Transparency: An open ledger for anyone to see.
Security: Data is stored across several computers. There for a single point of attack is very difficult.
Improved traceability: The on chain historical data leaves a trustless auditable trail.
Increased efficiency and speed: due to all participants using a single ledger instead of reconciling
multiple.
Reduced cost:Blockchain allows for fewer/no middlemen needed for auditing purposes.
Transparency: The blockchain has multiple copies of the transactions and all parties involved have access instead of one copy controlled by one entity.
Security: Transactions are encrypted and all copies of the ledger need the same transactions which make it very difficult to compromise.
Improved traceability: Supply chains that use the blockchain have the information present to be able to track to origin.
Increased efficiency and speed: Processes are automated. A single ledger shared by participants lend to less actions required.
Reduced cost: Blockchain is trustless so you only have to trust the data. Costly verification steps in non-blockchain processes can be avoided.
Explain with your own words, why these are the benefits of using a blockchain.
Transparency:
Everybody can see all transactions at any time.
Security:
Data is automatically replicated to all nodes which protects against disasters.
Transactions are encrypted and linked to previous transactions to maintain integrity.
Any change to a transaction would force the hacker to modify all the following transactions.
In addition he would need to change the following blocks.
And on top of that, the change would have to be replicated to the majority of nodes in a short time to be trusted as truth.
Improved traceability:
Blockchain allows to record provenance of goods and their parts.
It also allows to record location and time of relevant events of any supply chain system.
Increased efficiency and speed:
Because there is only one ledger to access, the processing is streamlined and much faster.
Reduced cost:
Because trust is not an issue in blockchain, there is no longer the need for third parties.
The benefits of transparency can enhance trust among people who do not necessarily know each other in a given exchange of goods or services. In order to change anything, all recorded transactions would have to be verified.
Transactions are recorded on a network of computers instead of a single server which leads to greater security. This benefits all stakeholders, rather it be governments, the healthcare industry etc. It also prevent hacker to access your sensitive data.
Traceability is key to supply chain company or business that need to track where their products have been or to locate an asset in the supply chain network. This will benefit producers that have problem with product infringement and product fraud.
The benefit of efficiency and speed in record keeping or the transfer of information sensitive data will help companies complete transaction much faster using a network within the blockchain. I think this will help mortgage companies, shipping companies and international trade businesses.
Reduced cost, means cutting out third-party intermediaries i.e brokers and consultants. Instead of hiring middlemen all parties are able to verify information on the network database. This will lead to reduced transaction cost benefiting companies bottom lines.
Transparency:
Transparency allows all parties to view all transactions, make a consensus regarding said transaction/information, and then enter it into the blockchain. Real time audits can be performed in order to audit system.
Security:
A decentralized blockchain is inherently trust less. Code (mathematics) is law. The code can be viewed for functionality by all parties. Also, since a decentralized network is a group of computers verifying all the same transactions, there is no single actor that can singly edit the blockchain. One party cannot enter transactions without all parties agreeing (consensus). Immutability also helps create security by not allowing for the reversal transactions, one enter and secured in block, they are there forever(most of the time).
Improved traceability:
All transactions on the blockchain can be viewed and audited n real time. Goods and services can be traced from beginning to end, value can be traced from creation to current.
Increased efficiency and speed:
Blockchain can improve efficiency and speed due to the removal of middlemen and information black holes. That is the more parties the more time it will take for system/business to transfer data and products. It also allows for a bridge between the accounting and transactional layer of a business, therefore streamlining and connecting gaps in old/current business practices.
Reduced cost:
Anytime a middleman is removed transnational cost will be lowered. Products, services and payments can all be connected therefore streamlining the process. A business run on block change can keep better track of the services/products provided, shipped and/or received and the payments/costs associated with each one can be all connected. Companies can be paid automatically for services received (smart contracts). Also products can be re-distributed for cost saving benefits and re-allocation. This can also be contained in the increased efficiency and speed question.
Explain with your own words, why these are the benefits of using a blockchain.
1. Transparency:
I like to compare blockchain to a holographic matrix. Everything is contained in every parts of itself, maybe to a smaller scale. The information in each part cannot be altered without affecting the quality of the whole hologram. Transactions must be agreed by all before it can be accepted into the network.
Therefore the information is reliable and can be shared/ accessed by all concerned.
2. Security:
Before recording of a transaction, it must go through consensus.
After the transaction is recorded, it will be encrypted, this enhances security.
