The article touches on the main benefits of blockchain technology for normal businesses. Transparency is provided thanks to the public ledger maintain by the blockchain network which can be read by anyone with access to the network in real-time. The second point of security is ensured by both the consensus mechanism, and finality of blockchain which ensures that no one person can tamper or cheat companies by submitting fraudulent transactions or erasing previous ones. Blockchain allows for improved traceability by allowing everyone using the blockchain to submit transactions visible and traceable by all. Being able to see every transaction as well as its history across time in a public, immutable ledger makes traceability much easier. Increased efficiency and speed is achieved thanks to the use of public computer networks to send information and value in a matter of seconds instead of classical financial institutions and middlemen who are usually involved in each transaction the business makes day-to-day. The points above points altogether also result in lower cost for businesses since blockchains cut out many middle-men who used to facilitate business transactions in the past.
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Before data on blockchain gets added it has to be agreed upon collectively by nodes at that time it becomes available to the public on a public ledger.
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The database is spread out to many computers all over the world thereby, decentralizing the system so if one computer goes down or hacked it wont effect the network.
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All items on the blockchain can be traced to its origins. once appended to the blockchain the transaction cannot be changed or manipulated.
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Transactions are peer to peer cutting out the middleman this increases speed and efficiency.
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Peer to peer also reduces costs by cutting out the middleman.
Explain with your own words, why these are the benefits of using a blockchain.
Transparency: The ledger is open to the public where anyone can scrutinise the ledger to verify transactions
Security: The trust is in the math and protocol which cannot be broken, hacked or bribed ensuring itâs validity
Improved traceability: All historical data for product.components across a supply chain is available to create the trustless network
Increased efficiency and speed: A transactional ledger and accounting ledger can be created at the same time and both available for audit. One infrastructure used by all parties
Reduced cost: Reduction of intermediaries and again one infrastructure to be used by all parties
Transparacy:
Transparency makes sure that everything is publicly verified. You donât need to trust a third party that do something behind closed doors. Through consensus everyone agrees to the math and protocol and information are available in an open ledger.
Security:
With a big network that has miners world wide. It is hard to âgo againstâ the consensus. You need to control over 50% of the network to do any changes and this makes things insanely difficult for hackers or governments that want to attack blockchain based systems. You canât shut down every computer that keeps the blockchain going worldwide. It is almost impossible. Much easier to attack a single third party.
Improved traceability:
Every transaction in the blockchain network is traceable because it is transparent. Every new transaction gets added in blocks that connect to every other block that has every transaction ever. Nothing is done behind closed doors, and miners worldwide keeps the math and protocol the same through consensus.
Increased efficiency and speed:
You donât have to follow given rules by differtent governments when it comes to different transaction. This results in different paperwork etc etc and it is time consuming. The blockchain is peer2peer. You donât deal with a third party that can have human error. The blockchain relies on math and protocol.
Reduced cost:
It is peer2peer. No third party. This makes things cheaper. No fees payed to different banks for the transaction or currency exchange.
Transparency: Network participants have the ability to access holdings and transactions of public addresses using a block explorer, used to search the blocks of a blockchain, their contents, and relavant details making supply chains more transparent.
Security: Cryptography enables secure transactions and makes blockchain immutable using hash based algorithms, which produce a fixed hash, based on the content of the block.
Improved traceability: supply chain, youâre familiar with how hard it can be to trace an item back to its origin. When exchanges of goods are recorded on a blockchain, you end up with an audit trail that shows where an asset came from and every stop it made on its journey. This historical transaction data can help to verify the authenticity of assets and prevent fraud.
Increased efficiency and speed: When you use traditional, paper-heavy processes, it is time-consuming and prone to human error to reconcile multipe ledgers for many many transactions.
and often requires third-party mediation.
By streamlining and automating these processes with blockchain, transactions can be completed faster and more efficiently.
Since record-keeping is performed using a single digital ledger that is shared among participants, you donât have to reconcile multiple ledgers and you end up with less clutter.
And when everyone has access to the same information, it becomes easier to trust each other without the need for numerous intermediaries. Thus, clearing and settlement can occur
much quicker.
