Transparency. it reduces the amount of scam that you face in this world
Security. You don’t have to trust people anymore. And it’s impossible to hack
Improved traceability makes it easier to track things to investigate and gather information in general
Increased efficiency and speed speaks for itself. … I can’t really add anything to that
Reduced cost is probably the most demanded thing that every businness in this wolrd chases
Transparency: Everyone is working off the same ledger, rather than their own copy of the ledger. Therefore, the transaction that we all see will be identical.
Security: Before a transaction is added to the ledger, it must first be validated by all participants. Once it goes onto the ledger, it is encrypted across many networks, making it difficult to penetrate.
Improved Traceability: Tracing the trail and source of the transaction is easy as it is recorded and watermarked in the transaction itself.
Increased Efficiency & Speed: Everyone has access to the same transactional information, therefore the need for auditing and other financial services become mitigated as the information is universally trusted.
Reduced Cost: All of the above eliminates a considerable amount of cost as you no longer require investing time, effort and money on verifying the transaction information is reliable and/or accurate.
Transparency: All transactions are available to see on the blockchain.
Security: Information is stored on servers all over the world instead of just one. Data is encrypted and linked to the previous block.
Improved traceability: Goods can be traced to every step of the way to the final destination. This also prevents fraud.
Increased efficiency and speed: Everyone has access to the same data witch makes it easier to trust. Less documentation makes things faster.
Reduced cost: When everyone trusts the blockchain they don’t need as much documentation as proof, which makes middleman not needed.
Transparency: The distributed ledger is shared and available to be observed openly.
Security: Agreed transactions is encrypted and then stored globally across the network.
Improved traceability: Audit trails are attached to the transaction.
Improved traceability: Increased speed with less clutter.
Increased efficiency and speed & Reduced cost: The network doesn’t need third party review because the network IS the third party.
Transparency: Information shared in the Block chain must be in consensus. and this information is on a public ledger, where this information can be seen by all permissioned parties.
Security: Being that there is consensus, all access points in the network on the blockchain are linked with each other preventing fraud and loss of information.
Improved Traceability: Everything can be traced through block chain with the time, who participated. being decentralized allows for information to be traced without any clutter. It immutability allows for this information to be found without hassle.
Increased Efficiency and Speed: Consensus allows transactions to be made in minutes and removes the use of third party intermediaries.
Reduced Cost: Being that the system is Trustless, Efficient, Fast, Secure, Transparent, and DECENTRALIZED, the cost to run industries will be come cheaper as time goes by due to the nature of the system.
Transparency: Trust
Security: Trust
Improved traceability: Trust and efficiency.
Increased efficiency and speed: Greater efficiency/Speed = Better Productivity = Increased Wealth.
Transparency: Public ledger allows for all people to see what is happening. This prevents fraud.
Security: Decentralizing the validation allows it to be trust-less and thus more secure
Improved traceability: The public ledger allows audit ability to provide if needed the “where & when”
Increased efficiency and speed: No need for third parties- Trust-less
Reduced cost: Because of the increased speed and no need for third parties hence this makes things cheaper.
Rodolfo Pozo´s answers:
Transparency: All participants share the same documentation which can only be updated by consensus (all members have to agree the info is valid in order to upload it) The info is available to all participant who have permissioned access.
Security: When a transaction is approved, it is encrypted and linked to the previous transactions. In addition to that the information is stored across the whole network of computers instead of a single server.
Improved traceability: You can get “eyes” in your whole supply chain. Hence, you can check the provenance of your products and all its stops.
Increased efficiency and speed: Once everybody is sharing the same documentation you don’t have to waste time comparing info. All is at one place. Less third party mediation makes it faster than other systems.
Reduced cost: Less third part audit. You trust the blockchain powered by the network.
Explain with your own words, why these are the benefits of using a blockchain.
Public Blockchain protocols share and update a consensus of the distributed ledger of accounts and transactions. This is all verified by anyone therefore it has a high degree of transparency.
Transactions can be stored on a network of computers around the world so there is no single source or server which makes it very difficult for a hacker to effect the system. Records are agreed upon by the consensus protocol run by the service nodes.
By using the blockchain to track products that are traded you can trace them back to its origin. The history of the transaction data can verify the assets to prevent fraud and insure that the product is authentic.
