transparency; all the network participans share the same documentation… that is total transparancy
security: a transactio must be aproved before recorded is shared in a network
improved tracabality ; you end up witch a audit trail, every stop is documented
increased efficiency & speed: a ledger is shared, you don’t have to reconcile multiple ledgers? it is easier with same ledger
reduced cost; you don’t have to trust a third partie you trust the blockchain, so less documentation
Transparency is key when it comes to building a space where trust no longer is necessary. It’s what’s wrong with the systems we live in today, that everything is hidden and only visible to the ones that would protect its dirty insides because of personal involvement/winnings.
Security is very important when it comes to handling sensitive or personal data. Blockchain, on the contrary of other databases, increases security by making everything visible and available to everyone, and by making it impossible to alter or change data without the consensus of everybody else. Something we do not find anywhere else.
Improved traceability is achieved by making data, ones written on the blockchain, immutable. Everything that happens gets noted and can no longer be denied. By including everyone on the blockchain there can no longer be lies about the origin, since everyone would have to agree to make it true.
Increased efficiency and speed is not only characteristics of the blockchain but also a result of using it. All above mentioned categories makes work more efficient since it’s removing the need of trust and complex investigations.
Reduced cost will inevitably be a result out of all this.
Transparency: Becouse blockchain is reliant on a system that records and stores every piece of information and there is no way to revert back and change the information thereby enabling greater transparency. This could, for example, be within a supply chain where on the blockchain any false claim can be easily available.
Security: Becouse Blockchain is not made with a single entity but rather made of a network of computers that communicate and backs up the information in the ledger. This makes it a lot harder for intruders/ hackers to access crucial information.
Improved traceability: Becouse the system resources every piece of information on the ledger which can be traced back. The system is also made so that there is no way to change information when it has been added witch adds trust in the information.
Increased efficiency and speed: Companies rely on systems that have to be controlled by humans and thereby is exposed to human error. There is also a lot of systems that have been made for old technology. For example the payment process we have today. A lot of time could be cut out of that process becouse you would not have to go through banks and verify the payee in the same manner.
Reduced cost: There could be a lot of middlemen that would not be needed to verify the transaction for example. This would greatly reduce the cost of companies that rely on these middlemen. This is one of the biggest benefits of trustless system.
1/ Transparency = There is a public ledger with information that can be altered (easily)
2/ Security = The decentralised nature of blockchain network requires consensus in a network for new information to be added on a shared ledger
3/ Improved traceability = The ledger keeps a chronological record of all transactions
4/ Increased efficiency and speed = Blockchain eliminated the need for third parties to ensure trust. This simplifies transactions and makes room for automation
5/ Reduced cost = As trust is not needed, companies can do not need some external parties to act as middle men, taking profit
Transparency - Blockchain increases transparency due to the fact that all network participants share the same documentation which can only be changed through all parties agreeing. Therefore data being shared is more accurate and up-to-date and changes can only be made with the agreement of the whole network.
Security - Once transactions are agreed by all parties it is linked to the previous transaction and is stored across a network of computers. It is very difficult for it to be hacked therefore the transaction data is safer than if the information was held on a single server.
Improved traceability - There is an audit trail on the blockchain for all exchange of goods and financial transactions which show from where the asset or payment came from and times and dates. This can provide proof of authenticity for assets as there is a historical trail of where it comes from.
Increase efficiency and speed - With a network of ledgers there is no time wasted reconciling multiple ledgers, everyone has access to the same information at the same time. There is less chance of the errors of the traditional paper processes and nil corrections to be made. With blockchain all transactions are streamlined and automated.
Reduced costs - With blockchain there are less middlemen and therefore less cost, you just have to trust the information on the blockchain and wont have to waste time reviewing much documentation. Everyone has access to a single unchangeable version.
Transparency:
Transparency is a benefit of blockchain because it is a shared, network of databases that acts as distributive ledger. Anyone with permission can access the data and feel confident that it is legitimate because of the consensus protocol within the network. This makes it very difficult to cheat or be untruthful because all the nodes on the blockchain must verify new data that is entered. Once it is on the blockchain it is immutable. Moreover everyone shares the same copy of the blockchain ledger, making it truly transparent.
Security:
Transactions must be agreed upon before they are recorded and once they are finalised they can’t be reversed because it is encrypted onto the blockchain.
