Transparency: The open ledger allows for an immutable and easily accessible record of all transactions.
Security: Having the ledger entries verified by a large number of decentralized nodes, without an intermediary offers a very high degree of security and trust.
Improved traceability: Each transaction is traceable. This can be extremely useful in tracking supply chain, provenance and more.
Increased efficiency and speed: Transactions are verified quickly 24/7/365. Vast amounts paperwork can be eliminated bringing much greater efficiency.
Reduced cost: Blockchain eliminates the need for and cost of maintaining large centralized servers. It also can cut out the need for several layers of middlemen.
Blockchain allows for transparency because everyone can see the ledger.
Security is derived from the fact that the chain is distributed among a lot of different computersā¦ which makes things hard for hackers because they canāt attack a single server.
Blockchain offers improved traceability because everything that happens is recorded on the ledger.
You get increased efficiency and speed because of all the automation blockchain offers.
And costs are reduced because of this automation tooā¦
Transparency: Data should be fundamentally trustworthy in industries that rely on accuracy/precision to operate. By the use of blockchain transparency is achieved through the worldwide verification of data by the network. That network is accessable at all times and provides a platform for real time auditing providing all users a clear perspective into the data.
Security: Security on the blockchain is provided through consensus by provenance. All data coming in is challenged for accuracy by the network and is where we find the phrase āconsensus determines the truthā. This benefit of truthful data provides industries a reliable foundation to operate.
Improved traceability: All data that is determined to be true through consensus is permanently stored on the blockchain. That record, or ledger, can be accessed at all times and provides all parties to be able to verify and utilize the data.
Increased efficiency & speed: By use of one global network, people/businesses can interact on the same level without the need for 3rd parties to store/verify data. This saves wasted time and money.
Reduced cost: Because we no longer need 3rd parties to store/verify the data, time and money are both saved.
Explain in you own words why these are the benefits of using a blockchain:
Transparency: Because blockchains operate with a shared ledger which all participants can access, there is greater transparency.
Security: Blockchain transactions must be agreed upon by all parties across a network of systems. Then the data is stored across an array of computers instead of residing on a single server. Transactions are inexorably linked together and ultimately encrypted. Redundancy and encryption make it nearly impossible to hack blockchains.
Improved traceability: Blockchains are inherently the ultimate tool for back-tracing audit trails because each stage of an assetās location or status is chronologically recorded.
Increased efficiency and speed: Well implemented blockchains can streamline paper processes and eliminate human error and third-party mediation. Universal access to ledgers eliminates the need for reconciliation, fostering trust.
Reduced cost: All of the above advantages reduce or eliminate the need for intermediaries enabling you to interact more efficiently and directly with a supplier, thereby reducing costs.
Transparency allows access to transaction history.
Security is positive for any working environment and simple security is cost effective.
Improved traceability ensures supply chains are adhered to and show if any manipulation has occurred.
Increased efficiency and speed are also cost effective, creates a better service experience for the customer and eliminates trust between intermediaries.
Reduced costs allow for surplus income to be spent on improving the business, increase wages to staff and a more viable long term successful enterprise.
1.The decentralization of the distributed ledger means that those transaction records are identically recorded in multiple locations. Having the same records spread across a large network for all to see is the core of blockchain transparency.
2.Blockchain eliminates the need for centralized control ā instead all transactions are decentralized, and verified by the blockchain database itself in the distributed ledger. Blockchain transactions are also secured by cryptography. In any industry where protecting sensitive data is crucial financial services, government, healthcare.
3.Historical transaction data can help to verify the authenticity of assets and prevent fraud.
4.There is no third-party mediation. Everybody have access to the same information, it becomes easier to trust each other without the need for numerous intermediaries.
5.The primary way to reduce cost is by replacing legacy systems and record-keeping infrastructure. Remove many third parties or middlemen.
Transparency: Blockchain is the distributed ledger, all nodes have the same content. All decisions are being made together and double checked, it cannot be modified afterwards.
Security: A decentralized network increase security by reaching consensus on something.
Consensus is removing trust, the data cannot be manipulated.
Improved traceability: With provenance we are capable of tracing things and removing trust. With historical transaction data we can help to verify the authenticity of assets and prevent fraud.
Increased efficiency and speed: A blockchain automates and decentralizes paper heavy processes making it much easier and faster to do business without intermediaries.
Reduced cost: With blockchain, you donāt need middleman to make guarantees because you trust the data on the blockchain.
Transparency: A shared ledger that is publicly visible is more accurate and consistant then conventional methods.
Security: More secure through the use of distributed consenus and encryption.