When using a public blockchain everyone has access to the same information. Because of this all parties can trust the system with out numerous intermediaries. This reduces heavy paper processes from the traditional systems along with human error that requires third party mediation.
With blockchain tech you reduce the number of middlemen and third parties to gain trust because it doesn’t matter if you trust your trading partner anymore. You have the ability to verify the data on the blockchain. You also will have less documentation and it is more automated.
Transparency
Blockchain is a type of distributed ledger so everyone has the same digital information as opposed to individual copies and thus is consistently accurate. To change a single transaction would require the alteration of following records a consensus of the entire network which is not likely to be easy at all
Security
When transaction is approved, it is then encrypted and linked to the previous transacton adding further security
It would be very difficult if not impossible to hack all the records on the nodes of a blockchain as opposed to altering it on a single server
Improved traceability
an audit trail is produced that allows one to trace the journey of an asset back to its origin.
Increased efficiency and speed
Less work is required as you don’t need to reconcile multiple ledgers ad when everyone has access to the same information, it is easier to trust each other and faster as it excludes numerous middlemen that would otherwise be involved
Reduced cost
you will not need many third parties to make guarantees, instead you can just trust the data on the blockchain due to its accuracy and immutability
Every node has the same information and it is verified by all the nodes through consensus. Instead of scattered copies that don’t factcheck each other you have a network of ledgers where every node/ledger look at all the other ledgers to confirm that they have the right information. If you just had a bunch of copies connected to each other and you changed the content in one copy, no other node would see it if it is not on a blockchain.
Before a transaction is added on the chain it would have to be agreed upon by all nodes, not just one, and is encrypted when added. That the nodes are distributed geographically on different computers make it less vulnerable to an attack than if all info was just on one computer (think several connected warehouse vs one warehouse). To change the transaction data you’d have to change the data in all the previous transactions as well, which is very difficult.
You can track the making of a product in every step in its supply chain on a blockchain and when you do that you have a secure record of where every part of the product came from.
Everyone has access to the same information and that makes the information easy to verify, its digital nature makes it of course faster than paper. Since the settlement infrastructure and ledger with earlier transactions is distributed on a network between the participants you have a simpler process than if everyone had their own book-keeping and ‘‘version of the truth’’ and had to fine-comb compare with each other.
No middleman. No one needs to verify that one party of the agreement is committing fraud because the blockchain makes the rules and have all the parties bow to those. You just need to trust in the rules of the blockchain, not the participants.
Transparency: Every transaction in visible for everyone
Security: Because every node in the network verifies every transaction and are incentivized to communicate the truth and verify the truth with all other nodes. Cheaters are punished.
Improved traceability: Every transaction that is entered is available for everyone, i.e. in a supply chain/network, and cannot be changed
Increased efficiency and speed: The network is available 24/7, there is no need to wait for third parties to put their stamp on transactions and there are always enough nodes available to process transactions as people always want to make money.
Reduced cost: There are no third parties involved raking in fees for all kind of services like i.e. banking or accounting. It is using existing infrastructure (the internet).
Tremendous advantages of utilizing blockchain technologies;
Trustless; The need for trust is removed, the necessity of a “trusted third party” that acts as a transactional “clearing house” between parties is replaced by the database being distributed across thousand of nodes relaying the same data, the consensus (more than 51%) validates the data and its tx after multiples confirmations on the distributed database. Disables double spending with solving the byzantium problem and enables friction-less p2p mean of exchange worldwide.
Immutability; Once data is sent and distributed on the blockchain there is no turning back, the data is embedded into a block who is instantly stored across all nodes of the network making it irreversible and immutable. Only way to alter this data is a 51% attack and/or a hard fork.
Censorship resistant; See “trustless” and “immutability” section, I will add that with a brain wallet, for example, it is TRULY impossible to seize and/or control, without the owners permission.
Security; Anything happening on the blockchain is encrypted and it’s possible to prove that data is unaltered. Because of its distributed nature, achieved by different types of consensus algorithm, you can check data signatures across all the ledgers on all the nodes in the network and verify that they haven’t been changed. The linking between the hash of each block that is generated based on both the data contained within current block and the hash of the previous block, is a major factor contributing to the blockchain security and immutability.
