- Transparency:
Blockchain is a distributed ledger so all participants have access to the same information and can audit it anywhere at any time. Also, new information only can be added to the network if a consensus is reached between all the participants on the network. - Security:
All transactions on the blockchain are protected by advanced cryptography giving the ledger a high grade of security against malicious attacks. Since it is a distributed network all data is saved in different nodes across the network and not only in one or a few servers like in the traditional databases. - Improved traceability:
Since Blockchain is an open ledger anyone can explore the network and audit it to track the provenance of the transactions and goods, making it a real decentralized trustless system. - Increased efficiency and speed:
With Blockchain technology, we can automate processes using a single ledger that contains all the necessary information to run global businesses and manage and secure efficient value chains. - Reduced cost:
We donāt need to trust in third parties to validate transactions or other services that in traditional markets charge fees and can generate bottlenecks in financial and physical transactions. Blockchain also digitalizes many processes that usually consume time and other resources.
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1- Transparency
Transactions are recorded by consensus in a public ledger. That makes it impossible to alter afterwards and allows permanent and real time audits by participants.
2- Security
Blockchain helps preventing frauds and unauthorized activities with sensible data by having distributed several copies of the ledger that stores all the data, as opposed to conventional servers, and this ledger is only updated by consensus of all the participants in the network. If one of the copies of this ledger is altered, changes will be rejected by the consensus.
3- Improved traceability
The historical transaction data allows to verify authenticity of assets, all the steps that an asset went through are recorded chronologically.
4- Increased efficiency and speed
Blockchain allows to streamline an automate the auditing of trading processes. Making them more efficient and available to multiple parties at all times.
5- Reduced costs
By the use of blockchain operational costs can be reduced significantly by the elimination of third parties to overlook transactions, Because consensus works as a permanent filter for mistakes and also all the data is always available for everyone in the public ledger.
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1.Transparency
- distributed ledger
- update to consensus only
- its available to all with permissioned acces.
2.Security
- transaction must be agreed before the are recorded.
- network of computers is difficult to hack.
3.Improved traceability
- Exchanges of goods are recorded on blockchain.
- You can trace it.
4.Increased efficiency and speed
- Record keeping with single digital ledger.
- Everyone have access to the same information
- clearing and settlement can occur much quicker
5.Reduced cost
- No need for many third parties or middle man.
- No need to review to much documentation. Everyone have permissoned access
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Transparency:
Transparency safeguards information stored on the blockchain so that it cannot be altered without record keeping the changes made on the blockchain.
Security:
Transactions on the blockchain are approved and time stamped and that block is linked to the previous block to create a chain of blocks which makes it impossible to hack that block as you would have to hack the previous block and so on across thousands of computers simultaneously.
Improved traceability:
Blockchain allows decentralised auditing of goods ,transparent supply chains ,and has the ability to track goods all the back to the original producer.
Increased efficiency and speed:
With goods blockchain has the ability to track a shipment of any particular item within seconds .It removes the need for middlemen in many processes and increases the efficiency of the system.
Reduced cost:
Blockchain can significantly reduce transaction and overhead costs such as (EG) Bank and financial transaction fees.
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Transparency means that everybody has the possibility to check what kind of transactions have been made on the blockchain. This is possible because it is a distributed ledger where everybody shares the same copy of the documentation. To be able to update the shared version everybody have to agree on it. To change one single transaction you would need to change that transaction on every single computer that has a copy of the network.
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The blockchain is secure because everybody have to agree before a transaction is recorded. Because every transaction gets encrypted and linked to the previous transaction and the information is stored on several computers, it makes it very hard to compromise data.
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Because every transaction gets recorded and added to the blockchain it is easy to verify the authenticity of an asset and prevent fraud.
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By streaming and automating processes with blockchain you can free up time that otherwise would have been used for paper processing. By using blockchain everybody is up to date, are less prone to human errors and donāt require third party intermediaries which results in faster and more efficient processes.
