- Transparency: All the information get recorded in the ledger, so it is available for everyone to see.
- Security: Transactions are agreed and approved by the network. Once this is done, it cannot be changed.
- Improved traceability: All information in the chain can be tracked.
- Increased efficiency and speed: It is paperless and there is no need for middlemen.
- Reduced cost: It is trusted and immutable which reduces costs are there are no middlemen.
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Explain with your own words, why these are the benefits of using a blockchain.
Transparency: > Blockchains as Bitcoin are a open and transparent ledger
Security: Security is done by math
Improved traceability: every transaction is stored in transparent blocks and fully traceable
Increased efficiency and speed: If all the data is stored in a connected Blockchain, audits are an easy task without expensive consultant companies for getting your audit for your business
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Blockchain is a global technology accessible to anyone with an internet connection. All the transactions can be viewed by anyone at any time. This makes it fraud-resistant in many ways.
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Security is probably the most valuable thing with blockchain. It is achieved by trusting the code, not the people. Consensus is key.
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Traceability is achieved because the network is transparent. For example, the blockchain technology can be implemented in the food industry. You can watch every step of a banana from who first picks it from the tree, to the one selling it, and all the steps in between without any fraud.
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If you compare bitcoin with gold, the gold is a heavy, physical material which is probable quite hard to trade between people, at least to some extent. Of course you can trade one gold coin between to pockets. But if you want to trade tons of gold for example, it is not possible to do across borders without some authority that comes in between which slows the process. Bitcoin on the other hand uses blockchain technology and will be able to transfer unlimited wealth without any physical procedures. And it eliminates the middle man.
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What is described in question 4 also leads to lower cost.
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Transperancy: All transactions are recorded on a public ledger and are accessible to anyone to view.
Security: Every node in the network contains a copy of the public ledger making it nearly impossible to change transactions previously recorded.
Improved traceability: Businesses can verify that certain transactions have occurred, making it easier to track different steps in their processes.
Increased efficiency and speed: A single public ledger distributed among all nodes in the network means everyone has access to live and validated data. There is also no need for third party mediators.
Reduced cost: A more efficient work flow with no need for third parties for trust will ultimately reduce operating costs.
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- Transparency provides the same documentation of the transaction history, which is backed by consensus. This transaction is more accurate, consistent, and transparent. To change a record will require permission from the whole network.
- Enhanced security is provided by the blockchain, storing the information of transactions on a network of computers rather than a single server. In an industry where protecting sensitive data is crucial, blockchain helps to prevent fraud and unauthorized activity.
- Improved traceability - When a product follows complex supply chain paths, it becomes difficult to trace the origin. Blockchain records every stop it made on the journey and makes it easier to audit, thus preventing fraud.
- Increased efficiency and speed - Paper-heavy processes are prone to human error and require third party mediation. Eliminating the third party speeds up the process and makes it efficient to reconcile the data.
- Reducing the middle party minimizes the cost and the documentation.
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Transparency:
The blockchain is a public ledger shared by all participants
Security:
Any updates are applied by consensus. All participants share identical copies of the ledger. The entries are encrypted and linked with storage on many computers
Improved traceability:
The technology could be used to publicly declare all the elements of a supply chain, all participants and movements could be recorded on the blockchain providing a read only audit trail. Allows for verification and preventing fraud.
Increased efficiency and speed:
Trusting the blockchains features, reduces paper and human input (and therefore errors). Everyone has access to the same data, trust issues are removed - everyone can transact far more quickly
Reduced cost:
With paper and trust issues removed the amount of people, time and effort can be reduced
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Transparency: Everyone can see the transactions that happened on the blockchain. A person canât claim anything other than what is evident and available for all to see on the database.
Security: The record of transactions are stored on many computers around the world, so no one person, or one company, can change the records. All the computers must have consensus for any transaction to be accepted.
Traceability: Companies can trace any material used in the manufacturing or distribution process back to its origin because the information is stored on the blockchain.
Efficiency and Speed: There is only one ledger so (decentralized) so you donât have to reconcile data across different formats, companies, organizations, etc.
Reduced cost: You donât need as many âmiddle menâ because you can trust what data is on the blockchain. You donât need to trust your trading partner, or have someone vouch for them. You trust the data in the ledger.
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Transparency: All nodes contain a copy of the network and cannot edit unless the entire network agrees on the change. This allows for a more accurate and trustworthy ledger of data.
Security: Every Block of transactions is agreed upon by all nodes, then encrypted with the hash of the previous block attached, along with itâs decentralization, blockchains can be made to be extremely resilient.
