Explain with your own words, why these are the benefits of using a blockchain.
Transparency: It creates a trustless system through consensus
Security: It disables the possibilities of fraud, hacks, and unauthorized activities
Improved traceability: It provides real-time audit for all data on the network
Increased efficiency and speed: It supports automation without the likelihood of errors
Reduced cost: It cuts external expenses through self reliance
Transparency: With consensus, the information going through the blockchain network will be available to everyone and everyone will check if it is true or false information. If you were to change information in the network you would need every network participant to agree with it.
Security: Before a transaction is made in the blockchain network, it needs to be agreed upon by both parties. After the transaction is approved it is encrypted and linked to the previous transaction. Furthermore, blockchain consists in a decentralized network, meaning that the information is stored across a network of computers instead of on a single server, which would have been easier to compromise.
Improved traceability: When exchanges of goods (milk, sugar, vegetables etc.) are recorded on a blockchain, you end up with a trail that shows where an asset came from, all the way to its origin. This can help to see the authenticity on a product or if that organic food with low amounts of fat, really is what it claims to be.
Increased efficiency and speed: With paper heavy processes a transaction is likely to contain a bigger risk of human error and third party services which both increase the time being spent on the transaction. By automating these processes with blockchain, transactions can be completed faster and more effeciently without the use of a third party. And since the record keeping is being performed by a single ledger there is more transparency and less clutter.
Reduced cost: The reduced costs are both in money and time. You wonât need as many middlemen or third parties due to the fact that you donât need to trust the other person - just the data on the blockchain. You also wonât have to review as much documentation beforehand, as the network already will have permissioned the trade to go through.
Transparency: Everyone can see what is going on with the blockchain/ledger so it is hard to sneak something in or out.
Security: Transactions have to be approved and are connected to previous transactions so fraud is very difficult.
Traceability: Since it is all in the blockchain there is no need to trust third parties to verify transactions.
Efficiency & Speed: It is all digital so as soon as the transaction is recorded it is available (unless you are on Mars).
Reduced Cost: Fees are low and there are no middlemen so the price is kept low.
Transparency: The blockchain is the place where you can read every transaction that was made. Anyone, anywhere at anytime can do it.
Security: There is no central database that can be âburnt downâ. Everything is on everybodyâs computer. the network is vast and hackers cannot hack this.
Improved traceability: It means that you can go back in time and create an audit that will show exactly when what time how much was sent from whom to whom. Nothing is to hide.
Increased efficiency and speed: Nothing that stands between the âsenderâ and âreceiverâ. No such thing as a bank between two people sending a value called bitcoin.
Reduced cost: No middle-men taking their cut at every transaction.
Transparency- The history of all transactions [for a particular blockchain] are on that blockchain. No one can go back and change history as it were. And because every participant on a particular blockchain [sometimes called a ledger] all have the same copies of data on that ledger, everyone can be confident that all the data on that ledger is true, because it has already been agreed through consensus on the network.
When everyone has the same copies of data secured on a secure network it means there is no lost or conflicting data at either end of a transaction. Therefore this speeds up the entire transaction process through greater transparency.
Security- Blockchain provides enhanced security because all transactions are agreed before they are recorded on the Blockchain/Ledger . Once transactions are accepted they will be encrypted and linked to the previous transaction. This in itself of course improves security, as well as the fact that all the transactions are recorded on a whole network of computers and not just a single server making the system very difficult to hack.
Improved traceability - In business it can be very difficult to trace items, whether that is an item flowing into or going out of the business. However when exchanges of goods are recorded on a Blockchain/Ledger we have a clear trail of every stop that item has made on its way to us and indeed where the the next stop is when it is passed on from us. This transaction history helps us to authenticate items and prevents fraud.
Increased efficiency and speed - If we use a regular paper trail to keep track of our business dealings in the traditional way the process can easily succumb to error, is slow, can use more manpower to process and can take up a lot of physical space to archive.
When using blockchain there is only one blockchain/ledger used by all participants meaning you donât have to harmonize individual ledgers. This creates more trust between all parties.
All these aspects mean that a blockchain/ledger runs more efficiently by using less time, less manpower and less physical space and reaching a secure transaction settlement quickly.
Reduced costs - When running/using a blockchain there doesnât need to be as many middlemen or intermediaries to build trust or make guarantees because the blockchain is the trust/guarantee. There also will not be so much analysing of data to complete a transaction because all those involved will have access to one and the same blockchain transaction ledger.
1- a single ledger that is immutable and shared across a network that everyone has access to, where data cannot be changed without a considerable amount of effort makes the information more accurate, reliable and transparent
2-with no single point of failure, a blockchain is difficult to fall victim to hacks. The encrypted technology makes it so only those who have access to the blockchain can read the information
3-with the use of the blockchain, a trail of data is created giving information about where the data came from, where it has been and where it is going.
4-using blockchain allows for less admin by making sure the available information is accurate, cutting down on mistakes made by humans who seek to use the data. cutting out middlemen streamlines the process making total time to reach a settlement alot faster.
5-using blockchain cuts out middlemen, streamling processes and cutting out unnecessary expenses. Having a single ledger with accurate immutable information means less time spent checking on different ledgers or consulting different people.
