In the block chain everyone can check transactions, in terms of security the data exists in every validator an to change the data the cost will be very high, to take down the network the attacker need to take down all the validators.
The traceability is more easier because the transactions keep forever stored in the blockchain.
A centralized database will be always more fast and efficient than blockchains in terms of transactions throughput and power efficiency, but as blockchain don’t need to be backed by a central authority you have less requirements to process data and everyone can participate, it becomes easier to trust each other without the need for numerous intermediaries in the end it can be more fast and efficient in terms of a whole.
the reduced cost came from that you don’t need as many third parties or middlemen to make guarantees because the transactions occur in a blockchain that is a trusted data source.
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Transparency - since blockchain is a distributed public ledger
so it means to say that every participant has the same record of data,
which means every participating individual can access and verify the data that are stored in the blockchain. Unlike in a centralized system where in the ones who can only check and access the whole data of transactions is the centralized authority itself, which means it is not transparent at all. -
Security - Blockchain has more security because before a certain transaction is stored in the blockchain it must first undergo a process of scrutiny between participants, and they must all agree into a consensus first before it is approved to be on the blockchain. and another thing is that from the word blockchain itself it means a chain of blocks it means every data that is stored in every blocks is linked to the previous and subsequent blocks, which means that it holds a strong amount of security, since there is no chance that a certain block can be altered by not affecting all the previous blocks which results to a discrepancy of the whole data’s on the blockchain.
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Improved Traceability - Since blockchain runs a 24/7/365 infrastructure then tracing a a certain transaction is not going to be a big problem, since everyone participating has an access, and they can check every transaction in real time where it had been and where it is headed to, you can track everything on the blockchain from origin to destination.
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Increased efficiency and speed - Since there is no need for any intermediaries to mediate a certain transaction then it gives a high amount of efficiency and speed because removing third parties save a lot of time. Compare to our traditional centralized transaction that we still have to wait for an authority to verify the product before it goes to the next stage of the transaction, in blockchain there is no need for all of that because authentication and verification is already a built-in process by default.
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Reduced cost - Since in the blockchain there is no more third parties that participate on a given transaction, then this will save us a lot of money compare to the traditional conducting of transaction that we still have to pay for every entities that are involve in the transaction.
Because of that it reduced the overall cost, since blockchain will cut the cost of auditing and other paper documentation that are a very messy part of the current traditional process.
Blockchain is a distributed ledger where all network participants share the same documentation (not individual copies) which can only be updated through consensus (everyone must agree on it). Changing a single transaction record would require the alteration of all subsequent records, further requiring the collusion of the entire network. Therefore, data on a blockchain is more accurate, consistent and transparent.
Transactions must be agreed upon before they are recorded. After approval, the transaction is encrypted and linked to the previous transaction. Because these transactions are stored across a network of computers (instead of on a single server), it would be very difficult for hackers to compromise the transaction data, preventing fraud and unauthorized activity.
Exchanges of goods recorded on a blockchain can trace an item back to its origin, ending up with an audit trail that shows not only where it came from, but also every stop it made on its journey, thereby verifying the authenticity of assets and preventing fraud.
Traditional paper-heavy processes of trading anything is a time-consuming process prone to human error, often requiring third-party mediation. Blockchain streamlines and automates these processes so that transactions can be completed faster and more efficiently; one digital ledger shared among a global network of participants expedites clearing and settlement of transactions.
Blockchain eliminates the need for third parties or middlemen to make guarantees because everyone will have permissioned access to a single, immutable version of transactions.
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Transparency:
Everyone can see everyone else’s transactions. It’s open to the public. Everyone has the same version of the database. If it’s altered, everyone can see it’s been altered. -
Security:
Coming to consensus on a transaction. Immutable global database. The higher availability, the more secure the network is. -
Improved traceability:
The ability to track the supply chain in real-time by using provenance. -
Increased efficiency and speed:
A global community of compute networks allows for faster transactions and settlements vs using paper as a means of settlement. For example, waiting for a contract to be signed, mailed, and delivered, and waiting for a check to clear. -
Reduced cost:
No third party is needed to finalize the transactions. Also a global network of computers allows for a more secure and fast consensus.
