1:
Transparency is a benefit of using blockchain in the way book keeping becomes easier because of the way the ledger is distributed across many computers making the information available to everyone in a clutterless, agreable way.
2:
Security is a benefit of using blockchain when it comes to transactions in the way that it is encrypted and linked to the previous transaction. The distributed ledger system makes it difficult for hackers because of the consensus mecanism. It makes critical information more sucurely sharable.
3:
Improved traceability is a benefit of using blockchain when it comes to supply chains where you can trace an item back to its origin because of the blockchains verification of transactions.
4:
Increased efficiency and speed is a benefit of using blockchain when used instead of humanly error prone third-party mediation. One ledger instead of multiple makes it more reliable and accessable for all, and quicker.
5:
Reduced cost is a benefit of using blockchain as there is no use of middlemen and the blockchain system is trustless and immutable, reducing the need of excess documentation for completion of a task.
- Transparency: blockchain is a distributed ledger. Itâs publicly available and every node in the network has a copy. Every transaction that goes into a block has to be validated by a majority of the nodes. All this ensures maximum transparency.
- Security: since every transaction needs the consensus of a majority of nodes, and each new block is linked to the previous one and stored in a blockchain or distributed ledger, itâs virtually impossible to tamper with the data already present in the blockchain.
- Improved traceability: a supply chain where every goods exchange is stored in an inalterable chain of blocks, makes it easy to trace back the origin of such goods.
- Increased efficiency and speed: paper is slow, blockchain is not. Besides, itâs shared by everyone in the network, making bookkeeping more efficient.
- Reduced cost: The need for trust is removed from the business and everyone will have access to the same data, so you donât need so many third parties to make guarantees.
1:With the transparency shown by the Blockchain all parties involved in the network can see the information and agree on it through consensus. Growing the system without trust.
2:The information within the Blockchain is encrypted and distributed on many servers, which increases the difficulty for hackers.
3:As all transactions are stored in a public ledger, it is easier to trace the origin of the information.
4:With blockchain, the human part is minimized, so the chances of error are reduced.
5:One of the main advantages of Blockchain is the elimination of the middleman, many industries will see their costs reduced by the elimination of a third party.
Transparency: everyone has the exact same version of data that has been validated before it is stored on the blockchain
2. Security: Difficult to hack since each block is linked to the previous block, so impossible to alter the data and even if one was to pull it off, others will know.
3. Improved traceability: Provenance, the origin or data cannot be disputed and the audit trail is available for others to inspect
4. Increased efficiency and speed: Everyone has the exact same data, so no effort is needed to reconcile across all the users
5. Reduced cost: Fewer middlemen, so reduced time and costs using a blockchain compared to a central database.
Transparency: As a public ledger, anyone can access the recorded transactions.
Security: By having a âchainâ of nodes that store the blockchain data, thereâs no single point of failure in the system.
Improved traceability: As multiple transactions related to a given item are recorded on the blockchain, it is possible to trace them back and track them. A great use case is the supply chain.
Increased efficiency and speed: In general, the current systems heavily rely on multiple approvals with various levels of trust. Trusting in blockchain technology can significantly simplify the process.
Reduced cost: As mentioned above, blockchain technology can make processes simple and efficient, therefore reducing the overall cost (assuming the number of transactions and their fees are adequate).
Explain with your own words, why these are the benefits of using a blockchain.
Transparency: No one can cheat when using blockchain. everyone can see what happens.
Security: Blockchains have no middlemen or companys you have to trust. its all built in. Its trustless and cant be manipulated.
Improved traceability: Its easy to trace transactions or goods. wheres its from, where its going and everywhere it has ben.
Increased efficiency and speed: No paperwork have to be done and sendt to other partys. everything is available on the to everyone onchain.
Reduced cost: The blockchain requires nothing but a running network. No sallery to anyone and no lawyers to pay and trust.
- Transparency: A public ledger thats the same transaction and there is consensus to verify it.
- Security: Network is saved all across a global network rather than siloed and at risked of being manipulated by a single party.
- Improved traceability: Real time auditing and tracking, on a supply-chain network.
- Increased efficiency and speed: There is one single ledger that is keeping track and isnât prone to human error.
- Reduced cost: No need to hire a middle man or third party.
- Transparency: since a blockchain is a (single) digital distributed ledger all users have access to the same information real time. This is not the case for (traditional) paper or individual ledgers.
- Security: same --> enhanced security since a blockchain is a distributed ledger - copies are always available in the network. Secondly transactions are agreed/verified before the are recorded, which enhances trusts and finally it is close to impossible to change or compromise data on the blockchain due to itâs structure.
- Traceability: blockchain records an (almost real time) audit trail of transactions accessible to all users.