Traceability; Everything on the blockchain is for everyone to see, making it the most transparent tech worldwide. It literally disables potential and future possible corruption-cases (Money laudering, political bribery, etc.), if everything is for everyone to see, most ill-intended actors will refrain from doing illegal and world-impacting actions.
Efficiency and Speed; Banks; 3-5 business days. Transferwise; 2-3 business days. Blockchain; Counted in seconds and/or minutes for p2p transactional completion.
Freedom of choice; It allows people to opt out the archaic deeply corrupted crony capitalist system that we live in today.
Benefits of the Blockchain.
Greater transparency trough shared documentation, that can be updated only trough consensus., changing single records is impossible.
Security is enchanted trough encrypted transactions, and information that is stored in a network of computers.
Traceability is improved by complex supply chains that are transparent and clear.
Automated processes without 3rd party member makes transactions fast and efficient, and shared information makes trusting easier.
Reduced costs are achieved by removing 3rd party member, which causes lesser effort to complete the processes.
Transparency:
The transaction is visible by every participants within the transaction at any moment in time (in real time).
Security:
No single point of failure/central authority, all the transactions are validated by the network using the consensus algorithm (POW, POS, DPOS).
Improved traceability:
We can always go back in time to see the origin of the transaction to have a better perspective on the overall transaction from end to end.
Increased efficiency and speed:
Can remove some of the overhead currently require within a transaction by facilitating the direct exchange between the provider and consumer.
Reduced cost:
No more requirement for a middlemen (auditing firm, more efficient by improving the overall process witch lead to cost reduction)
Transparency:
The distributed ledger records of all transactions that were previously approved by consensus and this information can never be later changed. This makes it possible for all participants to trace back all the transactions and data knowing that this information could not have been changed and all the steps are fully transparent.
Security:
It is much more difficult for hackers to compromise the system since the transactions are stored across the network instead of a single server and data is continuously verified and encrypted.
Improved traceability:
Every step of the supply chain is recorded permanently on the blockchain and it can always be traced back. This information can be audited and traced, this improves also product authenticity and prevents fraud.
Increased efficiency and speed:
Paperwork and human error are eliminated. The fact that the information recorded on the ledger is transparent and accessible to all the process of auditing is much more simple and any middlemen are eliminated. All this makes settlements much faster.
Reduced cost:
The elimination of middlemen, the trust in the secure network where all information has gone through a process of verification by multiple participants, elimination of time consuming review of paperwork and speed of transactions also reduce cost.
Transparency. All data recorded in a public ledger are accessible to anyone in need
Security. All data chained to each other by their own digital signature after been approved by the decentralized network consensus, to change one item means changing the whole chain
Improved Traceability. The opened data ledger makes it possible to trance it all the way to the first made
Increased efficiency and speed. Many works that need a third party to gain the data wont be needed, and so it cut out a lot of time and effort to do that
Reduce Cost. The less effort to do things that usually done to get the data makes the cost needed went down.
Transparency: Everyone has the same version of an asset across the network. No copies, amendments can be made.
Security: All transactions must achieve consensus and then are final and immutable.
Improved traceability: All participants can track the movement of an asset/funds on the network without having to trust anyone. Allowing you to do business with strangers. Trust in the network, the code.
Increased efficiency and speed: Eliminates third party intermediaries. Cuts out bulky paperwork and everyone has a copy of the same transaction. Reduces trade time frames to almost instantaneous/ t0.
Reduced cost: Eliminates third party intermediaries and unnecessary resources.
Transparency:
Makes it possible for all the parties involved to check all data stored on the database at any time because it is a distributed ledger.
Security:
Every transaction on the blockchain is linked to the transaction before it. That makes the altering of any data on the blockchain very difficult because you would have to alter all the data that comes after it as well. This way the database is much more secure to manipulation of data.
Improved traceability:
All data stored on the blockchain stays there in the order it was stored. That improves traceability.
Increased efficiency and speed:
There are no third parties needed to the processing of data on the blockchain. Also there are no third parties needed for the distribution of data on the blockchain. That increases efficiency and speed of sharing and storing data.
Reduced cost: If you don’t need third parties for processing data, keeping it secure and distributing it you will reduce costs.