- Transperancy - blockchain is a type of distributed ledger, all network participants share the same socumentation. Shared version can only be updated through consensus.
- Enhanced security - transactions must be agreed on before recorded.
- Imporved traceabiliy - the historical transaction data can help to verify the authenticiy of assets and prevent fraud.
- Increased officiency and speed - there is one singel digital ledger shared among all participants.
- Reduced costs - no need for as many third parties to make guarantees, no need for so much documentation.
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Transparency: Greater data accuracy, consistency, and transparency, due to network consensus/validation of all transactional data.
Security: New data is encrypted and linked to previous data. Data spread across a network, making it more secure as opposed to the same data stored on a single server. Helps prevent fraud and unauthorized activity.
Improved traceability: Can accurately trace items back to their origin, even in a complex supply chain. This helps verify the authenticity of assets and prevent fraud.
Increased efficiency and speed: Automated transactional processes make transactional speeds much faster and efficient. Reduces the risk of human error. Information is stored on a single ledger with no intermediaries needed to process data, increasing trust between parties. Clearing and settlements can occur much quicker.
Reduced cost: Cost of middlemen is cut. The data is trusted to the blockchain instead. Reduces the time needed to review documentation, as all data is stored in a single, immutable ledger.
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1.Transparency
Because all people using the blockchain share the same real time documentation.
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Security
Because the network must come to a consensus before it is on the blockchain. -
Improved traceability
Blockchain can help with keeping track of complex supply chains, keeping track of every step of itâs journey, this can help to prevent fraud. -
Increased efficiency and speed
When using traditional paper processed itâs more time consuming and prone to human error, all information is stored on one single digital ledger that everyone has access to. -
Reduced costs
Less time and resources needed when using blockchain.
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Transparency: The coding behind blockchain technology and the transactions that build each blockchain are public.
Security: An intrinsic part of blockchain smart contracts is the mutual agreement of both parties as a way to finalize transactions, so that the processing and recording aspects are approved and traceable by all parties.
Improved traceability: Because the transactions are linked into the greater blockchain and are irreversible and accessible, they are easy to trace.
Increased efficiency and speed: Due to the intrinsic automation of blockchain technology and lack of central authority processing, the efficiency and speed are depended on node activity and will increase with future increase participation in incentivized, automated nodal activity.
Reduced cost: All of the factors in efficiency and speed apply to cost. Because the process is automated and there are no central authorities, the processing and âmiddlemanâ fees are minimized.
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Transparency: Provides clear and concise data digitally which cannot be modified. Consensus validates the transactions.
Security: A lot less vulnerable than centralized DBs from a hack, held across network and not a single server. Finality confirms transactions cannot be undone, ,Consensus of the data ensures specific transactions / data can not be changed to favor a certain party/ person and their own agenda.
Improved traceability: Provide authenticity of products, provides a clear and concise audit trail and prevents fraud and falsehood regarding a products origin
Increased efficiency and speed: No need for any intermediates, quick and concise processing on data. Completion of transactions quickly due to digital network .
Reduced cost: No need for physical storage, third party services and middlemen. Trustless network with no need to rely on the other person.
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Transparency is more accessible on the blockchain because everything is on a public distributed ledger that is immutable. Everyone sees the same copy of information basically. Security is high because it would take an astronomical amount of resources to change every block ever created across each individual computer located on the network to change even one transaction. Blockchains are completely traceable because of the public distribution of information concerning transactions. These previously mentioned reasons as well as reducing the amount of physical paperwork that would need to be done to achieve the same outcome are all reasons for increased efficiency and speed of utilizing a blockchain and reduce the cost as well.
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Transparency: Blockchain has a distributed ledger where everyone share the same documents and can only be updated through consensus of all the parties involved.
Security: Blockchain has high security as all transactions must be agreed upon before they are recorded and is stored upon a network of computers.
Improved traceability: Any goods stored on blockchain can be traced where it came from and any other activity on it with an audit
Increased efficiency and speed: Everyone has access to same ledger which makes trustless and no need for middle men which makes the process fast which saves time
Reduced cost: Blockchain also reduces cost by removing all the middlemen. Also there is no review needed which saves time since its trustless
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Explain with your own words, why these are the benefits of using a blockchain.
Transparency: Data and transactions cannot be altered once submitted. Also they require to be verified by the entire network if the data being submitted is true or not.