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With blockchain you cut out the middlemen because you only trust in the data that is on the blockchain. You are also saving time because everyone has access to a single immutable version. These bought factors are saving you time and money.
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Transparency: first of all in blockchain a transaction has to be agreed upon by the nodes, then it will be added to the last blockchain and be visible to all the participants.
Security: As all the transaction are in the blockchain finally they cannot be changed by any hacker as they are stored on many nodes.
Improved traceability: every step in the supply chain can be reviewed. Nobody has the chance to alter anything in the blockchain except of sending a new transaction which in itself cannot be changed when it is agreed upon by the nodes and is being finalized.
increased efficiency and speed: as there is no need for third parties or middlemen involved in the transaction which is almost at once you do not have to pay excess money and saving much time.
Reduced cost: blockchain is transparent to persons therefor one has the information regarding payment and receiving at once. No need off for example paper, fax , journeys, reassurances and thus saving human resources.
increased efficiency and speed: as there are no middlemen or third parties involved the process is more efficient and faster.
Reduced cost: less people involved, less cost and always nods available.
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Transparency: The network is more transparent because of its fractal nature: the whole history of transactions is held on each node. Alterations can only be reached through consensus of network participants.
Security: Blockchain is more secure because of its fractal nature, as well. Because the ledger is distributed among the entire network, rather than centrally, it cannot be compromised or altered.
Improved traceability: Blockchain really shines for supply chains because each step of a products cycle can be traced, tracked and audited in real time.
Increased efficiency and speed: Traditional record keeping systems are prone to human error and rely upon the speed of human labor. Automated transactions recorded on one distributed ledger reduces the need to reconcile different ledgers manually.
Reduced cost: Costs are reduced through the trustless nature of the blockchain. Because you only need to verify the data on the blockchain, you no longer have a need to trust your business partners implicitly.
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Transparency: Available to anyone
Security: transactions are agreed upon and verified
Improved traceability: audit trail
Increased efficiency and speed: not susceptible to human error, available at all times
Reduced cost: middlemen and paperwork is replaced by the blockchain
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Answers
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Every node in the network share the same copy of the blockchain. This shared version can only be updated through consensus. No way to alterate the chain.
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Decentralized network and encrypted system guarantee security of the data.
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Itās possible to trace the origin of the chain, by following the link between blocks.
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No third-party is involved into the process. There is only a single digital distributed ledger.
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There arenāt any middleman to pay and the chain is immutable, no cost to trust in data.
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Explain with your own words, why these are the benefits of using a blockchain.
Transparency:
Transactions are accessible to all network participants that share the same information.
Security:
Transactions are encrypted and liked to the previous block. To modify or to delete a transaction means to modify the previous blocks and would require the complicity of the miners.
A fraud or a wrong transaction is directly rejected by the miners.
Improved traceability:
As transactions are validated and visible by everyone and in real time, origins of an item can be easily traced.
Increased efficiency and speed:
Using a single digital ledger increase the speed in the process. You donāt have to verify and reconcile data from several ledgers. Thatās also the reason why the efficiency is increased as errors are very limited.
Reduced cost:
The blockchain system doesnāt require a third party to verify the integrity of business partners. At the end of the day you will have less people (third parties) and less fees to pay.
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Transparency:
Every party to the transaction has the same copy of the information relating to it
Security:
As copies of the transaction are held on multiple independent databases across the network, no one can change or delete it
Improved traceability:
The structure and operation of blockchain ledgers ensures very transaction can be tracked from source
Increased efficiency and speed:
Transactions are real-time and do not rely on discrete functions withing autonomous organisations to complete them
Reduced cost:
As the blockchain is trustless the reliance on 3rd parties to charge for their participation in the process is virtually eradicated
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Transparency: Being able to see every transaction in a blockchain ledger and know that it is correct/accurate because the block has been verified by the network, Consensus was reached.
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Security: all transactions must meet network consensus, once that happens the transaction is encrypted to the previous transaction. Having the Blockchain network distributed prevents a single point of failure, making it very difficult for bad actors to take down all nodes/servers
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Improved Traceability: The Blockchain acts as an audit trail. showing one where items originated from and thus being able to show authenticity.
