- Transparency: All transactions are available for all to see.
- Security: The transactions are immutable
- Improved Traceability:The entire flow of the transaction is visible
- Increased efficiency and speed: The transaction is only a button push for someone to do.
5.Reduced cost: When this much data is connected together, i.e. payment and goods flow, it leaves out inefficiency of so many people touching each transaction in a traditional department. Also, accuracy in that there are fewer “do overs”
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- Transparency: There is a clear public ledger which can be easily verified.
- Security: There is no single point of failure.
- Improved traceability: Easy to audit
- Increased efficiency and speed: A single protocol that everyone uses.
- Reduced cost: Improved efficiency reduces the cost.
My Answers:
Transparency is a great benefit of using blockchain because all networks share the same documentation, which makes it harder to alter.
Security is a great benefit of using blockchain because it has to be a consensus to approve all transactions also by the same information being stored across all networks make it harder for hackers.
Improved Traceability is a great benefit of using blockchain because everything can now have a trail that is verified and authenticated, which helps to prevent fraud.
Increased efficiency and speed is a great benefit of using blockchain because everyone has the same information, which makes it easier to trust and move thing along quickly.
Reduced Cost is a great benefit of using blockchain because it reduces. the number of third parties and middle men needed. Now you can simply trust the blockchain.
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And you will find many transactions like this one, transferring millions of dollars worth of bitcoin, paying negible fees.
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Transparency: Before data gets added to the blockchain it has to be agreed upon collectively
by the nodes. Once it gets added, it becomes publicly available information that anyone can observe. This makes the system very transparent and trustless because you can see
for yourself and verify that information is correct.
Security: The Blockchain database is spread out on many computers geographically,
and therefore it is extremely hard for to hack the blockchain
since there is no central database or single point of vulnerability.
Improved traceability: The traceability of any data transferred is publically visible
and you can track the origin of the product and its destination. And you can make sure
that the information you’re given is correct because in the blockchain the data cannot
be changed or manipulated.
Increased efficiency and speed: Blockchain removes the intermediary (eg. a bank) which makes it
a peer to peer transfer protocol and thus it is very fast and efficient.
Reduced cost: Since blockchain removes the middle man/intermediary (who would normally charge a fee), this type of system is cheaper since this portion is not needed since it is a peer-to-peer transfer.
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Transparency: All the participants have the same information which is very difficult to change the record.
Security: The transaction is approved by consensus, so it is very safe and hard to get hacked.
Improved traceability: Even though some product consist of many materials, it will show all origin with blockchain.
Increased efficiency and speed: Blockchain transaction is automated process without human error and third party check, so it is very efficient and fast.
Reduced cost: Blockchain does not require middle man to check the transaction, so it is cost effective.
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Explain with your own words, why these are the benefits of using a blockchain:
- Transparency
A blockchain network provides benefits to systems and applications that need to be able to fully trust that the underlying data is true. Trust can be given directly to the transparency of the data (and other properties), instead of centralized actors.
- Security
In blockchain technology, security is provided by a network of participants instead of one central authority. This kind of security model is latently more difficult to corrupt and/or infiltrate.
- Improved traceability
Blockchains are built by only adding data. This gives a lot of benefits to any application that wants to track and/or monitor the flow of something, because all the changes in data are in the database itself.
- Increased efficiency and speed
The decentralized nature of blockchain technology can really increase efficiency in applications that are dependent on “middlemen” in any way. The speed of execution (ex. transactions of value) is also increased without the need for any third party to act (ex. validate).
- Reduced cost
The decentralized nature of blockchain technology also have the potential to reduce costs for any business that depends on “middlemen” to be able to conduct their business.
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Transparency: When removing the option to fraud a system everything becomes much more efficient.
Security: When we can have a so called trustless system everyone can trust that the data is accurate.
Improved traceability: everyone can get the real truth of the process.
Increased efficiency and speed: since everyone has the same information all the time we can be sure of the data, thus settle transactions and agreements much faster.
Reduced cost: Since evreyone has the same dat updated live, we no linger have the need for third paryies that would otherwise works as intermediates to make guarantees.
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I know. People are not always open minded. 
Wow. That sounds amazing.
I had the same thought when I joined this space back in 2017. We are still early. 
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In a trustless sytsem we not longer trust, we verify. 
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Blockchains is great for transparency because all transactions placed are logged forever and can be verified by anyone.
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The blockchain security is second to none being that it is virtually impossible to hack into it at this given time in the world. Who knows what the future holds as far as technology and super computers or AI that may one day be able to break the system.
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When looking at the blockchain all transactions are visible for the whole world to see. This gives improved visibility to the network. I have never seen my banks ledger for me to verify if any transactions have been made.
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The blockchain is a network that is borderless and runs 24/7 365. This makes it more efficient than any bank. Transactions can be placed to anywhere in the world in matter of minutes at pennies on the dollar instead of going through a bank that may take 3-5 business days with Hugh fees.
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Reduced cost was answered in number 3 but to add on to it Blockchain transactions costs are calculated by the amount of data is being used up in the block instead of the value being transferred like a bank.
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Greater Transparency - All network participants (nodes) share the same documentation. That shared version can only be updated through consensus. To change a single record would require changing all subsequent records.
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Enhanced Security - Transactions must be agreed upon before they are recorded. All transactions are encrypted and linked to all subsequent transactions. In addition, the data is stored in many locations at once. This prevents fraud and unauthorized activity.
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Improved Traceability - Blockchain creates an audit trail that shows every stop an asset made along its journey. This data is then kept forever and can be forever verified and will keep its integrity forever.