The storage of this information is distributed across a network of computers, very difficult for hackers to make any changes to the information even though they managed to access it.
3. Improved traceability:
During recording of a transaction, it will be linked to previous transactions. This makes tracking of historical transactions easy. The information will be permanent and it cannot be edited in any way, so nobody can doctored the information to his own gain.
4. Increased efficiency and speed:
Blockchain removes the necessity of checking, verifying, reconciling accounts. Ledgers and transactions.
This makes processing payment easier.
As information is transparent and open, there is no need to go through multiple quotations, evaluations, comparisons to decide on the other party to do transactions with.
5. Reduced cost:
Besides eliminating the need for intermediariesâ transactions and manhours. Blockchain runs on network of computers, reducing the need for use of tons of papers, inks and many other waste materials that will potentially pollute the environment.
The downside will be increase in electrical energy consumption and e-waste.
Transparency:
On blockchain all transactions are agreed upon by all participants of the network and stored in a public database, shared by all. Whole transaction history is publicly available and verifiable, offering full transparency.
Security:
Through decentralization, blockchain makes data harder to temper with or erase, taking the governing power away from any one party and spreading it across the network.
Improved traceability:
Blockchain recorded history of an asset makes it easy to audit the steps it went through all the way back to its origin, through a publicly available and immutable database.
Increased efficiency and speed:
This benefit comes from automation of traditional trading, thus eliminating the need for intermediaries and minimizing the possibility of human error compromising the transaction.
Reduced costs:
By allowing trustless automatized transactions blockchain reduces the work-hours necessary to complete every transaction, thus reducing their cost.
Transparency: Everyone can see the public ledger and verify it. People can trust it.
Security: The network must agree upon transactions for them to go through. There is no central source to hack.
Improved traceability: Traceability can help companies and customers know whatâs in their products and where they came from. No need to blindly trust one company or label.
Increased efficiency and speed: Thereâs little need for 3rd party verification. All information is accessible to everyone so this makes using the blockchain much easier than other alternatives.
Reduced cost: No need for 3rd partyâs or middlemen.
Transparency is extremely beneficial to any company in any industry that would like to keep thorough, concise data. The nature of a decentralized ledger mitigates human error as well as any attempts of fraudulent input or omission by a user. It allows consumers to easily verify a supplierâs claims they may have about their business model or supply line and in the same fashion allows businesses to share potentially sensitive data in a secure manner.
Security is a strong benefit for obvious reasons. All companies and individuals value their data. Whether it be medical records, business strategies or Coca Colaâs secret recipe. Data plays a large roll in everyoneâs life these days and it is important to ensure that your data remains safe from prying eyes, which the blockchain ensures through its ability to keep data safe from fraudulent additions, alterations or omissions.
As covered above in transparency, traceability is a huge advantage to any industry that benefits from supplier chain knowledge. Not only can this traceability serve the supplier / consumer industry, it can also serve industries that seek to keep track of potentially harmful or dangerous materials for safe keeping.
4 & 5) In a world where commerce is only moving faster, and where people expect items on there doorstep in a matter of hours to days, it only makes sense that the financial industry needs to meet that standard as well. Blockchain technology will only be utilized as long as it can match the speed that the consumer demands. By removing 3rd parties, and all the potential chaos that can come from paper trails and human error, the blockchain provides a reliable, quick and secure way to transact value and data without the inflated costs and fees of 3rd parties. Making it not only more fast and secure, but more cost effective as well.
Transparency - All current and past data is shared on the network. Because of the way the blockchain is created, all the information is distributed throughout the network and therefore accessible to everyone & anyone with access. To alter any of the data for personal gain would mean the entire network would need to conspire together to make the manipulation.
Security - When a transaction is made on the network, it must be agreed upon as true and correct by the network and linked to the previous transaction. This gives continuity of data and the fact that it is stored across a network of computers adds to the security.
Improved traceability - With this continuity of data, it allows traceability. It makes tracking and tracing back to itâs origin easier to verify itâs authenticity and prevent fraud.
Increased efficiency and speed - Using a single digital ledger eliminates human error and streamlines the process of manual data capture between multiple parties. Reconciliation is automatically completed through the data sharing nature of blockchain.
Reduced cost - Because blockchain is a trustless system and data is immutable, the cost for many people to audit and reconcile data is greatly reduced
Transparency:
Clear-cut straight to the point; visable.
Security:
Transactions go through data that are encrypted which is impossible to corrupt.
