Transparency: Anyone is able to view all the transactions that have been done on the blockchain. There is no hiding from fraud.
Security: Once a transaction has been confirmed and logged on the blockchain you can not go back and change any of the values. This is much more secure than putting trust in one central entity because we are unable to know if they have gone back and changed anything.
Improved traceability: It can be very hard to keep track of all your assets. Where they have been and come from without going through a lot of paperwork and contacting the company and trusting them in what they say. The blockchain records every step of the way on an open blockchain so every party can see where an asset comes from and every stop it makes.
Increased efficiency and speed: With the blockchain, it saves you time on all the paperwork and auditing since it is tracked on a single ledger. This ledger is much easier to share with everyone and is less prone to mistakes.
Reduced cost: The blockchain removes any third party needed to complete a transaction and to verify the legitimacy of the other person since all the trust is on the blockchain.
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- Transparency- all transactions that are on a blockchain are open to everybody that is allowed access. For the bitcoin blockchain, anybody can see and verify every single transaction since the genesis block
- Security - the security of the bitcoin blockchain is maintained by thousands of miners distrubuted around the world. Hacking the blockchain is impossible as there is no central point or central computer.
- Tracability - If the blockchain is used for goods in a supplychain, all transcations or movements can be traced back to the begining.
- Efficiency & speed - blockchain provides a way of cutting out a middleman by having all information on one ledger open to all. Much more efficient than having a paper system whre things can get lost. These can be accessed immediately anywhere in the world to verify transactions or work that has been produced.
- Reduced cost - again, it is possible to cut out a third party cost, ie audits can be produced at any time instead of asking a third party to come in at great expense on an annual basis to do the same task.
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- Transparency: Every participant in the ledger knows and have access to all transactions
- Security: all transactions must be approved, the data is stored not on 1 data base but on many which makes it difficult for hackers to compromise the transactions.
- Improved traceability: as the transparency traceability is easy when you have access to all transactions, easy auditing trail of the transactions.
- Increased efficiency and speed: when removing the paper involved processes and simply automating it to a single ledger accessible from all the participants you are saving time.
- Reduced cost: with blockchain you are removing the middle man/guarantor from the picture. No need to trust the person your dealing with you need to trust the data on the ledger, also no need to go through a lot of documents to complete a deal when all th info is on one ledger, one copy for everyone.
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Transparency:
Transaction history is available to anyone and it’s on a single ledger.
Security:
Transactions have to be agreed up on by consensus. They are approved, then encrypted and then linked to the previous chain. Information is stored across multiple nodes so if any one node falls, the network is still up and running.
Improved traceability:
Blockchain technology delivers an audit trail and a history of transactional data which can be viewed by anyone.
Increased efficiency and speed:
The increase in efficiency comes from only having to deal with one public ledger, not multiple ones held in private. Everyone has the same access to that ledger which creates the trustless environment. This increases speed since transactions are cleared and settled faster.
Reduced cost:
Cost is reduced since there no less (no) need for third parties, middlemen, etc that you have to had data off to. Just trust the data on the blockchain.
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Explain with your own words, why these are the benefits of using a blockchain.
Transparency: Everyone in the network has access to the same information.
Security: Everything must go through consensus before finality is reached. Once on the network the information is stored across all the computers within providing greater prevention against hacks.
Improved traceability: Everything that is added to the network can not be removed. As a result you have an audit trail that will always lead back to the source of the original transaction.
Increased efficiency and speed: When relying on protocol you can eliminate human error through the accuracy that the network provides. Exchanging information becomes much more efficient when accessed through a single source that is available to everyone.
Reduced cost: Having a single source of accessible information on the network not only removes the “trust” factor but saves money on business transactions. Less paperwork is involved due to shared access of immutable documents. Thus the trust is placed within the network, reducing the need for third party intervention due to a lack of that “trust” among business partners.
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Transparency: leads to efficiency and open access
Security: digital security is greatly undervalued in todays world, blockchain changes the game for any kind of critical data sharing interface.
Improved traceability: provides provenance, and trustless supply chain management options like never before.
Efficiency and speed: automated trustless trade, through algo-functions of smart contracts.
Reduced cost: cut out the middle men in some fashion by turning the network into the middle man, + universal access to an immutable copy.
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Transparency: everyone can view the transaction details
Security: because of transparency of the globally stored data
Improved traceability: historical transaction data can help to verify the authenticity of assets
Increased efficiency and speed: by streamlining and automating processes with blockchain
Reduced cost: no man in the middle, you just have to trust the data on the blockchain
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Transparency: Allowing absolutely everybody to be part of the ledger allows everybody to verify the data is correct and gain trust in the way of handling.
Security: Due to the way of not being able to amend history (I know it is possible but unlikely) grants security to the entire network.
Improved traceability: Easily tracable transactions for instance in the money system allows for identifying stolen money, and marking them so that people are unwilling to get hold on them. Also allows for real time auditing and verifying marketing slogans are actually true for the company unlike nowadays.
Increased efficiency and speed: Using different ways of quickly verifying data is correct below certain value such as merkle trees allows quicker verifications by trusting the math. Without increased efficiency and speed people will simply not adopt the new technology. Although while having it, it will allow people to build new tech on top of the protocol and keep innovating the world - internet for instance in the past decade.
Reduced cost: Unlike the article said “For most businesses, reducing costs is a priority”, I believe people are not trying to cut cost in progressing companies but instead to increase profits, by investing more and as long as the gains are over the losses in the long term (or sustainable time) the company grows above the competition. Anyway reduced costs lead to more development and potentially better solutions by people otherwise not even going to announce their product.
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Explain with your own words, why these are the benefits of using a blockchain.