Security: Since multiple computers are required to verify the transaction on the network, it is significantly harder, (or impossible in bitcoins case) to hack.
Improved traceability: Since blockchain is like etching a transaction in stone, it leaves a giant footprint of data that is useful in terms of auditing.
Increased efficiency and speed: Logistically, keeping track and having accountability in all sectors where it matters most, can help significantly improve quality, and reduce time, as well as cut needless costs if you can track what is using âwhatâ on the blockchain.
Reduced cost: For a companies logistics, it makes it significantly easier to efficiently trade goods and services because everyone will have permissioned access to a single and immutable version of data.
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Transparency:
As the blockchain is a distribution ledger, all network participants share the same documentation rather than having individual copies. With the shared version, any change to the ledger requires full consensus to update it.
Security:
The processes of transactions are encrypted and linked to previous transactions. Information is stored across a network of computers instead of a single server makes hacking extremely difficult.
Improved traceability:
Exchanges on the blockchain have an audit trail that show an assets origins and stops. Being able to view this provides authenticity while preventing possible fraud.
Increased efficiency and speed:
The blockchain streamline and automates transactions. When record-keeping is performed using a shared single digital ledger, there isnât an issue when handling multiple of the same ledger as everyone has access to the same information. The result is that users can solely trust on the data rather than in 3rd party intermediaries, making settlements occur quicker.
Reduced cost:
With solely trusting data on the blockchain, there is not so much need to review copious amounts of documentation to complete a trade.
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- Transparency: All participants have the same data. If you change a record you will need to change all subsequent records.
- Security: All transactions must be approved by all the nodes.
- Improved Traceability: historical data is digitally available.
- Increased efficiency and speed: Automated process and there is no need to validate multiple ledgers. There is only one point of trust.
- Reduced cost: There is no middleman, just peer to peer.
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- Shared public documentation that cannot be edited.
2.Transactions is agreed upon, recorded, approved, encrypted and linked to the previous transaction with nformation is stored across a network of computers.
3.Transactions can be traced back to the origin.
- Streamlines and automates the process.
5.using a single ledure gives everyone access to the same information removing the costly time consuming need of middle men.
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Transparency:
If itâs a public blockchain such as bitcoin everyone can se what occurs on the network. Every node will have access to the ledger in itsâ entirety, thus any falsification would be caught or require mass collusion from the network. Additionally, the accounting and transactional layers are intertwined. -
Security:
the decentralize nature inherently makes it difficult to corrupt. Transactions must also be approved; once done it is encrypted and linked to the prior transaction. -
Improved traceability:
Since accounting & transactional data are linked, providence is a result. -
Increased efficiency and speed:
no need for intermediaries because everyone is working off the same ledger. -
Reduced cost:
definitive truth allows for less 3rd party requirements or help.
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- Transparency: this database is open and everyone can look into it. You can track every transaction.
- Security: is it impossible to hack all of the nodes from a blockchain at onece. You can not chaet.
- Tracebility: it is possible to track a specific product/ money from the beginning to the final reiceiver. Itâs perfect for the supply chain industry
- Efficiency and speed: blockchain is always open 24/7 365 days a year. Its fast, because there are no middelman in between. The transactions are super fast.
- Reduced costs: no banks or other middelman, no offices needed. Thousends of transaction in the same time.
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Transparency:
All nodes share the same information (data) on the âpublicâ ledger and can be viewed by anyone in the network. That shared version can only be updated through consensus, which means everyone must agree on it. Opposed to Individual infrastructures run by businesses where information / data cannot be viewed or might provide restricted access -> outcome information/date can be manipulated and relies heavily on trust vs verification (trustless).
Security:
- An approved transaction gets encrypted and linked to the previous transaction on one âGlobal Networkâ.
- Information is stored across a network of computers instead of on a single server, makes it very difficult for hackers to compromise the transaction data > Trust in maths / protocols - " laws and principles of the universe"
- Further security of the network can be ensured through financial incentives/rewards for miners.
Improved traceability:
1.Information on a blockchain, ends up with an audit trail that shows where an asset came from and every stop it made on its journey.
2. Advantage: Data canât be amended or changed once consensus has been reached and stays on the blockchain for good.
Increased efficiency and speed:
- Traditional processes can be very time-consuming process resulting in a higher chance of human error.
- Streamlining and automating these processes with blockchain, transactions can be completed faster and more efficiently.
