-
Transparency: Transparency in blockchain is realized through a distributed ledger. The ledger is a type of database that has been programed so that all nodes on the network contain the same shared record. This shared record can only be updated by a consensus of the entire network where all nodes must agree on the update to the ledger. There is on one version of the record. If one was to edit a record on the ledger all the copies on all the nodes of the network as well as all subsequent entries of the ledger would have to be altered. This is a tremendous and tedious task to be done simultaneously.
-
Security: Blockchain technology gives the stored data a high security factor due to several key factors. These include, a system wide consensus protocol, entries are encrypted. All entries are linked to previous entries. As well as all data is sorted among a network of computer verses a single server.
-
Improved traceability: Blockchain traceability creates a real time audit trail. The transaction data can be historically reviewed to give providence and prevention of fraudulent alteration.
-
Increased efficiency and speed: Blockchain reduces the need for office redundancy in maintaining and distributing information. A single digital ledger is shared among a open network
-
Reduced cost: Cost are reduced by using a blockchain system by reducing redundancy elimination of âmiddle menâ and third parties as well as the easy of review of a permanent entry.
Transparency : every network participants have a copy of the ledger, and not their own individual copies. Every change is reached through consensus, with everyone involved and being aware of what is happenening.
Security: the information is encrypted, and stored in a network and not in a single computer. It is much harder to hack than a single computer.
Traceability: linked to transparency. Since the information regarding the supply chain is recorded securely and can be verified, it is easy to see where a product comes from and to consider the information as reliable.
Efficiency and speed: since it is a common ledger, there is no need for a third-party (human verification). It gains time and removes human errors. No need to review documentation.
Reduced costs: No middleman needed (because no trust is needed, only maths)
Benefits of the Blockchain technology
Transparency of a distributed ledger throughout the blockchain with a general consensus removes trust. We do not trust - we verify.
The security is very high because of the verification process and general consensus. Further the blockchain is decentralized and sensitive data are not stored on a specific central server.
Clients these days want to know how a product has been developed. Where does it come from and what type of materials have been used. These processes can be traced to its origin and because of that later on in marketing and sales publications all these data can be verified.
A product becomes transparent in its whole entirety. Because all this is verifiable and traceable the client can trust in a product and how a company has developed a certain product.
Once such a process is in the blockchain there is no need for outsourced expensive third parties to be involved. This speeds up the whole development process and reduces enormously final cost of a product in general.
This reduced cost will result in further benefits for the client who essentially bears all above cost channels.
Transparency: Because every Information is logged on the Blockchain, every participant has the ability to check all past transactions. Everyone has the same copy of a certain Database instead of having individual ones.
Security: Because every Info has only been added to the Blockchain by consensus, it is nearly impossible for one Party to alter or delete past transactions (or Informations) because everyone has the same copy of the database and would have to agree with the changes made.
Improved Traceability: In the supply-chain sector there is the possibility to add every step of the product onto the Blockchain (by consensus), so its easy for customers and businesses to check the past history of a product.
Increased efficiency and speed: Instead of having several middle man who are checking the quality and history of a product, (or banks) this is completely automated with Blockchain technology.
Reduced Cost: You donât have to pay said middle man to do quality controls, the Blockchain does it all on its own.
transparency =public ledger
security= transactions canât be changed ,erased,hacked or manipulated by centralized authorities
improved traceability= public ledger and miners can trace all transaction
increased efficiency and speed =faster networks working 24/7/365
Reduced cost = many miners with financial incentives to keep the network moving forward .
- Transparency: it is openness. With Blockchain specifically, it is the ability to audit/check any transaction, anytime and by anyone.
- Security: The immutability and consensus based system makes Blockchain highly secure and trustworthy. With Blockchain you trust the math and protocols.
- Improved traceability: the decentralized ledger and concept of provenance allows us to track and trace any transaction on the Blockchain.
- Increased efficiency and speed: By being available 24/7 it is more efficient than institutions and banks currently, add to it the speed of transactions and it is a winner.
- Reduced cost: Similarly to speed, Blockchain allows us to perform transactions at a much lower cost.
Explain with your own words, why these are the benefits of using a blockchain.
Transparency: A blockchain is more transparent because it is a distributed legder, in which all participant nodes supporting that blockchain, maintain, and otherwise have access to, identical copies of the same exact ledger and the ability to update new records through a consensus process thereby creating circumstances such that the alteration of any single previous record would require collusion from all participant nodes acting to change every copy of the distributed ledger on all the participating nodes.
(To be fair those words are just the words Iâve been taught so far but I still personally have some questions about consensus and immutability. As one example, how exactly is consensus achieved? Is it an exact percentage of the nodes that agree? What is that percentage? Could a blockchain be compromised if a slew of new nefarious nodes suddenly entered a blockchain network all at once to assume the majority and thereby start determining consensus because the nefarious nodes now have more influence over consensus than the previous, and now outnumbered nodes, to start creating new records while overriding the entries from the outnumbered non-nefarious nodes using consensus in order to do so? This type of question might be answered in some future lesson but this is one of the things I was wondering while learning this lesson so no need to answer anything if this is answered later.)