- Efficiency and speed: product value chains are often complex and multi-stream which implies complex, timeconsuming and costly recording, reconciliiation and (quality) review processes. Blockchain however, provides 1 single digital ledger for als the Transactions in multilayer processes. This generates unthinkable efficiency, time and cost advantages compared to traditional value chains (and supply chains if you like). Reconciliation becomes obsolete.
- See answer 4 --> higher efficiencies and speed implies cost reduction. Secondly less manpower resources are needed to review, record and audit.
1.Transparency:
All participants have access to the same documentation
on the blackchain. If a change needs to be then
all participants need to agree.
2.Security:
Information on a transaction is stored on different servers around the world
and is encrypted.
3.Improved traceability:
Historical sourcing of goods and services are stored on the blockchain
4.Increased efficiency and speed:
Elimination of paper-handling, streamlining and automating processes
are recorded on a singel legder
5.Reduced cost:
The need for 3rd auditors is reduced, since all participants can
access the single unchangeable transaction records
Transparency: With the blockchain everybody records the same transaction and this because consensus.
Security: Blockchain eliminate trust and third parties and you now put your trust in the protocol and math. and everybody records the same thing.
Improved tracebility: The blockchain always you to trace back where things came from because it recorded every transaction and every stop.
Increased efficiency : Blockchain removes the middle man , making it peer to peer.
Reduced cost: With no middle man it cost less
Transparency:
Because blockchain requires it that all network participants share the same documentation compared to individual copies. Therefore making it that all participants being aware of any changes made to the network.
Security:
Transactions must be agreed upon before they are recorded by different participants. This, in combination with information that is stored across a network of nodes instead of on a single server/database. This all makes it very difficult for ninjaâs to compromise the transaction data.
Improved traceability:
Blockchain makes it possible with an audit trail to trace back a product to its origin.
Increased efficiency and speed:
Since record-keeping is performed using a single digital ledger that is shared among participants, you donât have to reconcile multiple ledgers and you end up with less clutter.
Reduced cost:
Removing the middle men, very crucial to reducing cost.
Explain with your own words, why these are the benefits of using a blockchain.
Transparency: Access to everyone, there is the need for a consensus where every proposal/transaction is verified, and the most important feature it´s a trustless system.
Security: Uses a PoW (Proof of work), so you need 51% of de mining power to be able to do any harm to the blocks, on the other hand we have Protocol incentives to help protect and keep the Ethical behavior.
Improved traceability: Every transaction is registered on a public ledger where everyone can see everything, it´s immutable and eliminates the centralize control as well as promotes the elimination of third parties.
Increased efficiency and speed: We no longer have to rely on a third party, so we take out that variable from the equation. More people verifying the veracity of the transactions.
Reduced cost: You don´t need to pay for using your money, just a small transaction fee in order to incentive the miners to add your transaction on the block.
Transparency:
In a blockchain network everyone participating on the network has the same copy of the ledger of transactions (which is updated via a consensus protocol) making the process of transacting transparent and eliminating the need for third party audits.
Security:
Because transactions are verified using a math / cryptography based consensus protocol, the blockchain network essentially becomes very difficult to hack and thus highly secure.
Improved traceability:
This benefit is a result of the above two benefits. Because a blockchain network has increased transparency and security it is possible to track material (food, raw material etc.) as opposed to transactions (amount of bitcoin).
Everyone has a digital copy of the ledger and the network is highly secure (via cryptography based consensus protocol), hence it can be trusted that a certain goodsâ trail of origin is accurate.
Increased efficiency and speed:
Due to the transactions being transparent to everyone on the network via a shared ledger, the need for third party validation is eliminated and human error is eliminated increasing speed and efficiency of the transacting / supply chain tracking process.
Reduced cost:
Because the accounting is happening in real-time on a blockchain network, the need for a company to hire a third party firm to perform audits is eliminated, thus reducing operating costs.
Transparency - Everyone works together on one Blockchain. And all transactions must be verified by everyone. This creates transparency. To change one transaction requires all the ones before to be changed; one shared documentation verified by all.
Security - Instead of one server the Blockchain is stored on a network of computers.
Because of this Blockchain can not be hacked. Blockchain changes how information is stored, secure and accurate.
Improved traceability - An item can be traced back to the origin from where it came from. And the Blockchain has real time auditing. So there will be no auditor to look over paper trails. Blockchain will audit every second. Being able to know where an item has been and where it ends up, every stage, increase trust.
Increased efficiency and speed - Transaction using a paper-heavy process are slow and prone to human error. The Blockchain is fast and efficient. And the record keeping is on one ledger shared by all. What is gained by this is speed and an accurate ledger.
Reduced cost - Doing away with middlemen and third parties reduce cost. There is one documentation for everyone with permissioned access. And the documentation is the same for all and can not be changed,
Transparency: all transaction could be traced back
Security: all transaction first verified then written and once written unremovable
Improved traceability: supply chain no longer could changed or violated. Everything is transparent and could be traced to its origins
Increased efficiency and speed: speed and efficiency are high due to reliance on the math and protocol
Reduced cost: no middle man therefore less expenses
Transparency: facilitates verifiability of data and builds the bridge of willingness to cooperate.
