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Every participant on the network holds the same copy of the ledger. New entries must be agreed upon by consensus on the network
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Manipulation of transactions require manipulation och previous entries because transactions are linked to previous transactions. Information is stored on multiple computers and consensus is required so is blockchain extremely resilient to this kind of attack.
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When exchange of goods is recorded on single blockchain everything can be traced back to its origin. This is extremely hard on multiple decentralized databases
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Everyone using the same ledger for reference when trading saves a lot of time because everyone has access to the same information. Third party can be removed for transactions
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Increased efficiency and speed reduce cost. Removing middlemen that provides trust when making transactions reduces costs as well
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Transparency:
Not dealing with individual copies, instead everyone works off the same verified document. -
Security:
Each time something is verified, it is encrypted and added to the blockchain. Also being decentralised means there is no central point of failure making it very difficult to hack. -
Improved traceability:
Particularly benefits companies with complicated supply chains. The ledger is public and each transaction is recorded in an open way so everyone can see each link in the chain. It provides a real time audit trail. -
Increased efficiency and speed:
No need for so much paperwork, middlemen or intermediaries. When everyone has access to the same verified document things can move much faster. -
Reduced cost:
Time is money, blockchain saves time.
Stages of work can move faster without intermediaries.
Cuts out a lot of heavy paperwork review.
Transparency: Having a single distributed ledger that required consensus to be updated means that everybody must be able to view and access it and agree.
Security: It is virtually impossible to hack a blockchain because there are too many points of attack. Additionally, before transactions can be recorded, they need to be agreed upon by the network which adds another layer or security, along with encryption.
Improved traceability: The blockchain enables every step of the process to be recorded so there is a very clear audit trail.
Increased efficiency and speed: Intermediaries and the need for additional record-keeping are eliminated and thus allow transactions to happen much faster as time-consuming processes are no longer necessary.
Reduced cost: Costs are reduced by cutting out middle men and third parties for guarantees, meaning that the business can direct this capital towards growing and expanding.
- every data is accessible by the participant of the network, no single copies end no one can alterate the data without the other participants agree on it
2 everyone must agree before writing a data and once the data is on the blockchain is linked to the previous one and impossible to change
3 once the data is recorded on the chain you have an audit trail that shows where the asset come from and every stop it made
4.5 Everyone has access to the same information so no need of middleman thus increase speed and reduce costs
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The ledger is a public record. If one is unwilling to âshow the booksâ in terms of a legitimate permissioned access request, it is quite simple to walk away not feeling that you might have failed to close a good deal.
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Each transaction is a binding and immutable âdigital handshakeâ , the deal done closed
3 supply chain items are digitally tagged on a global public ledger all in sync
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the internet of things is on demand 24/7, no coffee breaks or bankerâs hours
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bye bye middleman
Transparency: Everyone involved in a process can get an accurate picture of what everyone else in that network is doing. It is easy to detect problems and hard to trick the system.
Security: Any part of the chain can back up the record if any other part is corrupted or damaged.
Improved traceability: There is an accurate record of what has actually occurred with regard to any form of transaction or process.
Increased efficiency and speed: One single ledger is available to all and it is updated instantly. There are no middle brokers or processes to slow it down.
Reduced cost: There are no extra connections to a process, such as accounts or other forms of verifiers. Everyone can see and account for what has occurred without the need to employ third parties to oversee.
Transparency:
-It is a transperent network and not linked too a single centralized company,
wich has the benefits that its almost impossible too hack,steal or lie.
Security:
-The security is very high due too the transperency and that you have too trust the network and not the people you do business with.
Improved traceability:
-It is much easier too track value/items,because you can follow it all along.
Increased efficiency and speed:
-Because there are alot less third-partyâs involved its way more efficient in costs and in the speed.
Reduced cost:
-Again because alot less third-partyâs are involved the costs will reduce significant.
Transparency:
- Information is held in a ledger which is decentralized and available to anyone
- There are multiple copies of the ledger
- Ledgers can only be updated through consensus
Security:
- Transactions must be approved by consensus
- Transactions are recorded on multiple ledgers instead of one centralized ledger
- Once recorded, transactions cannot be reversed or amended
Improved traceability:
- Blockchain provides an audit trail
- In a production environment, components can be tracked from start to finish
Increased efficiency and speed:
- Blockchain eliminates human error
- Eliminates the need for third party mediation because everyone has the same information
- Processes are streamlined because are done based on a single shared ledger
- Less time wasted reconciling data from different databases
Reduced cost:
- No need for third parties or middlemen to make guarantees for a business partner because we can mathematically verify the information on the blockchain, there is no need for trust anymore.
- Because everyone has access to the same information on the blockchain, there is no need to review as much documentation.
- Transparenz: Jeder hat eine eigene Kopie des Ledgers und kann somit alle Transaktionen verifizieren.
- Sicherheit: Durch den Mining Prozess der 24/7/365 lÀuft wird die Sicherheit gewÀhrleistet. Je mehr Miner im Netzwerk aktiv sind umso sicherer das Netzwerk. Jedoch ist auch die Schwierigkeit Blöcke zu Minen erhöht.
- Man kann alle Transaktionen oder andere Blockchain AktivitĂ€ten exakt zurĂŒckverfolgen.
- Durch den Wegfall von MittelmÀnnern, welche zusÀtzliche Kosten generieren (5), wird die Supply Chain effizienter und dadurch auch schneller gemacht.
Transparency is a benefit because it offers any user of the network ease of access to information regarding all history of an asset and itâs transaction in real time.
Security is the key aspect when it comes to trust in a network instead of a single entity. It is a benefit because everyone can autonomously check the validity of the data.