Security:
An extremely high level of security is achieved by consensus, encryption, and interlocking new transactions with previous transactions while simultaneously maintaining identical copies of a distributed ledger across multiple nodes as opposed to a single server.
Improved traceability:
All transactions are linked to previous transactions thereby creating an immutable trail of records for more efficient auditing, or tracking, of a chain of transactions.
Increased efficiency and speed:
Since a single ledger is used to accumulate all transaction data there is no need to use extra time and resources to resolve any discrepancies like those found in traditional databases.
Reduced cost:
Since two parties can rely on the existing data, and protocols of a blockchain, this eliminates the need, and cost, associated with the use of third parties and/or the documentation traditionally used in such arrangements that traditionally require the use of a trusted intermediary between two entities conducting a transaction.
Note: Iâm just glad my x wife wasnât helping me with my homework tonight or the answers would have never reached consensus. 
Transparency - This is a benefit in blockchain because all entries in the chain have been agreed by consensus and there is a guarantee that no information has been altered at any point. All interested parties can see all of the available information and trust that it is correct.
Security - Because the blockchain is distributed and there is an incentive to protect it, there is no opportunity for fraud.
Improved Traceability - Blockchain can be used to provide fully audited supply chain information without needing trust in third parties.
Increased efficiency and speed - Trust in protocol and maths means elimination of human error and the need for third party interference which slows processes down.
Reduced cost - Numerous middle men are no longer needed when the protocol fulfils their role.
- Transparency:
With blockchain technology, everyone in the network will have the same documentation as other participants.
- Security:
Everyone on the network has to agree before the data is approved and recorded. This is also way more difficult for hackers to get the data compromised. Itâs also a great way to prevent fraud.
- Improved traceability:
With blockchain, you can easily track any given product or item and its origin in supply chains.
- Increased efficiency and speed:
Cutting out the intermediaries or middlemen and automating the process makes blockchain a more efficient, faster, and cheaper solution.
- Reduced cost:
Again, cutting out the middlemen and intermediaries makes blockchain more cost effective.
Transparency: everyone can see every transaction. trustless system because everyone has to agree to add something to the existing history.
Security: its more secure because its decentralized, transparent and immutable.
Improved traceability: ledger/history is immutable and public and thus makes it easy to track down a supply/transaction chain.
Increased efficiency and speed: you just have to trust the system so you dont need to trust a single participant or another entity -> no need for a 3rd party
Reduced cost: peer to peer is cheaper because you dont have to trust and pay a 3rd party.
-
All network participants share the same documentation !
-
Information is stored across a network of computers instead of a single server !
-
You can trace exact origin of certain exchange on a blockchain !
-
Record keeping is performed using a single digital ledger that is shared among participants !
-
Reduces the need for third parties to guarantee for certain transaction because we can trust the data on the blockchain !
-
Transparency: Everyone has access to the information on the blockchain
-
Security: Every node in the network has a copy of the ledger and must verify any new transactions makes it almost impossible to change data on that is already on the ledger
-
Improved traceability: All transactions are recorded and available for audit or inspection.
-
Increased efficiency and speed: No need for multiple ledgers or middle men
-
Reduced cost: No need for 3rd parties
Transparency-
Transactions cant be altered
All parties must be in agreement ( consensus )
enhanced security
Consensus between all parties
transactions are encrypted and linked with previous ones
Information is stored on a network on computers
Improved traceability
on a supply chain all products can be traced to their origin.
What makes it very difficult to cheat
Increase efficiency and speed
The use of just one ledger that can be use by all participants and verifiable
Simplifies the all process therefore creating efficiency and speed.
Reduced costs
We cut the middle men
Transparency:
All data on the blockchain is visible to all participants and thus users of the blockchain network can self verify the information in the knowledge that the information present is shared by all users. This creates a trustless scenario. Any changes that are pushed through are also visible, in so that changes cannot be made without being seen by all participants.
Security:
The stored data is decentralised and thus there isnât point of attack, increasing the security of the stored data. Changes cannot be made without first being agreed by the entire network through consensus and thus data published to the network should be considered a âtruthâ.
Improved traceability:
In terms of a supply chain or product/data journey, these can be tracked at each point of alteration allowing the data to be followed giving users a complete trackable journey overview. The information would be timestamped giving accurate timeframes of occurrence.
Increased efficiency and speed:
no paperwork is required and the data is already available globally. The version of the data is shared is already pre-validated as being correct and thus does not require audit.
