Blockchain technology has many benefits for a business. Blockchain is transparent for everyone involved . You can follow the ledger and verify every transaction involved . Which eliminates the need of a third party audit because you can trust the block . Also because blockchain is decentralized one person can not manipulate it which makes it a secure transaction. There must be a consensus before the transaction is added to the block which allows you to trust the entire deal which makes it more efficient and faster . Because it is also an open ledger you can easily trace back your steps and find any origin you are looking for . All of this saves time , saves the need for third parties , saves hassle , saves headaches and saves money !
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Public ledger is open for everyone to see transactions.
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Every participant has to agree if the transaction is legit or not.
3.Real time audit is available 24/7/365
4.A single point of reference. No 3rd party involved
5.No 3rd party involved
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Transparency: The use of blockchain makes everything more transparent because you can see where the money has come and when it comes to record keeping there is no hiding money and tweaking the ledger or database. Everyone can see where the money came from
Security: Blockchains security is amazing because people cannot pretend to have more money then they really do because everything is cross referenced through consensus. Also there is no such thing as charge backs, everything is final once the transaction is processed.
Improved Traceability: You can trace where your transactions have been to make sure what you are receiving is say clean money or when it comes to businesses you can see what products you are really getting because all records are stored everywhere.
Increased Efficiency and Cost: Everything is just faster, Transactions donât have to be dealt with so much people allowing human error, Records and transactions are combined together instead of being dealt with separately.
Reduced Cost: This reduces cost by replacing the middle man. ie: if i transfer money to my friend I need to pay western union to do it. This can remove that middle party.
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Transparency is a benefit because it allows everyone to see exactly whatâs going on in the transaction, due to the entirety of the transaction being shared and viewable by everyone on the network.
Security is a benefit because the digital signatures verify each transaction, so in order for a bad actor to change a record, it would require the cooperation of a majority of the network.
Improved traceability is a benefit because each step along the way builds on the previous, so that the entire path of the product can be traced from the beginning with high data integrity.
Increased efficiency and speed is a benefit because blockchain removes a lot of middlemen and paperwork that slow down the processes.
Reduced cost is a benefit because of the automation of many of the processes that used to require paperwork and workersâ time to complete.
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Transparency
Blockchain is an open ledger for those that are connected to the network. Therefore it shows the history of transactions making companies more transparent and audible.
Security
Before a transaction is loaded onto the blockchain it is verified and encrypted and verified to a previous link.
Transparency
Blockchain gives more transparency in a supply chain for example by having a open ledger where you can trace the product or ingredient back to the origin and the condition of the product.
Speed and efficiency
Due to blockchain being so transparent there is no need to wait for a individuel to send you a document. In many companies documentation gets lost and in Supply Chain so much documentation and copies are needed. Safe a TREE âŚuse the Blockchain. Due to everybody on the network having access it safes time and makes the company or process more effient and productive.
Reduced Cost
Blockchain being so transparent, the company does not have to use Thirdparties so much which usually comes at high price. Documents or transactions are availible for everybody on the network.
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- Transparency: Trust only needs to be given to the network and not the organisations/individuals you are dealing with. The decentralised network allows for full transparency which also improves accuracy and consistency
- Security: Sensitive information is shared among a network of computers instead of a single server, and cannot be hacked or changed.
- Improved traceability: Allows companies or consumers to verify the provenance of goods or transactions
- Increased efficiency and speed: Using blockchain allows you to eliminate both intermediaries and time-consuming processes that require a lot of manpower
- Reduced cost: Less intermediaries or third parties will result in reduced costs. Will also reduce time spent on anlayisng data when all information can be accessed by everyone
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Transparency: Everybody on the network has the same information. No one can cheat or has a benefit because he has more information than the other on something. No one can modify something without the validation of the other participants. The data is spread around the network, stored locally and every participant has access to it.
Security: Trust is based on a mathematically proven system/ protocol and not just one entity which is way easier to hack. The data is spread around every participant in the network. You are rewarded by participating in the network (financial incentives) and that means you are âforcedâ to stick to the rules otherwise you don´t make money
Improved tracibility:
With blockchain you always know the origin of something (asset, informationâŚ). You know where you food is coming from, who sends you the transaction etc. Especially for critical supply chains where something has to be traceable (maybe temperature of food, health etc. which are measured by sensors) blockchain has enormous benefits.
Increased efficiency and speed:
In most cases centralized databases are faster and more efficient then blockchains. But there are some use cases, especially where a big amount of entities are working together and rely on each other (which often requires a lot of paper-work and auditing). Through blockchain every participant has access to all the information/ value and a lot of costs (money, staff etc,) can be saved.