Transparency - since blockchain is a decentralised network all participants share access to the same information and new transactions can only be added to the system if agreement is reached by consensus.
Security - blockchain is more secure than traditional systems because all parties share access to the same global database across a network of computers making it difficult for hackers to compromise the data. Also data can only be added to the blockchain not removed, and once data is approved it is encrypted and linked to the previous transaction.
Improved Traceability
Blockchain can record every product transaction in the supply chain providing an audit trail from origin every step on the way of its process. This is particularly beneficial for industries such a food and clothing where supply chains can be very complex and difficult to trace origin of product components. Recording the historical transactional data helps to verify the authenticity of the product and prevents fraud.
Increased Efficiency and Speed
Paper based processes are known to be time-consuming and subject to manual errors. By automating and streamlining these processes on blockchain, transactions can be completed faster and more efficiently. Since record keeping is performed using a single digital ledger is is no longer necessary to reconcile ledgers and subsequently clearing and settlement are much quicker.
Reduced Cost
Reducing costs is a major benefit of blockchain technology as it does not need as many third parties or middlemen to make guarantees as you simply need to trust in blockchain data. Also, there is no need to review all documentation prior to completing trades as all participants have permissioned access to a single, immutable system.
Transparency:
Security:
Improved traceability:
Increased efficiency and speed:
Increased efficiency and speed:
- No collusion is possible because all permissioned parties who have access can verify what is available
2.Data that is sensitive or otherwise cannot be manipulated or accessed once encrypted ,by
unscrupulous means.
3.Being able to trace the history of a product through a supply chain can reduce fraud and improve
efficiency. Theft and loss can also be reduced or eliminated.
4.Inefficient operators in a supply chain can be identified and the issue corrected. Human error can be
eliminated due to multiple reconciling stages in many organizations. - If time can be taken as a form of saving money if used efficiently, then streaming the process that
involves many parties being trusted and verified can increase increase productivity and reduce cost.
Transparency - An individual that has participates in a transaction can, at anytime refer to the ledger to look up their transaction.
Security - Transactions are stored on a network can trust that verification will be precise due to the network of nodes. The nodes must all be on the same page when it comes to verifying a transaction.Once the transaction is verified and recorded on the blockchain there is no way for it to be removed. This helps to safeguard from any manipulation.
Improved traceability - The way blockchain records data makes finding the origin and route a transaction took to get to the participant.
Reduced cost - The block chain is immutable and basically does the job of a third party that you would have to pay with an centralized network.
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provides high level and detailed visibility of all transaction data to all users. no user has privileged access to this information, and thus no single user can alter the information. rather, all data is distributed on a public ledger such that altering data only comes after network consensus.
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truth being determined by network consensus elevates security. it guarantees no single point of failure or malice. data being distributed network wide means it cannot be altered at any single point without it being noticed and corrected by the network.
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it being a publicly distributed ledger means all users have access to all the data at all times. if one node goes down, the data will be preserved on other nodes in the network, increasing security. but since this data is immutable, it cannot be removed, and hence will elevate traceability.
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information is updated simultaneously, instantaneously, across all nodes in the network. no need to update many ledgers individually, which again, would elevate risk in multiple domains.
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no need for intermediaries to ensure trust since the environment is trust-less.
Explain with your own words, why these are the benefits of using a blockchain.
Transparency:
In other words why is transparency a benefit?
Because the record of transactions is indelible, it will be more trusted. Fraud will be more difficult.
Security:
Why is security a benefit?
It encourages cooperation, unimpeded exchange, less wasted time, effort and labor or efficiency, peace of mind…etc
Improved traceability:
It is a benefit to upholding the process of industry by mitigating risk, fraud and counterfeiting.