Reduced cost:
The costs are generally reduced by using a blockchain as it removes the need for many 3rd party brokers and auditors. The entire database is digital reducing the need for physical items such as paper documentation and physical transportation of such. The enhanced security of the blockchain can also ensure costs are saved through forgoing additional security software or fines incurred by loss of private data due to hacks.
1* All transactions are visable to all on the ledger.
2*All transactions are recorded in blocks which are linked together. To try and change a transaction would require everyone on the network to do the same which would be very difficult.
3*Transactions are kept on a distributed public ledger and everyone owns a copy.This means all transactions can be traced.
4*Removes third parties and uses global network to streamline data whereby everyone has access to the same data.
5*Reduces cost by businesses using the same standard cutting out third parties.
Transparency: The ledger is verified by consensus leading to data being more accurate, consistent, and transparent than when it is pushed through paper-heavy processes.
Security: Transactions must be agreed upon, this it is encrypted and linked to the previous transaction. It is stored across a network of computers instead of one central server, which makes it difficult for hackers to compromise the transaction data.
Improved Traceability: Provides an audit trail to show where the assets came from and every stop they made along the supply chain, therefore it verifies the authenticity of assets and prevents fraud.
Increased efficiency and speed: Since record-keeping is performed using a single digital ledger that is shared among participants, you donât have to reconcile multiple ledgers and you end up with less clutter as you have with traditional, paper-heavy processes.
Reduce cost: You only need to trust the data on the blockchain, instead of third parties or middlemen, to make guarantees.
Transparency:
The blockchain ledger is a public record of all transactions and would require the collusion of the entire network to falsify. All activity recorded on the blockchain is open and available for anyone to scrutinise.
Security:
The blockchain database is not centralised and is stroed on many different computers. This along with the fact that it is impossible to falsify a transaction mean that it is an extremely secure method for data storage.
Improved traceability:
Each transaction recorded on the blockchain provides a traceable link between the parties involved. This information cannot be removed or manipulated on a public blockchain.
Increased efficiency and speed:
The interaction between different groups who require access to the same information stored on different ledgers can be time consuming and costly. Blockchain provides a secure and efficient solution to this problem by being a distributed source of concurrent information securely accessible from anywhere at anytime.
Reduced cost:
Blockchain reduces the need for third party verification business processes, this process is maintained in the protocol of the blockchain itself. This means that it is not necessary to trust a business associate, but rather one needs only to trust the information stored on the blockchain.
Transparency: Because of its immutability, transparency of items such as food ingredients, clothing, governmental procedures etc⌠Can be verified.
Security: Because of the immutable properties of Blockchain, and how each block after it is added consentially is encrypted when itâs linked to the precious block making it secure and unable to be altered. Once one block is altered each previous block would have to be altered.
Improved traceability: Because of this auditing of ingredients for example, could be precisely traced back to their origins and be visible for all to see on the Blockchain. Complex supply chains can be seen much easier.
Increased efficiency and speed: Transactions can be completed much easier and much faster by using a single digital ledger, rather than to reconcile multiple ledgers. Also paper heavy and labour intensive procedures can be dispensed with.
Reduced cost: Third parties and middlemen are not needed as data on the block chain can be trusted.
-
Transparency:
Blockchain makes transactions visible on a network which is driven by computers. At the moment our banks are not working transparant because they use central authorities. -
Security:
Blockchain is secure because of the decentralized network that it is. A transaction can be done but cannot be revised. This changes a lot security wise. -
Improved traceability:
In supply chain it would be able to trace were every connection is made for the end product. All that information can be stored in the code of blockchain. This brings a lot of facts to the shifting product. -
Increased efficiency and speed:
answer 3 also means this can be done in a speed because it is all based on one platform network.
This gets rid of a lot of middle parts which help the product to be supplied efficiently. -
Reduced cost:
one platform / network generates fast information and networks fast with all connections.
This reduces many costs while managing a product from begint o end.
Explain with your own words, why these are the benefits of using a blockchain.
Transparency:
All the data of all transactions is avalable on the blockchain.
This means you can see when someone transacted through the network.
All computers work together to check these transactions, that is called consensus.
Security:
There are computers connected to the blockchain. they secure the network.
It is impossible to make up transactions, because these computers will just ignore your transaction.
All data is incripted and stored all over the world, this makes it almost impossible for hackers to manipulate the system.
Improved traceability:
The blockchain has provenance, wich means it has the ability to see where transactions came from.
there can be live auditing of the provenance of the transactions.
This way the autentisity of a product can be easely traced.
Increased efficiency and speed:
The network works on consensus, so it is either a yes or a no.
There is no need for a central authoraty to check on if it is correct or not, because that is what the blockchain does.
All the data goes through the blockchain and this makes the speed much faster.
Reduced cost:
There will be no need for a middleman or accountants, all data will be in the transaction and on the blockchain.