Improved traceability:
Theyâre stored on a blockchain and is easy to trace.
Increased efficiency and speed:
Process is way more faster considering itâs digital on blockchain.
Reduced cost:
Trust is no longer an issue so third parties or middleman are no longer needed. Saves money.
[quote=âivan, post:1, topic:8421, full:trueâ]
Explain with your own words, why these are the benefits of using a blockchain.
Transparency
In every business deal/contract, transparency is a very key factor. This is true even in government or any other organization and this leads to more access to information which in turn leads to informed decisions. This leads to consensus in decision making. And this is exactly what brockhain brings to bare.
With everyone having access to the same information in the network, decisions regarding all transactions (whether to approve a transaction, to update or remove it) are made through a collective agreement of all. This makes blockchain to be the most transparent system there may be.
Security:
In blockchain, there is no remote server that holds all of the information. Information is stored across the network with every participants having access to the information. This avoids hack or crash of the system. And since everyone has access to the same information, there is no way that the information can be manipulated or duplicated. This leads to enhance security of the system.
Improved traceability:
Blockhain allows all transactions to be traced or tracked from their origin to their destination. In supply chain, for example, goods recorded on the blockchain can be monitored by all parties involved until they are delivered. There is audit trail as the goods moves from one point to another. Everyone can see exactly what happen to the goods at any particular point. This prevents unauthorized activity or fraud.
Increased efficiency and speed:
Systems become more efficient when information is automated, streamlined and obtained real time. With such a system, transaction delivery time is reduced. This is at the heart of the blockchain industry. Since information is transmitted through one channel (a single digital ledger), reconciliation, clearing and settlement times are reduced compared to the use of multiple channels or ledgers.
Reduced cost:
One of the major objectives of blockchain is to eliminate intermediaries (third parties) in transactions processing as huge costs are incurred for their services. Fees paid to intermediaries are eliminated in blockchain which reduces transaction cost.
Transparency: each information is accessible to permissioned users and is distributed in a ledger after consensus in the network has been reached. So the information canât be manipulated and is recorded according to a protocol that incentivizes the node operators to maintain the network working as intended by recording the correct information.
Security: The information is recorded only after network consensus and could only manipulated by an extremely arduous, expensive, massive attack on the majority of the nodes of the network, which makes it almost impossible to accomplish
Improved traceability: an information inscribed in a blockchain is tracked from the origin to the end by design.
Increased efficiency and speed: the network operates 24/7 365 days and every information is the same across all the network nodes, so itâs easy to the truth of a transaction for example.
Reduced cost: The blockchain eliminates the need for a middle man in every transaction. In the classic economy these intermediaries usually require compensation, which in the case of the blockchain are eliminated.
Transparency: Because blockchain is a type of distributed ledger, all network participants share the same documentation as opposed to individual copies. That shared version can only be updated through consensus, which means everyone must agree on it. To change a single transaction record would require the alteration of all subsequent records and the collusion of the entire network.
Security: Transactions must be agreed upon before they are recorded. After a transaction is approved, it is encrypted and linked to the previous transaction. Information is stored across a network of computers instead of on a single server which makes it very difficult for hackers to compromise the transaction of data.
Improved traceability: 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 which helps to verify the authenticity of assets and prevent fraud.
Increased efficiency and speed: 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. When everyone has access to the same information, it becomes easier to trust each other without the need for numerous intermediaries, making clearing and settlement occur much quicker.
Reduced cost: With blockchain, you donât need as many third parties or middlemen to make guarantees because it doesnât matter if you can trust your trading partner. Instead, you just have to trust the data on the blockchain. You also wonât have to review so much documentation to complete a trade because everyone will have permissioned access to a single, immutable version.
Blockchain technology is a public ledger , that is audited in real time , which is tracked and verified constantly and each transaction can only be added to each block before its added to chain. It is cheaper and faster because no 3rd party involvement is required .No sugar coating , very transparent , which is juicy news!
Transparency - everyone has access to the data and consensus is required to be put onto the chain.
As the blockchain is spread over a global network, it is near impossible to add or subtract malicious information yo the network unless there is a consensus amoung the majority of computers (51% attack)
Tracibilty - the ability to track supply chains is another feature of the block chain, from farmer to grocery store all the ingredients and suppliers chain be indebtified and tracked on the ledger.
Speed and efficiency: removes the middleman and enables peer to peer consensus.
