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Transparency means a transaction is there for everyone to see. Once filled it becomes transparent and trustless.
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Security because the transactions are verified by multiple computers and rarely hack-able.
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Improved traceability because there is POW in the protocol and every step can be tracked
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Removes 3rd parties from the equation resulting it speeding up.
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Reduces Cost no need for 3rd parties again no extra occurring costs. It can be audited immediately
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Transparency
All transactions are available to all and cant be change or deleted.
Security
Data is stored across the network removing issue of a single point of failure.
Improved traceability
Every transaction can be tracked and audited in realtime.
Increased efficiency and speed
Everybody can see the same information.
Reduced cost
Because blockchain is peer to peer it removes all middlemen and reduces fees.
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Transparency: everyone at anytime can verify transactions. Also everyone involved has his own ledger.
Security: with no 3rd party that can store your data, security in blockchain is the blockchain itself
Improved traceability: Anyone can do an instant check from where did a good or currency came from.
Increased efficiency and speed: Because of automated features of blockchain information can travel faster
Reduced cost: Again because of automated features a lot of 3rd party companies or partners are no longer needed.
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Transparency
a. public ledger
b. updated through consensus
Enhanced Security
a. decentralized
b. updates need consensus
c. linking to previous transactions to secure validity
Improved traceability
a. improved ease of tracing supply chain
b. real time auditing
c. lends itself to fraud prevention
Increased efficiency and speed
a. less room for human error
b. shared records between parties to limit reconciliation
c. immutability means no âcharge backâ situations
Reduced costs
a. less 3rd parties and middlemen to cut in
b. less document review due to shared trusted ledger
c. less employees
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- Transparency: Transactions are immutable, cannot be modified or deleted, are available for review, provided the user have access. This makes it easier to make audits and impossible to cheat.
- Security: Blockchain transactions are encrypted and unchangeable.
- Improved traceability: Transactions in the blockchain are immutable and makes it possible to trace all information tracked. In the real world, for instance if dealing with physical items identified by some token.
- Increased efficiency and speed: When a transaction is verified this is known to all nodes on the network, i.e. all interested parties. There is no middle men involved.
- Reduced cost: No middle men will decrease the cost.
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The advent of the digital age will bring about an environment where new business models will disrupt and transform the economy. Blockchain technology will initiate this transformation by providing greater transparency, security, traceability, efficiency, speed and cost reductions.
Greater transparency will be realized, as the blockchain is a distributed ledger where all network participants share the same documentation as opposed to individual copies. The shared version can only be updated through consensus; where agreement is required from all participants.
Improved security will be provided because the blockchain is more secure than conventional record-keeping systems. Transactions must be approved by all parties before they are recorded, encripted and linked to previous transactions. They are also stored across a network of computers. This process makes it difficult for hackers to compromise and hack the transactional data.
Improved traceability is reaped for organizations that deal with products that are exchanged through the supply chain. When exchanges of goods are recorded on a blockchain, there is audit trail that shows where an asset came from and every stop it made of its journey.
Increased efficiency and speed are realized through blockchain as conventional trading is time consuming and requires third party mediation. Since record-keeping is conducted using a single digital ledger that is shared among participants, you donât have to reconcile multiple ledgers. Sames information is available to all parties without intermediaries. Clearing and settlement can occur much quicker.
Reduced costs are realize because with blockchain you just need to trust the data on the blockchain not the quarantees from many third parties.
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Benefits of using a blockchain.
Transparency: Blockchain is an open ledgers , single digit where everone allowed to use it is a part of the network. Everyone must agree on any updates through consensus. Data is more accurate and less need for paper audits.
Security: Each transaction must be approved by everyone before it is recorded. Chargebacks are more difficult to perform . Transactions are approved and encrypted, then linked to other transactions through a network of computers. Immutable and hack proof.
Improved traceability: With improved traceability supplies can be tracked every step of the way. There is less chance of fraud by creating a detailed history.
4. Increased Efficiency and Speed,
By recording by paper, there is room for error and opportunity for a intermediary. Automation with blockchain becomes more efficent, trustless and less clutter.
5. Reduced Cost: With fewer or no third party and a trustless trading record everyone has access to the single digit leger. Easier to follow the money and locate any waste thus cutting cost. Also reduces labor intensive paper trailing.
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- each and every transaction is checked by several computers on the network.
2; when a transaction is done, it is done. - track and trace the transactions is something important nowadays.