Reduced cost:
Through blockchain no intermediaries or third parties are necessary anymore which are expensive.
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transparency : everyone can see every single transaction on the blockchain
security : all the nodes work together and once a block is made it is put on the chain and then the next block and next ⌠which makes is next to impossible to change the information on a previous block
improved traceability : all transactions are recorded and made available for everyone to see
increased efficiency and speed : no need for 3rd party in any area which impoves the efficiency ,speed and also reduces the cost .
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Transparency: the blockchain, either completely public or permissioned access, gives all parties access to the same set of data stored across the network. Full transparency is achieved as this data contains every transaction ever made, is immutable and governed in a trustless manner through mathematical consensus.
Security: rather than being stored central location, with blockchain data is stored across the network removing issue of a single point of failure/vulnerability. Additionally, as the network must reach consensus on the any new transaction, this ensures that no fraudulent activity can impact the network.
Improved traceability: every transaction ever made is agreed on by the network and stored in the blockchain, providing immutable provenance/audit trail.
Increased efficiency and speed: removed the unnecessary need for middlemen and the additional process steps associated with them. Instead, the security, trust and manual services provided by these middlemen can instead by automated through the blockchain.
Reduced cost: similar to above. Remove additional unnecessary steps/resources will reduce overall cost.
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Transparency: Blockchain is a distributed ledger that is not controlled by a single entity and can be seen publicly. A transaction can not be altered once it is verified which is done by reaching consensus on the network. It is also be fully audited.
Security: There is no single entity, instead data on the blockchain is stored on many computers on the network (decentralized). Along with cryptography, this makes it very nearly impossible to alter transactions.
Improved traceability: Blockchain provides provenance by ways of being able to trace the origins through the audit trail. Anyone can see every transaction on the blockchain. This is very beneficial for supply chain cryptocurrencies like Vechain.
Increased efficiency and speed: There is no middle man between transactions which takes up more time and costâŚIt is strictly per to per. If I were to wire money to Russia, it would take three days and the middle man would get a percentage. With blockchain, it would be sent much quicker and with very cheap fees.
Reduced cost: The middle-man to take a percentage of my transaction!
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Transparency:
All the participants have a shared blockchain record and can only change it via consensus.
Security:
Transactions are agreed upon (consensus must be achieved) before theyâre added to the blockchain. They are also encrypted and stored across many computers making it difficult to be hacked.
Improved traceability:
Allows proof of where items or assets came from originally, and tracks them through the supply chain.
Increased efficiency and speed:
A shared blockchain makes the process less time consuming, more efficient, and for the most part, trust-less.
Reduced cost:
Needing to trust only data on an immutable blockchain eliminates third parties and excess documentation.
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- Transparency: all participant nodes share all the knowledge available
- Security: very very hard to stop, hack or deceive a whole network of nodes following the same consensus rules
- Improved traceability: all transaction outputs are linked to their parent inputs and stored forever in mined blocks
- Increased efficiency and speed: if all nodes have all information, there is no more need to âresyncâ huge databases over night between disaster-recovery/geo-location redundant db nodes, also because âsmallâ transactions spread over all network nodes much faster as they occur one can say it is faster, but generically speaking these are false clains that bigteck still did not understood blockchains are neither efficient nor speedy because these characteristics are not what are important ones for applications that require blockchains.
- Reduced cost: one can think that a node does not need to have the capacity of a big-bank-server machine and still a simple personal-computer can participate in a âmoneyâ solution like bitcoin is, but as the same point before reduced cost only comes because the network effect have splitting the network âvalueâ of blockchain into the relative low cost to build a node and therefore would be a false clain to convince any big-corp that to implement a blockchain-network it would be a reduced cost solution compared to a centralized database
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Transparency is the ability for everyone to have vision and validation in any new information that is added to the blockchain. This results in a much more data accurate system.
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Security is beneficial in blockchain because of how all computers have to agree on any updates and how this agreement happens on all the computers of the network and not just on one server decreases the chances of hackers doing harm to the network.
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Improved traceability is a benefit of the blockchain because it provides a trail of how a product and its parts were assembled. This provides the company and its customers peace of mind knowing that the ingredients/process of the product are easily tacked to provide safety and truthfulness in the product.
4.Increased efficiency and speed are benefits of the blockchain because of how the record keeping is kept to one version reducing multiple layers of ledgers and databases. It also reduces human intervention, thus reducing errors and corrections needed.
- Reduced cost is a benefit of the blockchain in how it can reduce the need for middle man situations because there is not need for third party trust companies if the trust is in the data/blockchain. Less documentation will also reduce costs because the added trust in the blockchain will eliminate the need to have so many rules and regulations to prevent deception and error in business agreements and trade.