Security: facilitates an environment investors are willing to deposit their money, provides an environment for entities to depose their data and funds for this reason.
Improved traceability: traceable data and funds on the DLT/Blockchain, facilitating a trustless environment as itâs traceable.
Increased efficiency & speed: Provides an environment which is globally utile for high usage of the blockchain network.
Reduced cost: provides people with the ability to participate in the DLT and Blockchain.
- Transparency is a benefit of using blockchain because all network participants store a copy of the data that can only be updated through consensus and all subsequent history of the entire network.
- Security on the blockchain is a benefit because transactions must be agreed upon and a copy of each transaction is stored on each participant of the network.
- What allows for improved traceability is the blockchain allows you to view a audit trail being able to trace where each asset came from and where it stopped along the way.
- Due to the blockchain we are able to keep record on a digital ledger and this allows everyone access to the same information . This makes it easier to trust others and provide more efficiently.
- The blockchain allows you to take away the middleman and focus on the data on the blockchain reducing cost. This also cuts down on documentation because everyone has access to a single immutable version.
Transparency in blockchain has brought a new dynamic into play, and exposed the inherent weakness built in to many, more traditional systems. In making all transactions available to view, by use of a blockchain explorer, many improvements can be made across multiple fields of business. Confidence in the supply chain authenticity of the food industry can be achieved, financial audits can be completed swiftly, and verified by multiple nodes on the network ensuring consensus, and improving confidence, digital art and music has a vehicle for recording provenance and protecting copy write, and elections can be conducted that are transparent, verified and secure.
By implementing blockchain technology, many of the previous opportunities that existed for fraud, corruption and theft, are removed, as the decentralized nature of the public ledger used by blockchain, means that all transaction records are identical, verified, and kept in multiple locations. The advantages to this system are numerous.
This would allow a decentralized security framework, for instance, to become virtually unhackable, having no single point of compromise to core functionality. Blockchain technology would allow secure, tamper proof records of transactions involving cash, physical and digital assets, as well as financial and personal health data. All of this data could be verified as authentic using a blockchain, and any provenance verified and traced to a specific time and date, as well as to the individuals involved.
Blockchain technology improves time-consuming processes by automation, secured with mathematical protocol, utilizing them to maximize efficiency, and to eradicate human-based errors. Streamlining traditional, paper heavy processes through blockchain technology means that transactions are carried out much more quickly and efficiently. The blockchain ledger makes this possible by providing a single record to store transactions.
Blockchain is very effective in reducing costâs for business, and the use of smart contracts is an excellent example. Smart contracts are programmed to automatically trigger transactions, such as payments, when a specific set of criteria are met, and are useful in reducing the role of intermediaries such as lawyers, accountants and banks. For a business that wishes to become profitable in todayâs economic landscape, reducing cost is the main priority, and by reducing the number of intermediaries in a contractual network, blockchain can reduce costs, speed up processes, and can lead to a systematically more efficient, transparent and secure business model.
Transparency: Appended transactions achieved consensus with an entire network. This requires participants to be transparent, as verifying what participants possess on a blockchain is no big deal.
Security: The network cannot be corrupted with wrongful data; it is impenetrable. Modifying one transaction or appending one in the past requires one to rehash the entire block succeeding the wrongful one, and the network would outpace the wrongful chain.
Improved traceability: Donât trust; verify. Verifying is simple, allowing you to see each transaction for yourself on a blockchain.
Increased efficiency and speed: The power of millions of unaffiliated miners all seeking incentives is more powerful than just one supercomputer. It is this beautiful web of contributors, confirming and appending transactions to the decentralized ledger at phenomenal speeds. Individual humans doing manual labor, obviously, pales in comparison to the computing power behind blockchain technology.
Reduced cost: Everyone can easily manage their portion of the network, as the sheer number of participants can cover for those that cannot participate. This is much more efficient in terms of cost, rather than one singular entity solely developing a network by themselves. Additionally, intermediaries donât need to pay for middlemen or third parties.
Transparency: all participants on the blockchain share the same ledger and can see all transaction history.
Security: all transactions must be agreed-upon prior to approval; approved transactions are encrypted and tied to the previous transaction; transactions are distributed across a network, not housed on one server, which makes transactions (and the system itself) hard to hack.
Improved traceability: blockchain produces a detailed audit chain - every asset can be traced back to its origin and all points between.
Increased efficiency and speed: lack of paperwork and human intervention yields gains in speed and decreases the possibility of error. One ledger, as opposed to many, means less clutter.
Reduced cost: removing third party or middlemen reduces cost.