- Transparency - Anyone with the right tools and education can read the data from the blockchain knowing it has not been tampered and it is trustworthy. While it is true that having an open ledger means transparency by design, there are ways to circumvent transparency in some cases (eg: Tornado Cash), and it may be impossible to know who is the owner of a wallet hiding behind a number.
- Security - There are cryptographical guarantees that the owner of the private key of a wallet was in fact the only person who could have written that transaction. The way transactions are written in the blockchain makes it very unlikely that any participant will have tampered the order the transactions where written.
- Improved traceability - Because of the transparency guarantees of the blockchain, anyone with the right tools and education can trace back a transaction and all the precedent transactions. This is in contrast with traditionall walled IT systems that comprise the majority of supply chains and the economic network.
- Increased efficiency and speed - This is arguably a debatable subject. The author of the article states that âtransactions can be completed faster and more efficientlyâ and these alleged benefits are because of âyou donât have to reconcile multiple ledgers and you end up with less clutterâ. While having a unique system as opposed to multiple systems can increase efficiency and speed, we now know that some blockchains, notably Bitcoin and Ethereum, can stress under pressure and result in slow transaction speeds. There are a number of advancements that have occurred since the time of the writing of the article, for example new Layer 2 and new Layer 1 protocols that make this statement more true than it was at the time of the writing of the article. To be the devilâs advocate, one could also argue that there could be one big major centralized and unified system which could work more efficiently and faster than any blockchain if we are willing to accept all the disadvantages that come with centralization. It has become a rule of thumb to compare new blockchain technologies with the gold standard of 24,000 transactions/second provided by VISA (which is also unclear that it is the case, but itâs nice to have a number to use as a benchmark). In any case, it is fair to say blockchain as an idea compared to centralized technologies as an idea (not tied to particular implementations) opens up new avenues to obtain efficiency and speed gains in some circumstances.
- Reduced cost - As there are less incompatible IT systems comprising the economic network, there is an improvement in costs required to trace transactions and do business. Note however that there may be other externalities involved (eg: a carbon emission externality during mining process, loss of tax revenue to fund hospitals due to tax evasion, etc.), or there may be new sources of costs (eg: Mining Extractable Value) as bad actors learn how to cheat the system.
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Transparency: all transactions are availble to see on this digital ledger, which cannot be altered once finalized
Security: transaction has gone through multiple nodes which have agreed on it being accepted to the blockchain
Improved traceability: things in the supply chain can be tracked to their origins
Increased efficiency and speed: there is no need to be chasing paper trails since all is done on the network and no need for third parties
Reduced cost: data is stored on that single ledger, which is immutable, and again no third party is involved
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Transparency is a benefit of using blockchain because it is a single ledger that everyone has access to.
Security is a benefit because transactions are recorded in blocks which cannot be changed and are agreed upon by a team of nodes before being confirmed.
Improved Traceability is possible by making all transactions able to be traced back to the beginning of the ledger.
Increases efficiency and speed are a benefit because once a transaction is confirmed everyone can directly see it and there is no need for multiple ledgers.
Reduced Costs is possible because the third party (middleman) is removed meaning its not centralized.
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Transparency is a benefit as it removes third party trust, allowing more people of any background to be able to use applications on the blockchain.
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Security is a benefit to the community using blockchain allowing all information to be stored safely without risk of hacking or it being lost.
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Improved traceability can be a benefit to companies in auditing and accounting. It allows for transactions to be accounted for from the provenence all in one account. This decreases the time and costs needed for any third parties who would do these processes.
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Increased efficiency and spead benefit companies as it allows for tasks to be autimated.
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Reduced costs are a benefit as it allows for the public to be able to use blockchain. This allows for more inovation to be involved in different industries.
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Transparency: Since blockchain is a distributed ledger, all participants on share the same information. When a transaction is made all parties must agree on it, and it is posted on the ledger for all who participate on the network to see.
Security: All data on the blockchain is spread out through many computers globally on a single server. Also each transaction is encrypted to the previous transaction. It would be extremely difficult for a hacker to infiltrate the network.
Improved traceability: Blockchain keeps tracks of a transaction and every stop that its made on the network which prevents fraud.
Increased efficiency and speed: Since transactions on the are peer to peer, its much faster and efficient than going through a third party.
Reduced Cost: In business blockchain helps reduce cost by removing all third party companies.