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Transparency: all transaction made on the blockchain are recorded and immutable. This means everyone can access the information and data;
Security: the multi-ledger network system makes it virtually impossible to hack or modify data on the blockchain;
Improved traceability: It is now easy to backtrack all the information and the several steps taken on a process like, for example, the supply chain;
Increased efficiency and speed: paper heavy processes are slow and require a lot of manpower to verify and accept certain transactions (just think about an international money transfer between financial entities). These transaction costs however are reduced to minimum terms if the blockchain system is used with almost immediate results;
Reduced costs: As a direct consequence of increased efficiency and speed, costs are also reduced as the paper heavy processes are eliminated.
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Transparency: A blockchain like BTC is a ledger replicated in many âcomputersâ where the transactions are publicly readable from the moment of the consensus onward.
Security: The security of the stored transactions is reached in many ways: first each transaction must receive the consensus of multiple nodes, then itâs stored with hash, then the block where itâs linked to the precedent transactions will be replicated in all the other nodes. In order to change blocks, someone would spend an enormous amount of power ie money.
Improved traceability: Blockchains like VChain or OriginTrail can certificate the provence of every single part of the single product item. Every step of the supply chain inputs incorruptibly the status as compliant to the standard.
Increased efficiency and speed: The above mentioned system is done at computational speed, much faster than manual writing. Another way bc saves time is by cutting the quality-checking because no one has to trust the partners and verify their procedures through expensive intermediaries.
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Data on the blockchain is available to everyone.
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There is no central authority that can be hacked.
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Every single transaction is traceable.
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There is no need to wait from conformations of a middelman.
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There is no need to pay a third party or middelman.
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Explain with your own words, why these are the benefits of using a blockchain.
Transparency:
Every participant in the network shares the same information, and all information that is added to the network is done so by consensus.
Security:
A blockchain has no a single point of failure, as does a centralised database, that can also be hacked. The security is also due to consensus.
Improved traceability:
Every new piece of information that is added to the blockchain is verified by the consensus protocol, and all transaction build on previous transactions, so everything can be traced backwards in the transaction history.
Increased efficiency and speed:
All participants share the same information, thereâs no need for keeping copies and thereâs no need for intermediaries.
Reduced cost:
The system doesnât need any intermediaries, itâs also more efficient.
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Transparency:
Blockchain is in part, described as a âpublic ledger.â All data put on the blockchain is available to participants and can only be updated with concensus. -
Security:
A transaction must be verified by multiple parties, and is stored on the ânetworkâ vs one central location. The latter characteristic makes data harder to hack since it is distributed on the blockchain vs one system. -
Improved traceability:
Each âblockâ of data is stored adjacent to the previously verified block, with a unique block ID. Any subsequent alteration of relevant data is tied to the block of data containing the original content. -
Increased efficiency and speed:
Blockchain technology eliminates the need for third party audits, since the data was verified before being recorded. Due to the automated nature, the likelihood of human error is also reduced. -
Reduced cost:
This is almost a direct result of all the characteristics listed above. Time is not wasted by record keeping or its associated recall, and the reliance on âmiddlemenâ for verification/guarantee purposes are unnecessary because it has been verified on the blockchain.
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Transparency: Every transaction is recorded on the public ledger that is the blockchain.
Security: No one central point of failure. The global network helps keep a consensus.
Improved traceability: With supply chains, anything can be recorded and tracked on this network.
Increased efficiency and speed: Banks are a trusted third party that can delay or even stop transactions. Blockchain can facilitate speed and transparency with any kind of transaction, all while being trustless.
Reduced cost: Transactions are cheaper than legacy financial systems.
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transparency: transparancy is a benefit of blockchain, because it beein decentralized and it working on a public ledger. If a transaction was to be made, all computers or nodes in the network need to agree with this information, once its approved it goes on to the blockchain and it cannot be removed. it is transparent because every transaction can be traced but no changed.
Security: it has increased security because its decentralized, meaning the data doesn´t go to a central server, instead the information is on the ledger , which cannot be manipulated and changed. making it really secure .
improved traceability: when a exchange of goods are recorded on the blockchain, you end up with a trail of data which shows ou where the asset came from and every stop it made before reaching its destination, this historical data will help to verify the authenticity of the assets and prevent fraud.
increased efficiency and speed: by streamlining and automating with blockchain, transactions can be completed faster and more efficiently. since everyone has a copy of the ledger it becomes easier to trust each other without the need of numerous intermediaries.
reduce cost: blockchain removes the middle man who can cost a lot of money. and makes it peer to peer.
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