Transparency) Any verified transaction is publicly visible
Security) Through group concensus based on math & cryptography data is dispersed over multple computers on a network making it very secure /impervious to attack
Improved traceability) Historical transaction data provides a publicly viewable & unchangeable data trail
Increased efficiency/speed) Computers work way more efficiently than idiotic humans fiddling about with paper
Reduced cost ) Humans expect to paid for stuffing things up, computers do things quicker & more reliably at much less cost
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Transparency means that all participants can access the data, and convince themselves.
Security means that all the data is not stored only on one server or storage, but on many computers, and the manipulation is very very hard.
Improved traceability means that all the parts or ingredients can be easily traced to their origins.
Increased efficiency and speed means that everyone can access the same information at the same time, and itĀ“s all available on a single digit ledger.
Reduced cost means that you donĀ“t need to rely on some kind of middleman or third party, and also the fees are much more smaller.
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- Transparency means it is a distributed same documentation shared by everyone and available to all
- Security because transactions are agreed upon and approved, then linked to the previous one and stored across a network of computers, not just one. This prevents fraud.
- Improved traceablilty meaning everything in the supply chain can be accurately tracked and validated.
- There is a single digital ledger that everyone has access to so intermediaries are not needed which increases efficiency.
- Data on the blockchain is trusted and immutable which reduces cost because middle men are not needed.
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Explain with your own words, why these are the benefits of using a blockchain.
1. Transparency: Improves accuracy, consistency, removes blind trust, each party can verify along transaction and supply chains
2. Security: Decentralized nature helps prevent fraud and protect critical information
3. Improved traceability: donāt have to trust, can verify authenticity, helps prevent fraud, especially in a complex supply chain
4. Increased efficiency and speed: less clutter, easier to audit and reconcile, faster to process and clear due to shared nature
5. Reduced cost: require less 3rd and party participants to verify, less to review, everyone has same access to blockchain
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Distributed ledger that all participants can access.
Transactions must be agreed upon and once approved the information is stored across the network, making it hard to manipulate.
Easy access to transaction data.
Automated processes and easy access to a distributed ledger shared among participants.
No need for third parties or middlemen.
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Blockchain transparency is beneficial because it enables users to verify that transactions are fair.
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Blockchain transactions are secure, which is beneficial to end users because the level of security offered by the Blockchain helps maintain the value of cryptocurrency so that users can trust it more than paper money, or database fiat.
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Blockchains are more transparent, meaning that you can view the whole supply chain of complex transactions from the start of the transaction chain to the finish, which makes it easier to verify the exchange of goods, due to their being a public record you can view.
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Blockchain tech increasing the efficiency and speed of transactions means that end users can cut out some of the middlemen in their transactions. By being more direct and standardized, we can trade more easily and transact more easily, via an electronic system, than through banks or other third parties.
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Reducing transaction costs with blockchain tech benefits users because it also assists in cutting out the middlemen who take a cut of your profits, when doing any sort of business, or making transactions even as an end user. There are people who maintain centralized systems now who effectively charge users who need financial services ārentā, even though the people who maintain these systems donāt bring any value to your transactions at all. Blockchain helps to cut down on these entities.
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The five benefits of block chain
- transparency is achieved through a shared version arrived at by mutual consensus. This creates an accuracy and consistency and complete transparency which would be impossible in the centralized ledger.
- After transactions are approved they are encrypted and link in such a manner that it is virtually impossible to compromise the data. This prevents fraud through mutual consensus.
- You improve the traceability by having an audit trail which can prove every stop along the supply chain. Therefore itās possible to identify the authenticity of assets and items.
- Streamlining is achieved by using a single ledger which is incorruptible and therefore record-keeping is faster in human error is minimized or eliminated. By removing middleman you have trust without the need of third parties thus making settlements much quicker and more efficient.
- By streamlining all of the above processes and eliminating third parties and middlemen you can vastly reduce costs. Less auditing cause, less fraud, less human error through the use of a single ledger confirmed permanently through consensus.