The network is spread across multiple shared databases and this makes it very difficult to hack or compromise data. This makes it a very secure record keeping system.
Improved traceability:
Blockchain allows for auditing in real time, so you can see every step of the journey a product has made from its origin through to market. This is revolutionary because in the past, a paper trail is needed and this can easily be made fraudulent.
Increased efficiency and speed:
Traditional paper heavy processes are cumbersome and inefficient because they are prone to error, fraud and usually must involve third party intermediaries which add extra time and money to the process.
With blockchain technology you remove this inefficiency because all record-keeping is kept on shared ledger that everyone has access to. Everyone has the same information so it is easier to trust and more difficult to cheat. You also don’t need a paper trail or any intermediaries.
Reduced cost:
All the reasons outlined above reduce costs because the entire system becomes more efficient, secure, and trustworthy. You will save money in all of these areas, especially when dealing with intermediaries and record-keeping.
TRANSPARENCY:
In Blockchain transparency is key. In terms of Bitcoin, anyone can have access to the distributed ledger and they can even run their own node and play a part in the consensus algorithm (Proof of work) used to process translations and add them to the blockchain. The Bitcoin protocol and the scale of the blockchains security means that changing/removing a transaction on the blockchain would be extremely difficult and take an immense amount of computing power. The transparency of a blockchain ensures its trustworthiness provided the security level sufficient.
Security:
In a public blockchain such as Bitcoin, participants have financial incentive’s to build on the network security, by adding a node and mining/processing the network data you will receive block rewards in the event that you have been able to add a block to the blockchain through the use of computational power. A blockchain with a large amount of these validaters becomes very difficult to compromise or ‘hack’.
Improved traceability:
Recording real life transactions of goods on a blockchain can produce a level of traceability that would be extremely difficult to replicate and verify if you were using a traditional method and virtually impossible for the consumer. Entire supply chains can be tracked using Blockchain technology with the end result being that consumer can trust the origins and ingredients of the items they purchase.
Increased efficiency and speed:
By utilizing Blockchain technology a company could automate much of their processes in trading, sending and receiving payment etc. and in turn cut a massive amount of cost and human error from their record keeping. Where all of the in and outgoings of the business are streamlined in such a way the speed, efficiency, transparency and security of the business will improve vastly.
Reduced cost:
A company will achieve high cost reduction through the use of Blockchain technology. Considering all points above, a company will have massively reduced the need for ‘middlemen’, including stock takers, accountants, lawyers, auditors, banks and many more, they will be more efficient and deserving of the trust of their customers.
Transparency: blockchain ledger is public so the same information is accessible for all users. No information could be changed or deleted by anyone. All users are equal and only mathematically based protocol is the GOD.
Security: It is secure, because it is completely decentralised. To make an impact on the chain you have to have majority of votes, which means more than 51% of whole system. Although it is possible, but still very improbable, because that kind of hack would cost too much.
Improved traceability: Blockchain is database, where you can only add information (no information could be modified or deleted), all the information added to chain have to be accepted by the all users, so no false information could get through. So there you have a perfect traceability of all historical data and live time info in the same place.
Increased efficiency and speed: The same public ledger is available for all users which is controlled by protocol. So no Human error, no heavy paper work and no third party intermediates are necessary.
Reduced cost: In blockchain no middle mens with their systems and other intermediaries are involved.
Shared transaction histories of the same documentation can be updated through consensus.
Data on a blockchain is more accurate,consistent and transparent.
Blockchain transactions can be agreed upon,recorded,approved,encrypted and linked to previous
transactions then shared across a network. Shared critical information is difficult to hack or
compromise helping to prevent fraud and unauthorised activity.
Historical Blockchain asset transactions can be recorded,traced back to origin,verified,authenticated and fraud prevented.
Blockchain transactions automated record keeping is completed fast and efficiently using a single
shared digital ledger. Without numerous intermediaries therefore enabling clearing and settlement
to occur much quicker.
Blockchain reduces costs by removing third parties and middleman. Enables trust less trading guarantees. Less documentation to review to complete a trade as everyone will have permission-ed access to a single immutable version.