Improved traceability helps accounting and auditing by skipping any middle man and having real time verified data stored on multiple nodes of the network.
Increased efficiency and speed are two most looked upon aspects when it comes to business related transactions enabling the user to save time and possible data handling incongruities.
Reduced cost is possible through cutting middlemenâs work in every interaction with the network. Every user can transact, read and verify data on the network without intermediaries involved,.
Transparency: Everyone can access information stored on the blockchain - a public ledger.
Security: Immutability thanks to irreversible transactions and resistance to any attempt to change the database or a resistance to an accidental damage, because other participants can overtake work of those who may be put out
Improved traceability: it stores all information in one place and all information can be thus easily accessible. It includes information from various parts of the chain (supply chain or network etc.). Each participant can check inputs of all other participants.
Increased efficiency and speed: Fast as an electronical communication the flow of information is immediately accessible. Efficient in a way that it doesnât tolerate any mistakes but verifies the records.
Reduced cost: It just costs like an average electronical communication (email e.g.) and reduces costs in many ways depending on which industry it is applied to. E.g. in finance can a cryptocurrency reduce the cost of handling and storing physical money. In most industries in can reduce number of parties involved or middlemen. I can reduce costs of auditing as blockchain provides a real time audit easy to do.
- all data is available which makes for more accurate transaction history.
- the math and consensus of the overall networks provides unmatched security.
- there is an audit trail from beginning to end of all items and their journey.
- blockchains efficient record keeping eliminates wasted fact checking and processing time.
- no 3rd party processing fees.
Benefits of using a blockchain
Transparency
As there is only one ledger available to all users that contains the same information that has been recorded after consensus and exists in multiple copies available to all, there is full transparency of the entries on the blockchain
Security
blockchain is more secure as transactions must be agreed upon before they are recorded. After a transaction is approved, it is encrypted and linked to the previous transaction as information is stored on multiple computers in the network it is almost impossible for the blockchain to be altered as all copies and subsequent copies would have to be changed at the same time.
Improved traceability
All movements on the blockchain are recorded and cannot be altered, by reviewing the blockchain all movements can be verified directly without depending on a third party or authority.
Increased efficiency and speed
When transactions involving exchanges of goods are recorded on a blockchain, you end up with an audit trail that shows where an items came from and every stop it made on its journey. This historical transaction data can help to verify the authenticity of items and prevent fraud,
Reduced cost
Blockchain eliminates the need for third party to verify and provide assurance, making it cheaper and quicker for businesses to achieve the same goal.
Transparency
The whole network sees the same information simultaneously. There are no different versions of information.
Security
Having the data distributed over an entire network is safer than having it sitting in one single folder in a drawer of some company. Also the consensus mechanism makes sure that the info is not fraudulent.
Traceability
The blockchain records the whole history on a decentralized ledger. For an audit you just need to look at the block information.
Efficiency and speed
If all the information is at all times available to everybody it reduces the necessary amount of communication to make sure things have been done the way they should have and it makes of the third party business a historical anekdote for the museum of odd fossils.
Reduced costs
If a system is more efficient cost reduction is a given
Fun fact. Bitcoin network has been up and running for 99.98% of its lifetime. Last down time was in 3rd of January, 2009. We can safely say that blockchain never goes down. 
You would only need to alter all the block behind the block you change. It can still be quite a lot if you want to change something that happened a long time ago. Thatâs why we have something called block confirmations. You will learn more about that later on. Either way good answers, keep it up. 
Explain with your own words, why these are the benefits of using a blockchain.
Transparency:
Anyone with access to the network can verify any transaction at any time.
Security:
Though technically possible, it would be insanely difficult to manipulate the ledger since it is after all unique.
Improved traceability:
Any transaction can be verified at any time by any user.
Increased efficiency and speed:
No need for human and/or clutter 3rd party sources of data.
Reduced cost:
By eliminating 3rd parties, costs are automatically reduced; by having a unique, immutable ledger operating on the same protocol, rework and waste are immediately eliminated.
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Transparency is increased with a block chain because all members of the network are provided with the same information. The reported information cannot be changed without consensus of the network members.
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Security is increased with a block chain because the information is shared across the network. No single entity controls the information. Trust is held on the network. Not the central information holder. The network remains strong by having decentralized record keeping. One node of the system can be removed, but the networks stays functioning. Unlike a centralized network, where a loss of functioning can jeopardize all of the information it holds.
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Traceability is improved because there is a continuing record kept at all steps in the supply chain. A products origins can be traced publicly on the record by all members of the network.
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Efficiency is increased by reducing layers of oversight and accounting. Transactions and accounting are contained together in the same layer of recording. Real time accounting leads to improved supply chain efficiency and overall speed at all levels within the chain.
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Cost reductions are found by reducing the need for third party inclusion to oversee the system. Less people involved, accurate data and less time spent accounting/auditing leads to cost savings.
- Transparency:
Clarity and unwavering finite record of events- Transparency is key in good business protocol so that all parties know exactly what they have, need to do and allow people; businesses and protocols to build on solid foundations. Transparency is a benefit of using the blockchain as it allows all to see or verify information if it is needed.
- Security:
Security allows for business confidence and sustainability of processes, making them true and efficient. Eery on wants security if they are not trying to corrupt and manipulate.
- Improved traceability:
Traceability is a beneficial attribute to using the blockchain as it gives the ability of origins illustrating the movements dates and times of the various transactions giving it the ability of being a public ledger.
- Increased efficiency and speed:
Speed and efficiency create time, reliability this in turn creates productiveness and happiness
- Reduced cost:
Reduced cost equals higher profits, reduced costs also allow for more expenditure on research, scalability and innovation. Reduced cost could also result in better quality indirectly.
correction: Blockchain bitcoin is up and online all time.