1. Transparency: All parties involved in a transaction have access to shared information (one copy) that can only be alter with the consensus of the group.
2. Security: Information presented to the network must be agreed upon, then it’s encrypted and distributed on the network. Once the information has been distributed it can’t be altered.
3. Improved traceability: The blockchain provides a detailed unalterable audit trail for suppliers and distributors of goods.
4. Increased efficiency and speed: Use of a single digital ledger and the reduction of middlemen greatly enhances speed and efficiency.
5. Reduced cost: The reduction of middlemen and decreased volume of paperwork add to the cost reduction of the blockchain use.
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- The information on the Blockchain is visible to everyone on the network and cannot be changed historically.
- Blockchain information cannot be changed so there is less opportunity for fraud because of the consensus required for each transaction.
- A single source of truth can be traced throughout a product’s lifecycle.
- Blockchain transactions are much faster than transactions that require humans and third parties to perform steps and verifications and charge fees.
- Blockchain transactions are less expensive because they happen between two parties rather than having multiple parties in between, each charging money for their services.
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- Transparency can increase trust of customers
- Security reduces fraud.
- Traceability provides validation.
- Speed provides convenience.
- Reduced cost enables wider use.
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Blockchain is transparent because it provides all network participants original information / documentation, which is also shared through consensus. To change anything in the blockchain, every participant must be in agreement.
The blockchain security is enhanced and requires all computers/participants in the network to agree on the transaction before it is entered into the blockchain. The information is stored on computers throughout the network and not on a single server, making it a sitting duck for malware or hackers.
Blockchains traceability can track the process of information and the way a business manufactures its product, straight to its origin.
Blockchains efficiency and speed is due to the fact it removes human error and stacks of paper. There is no third party or middleman. So when all computers on the network have the same information, its a lot easier and faster to verify transactions and the process of business.
Blockchain is also able to reduce cost by eliminating third party contractors and middlemen. Also puts the trust in the data in the blockchain instead of your hired affiliate. The data in the blockchain is verified, meaning there is no downtime due to you or someone else reviewing information.
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Transparency : the data on the blockchain is visible to everyone
Security : Transactions are encrypted once they are verified , meaning it is almost impossible to tamper or hack .
improved traceability : with the power of DPL ( distributed public ledger ) transactions can be traced ( except with private coins ) . this would help with an audit company for a real life use.
Increased efficiency and speed : Blockchain will remove middleman , all the information is on a single source . the information is streamlined
reduced cost : with the power of math and the protocol
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Transparency: all transactions are permanently traceable on the public ledger and accessible by everyone.
Security: The transactions must be approved by all nodes and are not susceptible to attacks from hackers in the way a centralized database would be, human error is removed from the process.
Improved Traceability: the ledger contains an audit trail that can accurately keep track of every step in the process recorded.
Increased Efficiency and Speed: Paper trails and time consuming data entry into a single database is not necessary, eliminating the costly human element.
Reduced Cost: no more pencil pushers drawing a paycheck for data entry.
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1, Transparency:
2, Security:
3, Improved traceability:
4, Increased efficiency and speed:
5, Reduced cost .
1, The Blockchain ledger is a non editable ledger, unless a update is agreed by CONSENSUS, a trusted compilation of date that is available to anybody.
2, Approved transactions are stored on a network of computers around the world, impossible to change because of the security of so many nodes.
3, An audit on the Blockchain is so easily checked to be true and concise, we can see every step of the product thru its growth, market production and finally retail position.
4, The Blockchain ledger is so accurate of the data entered and agreed into that the time and money saving in checking out the truth of this is so fast/cheap and easy. Everybody involved is viewing the same data, unchanged since it was created.
5, Again, time and energy saved because data available instantly, no third party having to agree as there is a immutable copy on the Blockchain ledger.
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- Transparency - same ledger at eevry node, only add, no other manipulation functions.
- Security - transactions are agreed and verified.
- Improved traceablilty - one same ledger everywhere and it can be tracked/traced.
- One same ledger everywhere - no need for links, connections, import, export, check, test.
- No intermediaries.
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Transparency: All the transactions are visible in real time. All the parties involved can transact in a trustless way.
Security: The blockchain is immutable. It can not be altered in any way.
Improved traceability: This can help authenticate the origin of the transaction
Increased efficiency and speed: Everything is recorded on one ledger, rather than multiple. This makes it easier for the participants to trust each other.
Reduced cost: Blockchain cuts all the intermediates, this way reduces the cost of a transaction
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Transparency:
Blockchain equals great transparency. Everyone on the network shares the same document that contains all transactions. To change something on the blockchain it requires that everyone agrees on it (common consensus). For a transaction to go through it requires common consensus between all the parties.
Security:
Because the blockchain is shared between so many computer, it becomes very difficult for hackers to hack the system. Compared to data being stores on a single server, it is much more secure. A lot of sensitive data storage could benefit a lot from implementing blockchain.
Improved traceability:
Blockchain is not only good for the financial world, but also production companies. With blockchain technology these companies and the consumers, would be able to trace the products and its ingredients back to its origin.
Increased efficiency and speed:
A lot of paper-heavy processes can be converted to blockchain, and thereby achieve increased efficiency and speed.
Reduced cost:
Businesses would be able to cut out middlemen and third parties in transactions. Companies like escrow companies would become irrelevant. Using blockchain you can trust the ledger and its data, instead of questioning you trading partner.
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- The Blockchain is traceable and open to watch. All modification needs an consesus.
- Every transaction needs an consesus to be done. Its stored encrypted and linked to the tx before.
- Transaction could be audit to a complete trail of provenance
- No need of big bubble of assignements and paperwork for contracts an trust. Always open and traceable for all.
- Trust peer to peer. No need for middleman.
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