Increased efficiency and speed:
Efficiency is a benefit to reducing input for output or costs.
Speed is a benefit to usability or a usecase.
Reduced cost:
Reduction in cost is a benefit to profits and acquisition of resources and/or materials.
All network nodes have visibility into the block chain which provided transparency. It is practically impossible to tamper with the history since it is spread across several network instances which improves security. All transactions are linked so transactions can be traced easily. Automated access to the block chain is much more efficient and quicker than paper recording and accessing. This in turn results in reduced costs.
Transparency: Allowing the networks to see the ledger and have consensus on what to add to the blockchain.
Security: It is approved and encrypted and added to the blockchain and prevents anyone user from making changes to the ledger.
Improved traceability: This allows a complete audit through the ledger and is trusted because no one person can change it as it requires a consensus.
Increased efficiency and speed: Automated processes help speed up the process, and tasks are shared across many nodes to break up the work. Since everyone has the same ledger, it speeds up the time for validation.
Reduced cost: Trust is built on the blockchain, and it eliminates middlemen for validation.Explain with your own words, why these are the benefits of using a blockchain.
Transparency:
- Distributed ledger
- All network participants share same data
- Only updatable through consensus: everyone must agree
- Change of data needs alteration of all nodes and collusion of entire network
- Available to all participants who have permissioned access
Security:
- Transactions must be agreed before recorded
- After approval: encrypted and linked to previous transaction
- Since distributed, not stored on a single computer: difficult for hackers to compromise
Improved traceability:
- When exchanges of goods are recorded in a BC, the audit traceability is 100%
Increased efficiency and speed:
- By automation and especialy in a blockchain which is available to / trusted by everyone
Reduced cost:
- No middleman / third parties to make guarantees: you dont have to trust your trading partner
- Everyone has permissioned access to a single distributed, immutable version
Explain with your own words, why these are the benefits of using a blockchain.
Transparency:
Security:
Improved traceability:
Increased efficiency and speed:
Reduced cost:
Anwers:-
1.Transparency
Blockchain provides transparency as everyone within a network can see when and how each transaction has occurred in real time, therefore no one can hide or alter any of the transactions that has happened.
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Security
Blockchain provides security because all data is recorded in a network with multiples computers, hence it is impossible for hackers to hack the entire network or to alter any data recorded. Therefore blockchain technology is extremely secured compared to just a single server. -
Improved traceability
Blockchain allows every transaction to link with its previous transaction therefore it provides a linkage to the first origin. this definitely improves the traceability of any transaction within the net work. -
Increased efficiency and speed
Blockchain allows quick and accurate recording of a transaction that does not need to be reconciled by a third party and therefore able to have faster settlement of any deal agreed between all participants. -
Reduced cost
Blockchain wipes out all the unnecessary middlemen therefore it is cheaper to complete a transaction. This is because every participants are trusting the math and protocol that has been built within the network.
- Transparency removes the need for trust as all data ins and outs are verified via truth incentivised consensus and cannot be corrupted or changed through collusion
- Security in that there is no single point of location for the network. Information is stored across a network of computers so that to attack the blockchain, a bad actor which need to attack over 50% of all the computers, which is not financially feasible.
- Contrary to popular belief, blockchains are not anonymous. Everything is in public view and can be traced and verified. This is good as a use case for the supply chain industry where accurate origin of products is good for verifying something is authentic and genuine.
- Blockchain verification relies on math and not multiple human 3rd parties. The removal of “red tape” in the process will increase speed and efficiency.
- Costs are reduced as most intermediaries and 3rd parties are removed from the verification and auditing process. Also all parties have access to data in real time and do not need permission from various human departments.
Transparency:
All participants have the same copy of information (documentation) and its only possible to update this with consensus from most participants. To go back and change something would mean you will have to change all subsequent records and most of the other participants will have to agree with you.
