- Transactions can be verified with anyone
- The information is stored on multiple devices across a network, that’s why it makes it difficult to hack
- All informations is stored in network and it’s easy to track
- It’s deleted human errors
- Makes accountingly more efficiently
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Transparency:
All network participants share the same documentation as opposed to individual copies. -
Security:
Transaction must be verified by consensus. Along with the fact that info is stored across a global network. -
Improved traceability:
When exchanges of goods are recorded on blockchain, we can show where an asset came from - his origin. -
Increased efficiency and speed:
By streaming and automating those paper-heavy processes can be completed faster. -
Reduced cost:
Dont need third parties and middlemen because we trust to data on the blockchain.
Transparency - it mean everybody share the same documentation and that means everyone must agree
on those process. Everybody can check it out if it is correct. The blockchain is more
accurate, consistent and transparent for all participants in the system.
Security - All have to agreed before they the transaction is recorded. In those industry’s where
protecting sensitive data is crucial like governments, health care , banking sector
blockchain can really change the way how they operate currently. More improved
security.
Improved traceability - it is very easy to trace the product to his origin. Also you will know that the
information is correct is well. This way you can prevent any fraud.
Increase efficiency and speed - when you streamlining and automating these processes with
blockchain you will get transactions more faster and more efficient.
And when everyone has access to the same information, it becomes
much easier to trust each other without the need for checking at all. It
is automatic trust.
Reduce cost - The blockchain, will empower you that you don’t need as many third
parties to make guarantees because it doesn’t matter if you can trust
your trading partner. This way you are significantly reduce the cost of
checking those transaction or processes. It is win for business.
Transparency: All participants share the same documentation and it can be updated only through consensus. Also all information is accessible to all participants who have permissions to access.
Security: Blockchain doesn’t have a single point of failure, because the information is spread all across the network, thus making it very difficult for hacker to compromise transactions.
Improved traceability: All transactions on the blockchain leave audit trail, which makes it easy to track whatever information you’re using blockchain for.
Increased efficiency and speed: Blockhain removes all unnecessary middle man and makes it very fast and peer to peer.
Reduced cost: Don’t trust, verify. No need in third parties or intermediaries.
- Transparency: All network participants share the same documentation, that can only be updated through consensus. It is also available to all participants who have permissioned access.
- Security: It is very hard for hackers to compromise the transaction data because the transactions must be agreed upon before they are recorded. A transaction is encrypted and linked to the previous transaction. The information is stored across a network of computers instead of only one single computer.
- Improved traceability: When the information about transactions is recorded on a blockchain, you end up with an audit trail that shows where an asset came from including every stop it made. The data can help to verify the authenticity of assets and prevent fraud.
- Increased efficiency and speed: There is no human error and no third-parties involved so the transactions can be completed faster and more efficiently.
- Reduced cost: The costs are much lower because using blockchain you cut the middle man.
- Transparency:
-Open ledger that can be viewed by anyone means fraud is not possible - Security:
-No one point of failure - Improved traceability:
-all transactions ever made are recorded on this unchangeable ledger - Increased efficiency and speed:
-although centralized data bases gives more efficient outputs, the concept of the block chain allows elimination of redundant intermediaries - Reduced cost:
Less intermediaries, but higher cost in some cases to enable security.
- Transparency on the Blockchain means that all participating entities can see and have agreed to the transaction. To modify a transaction on the Blockchain would need everyone to agree to the update, making it more trustworthy and reliable.
- Security, because the information is stored on multiple devices, not a single server, it make it difficult for hackers to compromise the system.
- Improved traceability is enabled by the fact you get an audit trail on the Blockchain. Because this can’t be compromised you can track goods from there starting to end point, giving you a proof of origin.
4.increased efficiency and speed comes from reducing third party interference and reduced paperwork. Only one ledger is required for all parties to share. - Reduced costs are found by taking out the middleman because the information will be shared by everyone and thus reduces the costs considerably. Because it is done on the Blockchain the trust is in the transaction not third parties.
Transparency provides trust, security provides trust, traceability provides trust, increased efficiency and speed provides more use case which provides more trust, reduced cost makes it more adaptable which also increase trust. This benefits all contribute to making block-chain trust less.
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In a private bank ledger, there could mass fraud occurring and no one would know aside from the party who cooked the books. However, on a public distributed ledger, the participants (miners) must all agree to the exact same transaction history through consensus. This ensures the public that are making these transactions that there is no fraud occurring.