Transparency: The need to trust has been eliminated. More accurate data. To alter any data would require collusion of the entire network. Shared consensus must always be approved in order for a transaction to be verified.
Security: All transactions are encrypted and linked permanently to the previous transaction. No single point of failure on a decentralized network. Data is more secure, which is important for sensitive records.
Improved traceability: Consensus verification creates an immutable audit trail in which all transactions are linked to the previous one. This could be useful for logistics, supply chain, tracing assets and fraud prevention.
Increased efficiency and speed: Elimination of middlemen and intermediaries. Only one shared ledger needs to be rectified instead of various sources. One decentralized source of truth.
Reduced cost: Less middlemen equals less cost. The blockchain is the truth, not what an expensive third party claims. Fees are greatly reduced.
Blockchain provides all historical data, clearly for all those that have access to the information or means to view it. Thereâs no need for fact checking as it is always accurate information, shared across the network.
Blockchain attains its security by always recording data and consensus across networks and itâs decentralization. This makes it nearly impossible for hackers to obtain access to a network or data due to itâs network wide encryption.
Every transaction or action on blockchain is traceable back to its previous event. Which gives the accurate information on origin and historical transactions, improving traceability from any other database or system.
Without the possibility (probability) of human error and the fact that data is shared on one network, there is no need to confirm correct information while using blockchain. It is guaranteed to be 100% accurate and will always take less time to confirm.
Utilizing blockchain helps save time and especially money. Since there is no need for fact checking by employees or even third party software, businesses automatically will reduce cost of operation.
Great article :]
Transparency: All participants share the same accessibility and documentation, to change a transaction would rewuire all previous blocks to be changed meaning that every part of the network would be made aware
Security: Transactions are agreed upon before they are executed. They are verified mathematically without trust.
Improved traceability: Provenance means that you can trace the source of origin throughout the supply chain, creating an audit trail.
Increased efficiency and speed: operates 24/7 365 days a week, no paper involved, no human error, fewer intermediaries.
Reduced cost: This is a priority for businesses. Removing middlemen helps create trust between businesses. Less documentation to view, more efficient processing of data and transactions.
Transparency:
Blockchain is transparent because it is a distributed ledger which all parties can agree upon the history through consensus.
Security:
Blockchain is secure because transactions are agreed upon before they are recorded, and once they are recorded they are final, and they are distributed.
The information cannot be hacked because is is globally available.
Improved traceability:
If a blockchain is used for supply chain tracking instead of value transfer, it can be used to show the audit trail for all components of a product.
Increased efficiency and speed:
With everyone using the same distributed ledger, there is no need to reconcile the books of multiple parties.
Reduced cost:
Since all parties involved are using the same protocol, there is less need for 3rd parties to verify transactions. So those costs can be removed.1/is greater because everyone or all should agree and share the same documentation rather then opposed .
2/we trust in the math, protocols and infrastructure silos which cannot be duplicated thus increasing privacy .
3/It has historical data that can help verify the authenticity of the product or assets even the whole supply chain.
4/Blockchain uses a single digital ledger instead of reconciling with multiple ledger which also reduces clutter , clearing and settlement much quicker.
5/Reduce overheads of paying for 3rd parties to make guarantees .
Explain with your own words, why these are the benefits of using a blockchain.
Transparency: The public ledger is shared with everyone, and therefore everyone can see it. It cannot be manipulated/altered. Whats on the ledger is always the truth.
Security: There is no single point of failure because of consensus by the entire network.
Improved traceability: When exchanges of goods on the blockchain everything, and every step is recored on it. This can help verify the authenticity of the goods.
Increased efficiency and speed: You dont need a 3rd party or central entity to guarantee whats on the ledger is correct. And the need of paper is not needed.
Reduced cost: Removes 3rd party trust. You trust whats on the ledger because itâs been verified by the network.
Each transaction happening on blockchain is being kept record of not on a single server but on a ledger, a network of computers each of which has a complete copy of all transactions. This makes blockchain a transparent network.
The data are stored on ledger distributed among a huge network of computers plus it gets encrypted and linked to a previous transaction, that makes it very difficult to impossible for the hackers and manipulators to alter the data.
Many companies who trade through a complex supply chain need an efficient and accurate tracement solution. And blockchain can provide exactly that where all the data is being traced accurately and securily and can provide 100% mathematically verified data of the movement history of each package.
Since blockchain runs on ledger a network of computers it doesnât need medium, thus it reduces execution times that are being saved because of a direct connection.
No need for expensive third parties or middlemen who would confirm a transaction. Since it is running on a network of computers that are mathematically verify each transaction thereâs no need for trust as these transactions can be verified by everyone who has access to the data.