Transparency:
-publicly available database
Security:
-there is no way to cheat or duplicate transactions
-information are stored in network instead of on a single server
-all decisions are made together by several parties and they have to be in agreement
-everyone is incentive to tell the truth
Improved traceability:
-blockchain enables tracing and verification of the provenance of transactions or products
Increased efficiency and speed:
-no middleman needed
-faster and direct transactions
-automating supply chains and other sectors because of one public ledger
Reduced cost:
-no middleman or other third parties are needed because you don’t need to trust your trading partner you trust in data on blockchain
There are five benefits to using blockchain. They are Transparency, Security, Improved traceability, Increased efficiency and speed, and Reduced cost.
In a blockchain network, all participants have access to the transaction chain (the blockchain) and can verify transactions at any time. This the transparency. There is no central database with ledgers that require tedious amounts of paperwork and third parties to ensure a balance of transparency and transparency. This brings up the next beneift; security. Since everyone relies on this decentralized ledger, it is fundamentally important that it cannot be altered or changed by people with fraudulent intent. Since we can also follow the entire chain of transactions with confidence, this makes tracing the source of goods or assets far easier. It reduces the time (efficiency and speed) needed to sift through paperwork and verification. This in turn reduces the costs.
[quote=“ivan, post:1, topic:8421”]
Transparency:is important for clarity in the network. No funny business. Information is available to anyone.
Security: decentralization ,no single point of failure.Prevents fraud because information is stored on a network of computers instead of one database.
Improved traceability:history can’t be changed
Increased efficiency and speed:p2p transactions, no bank ,agent or a bureaucrat in the middle needed.
Reduced cost:p2p transactions, no bank ,agent or a bureaucrat in the middle.low fees and no commission
/quote]
Transparency: All parties involved in the network can see exactly what is going on at all times.
Security: Data on the ledger is immutable. It cannot be modified without total network collusion
Improved traceability: A string of transactions can be traced back to the original transaction because the history is contained in the ledger. Because copies of the ledger itself is updated on all nodes, anyone involved with the network can trace transactions.
Increased efficiency and speed: The need for an intermediary entity or middleman is mitigated with blockchain technology.
Reduced cost: Continuing from the previous post. The less parties involved means less moths to feed so resources can be utilized more efficiently or cost effectively.
Transparency- The consensus would decide which blockchain is truth and show all prove of data.
Security- Makes it very difficult for hackers to compromise the transaction data.
Improved traceability- is an audit trail that shows where an asset came from and every stop it made on its journey.
Increased efficiency and speed- transactions is made faster and more efficiently without the third party.
Reduced costs- No third party, no need to trust people because everyone will have permissioned access to a single, immutable version.
Transparency: It is transparent because you cannot hide a data change from the rest of the network. All nodes participating in the network contain the same copy and must agree in consensus to approve an update to the ledger thus eliminating the need for blind trust.
Security: The distributed data is encrypted.
Improved traceability: You can audit the history of a product exchanged on the blockchain. You know where something came from and where it’s going.
Increased efficiency and speed: blockchain removes the need for middlemen thus increasing speed and efficiency. Speed increases as well when you don’t have to worry about trusting other entities when you can verify all transactions with the network.
Reduced cost: Makes things less complicated and removes need/cost for middlemen and other 3rd parties.
2 Blockchain security is high level unlike other record-keeping system.any transactions that is recorded needs to be agreed upon using the consesus method and also each of these transactions are encrypted and linked to the previous one. Blockchain networks are also immutable.
3 With Blockchain technology Supply chain companies can monitor activities in real time. All parties involved will have access to trace/ track in real time, the movement of products or transactions during the supply chain process unlike in the traditional way when items are very difficult to trace.
Blockchain fixes the time-consuming process and automates them to maximize efficiency, it also obliterates human made errors with it’s automation system. the digital ledger makes it possible by providing a single place to store transactions.
Using Blockchain technology can make companies reduce cost associated with 3rd party vendors. Since it’s a decentralised system, there is no need to pay any vendors. Also there is less interaction needed when it comes to validating a transaction, hence removing the need to spend money or time on simple work.
Benefits of using blockchain:
Transparency- every computer on the network shows the same transaction and therefore makes it more secure. very difficult to “edit” a transaction without consensus of entire network
Security- Since the network shares the same “ledger”, everyone has to “agree” for transaction to happen. Every transaction is encrypted and linked to the previous transaction.
Traceability- the blockchain makes it easy to find out where a transaction/log came from.
Efficiency & speed- Using the blockchain, all network participants have access to all logs/transactions, makes it easier to “look-up” records or process things.
Reduced costs- No need of middle men reduces costs. time is money, so reduced time in reviewing transactions/logs.