- Transparency: Because I trust that if the information was added to the blockchain it can’t be changed and is correct as it was first entered, whenever that was.
- Security: Because all information added to the blockchain was verified through all nodes and miners I trust in it’s security.
- Improved traceability: For knowing that all context was verified through the blockchain I can trace it back to the beginning.
- Increased efficiency and speed: No needed third party or extra storage needed will double my productivity and increase receiving or sending information as needed.
- Reduced cost: No extra personnel or storage needed will help with any business to increase product or services without tying up time with audits, bookkeeping or tracing the origins of an item’s beginning.
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Explain with your own words, why these are the benefits of using a blockchain.
- Transparency: Everyone shares the same exact database that has come to its conclusion based on consensus. There aren’t individual copies of this data. It can all be verified independently without having to trust that the central authority didn’t or won’t fudge the numbers.
- Security: The network is decentralized so there is no single point to attack. Data is stored across a network of computers that is constantly growing. All transactions have to be agreed upon and once this happens it is encrypted and linked to the previous transaction.
- Improved traceability: Every transaction on the blockchain is going to be on the ledger forever. No one can remove it or change it. It’s Immutable so you don’t need to trust anyone except. Every transaction that occurred is stored and can be gone back and verified at anytime to ensure what someone is telling you is true or false
- Increased efficiency and speed: All the ledger is automatically done by the network of computers. You no longer need to hire accoutants, auditors, book keepers, etc to keep track of everything.
- Reduced cost: No need to hire people to do the auditing as it’s automatically done by the blockchain
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Explain with your own words, why these are the benefits of using a blockchain.
Transparency: everyone can download their copy of the blockchain and look into it if a transaction has been verified.
Security: because the blockchain is being kept in the air by numerous ledgers, and transactions being verified by the miners the security can not be compromised.
Improved traceability: instead of having to file everything in your own system and having to look it up, you can find everything back in the blockchain.
Increased efficiency and speed: because everything gets automated there is no more need of a 3rd party to mediate in the payment process, increasing efficiency and speed.
Reduced cost: because there is no more need for a 3rd party, this means you don’t have to pay for their mediation anymore.
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Summary: 5 benefits of blockchains
Transparency:
Blockchain provides transparency by allowing all nodes to keep the whole transaction history and granting access to those who should have permission to see these records.
Security:
Information is shared among all nodes and new transactions are only accepted if there is consensus among the all nodes.
Improved traceability:
When you have several parties collaborating on a supply chain, blockchains allow the transactions to be recorded by each party, allowing an audit trail that cannot be tampered with.
Increased efficiency and speed:
With a distributed digital ledger there is no need for heavy paper processes. Streamlining processes with blockchain, transactions can happen faster.
Reduced cost:
With blockchain you don´t need a third party in order to transact with a stranger. You don´t need a third-party to establish the truth. The truth is in the blockchain and is guaranteed by cryptography.
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Transparency: The benefits to using the blockchain in regards to greater transparency, is that all documentation is on a distributed ledger, that can only be updated through consensus. Everyone has to be in agreement to have anything updated, going further, to make any alteration would require altering all previous records. This format keeps everyone who has permissioned access honest, because not adhering to these rules could have serious repercussions for the rule breaking organizations.
Security: The benefits of the blockchain for security again outweigh the previous method of record keeping. Initially all transactions that are to be entered upon the blockchain must be agreed upon by all involved parties. All information is then stored on a decentralized ledger which means many computers are involved as opposed to one central single server. This format makes it very difficult for any nefarious characters to unleash turmoil.
Improved traceability: Companies who’s goods are traded using a supply chain method can greatly benefit from this format. When the goods are listed on a digital ledger you end up with an audited trail that showcases the entire journey from beginning to end (Provenance). Also, having all this immutable information at everyones disposal verifies authenticity/transparency negates fraud and truly fosters a trustless environment.
Increased efficiency and speed: Efficiency and speed can be increased by having all pertinent information on a blockchain. One single digital ledger that can be viewed by all involved parties is more beneficial than the traditional archaic paper process. In the end this blockchain format will be more efficient, planet friendly, and the entire process is more open.