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The main feature in securing the blockchain is that each transaction is connected (like a chain) to the transaction before it. Each computer running the public ledger must reach consensus before the transaction is posted and each transaction is further secured with
SHA-256 encryption. Also, a centralized network can be quite easily hacked by malicious actors. This would result in the entire transaction record books being shut down and potentially customers being locked from accessing their transaction information. However, on a decentralized blockchain, the network is spread across the globe, so there is no central attack point. For instance, if a group of 1000 computers are hacked in an American facility in Texas, it is limited to that facility only. There would still be thousands of other computers in the network running the same tasks, thus the network continues to run. It can never be attacked in this manner. -
Improved traceability is a huge benefit to businesses with complicated supply chains. If an audit is conducted, they have a complete transactional record to prove the validity of their products and where they came from.
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One of the biggest benefits to blockchain is the speed and accuracy of the network. This can benefit a business immensely by eliminating human error during paper transactional records. Automating these transactions can also speed up the amount of time spent in an Accounts Payable department having to go through all the records to ensure they are accurate.
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The goal of any business is to make a profit. The more profit they make, the healthier the business becomes. When transactional tasks can be automated, it eliminates the need for so many third parties to ensure your record is accurate for taxation purposes. You need to only put trust in the network and a single immutable ledger instead of many parties with many different versions of the record.
- Transparency - Because we trust the system -The protocol.
We can verify every transaction anytime on the blockchain network. Ones added, stay forever. - Security -On the blockchain, data can be added only one time can not be deleted or manipulated
3.Improved traceability: we can track goods and transactions 24/7 365.
4.Increased efficiency and speed: Network -peer to peer.We do not need a 3d party to have our data
5.Reduced cost: By removing the 3d party, we are saving many transaction fees.
1 Transparency:
All history of transactions are visible to all members of the network forever.
2 Security:
Transactions encoded as a block are agreed and approved, then linked to the previous block and stored permanently across a network of computers worldwide. This distributed ledger with the same documentation shared by everyone is available to all. If someone made a change in one transaction in a block it changes also the link with the next blocks and therefore all the subsequent blocks, making cheating impossible with todays technology.
3 Improved traceability:
All transaction data encoding on the blockchain are public in nearly real-time. Every audit in historical data could be possible for all.
4 Increased efficiency & speed:
Making worldwide transactions, from everywhere internet is present, even through a mobile phone, with speed similar to send a photo…No bank account required, no need of intermidiaries. The uniqe, digital, public ledger simplifies procedures. .
5 Reduced cost:
a) No need of intermediaries (banks, layers etc) means no payment for their services.
b) Processes need less time to execute, means less dead “waiting” time which costs money at the end of the day, which expressed in several ways. For example as valeur in money transfer, as aw , eur And time is cost. For For example valeur in momey transactions, or because
Explain with your own words, why these are the benefits of using a blockchain.
Transparency:
Security: Sonce all participants must agree by consensus on an entry and since changes cannot be made without said consensus, the immutability of entries enhances security.
Improved traceability: The technology allows provenance, which yields an audit of origin for data kept on the ledger
Increased efficiency and speed: The elimination of paper records, and the simultaneous updating of ledger participants bith contribute to increased efficiency
Reduced cost: Paperkeeping and beaurocratic auditing are eliminated.
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Transparency
Transaction history is stored in the blockchain and it is secured cryptographically. All participants in the network can see the data and be convinced that it has not been altered. -
Security
Blockchain is a distributed system where the data is shared between the nodes in the network, so the data doesn’t get lost. Transactions are linked cryptographically so that change in one record reguires costly recalculation of all subsequent records. Changing the record would require enormous amount of computing power and would be very expensive. -
Improved traceability
For example supply chains of products can be stored in the blockchain. History of the process, like origin and trail of all the assets, can thus be seen in the blockchain. This will make auditing easier. Same applies to financial transactions. -
Increased efficiency and speed
When record-keeping is done using single ledger, which is shared between participants, things become simpler. This removes the need for many intermediaries. This enables many processes to be done in a trustless way and reduces the need for clearing things afterwards. -
Reduces costs
The trustlessness of blockchain removes the need of many intermediaries, which reduces costs. It also reduces the amount of documentation, because everything is stored in the single immutable blockchain.
Ok, my friend - what is your beyond-cool mind-mapping software?? 
Thanks!
Everybody sees the same complete ledger.
Cannot be hacked.
Complete, encrypted, confirmed history.
More transactions completed — instantaneously vs. taking maybe weeks!
Friction-less due to lack of intermediary fees.
Explain with your own words, why these are the benefits of using a blockchain:
Transparency: Transaction histories become transparent through blockchain because the blockchain is a distributed ledger, where a great number of participants on the network keep copies of the ledger which can be verified. Transactions are only added to the ledger through consensus of all those participated in the network. The transaction once added to the ledger cannot be changed - it is carved in stone. This achieves accuracy, consistency, and transparency for each transaction.
