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All transactions on a blockchain, are maintained in distributed data bases via a decentralized network. Also each new block on the chain, contains a hash of the last, making the entire chain append only. Once a new block is added to the chain, distributed consensus and the hash linked chain of the previous blocks, ensure that the data is both immutable and open for audit, by all parties who have permission to view the blockchain. This enables transparency.
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The blockchain is made secure by the same features that enable transparency, distributed consensus of the data, and the immutability of the chain that is achieved by hash signatures of the data of the last block on the chain. Wide distribution and immutability raise the cost of attacking the network and the data, to near impossible levels.
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Again, immutability and distributed consensus, make a chain of data, that is accurate and immutable across time. This makes auditing the past far simpler than past systems used for traceability.
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Efficiency and speed are increased by dispensing with the need for the need for using third parties and the time of maintaining transactions, by the time consuming efforts of people. Because all data once added to the blockchain, are immutable and auditable, the need for using human performed work to ensure the accuracy and to perform an audit of the data, are eliminated.
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The elimination of the need for paying third parties to maintain and audit data, eliminates the costs of the workers previously needed. See my answer to question 4.
- Transparency - Alignment on what has occured between two parties that can be indpendently verified by anyone.
- Security - Trustless system that can not be hacked
- Improved Traceability - Improved compared to centralized systems which presents opportunities to increase efficiency and cost out.
- Increased efficiency and speed - Removal of the middleman and trust in the protocol is reducing complexity and therefore presents a cost savings.
- Reduced costs - Refer to items 3 and 4.
Transparency:
All participants can verify any transaction that took place
Security:
No single point of failure
Improved traceability:
We can track the entire history of an asset via all the transactions and wallets it has passed through
Increased efficiency and speed:
Little to no paperwork or redtape to get in the way of a transaction. Permisionless so we do not need to wait for approval from a third party
Reduced cost:
Less middle men and rent seekers
Transparency:
Having the blockchain comprised of a network of computers which are working on the same ledger allows any transaction to be viewed by any computer on the network demonstrates transparency.
Security:
All data going on the blockchain must be agreed-upon. All data is encrypted and once put in, it cannot be hacked. This is important for protecting sensitive information in various industries.
Improved traceability:
All data in a blockchain can be traced in real time. Compared to a traditional paper-based system, which can be time-consuming to accomplish.
Increased efficiency and speed:
Traditional paper-based systems usually utilize third parties to conduct business. Blockchain makes it more efficient and faster to conduct transactions or business operations such as audits by eliminating the middleman.
Reduced cost:
With the elimination of the middleman there is a reduced cost. Time is money. The speed in which a transaction or business operations can be conducted, will save money.
Transparency: The Blockchain is a distributed ledger which is publicly accessible. This means anyone can set up a node, validate transactions and verify the networkâs security.
Security: The networks security comes from the hash power provided by miners, as they are decentralized and independent of eachother. If network security drops then mining difficulty drops and other miners will step in, thus maintaining the security of the network.
Traceability: All transactions are immutably recorded in the distributed ledger making it easy to gain an overview of the blockchains entire history. This provenance allows for breakthroughs in industries with long supply chains, as it removes the need for trust and allows for a verifiable record of the productâs history and contents.
Efficiency/Speed: automates processes previously performed less efficiently by people, with higher tendency for error. Data is more available and faster to validate and interpret than traditional markets.
Cost reduction: Removes 3rd party brokers, streamlines reconciliation of ledgers and automates previously paper heavy processes.
- everyone sees the same thing
- everyone validates the same encryption
- traceability is written in the ledger
- removing paper heaviness
- removing middle men
Transparency:
Everyone has access to data on a blockchain, due to the immutable nature of blockchain manipulation is impossible.
Security:
The blockchain is immutable, and any new blocks are added by consensus. Very difficult to hack.
Because of the public nature and sensitive data would still need to be encrypted.
Improved traceability:
The source of ingredients, supply chain can be reliably traced.
Increased efficiency and speed:
Removal of third parties, software/ data centres etc for data replication/backup .
Although reporting would still require a transfer from blockchain to a normalised DB for speed.
Reduced cost:
In a trustless environment, less time is spent drawing up contracts as you donât need to trust your trading partner.
Transparency: Information is clear and available to all parties that have an access to blockchain
Security: Transactions have to be approved before they actually happen and later they are linked to previous transactions. This information on transactions is stored across all the network and itâs difficult for hackers to hack a transaction.