Transparency: network of participants share the same documents and agree to its validityâmaking changes would not be possible
Security: transactions have to be agreed upon before processing the transactionâupon approval there is a link and encryption that is stored on the network
Improved traceability: every move that is made can be traced which helps with authenticity and prevents fraud
Increased efficiency and speed: reduces paper trail and human error by replacing the process with a mathematical system that everyone is on par with, ultimately increasing a high validity
Reduced cost: cuts out the middle man and replaces trust in man into trusting the technologyâs data
Transparency
Transparency is a benefit of using blockchain because of provenance, consensus and finality. Information added on the blockchain can be traced back to itâs origin showing a user where, when, and how this information was added to the blockchain. The user can also trust that the information shown is accurate because the user knows that the information was not just added by a single source but that the information was verified by all computers on the network. Lastly, based on the fact that data can only be added to the blockchain and not altered, manipulated or reversed you can trust that the information you see on the blockchain is true.
Security:
Because blockchain is a global network, any malicious content would have to attack all computers on the network instead of a single closed network. This is to say, it is easier to rob one bank than it is to rob a thousand banks at the same time.
Improved traceability:
Information added to the blockchain is not only recorded once but is trailed all the way through itâs journey in the blockchain. Every step that bit of data takes after itâs addition will be logged in the ledger showing a user the whens, wheres, and hows of a piece of data from start to finish.
Increased efficiency and speed:
Because data put in to the blockchain gets added to every computer on the network, the data will be available to anyone with access to that network instantaneously. Instead of different links of a chain having to create itâs own account of a transaction, the transaction becomes available to every link at the same time increasing the efficiency and speed of the transfer of information for every member of the network.
Reduced cost:
Because of the processes in the blockchain making information more secure, transparent and efficient, businesses will not have to spend time on logging information, dealing with paper work, human error and the long process of reviewing copies of invoices to verify claims or review errors before making any alterations as all information will be readily accessable and current on the blockchain. This not only saves time, but can save businesses from having to hire a third party to perform such tasks, or can designate other tasks to employees who spend the time doing these tasks in the first place.
Sometimes, people are not aware of a problem until a solution is presented that can fix something they never realized was an issue in the first place. This solution is blockchain.
Transparency:
Everyone is able to see the data because it exists over a single, public network
Security:
No single entity can tamper with the data because it is stored across a large network of computers (rather than just a single server)
Improved Traceability:
All transactions are stored on the blockchain which is open for everyone to see and track so it makes it easy to track data.
Increased Efficiency / Speed:
Blockchain tech is available on a single distributed ledger (multiple distributed ledgers) which ensures it is significantly more efficient.
Reduced Cost:
Blockchain tech allows for the elimination of various middlemen and unnecessary 3rd parties (such as auditors)
Transparency:
The blockchain ledger adds information in a way to make modifying a transaction impossible and all ledger information is always available.
Security:
Transactions are authenticated and added to the blocks cryptographically to prevent tampering of the blocks and transactions within the block.
Improved traceability:
As cryptographically signed blocks chain to one another, the transactions can be traced openly
Increased efficiency and speed:
Since all nodes or participants have copies of the ledger, intermediary parties are not required allowing settlement to be far faster than traditional models.
Reduced cost:
The requirement of trust has been removed this saves time and removes errors typically tied to accidental errors or falsification of transactions.
Explain with your own words, why these are the benefits of using a blockchain.
Transparency:
Security:
Improved traceability:
Increased efficiency and speed:
Reduced cost:
1-Transparency:Transparency is in benefit of using Blockchain technology, because blockchain is distributed ledger .We canât change anything with out agreement of entire network.Transaction histories are more safe, secure and transparent after get added to blockchain .We don,t need to trust 3rd parties, instead we can check everything on our own in the network.
2-Security- In blockchain Security is more transparent . The answer is very similar like the one above. We donât need to trust 3rd parties,instead we can trust math and protocol. We canât cheat the system ,because all the entire network have to agree on any changes, not just single subject .
3-Improved traceability: Is in benefit of using Blockchain technology, because we can track supply chain at any time we want. Because of that we can prevent fraud on any level of the supply chain.
4- Increased efficiency and speed: on blockchain we donât have to use and trust as many 3rd parties ,because we can trust and check all data on blockchain. We can trust maths and protocol.
5 -Reduced cost :You can reduce cost in Blockchain technology, because you donât need to use as many 3rd parties and all users of the network can save time by using immutable version of the same data .
Transparency:
Information are stored in blockchain and cannot be tampered. So you canât cheat and there is more transparency. All partecipants have the same information so the information are more consistent, accurate and transparent.
Security:
Information are distribuited along many peers so there is no single point of failure. And a transaction must be approved to be recorded.
Improved traceability:
If you relay on a transparent and secure system you can store information about chain supply and have a good system to trace goods route.
Increased efficiency and speed:
Relaying to a global transparent and secure platform increases efficiency and speed. You donât have to relay on different ledgers that have to be sync together, and a global working system is more efficient and faster.
Reduced cost:
If it is more efficient and fast you reduce your costs.
Comment:
Central databases are much more efficient and faster compared to blockchain. But when you bring security, transparency, traceability, availability, trustless, globality in the equation, than you canât have this values with traditional database systems
On blockchain there is only one ledger and everybody can see it.
When transaction is made whole network must confirm it after it is recorded it cant be removed.
You can see every transaction and they are trust less.
Transactions are trust less so there is no need to double check or bureaucracy.
There is no need for middle man or third party ,it is peer to peer.