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- Transparency: all transactions are there for everybody to see. Itâs a self-controlling mechanism removing the need for trust and reliability of 3rd parties. Applications that need those properties by nature can benefit from it.
- Security: there is no single point of failure, nor can the bitcoin blockchain easily be hacked since itâs immutable, incentivized and finalized. It allows for greater security.
- Improved traceability: since all transactions are trace back this allows for applications like e.g. supply chain logistics to benefit from one source of truth.
- Increased efficiency and speed: eliminating third parties and the handling, storing or retrieving transactions or database queries can improve efficiency and speed in applications that rely on these characteristics to function.
- Reduced cost: all the above greatly improves the efficiency of certain processes hence potentially reducing overhead costs
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- Transparency: Public ledger is open to everybody.
- Security: Validated by many nodes/blocks.
- Improved traceability: Can trace every transaction.
- Increased efficiency and speed: there are no intermediaries(posrednik)
- Reduced cost: there are no intermediaries and no costs associated with them
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Transparency: everything is stored in a public ledger and can be clearly read and analysed
Security: thousands of nodes validate the transactions making it almost impossible to alter data
Improved traceability: the blockchain stores every step of every transaction so even the most complicated chains of events can be traced;
Increased efficiency and speed: with no third party involved its peer to peer and faster than traditional centralised networks;
Reduced cost: no third party involved also means less costs to cover so cheaper and morre reliable
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Transparency: The blockchain does not care who you are or how much money you have. If a transaction does not check out it doesnât check out therefor it gets denied. It cannot be altered or bribed it only knows one way and thatâs to be as transparent as possible with every transaction, no matter how big or how small.
Security: The blockchain is made of several blocks not just one. When it comes to securing data it is stored in more than one place so that data is secure and has a hard time being lost or hacked. Data also needs to be verified before it is deemed âtrueâ that makes all data more accurate and trust worthy.
Traceability: The blockchain verifyâs every stop a product has gone too and recorded so there is no mistake in verifying the products history of origin and route.
Efficiency and Speed: The blockchain verifies information with multiple blocks not just one to make sure information is correct and accurate. Information is verified very quickly and efficiently because people are given incentives to make sure the information is produced in a timely manner.
Reduced Cost: The blockchain has no middle men in suits and ties trying to squeeze every last penny for payment, It can verify information accurately over the network and also store information more securely. therefor reducing cost and adding efficiency.
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Transparency: Blockchains offer full transparency of all valid transactions to all users. Every transaction is final and will on the blockchain forever.
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Security: Blockchains offer the benefits of a decentralized storage network. There is no single point of failure and any attempts of making invalid entries to the blockchain would be ignored thanks to the consensus mechanism.
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Improved traceability: All transactions made on a blockchain network can be traced and are validated. Once on the blockchain, the transaction is immutable and final.
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Increased efficiency and speed: Blockchain participants are all using the same protocol and therefore have the same infrastructure to make transactions on. Each participant has the entire ledger of valid entries available at all times. Transaction settlement time is therefore reduced as there is less need for intermediaries.
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Reduced cost: Blockchains are trustless and immutable. Currently there a many third party participants that are required went sending, validating, and storing data/transactions. Blockchains eliminate the need for many of these third party participants.
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Explain with your own words, why these are the benefits of using a blockchain.
Since everyone has access to the data, thereâs no need for trust.
Security: It is near impossible for hackers and bad actors to succeed in making unauthorized changes to the blockchain due to the need for consensus.
Improved traceability: Since all authorize parties have access to the data from start to finish, there is an easily auditable trail of data, helping to prevent fraud.
Increased efficiency and speed: Thereâs less room for human error and lots of improved efficiency from normal supply chains as their is no need to fill out lots of paperwork and verify the data piece by piece. All parties can verify on the blockchain, rather than trust that things came from where others say they came from.
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To something take a place in a blockchain ecossystem it must be validated by an entire network (consensus) what - per se - itâs more transparent and reliable than trust in third parties and middlemansâŚ
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It seems to be more difficult to a hacker to deal with an entire network than with a single server⌠i am understanding better but i really need to get a deep learning about the network security
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This itâs something thatâs really amazed me. Itâs really exciting think about the possibilities about the improve of traceability and things like the real time audit, soooooo different of everything that we have nowadays - in the âreal worldâ -
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I guess that the increased efficiency, speed and reduced costs have much to do with the trustless argument of the blockchain ecossystem. The middleman elimination - and so all the bureaucracy linked to it - generates the efficiency gain, the speed gain and cost reduction
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Everyone can see the transactions or any other things performed on blockchain
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There is no one who can change or alter anything on network
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We can trace a Transaction or any other that is performed on blockchain
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We know that the Transaction can be speed and trustable and can be verified without the need of any problem
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As it is a very trustles process no third party required
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- Transparency; Data is easy to access and verify
- Security: Transaction before its recorded needs to reach the consensus and therefore more reliable, especially across public sectors.