Improved traceability: In the supply chain all the steps of productâs route are saved and so itâs easy to trace an item once it gets âlostâ
Increased efficiency and speed: All the records are stored in one digital ledger and paper-heavy process is eliminated. All the participants have insight into the same information and confirmation process can be done much quicker.
Reduced cost: Instead of the need to have third parties to make guarantees on the trusworthiness of information all the data to be trustedin is on the blockchain.
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Blockchain technology can be used as a publicly distributed ledger where all participants share the same data set. Its decentralized verification protocol makes it more transparent.
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Because each transaction is verified and encrypted by a decentralized network before it is shared publicly, it makes it difficult to hack, fraud or be tampered with, hence more secure.
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The Blockchain can trail both from where each asset comes as well as every stop point along its journey. It enables a verified historical transaction data, ensuring best traceability for all peers.
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BC can help remove paperback, human error and third party mediation with the help of its decentralized, incentivized network of verification sharing the same data set. It removes the potential need to reconcile multiple leaders by various entry points and organizational systems. Trust amongst parties becomes natural and favorable to settling immediate clearing.
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with more efficiency and less need for third party mediation, the cost of operating transaction is diluted for the benefit of all participants.
1-Everyone sees the info which was obtained by consensus so it will be trusted more readily.
Further the info they all get is the same.
2-Again, the info is not able to be altered so we are secure in knowing no one changed any aspects of it
3-This is wonderful since we can trace the route of the items with confidence. This gives more confidence in the product and makes it a product we would purchase with confidence.
4- Controlling the pieces of a production or transaction allows the faster and control of the components involved. This means we do not waste time and energy with needs in producing the item. All parts are ready when needed to process the item or transaction.
5âEvery time we have middlemen we add time to the transaction and cost. This allows a reduction of both and therefore faster and cheaper production of transactions.
1 transparency: everyone can see the detail of the blockchain and verify that it is correct.
2 security: because of consensus within the network and stored encrypted and not changeable it is secure.
3 improved traceability blockchain is for every one available to verify.
4 increased efficiency no need to audit the transaction on correctness. Just verify the blockchain.
5 reduced cost it is cheaper because no middleman is required anymore ( to audit).
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Transparency: you donât have to trust, you can verify. You can see all transactions on the blockchain.
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Security: before confirming a transaction consensus must be reach and also the information is stored across the network, not on a single server.
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Improved traceability: everything recorded on blockchain leaves auditable trails.
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Increased efficiency and speed: there are no multiple ledgers, everything is shared on the same blockchain. There are no paper-works needed, because everything is digital.
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Reduced cost: less paper-works and 3rd parties involved, because blockchain is removing the need for trust.
Transparency: because the blockchain is a distributions ledger with all transactions saved to it, changing a transaction would require an altering of all other subsequent transactions which would be seen by other making everyone aware that an alterations was made.
Security: because every transactions has to be agreed on and when approved the transactions are final, also the transactions are encrypted making them even harder to hack it is one of if not the safest way to conduct business.
Improved Traceability: because all information is stored in the blockchain there is no need for paper or multiple people to look over your purchase or transfer. everything can be viewed in the block chain therefore eliminating human error (unless its your own) and a need for multiple ledgers.
Increased Efficiency and Speed: once the purchase is made or transfer has been approved it is immediate with no wait time.
Reduced Cost: because your not having to go through multiple 3rd parties or having to find someone you trust to conduct business with and the transactions are instantanious you no longer have to pay other people to manage the transactions and keep books because it all on the blockchain. Therefore, when the sale is made or transfer is complete no one has to keep up with it.
I am Bitcoin fun, but my heart bets for Monero.
- transparency helps Bitcoin blockchain not to be banned in many countries.
- I hope this security (transparency) issue will be solved by lightning network or by some other solution.
- houpfuly this lack will be solved together with transparency.
- Everithing is faster and more efficient than SWIFT. Even pigeons.
Transparency - Blockchain ledger info is readily available to everyone on the network, and changes cannot be made without consensus. Making blockchain more transparent than paper.
Security - Transactions/info recorded on the blockchain cannot be added until there is mutual consensus between those on the network, then it is encrypted and stored across the network on various computers as opposed to a single server system. This makes the blockchain much more difficult to hack, and makes it much less vulnerable to fraud.
Improved traceability - This again helps so much with preventing fraud. The ledger of blockchain is permanent, unchanging, duplicated and spread across a whole network of nodes. The perfect audit trail!
Increased efficiency and speed - The main features of blockchain such as consensus, finality, immutability, and provenance create a very fast and accurate network.
Reduced cost - By cutting out many middlemen, saving time, and ensuring accuracy and security, the blockchain saves costs in many ways.