Reduced cost: Blockchain will allow companies to keep more profits for themselves, because everything will be on digital ledger which cannot be changed because consensus is involved. The immutability of the blockchain means that less intermediary input is required leaving companies the ability to truly do business with each other minus the centralized input, fostering a financially beneficial trustless environment.
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Transparency:
By recording transaction data on a single public ledger, like Bitcoin, it’s impossible to amend it without the consensus of the network, thus increasing data transparency, accuracy and availability to all network participants.
Security:
Blockchain technology provides decentralization, thus eliminating trust in a single entity. The data is stored on a public ledger backed by a mathematical algorithm and not a human, which could make mistakes.
Improved traceability:
By using blockchain it’s easier for the business to track, for example, the origin of the ingredient, as some companies use a quite complex supply chain, which makes it hard to trace it back. A record of a transaction/exchange data on a blockchain pre audits it and prevents fraud.
Increased efficiency and speed:
Traditional paper-heavy processes are time-consuming and prone to human error. By recording information on a single ledger, the need for third-party intermediaries is eliminated, thus increasing efficiency and speed.
Reduced cost:
With blockchain, the business doesn’t need as many middlemen, thus decreasing expenses and increasing profitability, which is the main target for any business. It also eliminates paper-heavy work, as the data is accessible on a single, immutable database.
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Transparency: Everything is recorded in the ledger and cannot be removed. It is accessible to anyone.
Security: Computers work together to form a consensus to verify whether a transaction is true or fraudulent. They cross check the ledger on their individual computers with each other to come to this consensus. There are no middle men, central authority or organizations that could manipulate a transaction.
Improved traceability: We can easily. verify where assets come from via the recorded ledgers on the blockchain.
Increased efficiency and speed: There are no middle men or wait times to have transactions made. The system is available 24 hours day/ 365 days a year.
Reduced cost: No middle men. It’s peer to peer transactions.
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Transparency: Because everyone is using the same protocol, everyone knows the rules of the network. Immutability is the main factor here.
Security: Consensus and decentralization allow security. Instead of storing info in different individual organizations, info is public and viewable by everybody.
Traceability: A public record of all transactions is available for everybody. Instead of having complicated audit and accounting practices of today.
Efficiency and speed: When everyone has a public record it cuts out middlemen, allowing efficiency and speed.
Reduced cost: Removing intermediaries cuts down on cost. Less layers of launch = less price increase of final product.
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Explain with your own words, why these are the benefits of using a blockchain.
Transparency: Blockchain uses an immutable public record where every single node owner has access to the exact same transaction history. This is full transparency when it comes to transaction history.
Security: Since every single node has the same copy of the transaction history, and every single node on the network has to agree to any new block being added a hacker would have to hack a majority of the computers on the network which is near impossible. Bitcoin has been live since 2009, and has not gone down one time, or had any security breaches.
Improved traceability: Blockchain offers a complete transaction trail for products. When you buy an item you can see its origin, and its trail of owners, and places its been to verify the authenticity of it.
Increased efficiency and speed: Being a completely digital asset means there is no need for a paper trail, and no human error. the automation of this heavily reduces overall work time.
Reduced cost: Because the blockchain is run by miners/nodes it costs you nothing to operate on the blockchain. You only pay small fees to the network when processing transactions, but this covers the entire cost of using the network, and all the benefits it has to offer. This is also much cheaper than the current status quo, which usually always involves third parties to ensure no errors were made.
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Everything can be traced by everyone, anytime and everywhere. This completely removes fraud and lying
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Since everyone has the same digital ledger, and it’s being audited in real time. As opposed to multiple centralized ledgers that you depend on a trusting a 3rd party to be accurate.
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Once it’s logged on the blockchain, you can always see where it started it’s journey and where it is in real time.
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One decentralized digital ledger that’s verified in real-time is far better than multi paper ledgers compiled whenever the 3rd party get chance to see what’s going on.
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It reduces cost by removing the amount of human/mechanical labor needed to accurately track something. It automates the process.
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Explain with your own words, why these are the benefits of using a blockchain.