- One Global Network rather then several silos that donât speak to each other
- The Network is running 24/7/365
Reduced cost:
1.With blockchain, you donât need as many third parties or middlemen to provide trust.
2. You just have to trust the data on the blockchain = Reduces Cost
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Transparency:
Blockchain allows public access to an immutable ledger. The information cannot be removed and can only be added by consensus.
Security:
Fraudulent record-keeping is extremely difficult as it would require the collusion of the entire network.
Improved traceability:
Since all data is effectively public, immutable, and distributed, auditing becomes much easier.
Increased efficiency and speed:
Consolidation of multiple ledgers is not necessary and record-keeping is not vulnerable to human error.
Reduced cost:
No need for third parties to verify, rectify, audit, etc. All information is public and immutable.
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Transparency: everybody can see all transactions which were made on the blockchain
Security: because of consensus there is no way to cheat, transactions are agreed before they are recorded into blockchain
Improved traceability: everybody has access to the blockchain database/ledger/history of transactions
Increased efficiency and speed: single digital ledger, so less work and less calculation, everything is in one place
Reduced cost: no need of 3d parties
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Transparency:
Everyone can see the transactions and the shared version can only be changed if there is a consensus.
Security:
Transactions are agreed upon before the are recorrded and it is a dencentralised netowrk so there is not one central point of weakness in the network.
Improved traceability:
Every step of the tranactions is recorded this creates a audit trail which you can then use to verify where each asset came from.
Increased efficiency and speed:
Transactions are processed on the Blockchain automatically this makes the whole process much more efficient and faster.
Reduced cost:
You donât need as many thrrid parties or middlemen to make the sure the business is trustworthy this will reduce the cost of running the original business.
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- It is an open source, meaning that every transaction is visible to everybody and can be verified easily.
- It is more secure as it relies on incentives of people, meaning that as long as someone is mining bitcoin, it will always exist. It does not rely on human interaction so it is a trustless system, it relies on calculations to see if you can or can not make a transaction.
- It is on an open source so everybody that is mining or has a node in the blockchain can see and track every transaction.
- It is instantaneous to send and receive money from other people when sending crytocurrency through a blockchain. It is all on the internet and is verified by thousands and thousands of people rather than a centralized system.
- It is cheaper to send money as it cuts the middleman and reduces the costs of fees.
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1. Transparency:
Transparency ensures the ledger has not been altered incorrectly or maliciously as consensus is required to updated the ledger
2. Security:
The record keeping system of blockchain is more secure than traditonal record keeping systems. The linking of transactions to previous transactions and the decentralized nature of the data makes it difficult to hack.
3. Improved traceability:
All transactions are recorded on the blockchain, making it easier to audit where funds came and also can be used to trace where a product came from and changes made to the products along its journey from creation to distribution.
4. Increased efficiency and speed:
Recording transaction on the blockchain is faster and more effiecient than a human doing the task. The record is kept on one open distributed ledger having less errors keeping multiple ledgers consistant. The open trusted nature of the data allows clearing and settlement to occur quicker.
5. Reduced cost:
Paying third parties or middlemen is no longer needed to make guarantees about the legitimacy of a transaction, the blockchain provides trusted data.
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Transparency: By using a shared public ledger that allows approved people to verify the data within in combination with the data being immutable without a majoity of nodes agreeing to make the change removes any need for blind trust in the system allowing strangers to interact without a middleman and with confidence in the outcome.
Security: Right now our system of usernames and passwords for security is outdated and we have been using 2FA as a stop gap for now but once we have Gov I.D.'s on the blockchain then it will be impossible for anyone but the holder of that I.D. to access your accounts. You could even tie in a credit or trust score with the I.D. to solve the issue of having to overcollateralize crypto loans.
Improved traceability: Being able to track and verify all the times and locations that a certain item was interacted with could vastly improve package tracking with USPS. It could also be used to keep track of police evidence from collection to being checked in at the police station to being sent to the crime lab⌠It would be a better way to show chain of custody and avoid thefts of drugs from evidence.
Increased efficiency and speed: This one is kind of self evident. Once you put these systems into place they are very self suffiecent and by removing humans and their errors you save time and resources.
Reduced cost: The above statement about saving time and resources also applies here but you also reduce the cost of doing business internationally as well as reducing the cost of being scammed by fradulent charge backs.
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