architecture (BTC blockchain) and is trustless it should make it faster and easier to do away with middlemen which lead to bottlenecks and inefficiency.
Reduced cost:
One protocol to rule them all means that you donāt have to pay middlemen to help you query private databases on multiple information silos across multiple networks and multiple cloud services.
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Transparency: Allows for everyone permitted to see it and does not rely on trust or paying high costs for 3rd parties.
Security: It is decentralized and does not have everything stored on a single server so less prone to hacks.
Improved traceability: Everything can be traced back to its source so fraud will not be possible because everything can be verifiable on the ledger.
Increased efficiency and speed: Better than physical and paper solutions, so it is faster and more efficient. Also errors by people wonāt occur because it is done through data and maths.
Reduced cost: No need to higher experts or pay a lot of 3rd parties for trust.
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- Transparency. Blockchain is a distributed ledger meaning all network participants share the same documents as opposed to individual copies. Can only be updated through consensus. To change a recorded transaction would mean to change the subsequent transactions also which would require all network participants to agree.
- Enhanced Security. Transactions must be agreed upon before they are recorded. After approval, it is encrypted and linked to previous transaction. The data is stored across a network of computers instead of a single server.
- Improved Traceability. Exchange of goods recorded in a blockchain allows a audit trail of where an asset came from and any stops in the process. This can help verify the authenticity of assets and prevent fraud.
- Increased Efficiency & Speed. Blockchain automates the paper heavy trade process, usually subject to third party remediation and human error. A single ledger is used among the network participants instead of multiple ledgers being reconciled. Everyone has access to the same information, trust is much easier, clearing and settlement can occur much quicker.
- Reduced Costs. Most businesses prioritise reducing costs. Blockchain does not require as many third parties. Therefore, not having to trust the third parties and only the information instead. Documentation wonāt have to be reviewed so much because everyone will have access to the same single immutable version.
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Explain with your own words, why these are the benefits of using a blockchain.
Transparency:
If every transaction is recorded. its not covert.
Security: Once a transaction is confirmed by the network its done.
Improved traceability: You can trace each BTC to its origin if you so choose. Because its all in the ledger.
Increased efficiency and speed: Efficiency and speed is increased compared to the traditional market.
Reduced cost: That has to be improved greatly.
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Greater transparency
- All participants share the same documentation of the distributed ledger.
- Updated through consensus -> there is thus no one privileged version of the ledger.
- Since confirmation of data inclusion is achieved through consensus ādistributed agreementā.
- Consequently, ādata on a blockchain is more accurate, consistent and transparent.ā
Enhanced security
The finality and immutability of blockchain together with the impossibility of forcefully taking down a well established blockchain network makes blockchain incredibly secure.
Improved traceability
With a shared distributed ledger, the accessibility of information and the audit trail of units on the ledger makes it much easier to get accurate and trustworthy information regarding the history of an asset.
Increased efficiency and speed
- Traditional exchanges of goods and services requires a hefty third-party framework wherein the transaction can be verified and secured.
- The ability for the digital ledger to have an open record-keeping and finality makes it easier to clear and settle transactions.
Reduced costs
- Third party inclusion is not as necessary, because you only need the data on the digital ledger.
- Consequently, a lot of industries and sectors built upon facilitation of transactions and regulation will be disrupted as blockchain accessibility, security, traceability, efficiency and speed will reduce the costs for businesses and individuals.
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Due to the decentralized system and the facts that each transaction has to be agreed upon and is final, it makes the system accurate, transparent. It is not just one person carrying all the cost and one person doing the work.
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Transparency: Every Transaction on a blockchain is recorded via consensus forever and is not capable of being removed. The ledger is available publicly for anyone to view. Blockchain brings digital Provenance.
Security: Because a blockchain is decentralized, there is no single entity to target in a malicious attack. The database exists as a network of nodes, each keeping a copy of the ledger. Changes to the database are done through consensus, eliminating the need for trust
Improved traceability: Since information canāt be removed from the blockchain, you can trace transactions all the way back to the start of the network. This database of transactions is always available to anyone who wishes to see it.
Increased efficiency and speed: Without the need for a middleman, transactions move a lot quicker than the time-consuming process of a traditional transaction. The ledger is also updated in real-time and is online 24/7.
Reduced cost: Because of consensus and its trustless nature, there is no need for a middleman, thereby reducing cost. Costly audits are also not necessary.
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Blockchain allows full transparency because all transactions are immutably recorded on the blockchain which is stored on a network of computers accessible to everyone.
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Blockchain is secure because the transactions are recorded on a network of computers via consensus rather than in one database. This makes blockchain immune to hacking or any type of change after the transactions have been recorded.
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Blockchain improves traceability because all transactions are recorded and can not be removed. This simplifies tracing the previous step in the supply chain and makes provenance easier to determine.
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Because the blockchain is automated, it removes the need for middle-men for the purposes of verification and notarization.