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Transparency:
There is only one and only documentation. An update is only possible through a consesus where everyone has to agree. You can only give access to everyone that needs to see it. -
Security:
Every transaction needs to be approved, encrypted and linked to the previous transaction. All this information is stored across a network of computers so there is pretty much no way for hackers to interrupt as it is very difficult to compromise the transaction data. -
Improved traceability:
After validated transaction has an audit trail of the origin and the provenance with possible several stops. This all can help to check the authencity of assets and prevent this way fraud. -
Increased efficiency and speed:
You can streamline and automize these processes which make them faster and more efficient. Record keeping is done through a single digital ledger, shared among different participarants. When you can openly have access to the same information, it is ways easier to trust each other. This helps to kick out various intermediaries. -
Reduced cost:
There is no need of many middleman because the system is trustless. You only have to trust the data on the blockchain so there is no need to review so much documentation to complete a trade. Everyone has access to one version.
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Transparency: The Blockchain code is open-source. Everybody can be sure that the operations on the blockchain are based on that code, which is visible for everybody and can not be manipulated by a central authority - since it is one single database distributed on many different nodes. Changing the state of the Blockchain is only possible via consensus.
Security: Blockchain is a distributed-decentralized technology/data-base, which ensure that the data is spread among different nodes. Even if one node or link breaks down, the data will still be available.
In addition, the blocks within a blockchain are cryptographically chained to each other - which means that, if somebody wants to change something - it would require a tremendous amount of computing capacity in order to reverse all the transactions, which have already been confirmed.
Improved traceability: Every single transaction stored within the blocks of the blockchain is time-stamped - starting from the genesis block. Which means that everything can be traced back starting from the originating block.
Increase efficiency and speed: Blockchain removes the necessity of intermediaries, therefore many transactions - related to financial services or other smart-contract based transactions can be executed without procedures which are existing today.
Reduced costs: Intermediaries are creating overhead costs, which can be removed through a peer-to-peer network and data structure provided by Blockchain.
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Transparency: Transactions can be verified through a publicly distributed ledger that anyone can see
Security: Transactions are encrypted and stored across a network of computers instead of a single server.
Improved traceability: Data cannot be erased or changed which allows transactions/goods to be traced back to their origin.
Increased efficiency and speed: Records are kept using a single ledger instead of multiple which would require reconciliation and be much less efficient. It is also automated which enables faster transactions.
Reduced cost: No need for intermediaries and third partied which would save companies money and time.
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Transparency: All records are available to everyone who has access to the ledger. Because the same ledger is on a network across multiple computers, it’s impossible to alter unless the change is made on EVERY computer on the network (which will never happen). This means there is full transparency in each transaction.
Security: After transactions are approved, they are encrypted and stored across multiple computers (instead of just one), so it will be very difficult for hackers to break into the system.
Improved traceability: Because of the transparency of the blockchain, you can track the trail of the origins of a supply chain or journey. You can audit the trail.
Increased efficiency and speed: Auditing becomes automated and is already verified, so there’s no need for the long, slow process of needing companies or people to audit previous transactions.
Reduced cost: When everyone has access to the same data, you don’t have to rely on third parties that come with an additional expense. You simply have to trust the network. Everything is always available at your fingertips - no need for middlemen.
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Let’s start with transparency, in the blockchain the ledger is public meaning everyone and anyone has access to the transactions.
For security since all transactions are stored in copies of the blockchain, going forward all new transactions must be reach final consensus by a network of computers. Once a transaction is approved it is encrypted and stored in the blockchain and everyones copies of the blockchain will updated with the new record.
The blockchain provides an audit trail with all the transactional data needed to verify the data you are looking for.
The blockchain itself as single public ledger is revolutionary to the current old way of using a paper trail to confirm transaction history. It is truly more efficient and not prone to human error.
Additionally the cost to remove the middle men that normally assist in an audit and the accuracy of the blockchain will reduce costly mistakes made by humans.
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Transparency: All network participants share the same information. When it is distributed by individual copies there is opportunity to have discrepancies with the data.
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Security: Transactions must be agreed upon before they are recorded. The information is stored across a group of computers verses single server. Making it difficult for hackers to compromise the data.
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Improved traceability: When information is entered into a blockchain it cannot be changed. This makes a trail of activity with times stamps of the transactions.