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Increased Efficiency and Speed - Traditional paper processes are time-consuming, prone to human error and vulnerable to third party motivations. Blockchain uses a single ledger that is shared among all participants, eliminating clutter. Because of all this, clearing and settlement occurs much quicker.
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Reduced Costs - Because you don’t need any third parties or middlemen to complete transactions, you will save money and time.
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Transparency: in the Blockchain can add data via consensus, meaning that the data has already been verified by the network before it has been confirmed and added to the blockchain.
Security: is enhanced by consensus. every transaction needs to be updated by every nodes processing it. increasing the number of nodes processing and introducing consensus makes this exponentially more difficult.
Improved traceability: Every single transaction can be traced on a blockchain.
Increased efficiency and speed: Removes middle man and uses global nodes to verify transactions
Reduced costs: being decentralized and no middle-men or any intermediate companies. means the cost is reduced as well since there is no commision/ funds needed for intermediate entities.
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Transparency:
By recording transaction data on a single public ledger, like Bitcoin, it’s impossible to amend it without the consensus of the network, thus increasing data transparency, accuracy and availability to all network participants.
Security:
Blockchain technology provides decentralization, thus eliminating trust in a single entity. The data is stored on a public ledger backed by a mathematical algorithm and not a single company or a human, which could make mistakes.
Improved traceability:
By using blockchain it’s easier for the business to track, for example, the origin of the ingredient, as some companies use a quite complex supply chain, which makes it hard to trace it back. A record of a transaction/exchange data on a blockchain pre audits it and prevents fraud.
Increased efficiency and speed:
Traditional paper-heavy processes are time-consuming and prone to human error. By recording information on a single ledger, the need for third-party intermediaries is eliminated, thus increasing efficiency and speed.
Reduced cost:
With blockchain, the business doesn’t need as many middlemen, thus decreasing expenses and increasing profitability, which is the main target for any business. It also eliminates paper-heavy work, as the data accessible on a single, immutable database.
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This allows anyone using the blockchain to view all data to a transaction because it is on a Public Ledger which means that there is no trust required for transactions.
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Due to the data being stored on a network of computers and being encrypted with the previous transaction this means that it is going to be very difficult for any of the data to be abused or hacked by other parties as it would require accessing the whole network to do anything.
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Exchanges of goods through the blockchain can be traced back to their source if required to verify the authenticity of those goods.
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With everything being shared between the blockchain, information does not need to go through other intermediaries to share the information which can also be time consuming and prone to human error. The blockchain can eliminate the human error aspect and the time taken to share data between everyone.
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The third parties and middle men are no longer required to make guarantees because the information required about a trading partner is already available on the blockchain as everyone has access to it.
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Yes mate, this is awesome! 
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Blockchain is a distributed ledger for all users to share the same access to the data providing transparency with any transaction.
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Due to consensus protocols, data maintains security because all nodes on a network must agree on a transaction’s approval into a blockchain. Data on a blockchain will always be more accurate, consistent, and transparent than data on centralized ledgers, especially paper-heavy processes.
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Since a blockchain is an open, decentralized network, its immutability makes authentication of a data’s origin accessible without requiring any permissions. Audit trails are provided for all exchanges of data/goods.
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Blockchain does not rely on the need for intermediaries to approve a transaction’s authenticity, which allows for faster processing and settlement.
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Reducing costs is the goal of any business in any industry. On blockchains, everyone has access to a single, immutable version which reduces the need for third parties. Trust is only established with the data and never has to be mutual with the parties involved in the transaction.
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Transparency: Information can’t be changed unless everyone agrees to do so, through consensus. Also all data is visible for everyone.
Security: All transactions must be agreed upon before they are able to be encrypted and linked to the previous transaction. Other then that, information is stored on a network of computers instead of a single server thats easier to hack.
Improved traceability: Abillity to track items back to its origin and see every stop it made on its journey.
Increased efficiency and speed: Eliminating the need of third-parties, ofthen needed for trading. Also records every transaction and makes it available for all partisipants using a single digital ledger, leaving no need for documentation.
Reduced costs: Same as the above.
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Transparency:
Because the blockchain is a system at which the same ledger is running on multiple computer. All the ledger are exactly the same. That is why everybody can check it and can se with transactions are on the blockchain. It is totaly transparent and everybody can check it.
Security:
Because every transaction is checked by conformations on the blockchain. If a transaction can not be made there will be no conformations on the blockchain. The more conformations the safer the transactions. The more computers on the network the safer the transaction. Blocks of transactions are hashed and encrypted info the blockchain. All these futures makes the blockchain safe and secure.
Improved traceability:
A supplychain is a long proces with a lot of smalle steps. Blockchain makes it possible to register and store every little step in this proces. This will make it possible to trace goods or movements in the supplychain. For instance in case of a health issue it can be possible to quickly trace the contaminated goods and remote time from the chain.
Increased efficiency and speed:
In “the old days” every companys had his own departement full of filing cabinets. But every companys had just a controle over a little part of the supplychain. Now with blockchain a lot of companies have access to the total chain. This makes payments, transport, stocks of goods effectieve to manage. Because the full chain is stored on the blockchain audeting companies and supplychain are more complete and much quicker.
Reduced cost:
Because the blockchain is secure, decentralized and transparant companies can reduce cost by skipping extra checks. Al the data is stored on the blockchain is confirmed by multiple nodes so already checked.
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In bitcoin we only hash the blocks, we don’t encrypt them.