- Improved traceability: The historical data is easy to trace but also easy to track the origin of the product.
- Increased efficiency and speed: No paper work involved only transactions that cannot be reversed. Information will show what it is.
- Reduced cost: Communication is direct and not third party involved
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Explain with your own words, why these are the benefits of using a blockchain.
Transparency: Blockchain uses a shared ledger that is the single transaction history used by everyone on the network. It makes transactions trustless and immutable.
Security: Once there is a consensus that the transaction is approved it is recorded on the network. Once recorded it is unable to be edited and virtually impossible to be comprised.
Improved traceability: As entries are recorded on a blockchain it is permanent and public to allow anyone to trace its origin and historical data.
Increased efficiency and speed: The blockchain allows transactions to be automated and eliminates possible human error. There is a single digital ledger that is shared by everyone using that blockchain which allows the data to be streamlined.
Reduced cost: On a blockchain you can eliminate third parties that would normally need to be trusted. Everyone has access to the same immutable ledger.
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Transparency: These transactions are all on a distributed ledger called a blockchain, that everyone has the same copy of. It can only be changed/updated when everyone with the same copy verifies.
Security: Transactions are more secured by the encryption after the verification, along with the network of computers that store the same code that prevents levels of fraud to hacking from happening.
Improved Traceability: When looking at the history of a product, you can see every detail and change of that product since it very first started on the blockchain.
Efficiency and speed: You wonât need a third-party company to handle your paperwork when you donât even need the paper if everyone has the same ledger blockchain as the product.
Reduced cost: Having other companies and third parties can be expensive at times. You can save so much more by just following the protocols of the blockchain; you donât even need to hire others.
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Transparency: data is easily accessible by anyone at anytime.
Security: consensus is needed in order to add to the blockchain, limiting hacks and reliance on trusting a third party. Data is stored across network, not just one server and it is immutable.
Improved traceability: real-time tracking of the origin and route of the product/transaction. This information cannot be removed or modified on the blockchain, it can only be added.
Increased efficiency and speed: the blockchain technology is based on math and protocol, it`s automated and fast, less documentation, no room for human error.
Reduced cost: no need to hire intermediaries, everyone agrees and trusts the blockchain thus reducing costs.
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Transparency : Due to the blockchain ledger being publicly available, all transactions are transparent.
Security : Due to all the information being stored in a ledger across all the network computers, it is impossible for hackers to attack.
Improved Traceability : The blockchain ledger allows for the information to be stored in one place. Allowing for a person to search the history of the asset and confirming its authenticity.
Increased efficiency and speed : All the information is in one place and available 24/7. Allowing for easier transactions and avoiding the need for human confirmations and processing.
Reduced Cost : Due to less time needed to validate paperwork and have manual validation on transactions, the need to paid staff or middlemen will be reduced.
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Exactly, but that one place is stored on every single node on the network 
so every node should have the same information. If 1 node has a different version, it gets punished for a while. Thatâs why itâs so brilliant. No single point of failure.
Only the last block could be different from everyone else, (a miner who constructed a new valid block) but if itâs playing by the rules, this will be valid, and gossipping this valid new block of transactions to all other nodes.
- Transparency.
You can see all the data in the public ledger, as it is open and accessible to everyone. - Security.
As block got finalized and added to blockchain. It is very hard (almost impossible) to brake all the points where copy of this transaction exists. This way all the data which stored in the blockchain is immutable to hacks.
3.Improved traceability.
By allowing all the data to be transparent it is very easy to trace transactions to the point of origin. - Efficiency and speed.
By excluding middle man service and allowing to process fast finality, blockchain technology is achieving higher speed and increased efficiency. - Reduced costs.
Also transparency is the key to reduce cost, as all data is easy auditable and every participant in same network will have same ledger as others. Cost of transactions can be lower because of there no need of middle man to provide trust in the system.
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