Exactly. This means we can track the data/transaction to their origin point. 
In bitcoin, the security is provided by the miners. Their electricity is what secures the transactions from being altered. This gives us transparency and traceability. 
What about the increased efficiency and speed?
What can you say about the improved traceability that the blockchain technology can offer?
This is a great definition. Especially when people say that bitcoin is used by criminals.
"The very definition of transparent is that you can see right through it, in other words there is nowhere to hide."
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While decentralization is very important for the security, mining is what really secures the network. The more hash rate we have the more secure the network is. You will learn more about this as you move on. (If you already havenāt learned it.)
Yes, You have to pay the miners to process you transaction. Great addition to the answer.
Yes. And the blockchain data is never erased of modified. We only add new data as time moves on.
Exactly. Because everyone can join the network, anyone can verify the data for themself. 
How does the blockchain reduce cost? What do you mean by financial gain?
There is a bit more on how the security is achieved in the blockchain. In bitcoin, miners bring security. You will learn how later on. For now, its important to know that the security of the blockchain is much higher than in a centralized database.
Even time. Letās say we are tracking fruit. Because we know can check the time, we can easily see if the fruit is truly fresh or not.
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Security is indeed accomplished by consensus such as POW (Proof of Work). I am not sure how provenance would be connected to the security. Provenance is an ability to know the origin of a certain transaction/data. Because we have such high security, we can have provenance.
Thanks for the feedback.
I know what youāre sayingā¦I never knew anything about it really and in the short time Iāve been involved and learning, my friends and family all repeat the same thing: ādonāt crims just use bitcoin for buying/selling illegal things and money laundering and so on?ā
Its just funny how many people drink the koolade and never make up their own minds an form their own opinions based on accurate informationā¦
Anyways, so much happening in the crypto world right now that it is only a matter of timeā¦I live in Australia and we have Coke vending machines that accept BTC now!!! We wonāt be the minority for much longer, not now that Coke is involved haha
I just wish Iād found the power of blockchain and the crypto community sooner, but never too late!!
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ā¦ Transparency
Increased transparency in blockchain when compared to a traditional databases is a consequence of having digital provenance, concensus and inmutability mechanisms built in the network. Thanks to these features of blockchain there is perpetual list of all the information that is constantly being updated, verified and cannot be changed that can be accessed by anyone that is participating in the blockchain network thus making the network trustless and transparent between the participants.
ā¦ Security
When using blockchain, all the information that have been verified in the network is linked and encrypted together in a chain-like structure from the very first piece of data that has been inputed all the way to the most recent one. This feature makes the blockchain network more secure than a traditional centralized database that only holds a local copy of the information.
ā¦ Improved Traceability
Improved traceability is another great feature of using blockchain and this is thanks to the provenance and inmutability features built-in the network. Having a mechanism that allows the network to keep a record of all the information that has been added and not being able to change can benefit a lot of bussinesses that have very complex supply chain or databases that need to be tracked for multiple purposes such as regulation for example.
ā¦ Increased efficiency and speed
In a blockchain network, all the information that enters the network needs to be verified before being accepted as part of the network, therefore, removing the likelyhood of having a human input error that could occur in traditional databases or heavy paper like proccesses, making it much more efficient. Also, everyone that is participating in the network have access to the same information in real time at any given time, making it much more faster. Finally, trusting each participant in the network is no longer and issue since everyone has access to the same information, removing the need of third party intermediaries.
ā¦ Reduced Cost
By having an increase in efficiency and speed, naturally a decrease in costs will follow up. Businesses will be able to distribute its resources into relevant areas for growth rather than using them in hiring third party intermediaries to settle down disputes or audit information.
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1-3+5. Everyone on the blockchain agreed on the same truth, so it is transparent and agreed on and trackable.
4. No middle man is needed when data is immutable.
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- Transparency: Blockchain is a decentralized public ledger, where all nodes on the blockchain have clones of the same ledger. Since consensus is required for all transactions and all transactions accepted are final, you have an environment where data is more accurate and consistent. Due to data being available via this public ledger format, transparency and verification is automatic.
- Security: The aspects of Consensus, Finality, and Decentralization in blockchain inherently greatly enhance data security. This makes blockchain an appetizing platform for any system requiring any level of data protection.
- Improved traceability: each transaction is recorded on the public ledger, and therefore an audit trail is automatically continually built and available in realtime.
- Increased efficiency and speed: Verification happens quickly with decentralized nodes reaching consensus on each transaction, so there is no need to wait for paper or third-party verification to occur as in traditional transactions.
- Reduced cost: Trust-less nature of blockchain eliminates the need for third parties or middlemen to guarantee transactions. You simplify and streamline your business, and no longer need to pay so many players.
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Transparency : This is a benefit because all participants of the network have the same information at the same time. Also, being a public Blockchain (database) this allows to anyone to check the information that is integrated on it.
Security: Being a decentralized network, a public Blockchain offers security to users. How? each computer that is connected to the network has a copy of all the transactions, it is not stored in one single server. A Hacker to compromise the network must hack all the connected computers at the same time. Also, all participants of the network must agreed on which information ( transaction or any other data ) is true or not before being integrated in the block. Last but not least, once integrated in the block, that data can not be removed.
Improved traceability: In a public Blockchain anyone with internet connection can track transactions or data.
**Increased efficiency and speed:**Data verification can be automated thatās why it adds efficiency and speed to administrative processes.
**Rediced cost:**by automated work; By taking away third parties that do not add value to customers or to the chain supply of any industry
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Transparency:
blockchain is a type of distributed ledger, all participants have the same content/data. Adding information can only be achieved by consensus. To change or modify a single transaction would be near impossible.
Security:
Transactions must be accepted though consensus before they are recorded. Once the verified transactions are done, it is encrypted and linked to the previous transaction and stored in the entire network. This is prevent risk of hacking or frauds.
Improved traceability:
Every single transaction can be traced or tracked on a blockchain.
Increased efficiency and speed:
Compare to traditional, paper-heavy way, transactions can be completed faster and more efficiently on a blockchain. All participants have the same digital ledger, clearing and settlement can be done much quicker. Intermediaries are redundant in this process.
Reduced costs:
With blockchain, trust is no longer to be an issue, so third parties or middlemen donāt be needed anymore. This saves a lot of costs. The trading process is simplified.
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Answer:
Transparency: Transparency allows the public and anyone with permission to check a transaction or trace it sources. This approach is possible due to blockchain is a public ledger. It must reach a consensus before a transaction can be recorded and to a block for encryption. Hence such transparency eliminates any uncertainty to any consumer.
Security: Blockchain security doesnāt allow information or data to be altered or edit as information is stored across a network of computers which will be encrypted and chained. And by doing so, it must gain control of these network of computers which proves highly impossible. Therefore it become extremely daunting for any hackers to compromise the data.
Improved Traceability: Blockchain improves traceability by record every single transaction or info once it achieve the consensus. By doing so, it record every single source of a supply chain network thus improving traceability.
Increased Efficiency and Speed: Blockchain increases efficiency and speed due to the fact how every transaction is recorded eliminating trust issue. Therefore it doesnāt require any centralise intermediaries to verify (if done by human) will be prone to errors. Hence everything can be retrieve from the public ledger by assessing online which greatly improves the speed of verification or checking or auditing.
Reduce Cost: Because intermediaries are not required in the block chain process. It save money on man power and reduces time needed to conduct the same work. Time equals to money, and eliminating intermediaries reduces cost. Therefore blockchain reduces cost greatly.
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