- transactions are done in real time.
- the end of midleman makes the blockchain a low cost transaction.
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Transparency ; because its a distributed ledger with a recorded transaction history viewable by everyone.
Security because that same ledger must be validated by other blocks before continuing to add to it.
Improved traceability because the audit trail can show where assets came from.
Increased efficiency and speed: differing from a paper record the speed of transaction is much faster and efficient cutting out human error and length of time it takes to manually distribute information.
Reduced cost: by cutting out middle men we reduce the overall cost of operations and transactions.
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Transparency: Transactions on a blockchain network are available to all network participants, and each participant has the same copy of data as all other participants. Any changes to the data must be agreed upon through consensus. Because of these requirements, data on a blockchain network is more consistent than when using paper-heavy processes.
Security: As mentioned above, all transactions must be approved by consensus before being added to the blockchain, thus making it difficult for data to be compromised. Another reason why blockchain networks are more secure is that data isnât stored in a central server, but rather on a network of computers. This makes it more difficult for hackers to compromise the data.
Improved traceability: An itemâs complete transaction history can be recorded on a blockchain, thus making it easier to trace an itemâs origin as well as any transactions made along itâs journey.
Increased efficiency and speed: Because data on a blockchain is stored in a single ledger, there is no need to reconcile multiple ledgers. This eliminates the need for multiple intermediaries, reduces clutter, and reduces the time needed for clearing and settlement.
Reduced cost: Because all parties involved have access to the same immutable data, there is no need for third parties to review the documentation.
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- Nothing is hidden, so any trade or transaction happen could be seen by too many ledger and verified so nothing done in secret.
- It is highly secured since any transaction is encrypted and verified by the blockchain and so it cannot be copied or hacked
- any transaction is registered and its history will be stored, so if I buy something its origin is know and stored, it is like certificate.
4.The transaction happened very fast
5.It is cheaper than the regular transaction
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- Transparency: Data is accessible and usable by everyone.
- Security: The network is responsible for the security. If the network fails to secure the blockchain, bitcoin will loose its value.
- Improved traceability: Through traceability, every blockchain asset has a recorded, immutable history.
- Increased efficiency and speed: A transaction doesnât need intermediaries, thus trading and international transfer of money becomes more efficient.
- Reduced costs: At least international transfer and transfer of large amounts of money are cheaper, because there are no intermediaries. The fees for small amounts are quite high.
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Transparency is improved with blockchain because of its uniform and distributed nature. As all parties involved have access to identical information it is far easier to reach an agreement / consensus. It becomes much harder to cheat the system. To create records requires the agreement form the whole network and thus must be verified by all to agree to is accurate and true. Altering or changing records (maliciously) in turn become very difficult for the same reason. Network verification.
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Security of Blockchain has several benefits. As said the network must agree a transaction is accurate and true first, then the transaction is encrypted and âlinkedâ to the blockchain. The blockchain stores the transaction on all computers in the network instead of one server which means there is no single point of attack for hackers to try and compromise the transaction data.
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Technology like blockchain allows for improved traceability by putting solutions in place in the supply chain. By digital verifying a product throughout very stage of production or delivery a digital audit trail can be created that far less prone to error.
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Traditional methods of book/record keeping are often labor intensive, complex and paper heavy. Blockchain features can overcome this to allow transaction to be quicker, a record of that transaction made, and all involved have the same information regarding that transaction. A digital audit trail.
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By streamlining such a complex task such as recording transactions, this has massive cost saving benefits. Reducing the need for 3rd parties to preform functions or provide insurances. Trust, and the need of trust is removed as the all data on the blockchain is verified.
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Transparency: transactions are on blockchain and everyone can see them. all computers have same copy of it with same records therefor change is not possible.
Security: transactions must be approved by computers before data is recorder on blockchain thru consensus.
it is linked to previous block so it is verified and cannot be removed. it is on network of computers not only on one server.
Improved traceability: we can track history of products from manufacuring, shipping, transportaion to final customer who purchased it.
Increased efficiency and speed: whole data is on blockchain available to everyone at any time. we dont need third party to check it. And it would take much longer anywayâŚ
Reduced cost: we dont need many people to trust each other because transactions were verified on blockchain. and more people is involved in process it costs more money. So blockchain reducecs these costs.
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Transparency: Because the transactions are recorded on multiple ledgers, it can be easily verified. This means that itâs harder to cheat someone.