Security: Before a transaction can be recorded in the ledger, it must be verified by the network participants, and must reach consensus. Once it is approved, it is encrypted, then added to the ledger, or the blockchain, and subsequently stored on each participants computer, thereby rendering it unchangeable.
Improved traceability: The blockchain records all transactions that occur along a supply chain for product manufacturing. This allows for tracing each ingredient, or each good that is exchanged along the way. Each transaction is verifiable for quality assurance, which in turn prevents fraud. Each item is automatically audited - Everyone is held accountable, and incentivized to be honest.
Increased efficiency and speed: Transactions are completed with an automatic audit trail, so no 3rd party tracing is ever required. No human error can creep in because there are multiple participants recording and verifying each transaction in real time. Everyone has equal access to the same data which cannot be changed or modified. Reconciliation, clearing and settlement is easy.
Reduced cost: Middlemen or 3rd parties are not required to help manage, review, or audit your business transactions, so there is no need to pay for these activities. It is built in. This helps reduce the business’ bottom line costs.
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Transparency allows for each participant to have a detailed history of the information on the blockchain also know provenance.
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The security of blockchain is created in a few ways. Besides the distributed ledger, there is consensus. There is no need to trust your trading partner because the consensus of all participants on the network verifies the validity of all transactions. Also, because the hash of the previous block is added to the new block, blockchain is immutable.
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Improved traceability on the blockchain allows anyone to see where and when an item or information was at each step of the supply chain.
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Blockchain’s Increased efficiency and speed is a benefit because it allows for less auditing of multiple ledgers.
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Reduced cost is achieved by having less third-parties or middlemen. Most businesses are in it for money so this would be greatly beneficial to them. There is no need to have anyone mediate a transaction due to consensus and provenance.
Transparency - Blockchains make all of their transactions transparent on a public ledger. This can be a benefit to having a trustless system, being able to be audited by everyone, & creating an immutable system that can be verified & is fare for everyone who uses it.
Security - Since every transaction has to be verified by the network this prevents the data from being hacked or any or the transactions from being reversed.
Improved taceability - Every transaction is kept on a public ledger which allows each one to be traced from the last. This can be useful for any type of auditing or even perhaps a way to even automate things like personal taxes or business accounts.
Increased efficiency and speed - From defi to supply chain management, blockchains can cut out middle men from many different industries and make everything transparent & able to be audited with ease. The data is continuously being uploaded to the network and is available to all parties that need to use it almost instantly.
Reduced cost - One of the best examples is the banking system. Any international wire transfer costs vastly more than the transaction fee of a blockchain system. Furthermore blockchains can reduce costs in supply chains or managing any type of public data.
Transparency:
Every network participant shares the same database, thus every network participant, or everyone, can view the entries. Each transaction is linked back to each other, so the origin of a coin can be traced all the way from the miner to the final destination. This can be especially beneficial for detecting shady transactions inside an organisation or a country, and real time audit of spending - i.e. a painter asks you for 2BTC - one for his effort, and one for the paint, and you see that he sent 1 BTC to his private address, 0.5 BTC sent to Paint Shop’s address and 0.5 BTC sent to local gas station which only sells beer and cigarettes, then you have a proof, or can have a strong suspicion, that he’s not spending the funds as intended.
Security:
Entries on the database must be agreed upon by the majority of the network, and large enough network is becoming a decentralised network, therefore false data cannot be entered as easily as by accessing a single server.
Improved traceability:
It’s easier to track a complex transaction chain, and it’s possible to see every step of it which is recorded automatically. Having a reliable tracking ability allows for optimisation of the supply chain and use the trust and verifiability of the used blockchain instead of time and money consuming process of building trust for a single entity.
Increased efficiency and speed:
Heavy data-entry job prone to human error can be automated, making it faster and more trustworthy, and the human potential for abstract thinking and judgement can be better used elsewhere.
Reduced cost:
Automation enables one person to do more, and unburdens one from repetitive tasks. Automated data entry and audit reduces the risk of human error. It can also remove the necessity for participation of multiple third parties, which would charge for their services.
Transparency: everyone has access to the transaction ,on the block chain distributed ledger is able to access a copy of the documentation
Security: transaction are agreed upon and transferred upon blockchain servers not just a single server
Improved traceability: audit trails on blockchain allow users to see where the product came from and what stops it have made along the way
Increased efficiency and speed: allows user to get transaction done faster with less time consuming paper work , everyone can access the log of documentation the blockchain holds
Reduced cost: you dont need a middle man to trust , the data on the blockchain is immutable