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Increased Efficiency & Speed: Blockchain will reduce the number of human errors, as everything is automated. Data will be distributed and parties will be able to more easily trust each other while reaching agreements faster. This also cuts down on intermediaries.
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Reduced Cost: There is less need for middlemen because everyone can trust what is on the blockchain as the information is immutable.
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Transparency: everything is public and therefor anyone has access to the data, and anyone can audit.
Security : A transaction can only be confirmed when it has reached consensus between all the nodes, and the nodes are incentivised to make the correct decision. Furthermore, it is very difficult to hack since thereās no central point of failure.
Improved traceability: The ledger is public and transparent, thus you can track any transaction from the beginning.
Increased efficiency and speed: All middlemen are removed, and all human errors are reduced trough automation.
Reduced cost : No need to trust or engage with any third-parties.
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Transparency:
the public ledger allows individuals to validate transactions, therefore it is transparent
Security:
Because data is stored on many different computers it is very difficult to hack, improving Security. Also, for a transaction to be completed there must be a consensus between the miners in order to validate the transaction which greatly decreases the probability of fraud or bribes.
Improved traceability:
when the exchange of goods are traceable on the blockchain it leaves an audit trail with which is it possible to see all the stops an asset made. this way you can determine itās authenticity and you can determine if your āpartnerā is not a fraud.
Increased efficiency and speed:
the blockchain combines the transaction and accounting part. because of this, it is possible to eliminate intermediaries who validate transactions. Because the accounting is done in the digital ledger it is not prone to human error increasing the efficiency even more.
Reduced costs: Because you donāt need to trust your partner you need fewer intermediaries to conform the trustworthyness of these partners. instead, you can rely on the blockchain
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Transparency:
The blockchain is more transparent because it shows the transactions to all participants (who have permissioned access). And in a blockchain it is nearly impossible to change any record in the blockchain.
Security:
The transactions must be validated before added to the blockchain. Also, the blockchain is distributed on an network of computers and therefore difficult to hack.
Improved traceability:
The blockchain contains every previous transaction. Anything can be traced back.
Increased efficiency and speed:
The processes are streamlined, there are less third parties involved, and since everyone has access to the same information it becomes easier to trust each other.
Reduced cost:
You donāt need as many third parties to ensure the truth and not as much time to read documentation because everything needed is on the blockchain.
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Transparencyā¦
The history of transactions are becoming more transparent,through the use of Blockchain technology.
Blockchain technology, is a distributed ledger, all network participants share documentation, as opposed to individual copies.The shared version can only be updated,through every computer agreeing with it, a shared consensus.To change a transaction record would require the full alteration of every other recorded transaction,that has ever occurred on the Blockchain, distributed open source ledger, & the collusion of the full network, this is why the blockchain protocol is trustless, because we trust the verificationās, we receive rather than the old paper process way of doing business, currently being used, it gives us transparency, consistency, accuracy on all the data we receive, & its available to all permission-ed access. .
Enhanced Securityā¦
The old record keeping systems were always vulnerable, to criminal activity, cooking the books, imaginative accounting. fraud, unauthorized activity etc : Blockchain is changing all that, for a more secure, accurate, consistent transfer of technical data. transactions must be agreed upon before they are recorded, once approved, the transaction is encrypted and linked to the previous transaction, furthermore,coupled with the fact that the information is stored across a network of computers, instead of a single server, makes it near impossible for hackers to compromise the transaction data.
Blockchain WILL, change Governments way of doing things, the healthcare system will benefit along with the financial services sector. A secure way to OWN your personal bank, however large or small that may be. !!
Improved Trace-abilityā¦
Helps to authenticate the verification, of assets & prevent fraud.
Imagine you have a company, you bought something, wouldnāt you like to know the origin of what youāve bought ?