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Increased efficiency and speed:The process with blockchain is streamlined and automated. Transactions are completed faster. The record keeping is held in a single ledger making reconciliation very efficient.
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Reduced cost: Blockchain reduces costs by way of reducing the need for third party middlemen. Your trust lies with the data on the blockchain.
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Transparency:
Blockchain technology is like a shared ledger in which makes all transactions visible to all parties. These transactions are recorded and shared across its own network, this means meaning there is no central control or source of data.
Security:
Information encoded on the blockchain is more secure because it is encrypted and linked to the previous data inputted and subsequent data afterwards. In order to compromise this data, a hacker would need to first need to break into all subsequent data inputs before reaching their target. They would also need to do this faster than blocks are being created or else new blocks will increase the barrier of difficulty. This is considered impossible by most with today’s available technology. However, there are fears that quantum computing may put risk to this.
Improved traceability:
You can view all transaction data on the blockchain in real-time. This also creates an accurate historical audit of all transactions, transportation, or whatever specific information you are encoding on the blockchain.
Increased efficiency & speed:
Blockchain reduces the need for intermediaries in any area it affects. This in turn reduces cost while improving efficiency and speed. One public ledger also increases speed and efficiency because there is no need to compare multiple ledgers for accuracy.
Reduced cost:
No need for third parties or intermediaries which means less money going to these services. Don’t trust, verify. Trust in math, not people.
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Transparency - Blockchain provides a transparent system for users to interact with, all information is available, nothing is hidden. This allows users to understand and accept what they are utilizing.
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Security - Blockchain harnesses the power of a decentralized network of computers in many cases. This makes it difficult for hackers to attack. It also allows blockchain to be used for the storing of sensitive information such as financial or medical data.
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The blockchain serves as an immutable record which allows it to be utilized in supply chains and other industries that require transportation of goods among many different parties. With blockchain it is possible for their to be a traceable record from start to end point.
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When it comes to efficiency and speed, some blockchains might not be as powerful or as fast as a traditional centralized network, however, speed and scalability are at the forefront of blockchain developers priorities and they are constantly working on ways to improve this matter. What a blockchain lacks in speed it can make up for in efficiency though, with all the data in one place it can make something such as an audit a much more streamlined process.
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Thanks to the trustless nature of blockchain the need for intermediaries or third parties is unnecessary in many cases. This allows for businesses to save on costs that they would have to pay for otherwise.
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Transparency: Makes the network more honest and allows for verification by many people.
Security: Being Immutable and decentralization helps achieve high security.
Improved traceability: Allows for anyone to verify whether someone is acting honest or not. Can be used to track down anything since the blockchain is fully transparent.
Increased efficiency and speed: It takes way less time to send transactions on the blockchain than central finance. Banks can take days to weeks, where as on the blockchain it can be sent within hours or seconds. Which can then be tracked and verified by anyone and immune to human error.
Reduced cost: Reduces the cost by cutting out middleman. Businesses sometimes have to trust many of their trading partners “word”. The blockchain also reduces documentation (paperwork)
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Explain with your own words, why these are the benefits of using a blockchain.
Transparency:
Transactions are logged onto one single version of a blockchain which is shared among all the computers connected to this network. And to add a new block all of them have to agree and accept this new transaction. And this is available to all who have access to it.
Security:
You can be sure that whatever is added into the blockchain is true and has never been changed from the moment the block was created. Because all blocks are connected to the one before and the on after it. Which makes it practically unhackable. To change a block would mean to change every block that comes after it. And because this is stored on a network of computers you can be secured that it can’t be altered or hacked like a single server database.
Improved traceability:
Because blockchain technology consists of historical transaction data, this makes it easier for parties to trace assets. Every transaction is recorded on a single version shared documentation. So no information on where assets went can be lost or changed or deleted.
Increased efficiency and speed:
A digital blockchain network like this allows for much faster transaction speeds than what we have been familiar with for the past decades. Paper trails are often long and involve third or more parties to verify and extend. A digital log like the blockchain is verified much faster and can be extended much faster and doesn’t need intermediaries to achieve this. This saves time and effort.
Reduced cost:
Needing less intermediaries in a process saves money, because with blockchain technology you can directly trust your trading partner.
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