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1.) Transparency: A distributed ledger which is accessible at all times by all parties involved allows everyone to verify the same information.
2.) Security: Security is derived from the finality of the transaction which is not entered until there is a complete agreement, consensus, among those involved.
3.) Traceability: Each transaction is chained to the previous transaction until it reaches back to the originating event. This allows for a complete overview of every point along a units journey - whether money, goods, or documents.
4.) Efficiency and speed is obtained by cutting out the middle man, and by placing it within the mathematical domain you also remove human error. Direct party to party transaction and reduced human input required leads to a new level of both speed and efficiency.
5.) Cost is naturally reduced by cutting out the middle man, and the time and paper-work that might come from human error; in short - you reduce the overhead needed to accomplish the goals of: transparency, security, and traceability in an efficient and speedy manner.
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Transparency:
All transactions and transaction history is recorded on the blockchain and also immutable, so anyone can examine it at any time, anywhere along the way and verify where a transaction is and what precisely was sent or recorded in the case of additional things added to the blockchain such as smart contracts. -
Security:
The blockchain has inherent security backed by the miners, hence the immutability combined with an incentive for the miners to act in good faith and only validate true information. False information is ignored, and to compromise this security, some would need an ever-increasing amount of energy and hashing power, essentially making it next to impossible for it to be hacked or corrupted. A 51% attack on the bitcoin mining would be relatively temporary, and at this point already cost millions or even billions of dollars to accomplish. There would be little incentive for someone to spend that amount of money when instead they could earn far more money simply by mining and helping maintain a stable blockchain. -
Improved traceability:
This goes back to an earlier concept of providence, having a verifiable way to track all data on the blockchain, and being far cheaper by getting rid of the need for middlemen or auditors. -
Increased efficiency and speed:
This also is a product of eliminating middlemen and shortening the supply chain, or at least reducing time-consuming or costly paperwork. -
Reduced cost:
Same answer as above, with fewer people or companies needing to be involved in the process or transaction of data or goods, there will be less cost involved. Many companies that exist today solely to act as mediators will disappear or be forced to change roles as they find their entire business model upended.
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Studying blockchain really reminds me of the teaching of Islam, and blockchain has been invented as a way for human beings wanting to seek purity in fair and just human society, achieve a close to perfect system of paradise on earth. Math and science is a source of truth, but the ultimate truth, fair, trust and justice is with God, in my humble opinion. Human beings will always be able to manipulate something if they wish to ā¦ even Bitcoin and Blockchain, maybe not internally, but externally (i.e. buying BTC with Fake Fiat Money). But its not all bad, I still think it will be very good for the most part, but it wonāt be perfect.
1. Transparency: When things are clear and transparent, it makes it much easier and efficient to do a process. Having transparency means we can enjoy life in a much less convoluted, and wasteful way. Much like Islam, we go straight to the source with no intermediary and with transparency, Islam or the Original human religion says God is One. You can reach God directly in the most transparent way, without a person or entity in between. Nothing can be hidden, all your actions/transactions are being recorded by Angels and God is all seeing and all knowing.
2. Security: Data and ledger security is paramount in any situation. We need to be able to know and assured that our data are safe and secure without the needing to simply trust an intermediary. In Islam, we are informed that Angles are created to only worship God with no Free Will, and they simply do as per instructed by our creator. So we can know and feel safe, as there are no hidden agendas or biases, as Angels are created to simply obey the creator and cannot be paid or bribed to get our records changed.
3. Improved traceability: We need the knowledge of completed traceability, so that everyone and all human beings, can be assured from the start to the end product, everything has been accounted for, and no cheating or manipulation can occur. In Islam the Quran is there as a guide, but the Prophet Muhammad pbuh is the living and walking Quran, so faith is not complete if we do not have both. Since the time of the Last Prophet we have a strong traceability system in the books of Hadiths (The sayings and actions of the Last Prophet of God Muhammad peace be upon him), we are able to trace and verify a very long chain of narrators that goes all the way back to the 1 degree direct connection to the Last Prophet pbuh. All people that narrated has their background checked examine and verified to the fullest extent, meaning people that has credibilities and that are known in the wide community as being good trustworthy people, means consensus is there. Any narration that came from a weak source, or people of shady origins on not well know is then rejected.
