Transaprency: you can see transactions , even if they are anonymous, you can see the address and the transaction happening but you don’t know who owns it.
Security: it is harder to get hacked because there is not only one server there are multiple computers who store the data.
Improved traceability:because of the live audit of the transactions we can trace where something came from and each stop it made until it’s final destination.
Increased efficiency and speed: since there is no third party transactions happen faster,ness use of transparency you can trust the system so there are less disputes.
Reduce cost: because there is no
Middle man you can send money anywhere in the world in minutes with pennies on the dollar. Millionaires send millions with fees as little as 4$ so they don’t need a bank which takes hundreds of thousands in fees.
- All network participants share dame data so no individual pieces of data
- As transactions need consensus the data is secure and is very difficult for hackers to compromise the data
- On blockchain you have a audit trail and therefore is very easy to trace
4 On blockchain transactions can be completed faster and efficiently and thus clearing and settlement is much faster - As the data can be trusted no need to audit
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Transparency:
All the participants in the network share the same documentation, and everyone have access to the same data because of this distributed ledger. The blockchain is therefore completely transparent for anyone to check. -
Security:
Since each new transaction must be agreed upon before a new block is created, the network ensures that it is linked and encrypted to the previous block, thus creating and immutable blockchain. -
Improved traceability:
All transactions on the blockchain can be traced back to its origin. The blockchain register the trail of an asset on the network and can be easily traced. -
Increased efficiency and speed:
The blockchain cuts the need for third-party mediation, the processes gets streamlined with blockchain, and the ledger on the blockchain provide access participants to ensure the transactions are getting through. No need for time-consuming intermediaries or paper-heavy processes to agree on settlement. -
Reduced cost:
The blockchain cuts the need for third-party middlemen to move funds. The only verification you need is on the ledger that is kept on the immutable blockchain.
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Everyone have acces to the same information, and nobody can cheat the system by hiding relevant information. If you want to change something, you need consensus and all actors need to agree upon it, so it is complicated to cheat.
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Because each transaction is encypted and linked to all the previous information and shared on multiple computers, it becaumes very difficult to alter transaction data.
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It is a decentralised automated audit to trace all steps of the operations, so it is easy to see the authenticity and prevent fraud.
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Everything necessary is encrypted in the blockchain, so you don’t need to waste time and money on third paties to acknowledge transactions and all the same information is avalable to all parties. It makes it all automatic, and therefore, fast.
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You don’t need to waste money to pay intermediaries to make inquieries ensure that you can trust your trading partner, and waste time, because everything is encrypted and is confirmed by the blockchain.
Can’t say for certain, I think no one really can. But I agree that China does pose a potential threat to the security and future of the Blockchain. Quantum computers on the other hand are not that much of an issue, since we can fork to a quantum resistant algorithm
do you really think the thread of quantum computers can really so easily be circumvented? is such a folk feasible for all blockchains?
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You can always track all the data but you cannot delete any data. Any participant could see all the data from the area of his interests.
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Because blockchain is a diffuse ledger, it is hard to hack it. If you want to change something, you need to get an approval of other participants.
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You can for example track the source of product components and make sure that it is the thing, you want to pay for. Also it is much easyer to prevent national companies from corruption during trading with other companies.
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You can get things done without any intermediaries. That makes the process much faster, trustless and cheap.
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You can save the money, you normally would spent on a middle man. Also the time is money. Thanks to blockchain you can save a lot of it, especially during verification of trading data.
Transparency. This is a benefit because the blockchain can be publicly viewed by all participants. Therefore this increases the opportunity to validate all historical transactions to ensure accuracy.
Security. Blockchain uses cryptography in the form of hashes which links each transaction to each other, which enhances security. A bad actor would have to change all the transactions preceding the block it has changed as well as get all nodes within the network to agree on that change which is very difficult to do, which is also why blockchains are highly secure.
Improved traceability. Because the blockchain is publicly available and immutable, all data that is entered can be trusted and validated by all participants. All transactions can be verified to ensure authenticity.