Improved traceability: Assets traced with blockchainss can be retraced back to their origins.
Increased efficiency and speed: The congealing of databases and the automated processes of blockchains make them extremely efficient.
Reduced cost: You do not need to spend money on verification from third parties. The system is trustless.
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Explain with your own words, why these are the benefits of using a blockchain.
Transparency: Transparency allows for confidence without need for trust
Security: The database is secure because of decentralized node consensus at a cost (POW)
Improved traceability: The database is transparent and thus easily inspected when there are a number of parties in the supply chain involved.
Increased efficiency and speed: Blocks are added (connected) to the previous block, only once. No need for third party error checking, no need for paperwork, no need for excessive processor power.
Reduced cost: Removal of the need for third parties to process blockchain transactions
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Transparency: All parties share documentation which is updated through consensus.
Security: All Transactions must have consensus before recording into the BC. After consensus of transaction, its encrypted and linked to previous transaction. And storage of data on BC is shared throughout the network and makes it hard to hack.
Improved traceability: When exchange of goods are recorded on the BC, you have an audit trail. Helps to verify and authenticate assets and prevent fraud.
Increased efficiency and Speed: BC automates and streamlines a once paper heavy time consuming process that was prone to human error. Because all records are kept on a single digit ledger that is shared, there is no need cross referencing other records. Because there is no need for intermediaries, settlement and clearing occur quicker.
Reduced Cost: reduction of cost will occur due to having no need for third party middlemen because all trust is placed on the BC ledger/record.
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Transparency:
Transparency is beneficial to blockchain users because it eliminates manipulation of its data. the public ledger is available for everyone to see.
Security: Increased security through consensus, encrypted/ immutable data, and the decentralization information provides an impenetrable and very secure network that is immune to hackers trying to steal or manipulate data
Improved traceability:
traceability is important to have an audit trail to see exactly where and how everything was transacted. Blockchains Provenance is made possible through the public ledger which is 100% trustless.
Increased efficiency and speed:
Who wants slow and inefficient transactions?? The existence of one single ledger and the elimination of intermediaries streamlines the whole process and makes everything much quicker and efficient
Reduced cost:
Cheaper is always better! Our society is driven by money. The absence of intermediaries allows transactions to be much cheaper
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- All network participants share the same distributed ledger so itâs more accurate, consistent & transparent because in order to change a single transaction record everyone in the network would have to agree to change that record and all subsequent records too.
- Transactions are stored on an entire network and not on a single server, which makes it extremely difficult for hackers to steal the information. Once transactions are confirmed they are then recorded & encrypted & linked to the previous transaction.
- All products, materials & assets can be traced & tracked from point A to B and recorded on a blockchain. Recording every stop a product or asset has made during its journey to a recipient helps to prevent fraud and verify authenticity.
- Transactions are recorded using a digital ledger which everyone in the network has the exact same copy of. There is no need to go to a bank or involve a third party to make a transaction so this saves time & because transactions are all digital this increases efficiency & is faster to process.
- Since everything is recorded on a digital ledger & not paper, and there is no need to trust third parties or really anyone except for the digital ledger this reduces costs & saves money.
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- Transparency: transaction records are widely available and kept consistent.
- Security: Consensus validation and permanent record of encrypted transactions in a specific order make tampering much less likely than in traditional databases.
- Improved traceability: goods can be sourced with less room for inaccuracies.
- Increased efficiency and speed: once implemented, it is faster than an annual audit and data integrity can be validated in real time.
- Reduced cost: blockchain implementation costs can be amortized and auditing costs canât.
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Reading Assignment: Benefits of the Blockchain Technology
Transparency: The bitcoin network follows a distributed ledger system. This means that every node on the network has a copy of the blockchain which means that if something has to be falsified, the data on every copy of the blockchain would have to be changed and this is impossible. This transparency reduces the amount of fraud that takes place because every transaction on the network is recorded on the public ledger.
Security: There is enhanced security on the bitcoin network because for a transaction to take place it needs to be verified by every node on the network and they have to come to a consensus on whether a transaction is legitimate or not. In the current money system most things are centralized and if that central organization approves something illegitimate then everyone on that monetary system suffers. It relies on trust and not verification.
Improved Traceability: In many cases an individual likes to know the source from which they received something. Through the traceability characteristic of the blockchain a person is able to trace a transaction to the source.
Increased efficiency and speed: On the blockchain every node stores a copy of the public ledger. As a result of which it is very easy to verify a transaction without taking much time. There needs to be no communication between banks, the blockchain verifies the transaction in seconds or less.