Reduced cost: Reduced cost and complexity, and material cost reduction through the elimination of expensive proprietary infrastructure.
Transparency: everyone has access to the same copy of the same information. the information can only be updated when the everyone agrees that the information is true.
Security: since there are many copies if the same information, it is very difficult to hack as the protocol wont allow it. through consensus, transactions must be agreed upon before being recorded. it is practically impossible to hack as youâd have to hack all computers simultaneously which is impossible.
Improved traceability: audit trails exist in blockchain, i can trace where each item of information comes from without the worry that the information is forged becaise its already been agreed as truth. the data is also never erased and accessible 24/7 to follow in real time.
Increased efficiency and speed: transaction occurs simultaneously and eliminates human error. no review and fact checking by an auditor.
Reduced cost: take out the middle man! trust the automated tech.
Explain with your own words, why these are the benefits of using a blockchain.
Transparency: all participants(well full nodes) share a copy of the blockchain. A change of data requires the network to agree (with consensus). Participants can view the content of the blockchain, if they have permissioned access
Security: a transaction needs to be approved is then encrypted, included in a block which is linked to the previous block. In addition, a copy of the blockchain sits with every node in the network
Improved traceability:With Blockchain you can trace back even through complex supply chains, where it originated, every stop and the status of the goods. It can help prevent fraud by verifying the authenticity of the asset.
Increased efficiency and speed:
As everybody has access to same information, using one digital ledger, you end up with less clutter and can settle and clear processes much faster.
Reduced cost: As you trust the protocol and there is no need for you to check with
many participants and you do not need to trust your trading partner, as the Blockchain is trustless. Therefore cost can be reduced by reducing the number of middlemen involved.
Everyone has access, so no need to grant it 
Since everyone can access it even hackers can 
but it does make it difficult (or should I say impossible) for them to tamper with it
The bitcoin ledger is not encrypted, that would mean no one would be able to read the data they are however cryptographically using hash functions which makes them hard to modify
The Bitcoin blockchain is permissionless, so no permissions required
Transparency -> all information are stored into so call âdigital stoneâ, where anyone who have access (if the blockchain is used by a business) or not (in a public blockchain), can easily check any time if that information are true or not. This way help also a business to be more efficient because data are digitally managed and track, also multiple entities have access on it and make it works.
Security -> all data are put into the blockchain through consensus, this mean that all nodes have to agree. Information are also secure by cryptography and linked in order to ensure security. In fact changing a transaction means that all other data linked to that transaction change at same time.
Improved traceability -> keeping trace of a product into the blockchain brings to more efficient control on each steps follow by the supply chain. Also keeping all data into a single place help to check if each step is correctly follow and reached.
Increased efficiency and speed -> rather that bring all the information into paper or a single database control by single entity, data are shared digitally through blockchain that not only trace all the information but make it available for everyone who have a copy of that blockchain in a more easy and faster way. Also data stay immutable avoiding any kind of misunderstanding and human error.
Reduced cost -> Reduce the need for third parties allowing a business to be sure on any transaction because it no more required to trust on third partner with which trade.
- Explain with your own words, why these are the benefits of using a blockchain.
Transparency: All the network participants share the same information and if you want to change something you need a permission from the whole network for it to go through. The data on a blockchain is more accurate and transparent than when it is done by standard methods. The information is also available to all participants who have access.
Security: All transactions must be agreed by the network before they are finalized and when they are, theyâre encrypted and linked to the previous transaction. Information is stored across a network instead of on a single server, this makes it very hard for hackers to access the data.
Improved traceability: When goods run through a supply chain on the blockchain it will leave trails for you to track i back to its origin and every stop it did on its journey. This prevents fraud and makes everything more visible.
Increased efficiency and speed: Through automated process everything runs much smoother and you donât have to go through paperwork as you normally do.
Reduced cost: You donât need a third party or a middleman.
Thanks for replying. I guess in the article IBM refers to their Hyperledger Blockchain which is a private permissioned blockchain :
âIt is also available to all participants who have permissioned accessâ
But you are absolutely right: public blockchains are permissionless!