Increased efficiency and speed. Because the blockchain is a digital construct, digital applications can more efficiently process data which increases efficiency and speed in opposed to using processes based on paper.
Reduced Cost: Because the blockchain is a digital construct, many of the accounting processes can be automated which is less costly than a human manually analyzing the same data via processes based on paper.
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Transparency:
Every participant of the used blockchain network has access to the same shared version of the ledger. The chain can only be updated through consensus therefore it is accurate and transparent. -
Security:
All transactions must be approved and are then stored on a network of computers instead on a single server. -
Improved traceability:
Since all blocks on a blockchain are linked together it is very easy to trace back information and data. -
Increased efficiency and speed:
Because of its transparency and security there is no more need of middlemen. This increases both efficiency and speed. And ultimately will reduce cost. -
Reduced cost:
see point 4… cut out the middleman, reduce (eliminate) the risk (and losses) of fraud = reduce costs.
The blockchain is open so everybody is allowed to see all transactions made on the blockchain
the blockchain is trustless and no person is capable to lie or manipulate on the blockchain
you can trace all transactions
blockchain is available all the time and you don’t have to wait for a company or a person to verify something on the blockchain
No third party companys or persons takes a pice of the cake.
Everyone has access 
Quantum computers today are basically specialized for a specific task, so if for example a computer that is capable of breaking SHA256 encryption is made, we could just make a fork to switch the algo. How other currencies will react to this is entirely up to their devs and their community.
- Transparency: everyone can see all events on the blockchain ledger
- Security: ledger is disturbed throughout the entire network & verified by all.
- Improved traceability: the ability to look back at things from its orgin.
- Increased efficiency and speed: less processes & middlmen needed equal faster settlement time.
- Reduced cost:on block chain things are verified no need for intermediaries because your trusting data.
Transparency: The blockchain is a digital immutable ledger available to everyone. In this way, it is very transparent.
Security: Consensus is require to update the blockchain. If a malicious party tried to forge a transaction, the distributed copies of the blockchain throughout the network would notice the forgery immediately and reject the transaction, keeping the blockchain secure.
Improved traceability: New transactions are merged to all previous transactions on the blockchain with hashes. Hence not only can we see a single transaction, but we can trace where the funds for that transaction came from. The blockchain thus has the property of digital provenance.
Increased efficiency and speed: The blockchain is a single digital immutable ledger. Hence there is no need to reconcile new transactions with multiple ledgers that might be the case in a centralized database, increasing efficiency. The blockchain also has the property of trustlessness; you only have to trust the maths. You don’t have to trust and/or verify (via conversation, for example) that the parties involved in a transaction have the necessary funds. Thus all transactions on the blockchain are naturally much faster than those in our current, traditional financial system.
Reduced cost: No need for middlemen, no need to pay them. Very simple!
Blockchain facilitates transparency because it is a distributed ledger that anyone can inspect and verify.
Security is enhanced because transactions can only become part of the blockchain after consensus. After transactions are added to the blockchain it becomes very difficult for anyone to try to alter them.
Since every transaction that has ever taken place is recorded on the blockchain, every transaction is traceable.
Because blockchain makes triple entry accounting possible, it becomes much faster to enter data with little chance of error. Instant auditing becomes possible.
Because of all the above and reduced risk (through trusting the blockchain and not third parties), blockchain reduces the cost of doing business.
Explain with your own words, why these are the benefits of using a blockchain.
- Transparency:
- Security:
- Improved traceability:
- Increased efficiency and speed:
- Reduced cost:
answers
1- Data is on an open ledger which any one with permission, if permission is required can view. The same goes for a permission less blockchain; anyone can view.
2- The data is immutable one consensus is reached.
3- You can go back on the blockchain and see/trace all data,
4- Since it is a trustless data system, there is no need to to verify the data, increasing effeciency.
5- No need for team of personnel to approve and review data, blockchain does that automatically.
Transparency: can only be agreed upon through consensus which means everyone must agree upon it.
Security: Transactions must be agreed upon through consensus before they are recorded.