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Again, by removing the need for middle-men to verify and notarize, cost is reduced.
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Transparency:
All network participants have the same documentation that everyone must agree on and everyone can see it so its more transparent that way.
Security:
Transactions must be agreed upon before they are recorded and also information are stored across a network not on a single server and that makes it very difficult for hackers to compromise transaction data.
Improved traceability:
Much better tracking of goods because everything is recorded on blockchain therefore it cannot be changed.
Increased efficiency and speed:
Its much faster since records that is shared among participants are performed using one single ledger and everyone has access to same information so it becomes easier to trust each other without the need for numerous intermediaries.
Reduced cost:
With you donāt need third parties or middlemen so its more trusted which reduce the cost.
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Transparency: Through blockchain, everyone has access to the same information, information that the network has come to a consensus on being truthful.
Security: For a transaction to be finalized it must be agreed upon by the network, therefore all transactions on the blockchain have be accepted to be truthful and real. Because of the nature of the network it is incredibly difficult for hackers to change a prior transaction, as they would need to code every transaction following as well.
Improved traceability: The blockchain records data and transactions in chronological order, thus giving a complete and accurate timeline of transactions, and history.
Increased efficiency and speed: By documenting transactions digitally on the blockchain it cuts out the need for middlemen and paper documents. On the blockchain, transactions across the globe happen instantaneously and in an incredibly efficient manner.
Reduced cost: The blockchain cuts out the need for a middleman or third party, thus eliminating unnecessary costs that are common in traditional transactions, such as acquiring a loan.
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Blockchains are transparent because they are public, immutable, and decentralized ledgers. That way, anybody can verify a blockchainās contents and be assured itās contents hasnāt been tampered with. A supply chain can benefit from a blockchainās transparency because it would make things easier to trace like the ingredients that go into the food that you buy. A blockchainās security is Derived from cryptography which means everything on a blockchain is cryptographic verifiable. A blockchain uses cryptography to verify a transactionās signature is valid and to verify its contents hasnāt been tampered with. Thatās how a blockchain is secure. Businesses that use blockchains to conduct business donāt have to rely third parties to verify things for them. For example, when Alice pays Bob is much faster and cheaper to use a blockchain to do this than using a bank!
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Top 5 Blockchain benefits
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Greater transparency
As all participants share the same documentation that cannot be readily altered, transparency has been enormously increased. Now documents cannot be changed without all participants consensus. -
Enhanced security
Transactions when finalised and agreed are encrypted and the information is stored across a large network of computers making it difficult to compromise. Blockchain is also far superior in protecting sensitive personal information than traditional record keeping systems. -
Improved traceability
Now companies can trace their entire supply chain and inform their investors/customers of the exact origin of the products or services they supply. This also helps with auditing, product safety and investor confidence. -
Increased efficiency and speed
All participants have access to the exact same information, increasing trust, which increases efficiency. Automating processes with blockchain reduces staffing cost by completing documentation more efficiently and accurately. -
Reduced cost
Blockchain technology does reduce third parties and middlemen because you just have to trust the data on the blockchain. All these blockchain benefits discussed in the article lead to enhanced business saving, including;
Due diligence
Staffing time
Consumables
Pay-role tax
Energy
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Transparency:
blockchain network is made so that every transaction is recorded on a public ledger meaning every person is able to see all the transaction that are made, where they are made from, and with what they are made with.
Security:
not only is it a global network meaning that the system is not just located in one facility but all over the world it is not only one system that is running it but multiple systems.
It runs on a protocol where every cpu needs to verify the transactions for it to go through
so hackers wont be able to create falls transactions or manipulate the system.
Improved traceability:
Every transaction that are made will be dated and kept for everyone to see this means that itās on a public ledger making it possible for parties to be able to see where your product is how and when it is being transferred.
Increased efficiency and speed:
āāthe old wayāā of handling transactions can be time consuming and there is a chance of human error this is where blockchain with its 24/7/365 system it is automated and can take seconds to complete a transaction.
Reduced cost:
well there is no middle man and that for most businesses and users reduces the cost significantly.
itās easy and simple to make a transaction so time is also being reduced in the way of looking through documents etc.
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- Transparency: It is transparent because all miners participating in the consensus mechanism share the very same blockchain. If the blockchain were to be altered, everyone would have to agree to it which would require a collusion.
- Security: Blockchain is more secure as it is decentralized, meaning that a single point cannot be attacked to take it down. The data itself cannot be altered. Once entered, only further data can be added.
- Improved traceability: Transactions are linked to each other which is how we can follow a transaction to its origin throughout the whole supply chain. This can help prevent fraud and confirm authenticity of goods.
- Increased efficiency and speed: Without middle men having to mediate or handle transactions, the speed is much quicker and effecient. The availability also helps here, as compared to a bank you can send transactions on a blockchain any time of any day.
- Reduced cost: Reducing middle men and server costs. Blockchain is a trustless system which is why you donāt need any mediators to guarantee the transaction.
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