With blockchain thats easily done, blockchain allows you to track every stop,twist or turn your product has witnessed before you take custody of itā¦
Historical transaction data, helps to give verification to the authenticity of assets, whilst preventing fraud.
Increased efficiency and speedā¦
Helps all transactions on the blockchain to clear & settle , this is achieved by streamlining & automating
speed & efficiency processes,transactions can be completed faster & more efficiently, data is performed using a single digit ledger that is shared amongst participants, you dont have to conciliate multiple ledgers.when everyone has the same info, it makes it easier to trust each other without needing numerous intermediaries.
Reduced costā¦
Blockchain allows you to trust the data not the person, this helps to reduce costs which could never be attained using old record-keeping systems, for most companies its a priority to reduce costs, less middlemen,taking a slice of the pie,there isnt a need for any gaurentees from third parties, it doesnt matter you only need to trust the transaction data, less documentation due to the fact that everyone will have permission-ed access, to a single immutable ( unchangeable ) version.
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Blockchain Transparency: Having an open and transparent blockchain negates the need for an authority to dictate who can be trusted and to make sure all transaction are above board.
Blockchain Security: The benefit of blockchain security is that it negates the ability to fraudulently create or alter the blockchain without having the entire network agree to a change.
Blockchain Improved traceability: Blockchain can have a ledger of participants/additions/supply line records etc inherently built into it with a clear database able to be reviewed.
Blockchain increased efficiency and speed: Because of the record keeping aspect of blockchain, there is no longer a need to fill out, transport and store paperwork which can be prone to human error. Due to blockchains digital nature it can be saved,sent or stored anywhere on or offline instantly.
Blockchain reduced cost: Blockchains immutable database negates the need for middle management to keep records and audit the functions that are inherently built into blockchain thus saving time and money.
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Transparency is important because it makes the technology more decentralized and thus more democratic. This also enables the technology to be more secure for possible hacks and protects it from dishonest actors.
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Blockchainās transparency to everyone who has permissioned access in a decentralized environment also makes it more secure. This can be useful for many important institutions that need security in their operations (e.g. financial institutions, healthcare, government).
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Blockchainās improved traceability makes it easier and more effective to be aware of an assetās origin and whether the participants in the assetās supply chain are contributing in an honest way, thus preventing fraud.
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Blockchain technology is faster and more effective than traditional processes because it saves time and is less prone to human error. Automating with blockchain doesnāt need third-party mediation since all the participants can see the relevant information in the shared ledger.
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Blockchain technology also reduces cost since there is less need for middlemen. Money can be saved since resources are not wasted on time-consuming review processes of various documents.
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1. Transparency:
- A single copy of the documentation on transactions is shared between the network/ledger 2. participants.
- Any changes to the ledger will need consensus from all the participants, which means making unauthorized changes is virtually impossible. This in turn leads to transparency.
2. Security:
- Transactions must be agreed upon before being written.
- The approved and encrypted transaction is linked to the previous transaction and stored across a network of computers, which makes it immune to hacking.
3. Improved traceability:
The blockchain maintains history of all the transactions which acts like an audit trail. This helps in verifying the authenticity of assets and prevent fraudulent activities.
4. Increased efficiency and speed:
The following features of the blockchain increases speed and efficiency:
- The blockchain automates and streamlines processes involved in transactions.
- It eliminates human error.
- As a single ledger is shared among the participants, there is no need to reconcile multiple ledgers that exist in the traditional world of record keeping.
- It removes intermediaries.
5. Reduced cost:
- The blockchain minimizes the need for middlemen.
- All participants in the blockchain has permissioned access to a single immutable version of the data, which reduces the cost of maintaining multiple copies of data in the traditional world.
- Efficiency is the cornerstone of any enterprise. Reducing costs goes a long way in achieving high efficiency.
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Transparency: no lies no trust just immutable math
security: one Leger that every nodes has access to and must have consensus for each transaction.
Improve tractability: everyone knows what went through where.
Increased efficiency and speed: no third parties no middle men.
Reduced cost: money and data move in the same network.
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