Security:
Records/transactions must be agreed upon before it is stored. After it is stored, it is encrypted and then linked to the previous record/transaction. Also all these records are stored on a distributed network of computers and not at a central place which makes it way harder to compromise the data.
Improved traceability:
If goods are tracked on a blockchain, you will inherently have an audit trail and it can be used to verify authenticity and also prevent fraud.
Increased efficiency and speed:
By automating traditional trading processes it removes human error and third party mediation.No need to reconcile multiple ledgers so things are cleaner and faster.
Reduced cost
Third parties and middlemen are removed because the trust is removed. Just trust the verified data. So paperwork time is reduced as well as all the cost for paying third parties and middlemen.
Transparency:
Multy participants with one eye
Security:
You can fool server but not network
Improved traceability:
Dont try to fool me I know exactly how you are
Increased efficiency and speed
Make it easy and save,and my tree is still alive
Reduced cost
All necessary data is on the Blockchain
- Transparency: Anyone can evaluate the status of transactions on the network, all the details are available for everyone to see.
- Security: Because of “finality” it is not possible to change the transactions, once the transaction is confirmed it can’t be reversed.
- Improved traceability: Any person can access can confirm what happened, and how it happened. The transactions are transparent.
- Increased efficiency and speed: Using a blockchain increase the system/network efficiency because the records are updated and accessible to anyone immediately. It offers a “Real-time” picture of the transactions between parties that can’t be reversed or changed due to finality.
- Reduced cost: By implementing a blockchain network numerous processes is no longer required, no need for trusted third parties. By eliminating third parties the system is more efficient thereby reducing the costs. Computing cost may also be reduced by using a network instead of “building” or hosting your own network.
Transparency: Shared documentation spread across the network can only be updated by consensus.
Security: Transactions must be agreed upon by the network. Once consensus approval the transaction is recorded across the entire network. The transaction is not in a silo making it difficult for hackers to compromise.
Improved traceability: If supply chain goods are recorded with blockchain it is easy to determine where said goods originated.
Increased efficiency and speed: A single ledger shared across the network equals less clutter which speeds up transactions. This is also results in no intermediaries which increases efficiency.
Reduced cost: Middle men are not need because the trust is in the numbers thus reduces costs.
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Transparency: All documentation is shared across the network and all histories are immutable, verified and accounted for. As long as you have access to the network, you will be able to view every bit of information from anywhere on the network and know, with certainty, that it is the truth.
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Security: All data within the network is protected by consensus and networkability. In theory, if you could control 51% of the network, you potentially could manipulate the consensus. The fact that the network is global and transparent makes this incredibly difficult to do and exponentially more secure than any other known network.
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Improved Traceability: The immutability of the blockchain enables every piece of data in the network to carry with it it’s own history, which is secure, transparent and anyone in the network has access to it.
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Increased Efficiency and Speed: The redundancy of the blockchain’s ledger may sound inefficient, but, in actuality, it is incredibly well organized and runs virtually error free. Also, blockchain does not require an intermediary or miles of bureaucratic hoops to jump through. This give us an accurate, predictable, reliable and very well oiled machine.
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Reduced Cost: The past 4 benefits can be achieved in a traditional network, but at great cost. Blockchain comes straight out of the factory with these benefits hardwired into it’s code. This translates into real world savings, and a much more cost effective way of doing business.
Transparency: Everyone can see at any time what transactions have been made on the blockchain
Security: Once a transaction is made it cannot be undone. Transactions are approved by the entire participant population and once adopted by the majority it cannot be modified or erased.
Improved traceability: Transactions can be traced with timestamps in the blockchain
Increased efficiency and speed: Audits can be done very easily by verifying the transaction history of the blockchain
Reduced cost: It is much easier to verify a transaction that you know is 100% secure by a reduced number of analysts. An army of auditers is no longer required, this can be done by much less people.