4. Increased efficiency and speed: Blockchain is here and invented to breakdown barriers that holds back the human race. It can significantly improve all current processes in any and all industries on earth, meaning the human development, technology and progress can be significantly achieve. As with Islam, we are always told that all the answer is there, we just need to refer back to the direct most authentic source i.e. Quran and Sunnah as this will breakdown any inefficiency in the system, of other generations that came after it adding and subtracting from Godās message.
5. Reduced cost: Barriers or middle-men in any supply chain, if it does not add value, it only add cost and burden to the system. Blockchain will eliminate almost all barriers, which in-turn makes all middle man obsolete = Cheaper cost of products.
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Transparency: The same level of information is made available to all parties.
Security: Trust through the mathematical protocol
Improved traceability: All transactions stored on blockchain can be tracked and they cannot be altered.
Increased efficiency and speed: Through blockchain technology middle-men interactions are made redundant, creating more efficient processes. Since the same version of the blockchain is made available for everyone at the same time, information travels fast.
Reduced cost: There is the cost of electricity required to maintain the blockchain network, however the technology enables process optimisation and therefore reducing business costs.
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Transparancy all data is verified by the network, everyone can have access to it.
Security data can not be changed or manipulated once verified and accepted.
Improved tracibility consensus is a big part of trustlesness, you have several parties deciding and verifing.
Reduced cost businesess donāt need third parties involved.
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Transparency:
all network participants share the same documentation as opposed to individual copies.
That shared version can only be updated through consensus, which means everyone must agree on it.
Security:
Transactions must be agreed upon before they are recorded then are encrzpted and linked to previous transactions.
All this is stored in a network of computer that make it highlz difficult for a hacker to compromise the transaction data.
Improved traceability:
All transactions are recorded so that you can verify anything. This can be used for traceability and verification.
Increased efficiency and speed:
transactions can be completed faster and more efficiently on the blockchain.Everybody has access to the same ledger
and no need for numerous intermediaries.
Reduced cost:
No need as many third parties or middlemen to make guarantees because everyone will have permissioned access to a single, immutable version of the blockchain.
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Transparency: data is accessible to everyone in the block.
Security: data is decentralized distributed in the network, canāt be manipulated by the authority.
Improved traceability: Every transaction is recorded publically and can be accessible to everyone.
Increased efficiency and speed: remove the intermediate steps or country border.
Reduced cost: No need to use bank service or human service for transactions.
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Transparency
Is one of the greatest benefits using blockchain technology. This open ledger with distributed data amongst network of computers updating information trough consensus. Network participants must verify & authorise each transaction entering to the block, this provide great security with minimal chance of alternation of the transaction records. Hence the data on the blockchain is authentic, transparent and what is the most important ā open to everyone who holds the key.
Security :
Data are distributed to the network of nodes which via consensus linking encrypted transaction to each other in order creating blocks building secure chain. Alternation of the recorded data becomes impossible, as changing them on the one block will require changing subsequent block ā hackers will have hard nut to crack. This gives great security for businesses creating authentic environment where system is based on complex but āsimpleā model.
Improved traceability:
Participants can easily track assets from the origin to the end on the blockchain. Accessible immutable recorded data on the massive network allows for frequent audits.
Increased efficiency and speed:
Decentralised structure of the blockchain creates environment where third party is no longer needed. Single ledger where all the data is kept greatly speed up the time of transaction, thus removing trust between participants from the equation.
Reduced cost:
By removing third party in structure of the blockchain, thrustless environment triggers reducing of the cost which is crucial for all businesses. Single ledger with immutable data records saving participants going through multiple documentation.
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Explain with your own words, why these are the benefits of using a blockchain.
Transparency: there is real-time auditing. Each node must have consensus with a transaction that was made.
Security: Decentralized. Meaning no one authority owns it. No one can manipulate it and cheat the system.
