The benefits of blockchain

the benefits of blockchain is as listed below.

  1. transparency in transactions
  2. since you can only add and can not delete from the blockchain , its therefore impossible for manipulation
  3. since its an open source ledger where series of verification is made , it eliminates fraud
    4, because of the ease of tracking activities on the blockchain , Auditing becomes very easy to carry out

Hi @crypto-lion :slight_smile:
I have reviewed your answer in the other post, can you please use the designated thread for your homeworks next time. It makes it easier for us to review all the homeworks.
If you have a topic you wish to discuss, feel free to open a new tread :slight_smile:

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Hello @crypto-lion.

I guess you confuse on where to post your answers, here is the link of the assignment topic.

If you have any more questions, please let us know so we can help you! :slight_smile:

Carlos Z.

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This platform is confusing. Did i post this in the wrong place?

Hey @Demosthenes :slight_smile: I think my @thecil just posted your answer as an example to Crypto-lion. Your answer is in the right place :slight_smile:


Yes, I mistype the link for the homework, this is the good link.

The point is, you should post your answers on the proper topic, there our team will be reviewing your answers, but this topic has been created from crypto-lion to only post his answers, then our team will not reach to him.

All your answers should be posted in their proper topic for the assignment (this link can be found at the end of each lesson in the course)

If you have any more questions, please let us know so we can help you! :slight_smile:

Carlos Z.

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Benefits of Blockchain

  1. Transparency:

Legers are available for public view. Increased accountability, Increased integratory.

  1. Security:
    Increased and improved security, decreasing significantly falsified information, and doing away with a ‘trustless’ systems and promoting a system of verification.

  2. Improved traceability:
    Creating an audit trail, improved security, reduction of fraud, increased authenticity, and tracking.

  3. Increased efficiency and speed:
    Remove middlemen, unify records, automate agreements between parties.

  4. Reduced cost:
    Remove middlemen

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  1. Transparency
    Transactions are open for public viewing, therefore bad actors cannot corrupt the ledger with accounting tricks. Every stakeholder is able to see what the other parties are doing.

  2. Security
    All transactions are encrypted and linked to the the previous ones thus forming the blockchain. This makes impossible for these entries to be altered.

  3. Improved Traceability
    Blockchain has a built-in audit trail that allows you to trace where each transaction came from so it is
    always possible to track something.

  4. Increased efficiency and speed
    Because blockchain is decentralized payments can be made from one party to another accross borders without 3rd party actors. Rental payments can automated via smart contracts.

  5. Reduced cost
    The efficiency and speed of blockchain helps in reducing costs. Additionally, since a lot of third party actors are eliminated this will also help in reducing costs.

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