Security: Since blockchain isnât centralized, itâs harder to hack into the database and obtain sensitive information/
Improved traceability: Because all transactions are recorded and cannot be removed, you can go through a series of transactions and see all of the steps.
Increased efficiency and speed: You donât need a third party to sift through all of the information; you can use programs to go through and compile everything needed or run a program that works while a transaction is occurring.
Reduced cost: This system removes third parties and is faster, so less money is spent on things that arenât strictly necessary.
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1.) Transparency is a benefit of using blockchain because anyone can view the ledger; there are no secrets!
2.) Security is a benefit because the ledger is immutable, meaning no one can change or alter it in any way.
3.) Improved traceability is a benefit because customers can know exactly where everything is coming from and do not have to trust any certifying body or anything like that. The immutability of the ledger is what allows for this trustlessness.
4.) Increased efficiency and speed is a benefit because this single ledger is the only documentation necessary. Because it is based on consensus there is little to zero possibility for human error. Furthermore, everyone knows that everyone has access to this same ledger.
5.) Reducing cost occurs because there is no need to hire third parties for audits or middlemen or anything like that. This is also a result of the trustless nature of the blockchain.
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Transparency: Because blockchain is an open ledger everyone has an access to it. If someone would want to alter the transaction, all the consequent transaction would have to be changes and all the participants of the network would have to agree on it.
Security: All the transactions are linked to the previous ones and stored across multiple nodes on the network, which makes it almost impossible to change it.
Improved traceability: If all the participants of network cooperate it is not possible that someone would lie about the origin of the information.
Increased efficiency and speed: Without need for intermediaries or old-school paper style work the transfer of the information across multiple participants of the network make it more faster and safer than in comparison with centralized networks.
Reduced cost: Without the need for third parties it is much cheaper for everyone to transfer a value. Also auditing of these records is much simpler, because everyone has an access to the same unchangeable records .
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- Transparency is one of the benefits because:
- The data on the network is more accurate;
- It reduces the need for trusting the other counterparty;
- It increases security;
- Assists in the accessibility to the public; and
- It reduces costs, those associated with extracting data out of a network.
- Security is one of the benefits because:
- It is more difficult to breach/hack the network;
- Leads to a more trustworthy network;
- Makes the network more anti-fragile; and
- Makes it more possible to use the network as a value transfer and recording system.
- Improved traceability is one of the benefits because:
- Increased Transparency (see above); and
- Provenance, so the ability to easily determine audit trails for example.
- Increased efficiency and speed is one of the benefits because:
- Lowers cost;
- Lowers barrier to entry; and
- Increases utility.
- Reduced cost is one of the benefits because:
- Increases adoption of the network; and
- Results in increased efficiency and speed (see above).
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benefits of blockchain:
transparency :
transparency is a great benefit in the company because all the data is easily accessible for all involved parties on the same level, data can be relied on as it is verified by all nodes in the network and once added, it is there forever. Instead of all parts of supply chain being managed by separate different platform with different processes and different piece of data managed by different parties, this is a great advantage instead.
security :
security can be relied on in company´s blockchain because there is no single authority managing the data/money, no single point that can be compromised and no weak ling that would have to be trusted. Instead, the crittical and sensitive data is stored on all places of the network providing backup in case of attempt to tamper with them.
improved traceability :
traceability is a big issue, especially in logistic process with food selling and medical companies therefore these would benefit from having reliable solid information ready and available in thee trustless blockchain verified by all involved parties. Instead, in the normal centralised process tracing back such info is usually time consuming and you have to rely on trusted business partner that they will provide info from their systems that only them maintain.
increased efficiency and speed :
this all unevitably results in increase efficiency and speed because all involved parties in the supply chain/business have all the data ready, all at the same tzime and same quality and they can easily verify them ⌠rather the relying on every subject in chain to do their part and distribute the data further, which can´t even be verified , can be inaccurate or tampered with.
reduced cost :
and this all effectively reduces cost to the business at the end. The savings can be made by eliminating unnecessary middlemen, various third parties, several infrastructures with employees managing them (instead of one unified blockchain).
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everybody can see what happens on blockchain and everybody has to agree on it, before its completed
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there is no third party controlling your information, therefore trustless and secure
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everything can be traced till the very beginning
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Everything happens on blockchain and therefor, noone has to find information somewhere else, therefore its faster and more efficienc
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everything is stored on blockchain permanently, no need for middleman
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