Removing the middleman reduces the cost
Transparency: blockchain is a public access distributed digital ledger. Anyone can view and audit all transactions that are recorded
Security: The blockchain is immutable and final. No single actor on the network can add new blocks to the blockchain without reaching consensus, which means that all participants in the network must agree with the transactions before the block can be recorded and added to the blockchain.
Improved traceability: If goods and assets are recorded on the blockchain, you can quickly and efficiently verify every step of the supply chain as it is recorded in real time.
Increased efficiency and speed: Blockchain replaces informational silos with a single distributed ledger network that all parties can use. This adds trust and removes the necessity of reconciling multiple different ledgers and using intermediaries to verify and settle transactions at each exchange between parties.
Reduce cost: Blockchain tech removes the need for trust, so parties do not need to use 3rd parties or middlemen, they can simply trust the data that is recorded on chain.
1: Transparency is a benefit of using the blockchain because anyone on the network can see any transaction on it. The entire network shares the same document.
2: Security is a benefit of using the blockchain because the entire network would have to collude or be hacked to falsify records and the entire network would have to be destroyed for the record to be lost.
3: Improved traceability is a benefit of blockchain as anyone can see the state of the transaction. For instance if there is a complex supply network and an item becomes lost then one can see where in the supply network it became lost.
4: Increased efficiency and speed are benefits of the blockchain as there is a single immutable document rather than multiple companies having their own documents and processes.
5: Reduced costs are a benefit of using the blockchain as only a single document has to be maintained. This reduces the amount of staff required for administrative duties and it reduces the amount of effort required for auditing.
Benefits of 
Technology
There are many industries who are exploring ways to use blockchain. Many industries have achieved significant benefits of the blockchain technology such as:
â Transparency
With the blockchain technology been a distributed ledger all users on the network share the same copy of the ledger. Only though consensus can the ledger be changed. Consensus only allows changes if a majority of the network with copies of the distributed ledger agrees to the change. Changes to a transaction on the blockchain would require changes to all the transactions that followed that transaction and would require a majority agreement from all on the network to achieve this.
â Security
Blockchain has many benefits over traditional systems to provide enhanced security. First a transaction has to be verified and agreed upon through a majority using consensus. Once approved the transaction is linked to the previous transaction within a block. All these transaction within a block are encrypted and once a certain amount of transaction have been written into a block, a block is formed. The block is added to the blockchain and transactions written to the block are copied to entire network to prevent any changes been made to the transactions. The network is made up of many computers called nodes and is not written or copied to a central server or stored in a central space. This makes it difficult for hackers or other security breaches like theft or fire to destroy or corrupt the data. This will change how critical and sensitive information is shared and kept secure across industries in particular financial services, government and healthcare.
â Improved Traceability
In todayâs global supply chain products are sourced, traded and produced across industries and regions. This can create a complex network of traded products, goods and assets which can be difficult to track and trace back to its origin. Added to this complexity is the fact that we need to verify the source of the products and if products are added, mixed or manufactured into other products. Proving all these complex supply chain issues can become a very difficult web of tracking and tracing. Using blockchain, transactions can be added every step of the way through the life cycle creating an audit trail of the origins and how it moved on its journey. Looking back into the historical transactions created in the blockchain we can then track and trace the authenticity.
â Increased Efficiency and Speed
There is a heavy paper trail of documents and multiple systems across many industries that creates it difficult to trace transactions. Transactions within todayâs current system can be prone to human error when these transaction are not verified at the source. Gathering all this information can become time consuming when it is spread across third parties. Access to the information spread across different forms of media and systems held within third party industries will take a vast amount of time and resources. By streamlining the information and data into a single system like blockchain, processes can be automated and the transactions verified and completed much more efficiently. With the blockchain as a single distributed ledger shares across multiple participants within an ecosystem the information can easily be added to the network and verified immediately, creating a system where information gathering from the source can be more accurate. When the information is accurately and securely added it can used more efficiently across the network. Transactions can be traced back to the origin for record keeping purposes and since the transactions are open to everyone within the system, and the system is common to all within the network, transactions can quickly be reconciled. With the system been common to all it creates efficiency and assists everyone so clearing and settlement is sped up.
â Reduced Costs
By looking at the benefits of using blockchain which covers transparency, security, traceability and efficiency we can see that these benefits already assist to reduce cost. With all participants working within the same system and having access to verifiable, traceable and trackable transactions that are securely encrypted we can trust the data. It removes many barriers of trust between trading partners when industries are working from information that can be trusted and the transactions are immutable from all in the network.