- Itâs an open network for anyone, all transactions are final and permanent
- The consensus network is very hard to crack, since itâs decentralized and you must corrupt all/majority of nodes.
- Itâs like a viking rune-stone, the data from origin to date is permanently there to access.
- You skip middle men and paperwork since all you need to do is trust the network.
- No middle men reduces overheadâŚ
Explain with your own words, why these are the benefits of using a blockchain.
Transparency: Every transaction is recorded on the blockchain and therefore transparent and traceable for every user.
Security: Since every block is connected to all subsequent blocks it becomes almost impossible to alternate or change verified transactions.
Improved traceability: Historical transaction data can help verify supply authenticity of goods and informations.
Increased efficiency and speed: no middlemen or audits will be needed, thereby improving settlement and clearing speed and efficiency. Human error is taken out of equation.
Reduced cost: Trusting trading partners becomes obsolete - everything can be verified on the ledger. Audits will not be needed if processed over the blockchain, reducing the costs.
Transparency: Using Blockchain in a system means everyone who has access within that system to view transactions or data entered into the chain. Since consensus must be achieved add, amend, and/or change data, and, since something in the ledger that has been confirmed can not be removed this provides wide open transparency to those involved. Together, it prevents biased intervention from a humans, such as could be done in a centrally controlled database.
Security: Security is a massive benefit from using blockchain due to the distributed architecture that blockchain is. All nodes on the network contain the encrypted data that is stored on the chain thus allowing all who are granted access to view and use its, while still maintaining it's security. Another security characteristic is that the majority of the nodes must agree that the data/transaction is correct before being confirmed to the chain. The inherent structure of blockchain makes it difficult to conduct unauthorized intrusions or alterations of the information stored on it.
Improved traceability: Blockchain makes tracing and auditing of a chain of information (inc. products, operations, records tracing, etc) far easier than the current way it is done today. The chain helps removes the human error and corruption out of any given system with multiple entities, where any one of these entities may have a vested interest in altering the record of their individual involvement.
Increased efficiency and speed: Blockchain is, by definition, a single ledger of records that spans an entire system. This removes the need for all players in that system needing to keep separate records and then needing to reconcile said records. This alone will save countless human hours of work, which are subject to errors and/or corrupt behavior. Having myself been involved in multiple supply chains during my working life I can attest to the speed and efficiency of the basic business aspects of blockchain (billing, receiving, auditing, just to name a few..).
Reduced cost: All of the above categories will lead to a greatly reduced cost in any system that involves multiple parties (nearly everything). If the data is on the chain, then, by definition, it is able to be trusted and counted on to be accurate and dependable. The trustless of nature of how data is confirmed by the blockchain subsequently provides trust in the entire system.
Explain with your own words, why these are the benefits of using a blockchain.
Transparency: Blockchain is a public ledger which can be verify by everyone. All transaction can be easily verify on the blockchain network due to the help of several nodes connected together for easy and fast transaction.
Security: Security is the major priority every organization should consider. Blockchain is more reliable , efficient and secure because the codes are end to end encryption.
Improved traceability: All transactions are easily verified and traceable. It does not need 3rd party to verify transaction.
Increased efficiency and speed: Its more efficient and reliable because its a trustless protocol. Due to the power of different nodes connected together , this makes transaction to happen within secs and very fast unlike traditional banks that takes days.
Reduced cost: The cost of transaction is very cheap compare to banks charges. imagine sending 1BTC currently work $9500 will only cost you maximum of $2.
Transparency: In a blockchain everyone using it has access to the same data, and it is all synchronised with each other on all the different computers running the nodes. This is transparent because you know that the information that is being provided to you is the same for everyone else as well.
Security: The security benefits of a blockchain is that you have the same data being updated real time on many different computers which means that if a hacker would like to give malicious information to would not add up he has to hack at least half of the computers running the transaction for people to agree that the information that is being is correct. This is very hard to do especially when a network becomes very big.
Improved traceability: Since everything Is immutable on a blockchain and everyone keeps the same record of information which is constantly being updated by the network you have a clear history of the information which you are verifying. It would be hard for manipulated information to be provided if everyone participating in the blockchain already has agreed that the information is correct.
Increased efficiency and speed: With a distributed digital ledger no middle men are needed to verify the transaction, and since everything happens real time on the internet it is highly efficient.
Reduced cost: When there are no intermediaries that need salaries and the up keep costs of a blockchain can be cancelled out with financial incentives for the people running the protocol the cost is massively reduced.