Improved traceability: Blockchain provides you with an audit trail from the source to the end of a potential supply chain.
Increased efficiency and speed:
Reduced cost: Transactions on the blockchain require no third parties involved. Trustless and peer to peer.
All network participants share the same bc ledger and it can nly be updated through consenseus. That way data becomes more accurate
All transactions must be agreed upon by all parties and the transaction is then linked t the previous transaction. Furthermore data is stored on a network of computers instead of a single server. That way hackers will have a hard time with bc.
Every transaction has an āaudit trailā in bc where you can see every step f the journey where it comes from.
in a centralized system trading goods is prone to human errr with third-party individuals. BC makes the trading of goods automated which means faster and more efficient transactions
All businesses wants to reduce costs of everything and in BC you donāt need a third party to keep track of transactions or other things. You only have to have faith in the BC data.
Transparency:
When using the blockchain everyone has access to the same data that only can be updated or modified when everyone reaches consensus. This is why the data is more accurate consistent and transparent then other similar processes.
Security:
Transactions needs to be agreed upon before recorded on the blockchanin when reaching consensus. The transaction is then encrypted and added to the previous transaction stored on a network of computers instead of a single server making it more difficult to tamper with or hack.
Improved traceability:
To be able to follow a product through its entire supply chain, even if very complex as the trail can be traced on the blockchain on each stop on its journey increasing transparency and traceability.
Increased efficiency and speed:
When everyone on the blockchain has the same information at any give time during the transaction it makes it complete faster, more efficient and with greater accuracy then using multiple ledgers.
Reduced cost:
You do not need a third party checking the trade partner as the only thing you need to trust is the immutability of the blockchain, thus making it easier, more reliable and with reduced costs compared to involving a third party auditor.
Transparency: All parties involved can review validated information/data on a DL removing the need for intermediaries to validate trust of parties involved.
Security: The blockchain cannot be tampered with once a block is finalized, you can trust that the information is secure and verified by the network.
Improved Traceability: Businesses and individuals can now verify where products came from, there is no need to trust a third party.
Increased efficiency and speed: Time is money, when things are efficient you donāt need to spend as much time on it. When things are fast it costs less money.
Reduced cost: Explains itself.
A. Transparency:
Data/Transaction is stored in the systems of all the network participants. Blocks are added after consensus. To edit would require the need to edit subsequent data. Hence entire network of computers would have to collaborate to do it.
B. Security:
Since the information is stored in network, hackers cannot compromise it.
Also, all transaction that is recorded is first approved by the network of systems rather than a single system.
C. Improved traceability:
When all exchange of commodities are recorded on block chain, the audit trail is recorded through which you can check did the good go through and all the stops it made.
D. Increased efficiency and speed:
The organizations wont have to rely on 3rd parties to verify data. They donāt need to TRUST the stranger they are dealing with since both parties can trust the network where data is entered through consensus and cannot me mutated. This also enables transaction/settlements to happen quickly.
E. Reduced cost:
Since blockchain eliminates the need a lot of intermediary to verify the other party. You also wont have to scrutinize all the redundant documentation processes, this helps organization to reduce costs.
Transparency allow for all blockchain participants to see the exact same copy of all information within the distributed ledger. This shared copy is more accurate as it can only be updated through consensus and requires the total history of the ledger to be included in the update coupled with the entire network being in unanimous agreement about the update.
Enhanced security requires that all transactions are to be agreed upon prior to being recorded and each new piece of data is encrypted and link to the previous information and forms the next chain in the link of the blockchain. Then the storage of the blockchain is shared accross the network of nodes; eahc having a n exact copy of the ledger. This makes it harder for hackers to break into the ledger and change the data.
Improved traceability allows for a built in audit and tracking process. The entire historical transaction record of a supply chain can be traced from origin to destination, This allows verification of asset authenticity and prevents fraud.
The automation of blockchain makes paper heavy records keeping processed obsolete. The digitized information is shared among participants and easily and quickly accessible.
Third party intermediaries require additional costs to be added to the validation, verification, and authentication process. Blockchain removes the need for these parties and reduces overall transaction costs in the process.
Transparency: Since everything is recorded on the distributed ledger and this has to be achieved by consensus from all parties it makes it transparent on one ledger. Everyone involved can see the ledger this provides the transparency.
Security: The transaction has to be agreed upon before it is recorded then it is approved and encrypted and linked to previous transactions. Extra security is provided by the network of computers that store this data.
Improved Traceability: It is essentially a audit trail of product inception that traces the whole supplychain to the customer. This helps verify authenticity of the product and eliminates fraud like counterfeiting.