The blockchain simplifies,verifies,codifies, documents, andstores all pertinent information oneach and every transaction so that the need for buildings full of clerks and files, auditors and organizers just disappears. I canât help but compare it to a huge John Deere farm implement that plows, plants, fertilizes and harvests, to 100 men in the field.
Transparency: Everyone can verify transactions. No trust involved. The information is public.
Security: Transactions cant be reversed. Miners are incentivized to mine.
Improved traceability: You can trace the transactions on the blockchain, also useful in supply chain usecases.
Increased efficiency and speed: This does make blockchain technology attractiv according to the traditional banking space.
Reduced cost: Efficiency and speed helps to reduce cost
Transparency:
All transactions can be viewed and verified by all parties.
Security:
Blockchain offers a high level of security, as only verified transactions are stored. These transactions are chained together, so that it is practically impossible to change the data.
Improved traceability:
All transactions can be viewed by any party.
Increased efficiency and speed:
Because no trust to the participants is necessary, processes can be automated. This leads to fast processing times.
Reduced cost:
Because there is no need to trust the participants involved, the processes can be handled cost-efficiently
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Transparency:
It allows all participants to view all transactions. No secrets on the blockchain and no room for discrepancies. -
Security:
All transactions received consensus before being added to the blockchain and the ledger is distributed among many participants making it secure. -
Improved traceability:
The blockchain allows anybody to follow the provenance of an item or transactions along the way to its current state. -
Increased efficiency and speed:
By eliminating the middle men blockchain is a faster and more reliable method of settling transactions. Transactions move at the speed and capacity of the network and not that of human beings. -
Reduced cost:
Blockchain can eliminate much of the human interaction previously required and achieves more reliable results which reduces costs.
Explain with your own words, why these are the benefits of using a blockchain.
Transparency: Because Blockchains are distributed, everyone in the network sees the same data. So if something is changed or added, everyone in that network has to be informed and has to agree to those changes.Because the entire network has to be notified and kept up to date, nothing can be concealed and so is absolute and complete transparency.
Security: Because information is shared and stored on many different computers and servers across a blockchain network, it is impossible to change data without these changes being detected. This makes the blockchain more secure from hackers who can easily attack a single server. Also, once data it is received and verified by the blockchain network, it is encrypted and linked onto the existing ledger, thus securing it in the blockchain.
Improved traceability: Once a transaction is recorded on a blockchain, an historical audit is created and is available to trace that transaction to its origin. Records can not be created, falsified, manipulated or destroyed in any way.
Increased efficiency and speed: Automating transactions onto a blockchain is faster and more efficient because the (usually human) middle man is no longer required or involved. Processing speeds are faster because there is no need for humans to reconcile data and there is no human error involved either, which makes for more efficiency.
Reduced cost: Because the blockchain is a trustless system, no 3rd parties or middlemen need to be present to ensure a trade happens between 2 strangers - the traders need only trust the protocol not each other. Not having these extra people involved in any transaction makes for reduced cost.
With the transparency of blockchain comes easier access to information and trust with a distributed ledger that each participant has a copy of.
The security lies in the distributed ledger with high availability and immutability through provenance and participation. Secured by math, physics, and cryptography.
Traceability is improved through provenance and built in auditing possibilities to help reduce fraud
In efficiency there is a more streamlined approach without cumbersome paper trails. Contracts, supply chains, data, etc. can reduce the room for human error and middlemen.
Cost is ultimately reduced by spending less time fixing errors, going through typical bureaucracy, and spending less time with 3rd parties. Time is invaluable.
Explain with your own words, why these are the benefits of using a blockchain.
Transparency: Blockchain is open to all, and the transactions can be accessed on a piblic ledger
Security: Transactions can be agreed upon without having to worry about trust.
Improved traceability: Every transaction or function on the blockchain can be traced as it moves around the network.
Increased efficiency and speed: The blockchain keeps a record of every transaction, and provides a straightforward single ledger, negating the need for third-party mediators.
Reduced cost: Since blockchain mitigates human error and dishonesty from systems, there is less necessity for expensive audits and general oversight.