Improved traceability: Since any transaction is registered on the blockchain forever, all transactions are visible to everyone.
Increased efficiency and speed: There is no third party needed to trust their transaction. Each node in the blockchain database is the same. This increases efficiency by not having the need to trust the middle man.
Reduced cost:There is no need to travel to a bank or ATM to make a transaction. The network is active 24/7 and any transaction can be made anytime.
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- Transparency:
Allows a view into the database of transactions that have been verified by multiple parties on the network. - Security:
All transactions must be agreed upon before being appended to the previous transaction. Since the database is a distributed ledger on multiple computers it would be difficult for a hacker to āchangeā the information in the ledger. - Improved traceability:
Every transaction on the blockchain is recorded, from the first to the present. This is what we call provenance. - Increased efficiency and speed:
There are no third parties to slow down transactions/information being transferred. Also everything is done on a robust network with less human error. - Reduced cost:
Cost of third parties in traditional transaction processing requires overhead. When transactions or done on a trustless blockchain, costs are significantly reduced.
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Transparency: because it allows everyone with access to see all transactions.
Security: it prohibits hackers or anyone else to tamper with data and keeping data integrity.
Improved traceability:easy to track, trace, account and verify transactions.
Increased efficiency and speed:having blockchain eliminates the middleman; therefore, bypassing centralized agencies or local governments delaying transactions.
Reduced cost:having blockchain decentralized (avoiding middleman) and requiring small data transactions reduces the need for expense hardware.
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A blockchain offers greater transparency than current processes because it is a distributed ledger and all network participants share the same documentation rather than having individual copies. There has to be consensus by all participants to add new transactions to the blockchain and in order to change a previous transaction you would have to re-do the proof of work on all the subsequent blocks.
It offers increased security over a lot of current paper based or database processes like financial transactions and supply chains primarily because all participants have to agree to add new data to the blockchain and they are incentivised to be honest. As long as the number of honest participants out-weights attackers then the blockchain has a high level of security and the wonāt accept new blocks onto the chain that have invalid transactions, even if one is added by an attacker.
It is perfectly possible to add invalid data to financial records or any database and so there is a concept of trust with centralised processes. A blockchain however is decentralised and the participants are incentivised to be honest and so there is no need for trust. It is trustless system hence the slogan, āDonāt Trust, Verifyā. The blockchain is always verifiable by the other participants because once a participant has found a solution to the computational problem required to add the new block to the blockchain, it is easily verifiable by all the other participants in the network.
The data added to the blockchain is encrypted and distributed across many computers instead of stored on a single server and so it is almost impossible for a hacker to compromise the data in the blockchain as they would have to compromise all nodes.
Provenance enables improved traceability.
A unique feature of the blockchain is that you can delete data from it you can only add data to it - if you wanted to rewrite a previous transaction on the chain you would have to repeat the proof of work for all subsequent steps and the probability of being able to do this, catch up and overtake all nodes running the most up to date version of the ledger is extremely unlikely. In the case of bitcoin you would need to own 51% of the hash rate power in order to overpower the network, otherwise known as a 51% attack.
This is only true for proof of work blockchains, nevertheless, proof of stake blockchains still have improved traceability through provenance. They are public ledgers and itās possible to trace any transaction back to its origin and see all the steps in between, although it may be impractical to do so.
Blockchain technology is perfect for enterprise organisations who are looking to streamline processes, improve efficiency, improve speed and reduce costs. Almost all business processes involve an intermediary and the reviewing and validating of documentation. These processes can be inefficient, slow and very costly. With a blockchain all the data has already been verified so it is efficient. It is fast because it is maintained by computers all over the world. It cuts out the middlemen which reduces costs.
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Transparency: because all the data is accesible to every user in the network
Security: Given the need for consensus, data can be hardly modified
Improved traceability: there is no need to rely on a complex supply chain, instead, a transaction can be easily tracked
Increased efficiency and speed: due to automatization of a process
Reduced cost: since there would be no need for third parties in a supply chain, the cost of their services would be inexistent.
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