Reduced Costs: Blockchain reduces the costs for individuals and businesses by reducing/eliminating the need for middlemen. A person can send money from one location to the other without the need for a bank or credit union and on top of that no transfer charges will be placed on the transaction.
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Transparency: Blockchain is a share ledger we can perform our own audit/verification of the transactions. The code is also open source.
Security: Bitcoin is a protocol that is mathematical proof based we proof the information is accurate. As we discuss. The database allows for adds only.
Improved traceability: Elements the human error from the equation
Increased efficiency and speed: By using the same protocol we eliminate the need for unessessary conversions and custom logic which helps increase the speed and uptime of the system. Since the platform is distributed it allow for lower latency.
Reduced cost: Since Bitcoin is a protocol / platform thereâs no need to customize it or create one offs. Reduces the need for one offs and custom buggie code.
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Transparency:
The transaction history is made transparent through the use of the distributed ledger.
Due to the consensus approach, a change to a single transaction can only be made in agreement with all participants in the network.
As a result, the data in the Blockchain is more accurate, consistent, and transparent than in an ordinary database or when the data is handled in paper form.
Security:
Due to the fact that the transactions must be validated before they are added to the Blockchain and the fact that they are encrypted and stored in a distributed manner, it is a bonus in terms of security, especially for sensitive areas such as medicine, finance and supply chains. Due to the distributed ledger technology approach, it is almost impossible for outsiders and hackers to modify this data.
Improved traceability:
By recording the exchange of goods in the block chain, every ingredient in a product such as yoghurt can be traced back to its manufacturer.
It is therefore difficult or impossible for a company to use milk other than the one indicated on the final product.
Increased efficiency and speed:
Unlike paper-based processes, which are very error-prone, rationalization and automation can save a lot of time and costs. In addition, the fact that everyone who has access to the corresponding Blockchain can check the information stored in it creates additional trust. Auditing and accounting can be carried out faster and more smoothly. And that at reduced costs.
Reduced cost:
Because everyone has access to a single unalterable version in the Blockchain that they can trust, there are no costs for middlemen or third party providers such as PwC.
You donât have to trust your trading partner, just the data in the Blockchain without having to read endless pages of documentation to close a deal.
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Transparency: shared information
Security: approved, encrypted, linked to the previous, distributed
Improved traceability: audit trail
Increased efficiency and speed: automation using shared digital ledgers
Reduced cost: less middlemen
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Transparency lends itself to trust. When things are out in the open, there is less chance for bad actors and misuse of information.
Data on a blockchain must be secure. We donât want unauthorized parties accessing or adding entries.
Knowing who has touched or participated in the outcome of a product allows us to trust the source is authentic and no misinformation has been given to us.
We want things done without the need for middlemen because each step in a journey is another point of duplication or opportunity for incorrect information. And there is no need for a delay when trust is baked in.
Cost is important consideration for any task. Cost should be minimized in everything.
Transparency: All network participants share the same documentation because blockchain is a type of distributed ledger. Meaning that changes can only be make if there is an agreed consensus.
Security: In a blockchain, transactions must be agreed and then recorded. The new transaction is encrypted and linked to the previous transaction, allowing information to be stored on a single server. This makes is unlikely to be compromised by hackers.
Improved traceability: Good and services exchanged are recorded on the blockchain, which creates a digital track record of the exchange. Therefore, it helps verify the authentication of the assets and prevents fraud in the supply chain.
Increased efficiency and speed: Blockchain decreases the number of intermediaries in the supply chain and automates these process, thus making the process faster and more efficient.
Reduced cost: The data on blockchain can be accessed by anyone, from a single server. Additionally, it removes any unnecessary third parties from the supply chain, which inherently reduces cost.
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When everything on the blockchain is transparent, there will be much less questions asked, and much more trust in it being true, not false or altered.
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Security is very important for basically all data. When the whole network shares and participates to the same ledger to view the data, it becomes very secure in a sense that no one person can do anything on the network without it being verified and puplic to everyone.
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When you can trace a product or some kind of data to its original source, there will be less questions and second guesses about it.
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You can greatly increase efficiency and speed of many tasks with blockchain by not having to organize, review multiple times, or having third parties trying to figure out what is what. Data will be provided accurately and quickly with almost no effort.
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The cost is greatly reduced when using a blockchain network because you will be able to receive many different kinds of data without spending extra energy that you normally would in the traditional sense. Reducing cost is every businesses priority.
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