Increased efficiency and speed: This can be achieved through streamlining which eliminates 3rd party mediation. Therefore increasing efficiency and speed.
Reduced Cost: With blockchain you can eliminate middlemen and 2rd parties which reduce the cost of a trade/transaction.
Transparency: anyone with permission can examine the block
Security: no central point of failure that can be hacked
Improved traceability: since the records are immutable anyone can examine and verify the content and find the truth
Increased efficiency and speed: no middle man and no need to reconcile multiple ledgers
Reduced cost: no paper work to update bookkeeping, so the transactions are more streamlined. Banks charge the transaction cost based on the percent of the send amount, vs blockchain charge is fixed based on the space used in the block.
1: When you are using blockchain you secure as much transparency as possible. This is because of the nature of the protocol. By taking part in the consensus mechanism, you own your own updated ledger of all transactions, which can be verified, at all times, on the network.
2: Blockchain can enhance security because, before data gets recorded, all participants need to have a shared consensus. Because of the distributed structure of the network, the data is now shared and agreed upon by all participants of the network. The protocol also secures that when a new block is created and agreed upon, by the network it is finite and immutable, this reduces the risk of fraud.
3: The blockchain is open and backwards traceable, through the distributed ledger. By using the recorded data on the ledger, all participants of the network can easily trace the origin of an asset, or product. This is how blockchain improves traceability.
4: For a transaction to be valid, there needs to be consensus. Which is incentivized by the protocol. The consensus secures an environment where all data on the distributed ledger, is accessible at any moment and can be trusted. This secures speed and efficiency, regarding keeping track of information or assets.
5: The blockchain allows you to eliminate all third parties and get your informationās directly from the source of origin. This also eliminates a lot of paperwork which also reduces cost. Lastly the decentralized structure of the protocol ensures that the data can be trusted.
Transparency
In blockchain, all the participants in the network share the transactions in the ledger, rather than having individual copies. In order to make changes to the ledger, it has to be by consensus, which means that all the participants in the network must agree.
Security
A blockchain removes a central point of failure making the network much more secure.
Improved traceability:
Since the transaction history is recorded for all time on a blockchain, the history of a product or service can more easily be tracked and trusted since it is on the blockchain - as opposed to a central entity storing historical records which can be altered and not trusted
Increased efficiency and speed
Every transaction is automated they lack of human error and helps to cut intermediaries which makes transaction more efficient.
Reduced cost
By having the same list of rules (algorithm), we can trust the data on a ledger(blockchain), meaning that you dont need many third party services to deal with to validate that data, by removing those third party services, business can reduce cost on authentication of its data, since the blockchain technology provides a trust less solution to authenticate data
Transparency-
ā¦the benefit is tat for all transactions there has to be a consens in the network to profe that it. then it will be added to the blockchain and so transparent and consistant. it is done and everyone with acess can see it and knows that its true!
Security-
ā¦the transactions must be agrreed upon in the network.if so the transaction is linked with the previous transactions in the block and this information is stored across a network of computers. this makes it impossible to be hacked or changed by any authorities !
Improved traceability-
ā¦the authentification of transactions or goods is varified in the blockchain because of the security of the network. through that its possible to trace back all goods to its origin.
Increased efficiency and speed-
ā¦with blockchain technilogie you can exclude third parties and human errors because everything works automatically. transactions are fatser because everyone uses the same ledger which is shared in the network. everything works faster and easier when everyone has acsess to the same infos in the same ledger !
cost-
ā¦to reduce costs is very important . with blockchain you dont need to pay third parties or middlemen which is very expensive. you trust the system ! also when everything goes faster its reduces also costs etcā¦ also there is only one immutable version of the trade which makes it much easier and faster to complete a deal!
Transparency: Every part of the blockchain network has a live access to the same version of the database instead of having individual copies of it. In order to update or change any part of the database, a consensus of the network is required. That makes the blockchain solutions more transparent than the alternatives.
Security: All transactions must be approved by the network prior to being recorded in blockchain. After approval it is linked and encrypted to the previous transaction and will be linked to the future one as well. All information is stored on various computers at the same time instead of on one centralized server making it way less likely to be hacked.
Improved Traceability: Every transaction or record can be traced back to its origin. Itās impossible to lose track of it in blockchain making audit services much easier.
Increased efficiency and speed: Using blockchain-based services is more efficient and faster in many areas as the record keeping is done in one decentralized database. There is no need to reconcile various databases and a possibility of human error is virtually eradicated.
Reduced cost: No need for middlemen or many third parties or trust in trading partners. You only need to trust the data on the blockchain and do not need to review much documentation as everyone has access to the same information everywhere.