Improved traceability: It means that a certain item or asset had an exact history of transactions and data to verify its authenticity.
Increased efficiency and speed: everyone has access to the same exacting information therefore transaction can be verified and be completed instantaneously
Reduced Cost: there are no middle men or institutions needed for verification, additional paperwork, approvals. everyone has access to the same immutable information. because it is a single instantaneous verifiable transaction.
Transparency: data and transactions are shared across a vast network on the blockchain and new information is added to previous versions without altering the first and previous versions, hence an immutable historical ledger.
Security: critical data can be protected from fraud by way of consensus of what data is recorded on the blockchain, and by who has can access the data.
Improved traceability: authenticity of data on the blockchain is verified through consensus and by an immutable audit trail.
Increased efficiency and speed: everyone on the blockchain can access a current and identical version of information that eliminates paper processes that ate much slower and inefficient in decision-making processes.
Reduced cost: blockcahin ensures fewer middlemen required to verify the integrity of transactions, assets or other pertinent information.
Transparency: All transactions are recorded and auditable on the blockchain.
Security: Transactions are approved by consensus and can be encrypted once added to the blockchain.
Improved traceability: As the ledger contains the whole history every transaction can be seen.
Increased efficiency and speed: On the blockchain real-time auditing is possible, which is much faster than traditional methods.
Reduced cost: As there are less third parties involved, and usually much of the admin can be inherently included on the ledger, cost savings can be made
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Transparency - due to the nature of blockchain transparency is inherently built in since nodes on the network must reach consensus. This means that users have access to this information 24/7/365. Most centralized systems cannot provide the same transparency as a blockchain network. In order to make changes to the blockchain all nodes much reach a consensus. So in order to make changes to the blockchain you would need a consensus from all of the nodes. This is hard to achieve through nefarious means.
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Security - Security in most blockchains is incentivized. With mining or PoW this done with block rewards, miners incentivized as they may receive rewards for mining. Mining increases the hash rate which increases security on the network. With PoS the more users stake their coins on the network the more secure the network is. The users are incentivized to stake their coins on the network as they receive coins in return for staking.
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Improved Traceability - in blockchains information is only ever added and a consensus must be reached by nodes on the network. This creates a digital ledger that is stored by every node on the network. If we look at supply chain logistics as an example, we will be able to see where the item originated, where it has been shipped, and if it has reached it’s final destination. This allows the user to see everything they need to about an item thereby providing greater transparency every step of the way.
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Increased efficiency and speed - with blockchain speed and efficiency since we are using a single digitally created ledger. When dealing with paper heavy functions, we generally have a time consuming process which places trust in a 3rd party to make sure the contract is met by both parties. Blockchain does away with the 3rd party and the paper heavy functions. This allows things to happen much more quickly and almost in real time since everyone has access to the ledger.
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Reduced Cost - blockchain removes the need for most 3rd parties and middlemen. This reduces cost as there aren’t as many hands in the pot trying to milk as much cost out of a situation as possible. The reason for this is all the data is stored on the blockchain and you don’t need as many middlemen or 3rd parties to reach trust. You just need to trust the data on the blockchain.
Using a blockchain provides several benefits in any business or transaction of any kind. Due to it’s network all participants can see the ledger and agree on it. This transparency on the network creates a more accurate system that is available to all. Additionally the blockchain system provides superior security due to both parties having to agree upon the transaction before it is recorded. Once approved, it is added to the chain and visible to the network. This makes it extremely difficult for hackers to tamper with the transaction because of it’s decentralized network. One other benefit of the blockchain is its improved traceability. Because every transaction is recorded, even very complex supply chains can be monitored down to their origins, each piece of the way. This trail of data helps with authenticity of the product, and even prevents fraud. Another thing that is gained out of using a blockchain is an increase in efficiency and speed. This is created by reducing third-party mediation, reducing the need for excessive record-keeping, and reducing the time spend fixing human error. The fact that everyone has the same digital ledger and that the process is autonomous makes this increase so. Reducing third-party mediation not only increases speed and efficiency, but it also reduces cost for business. Who doesn’t love that!