- Transparency means it is a distributed ledger that has the same documentation shared by everyone and available to all with permissioned access.
- Security because transactions are agreed upon and approved, then linked to the previous one and stored across a network of computers, not just one. This prevents fraud.
- Improved traceability meaning everything in the supply chain can be accurately tracked.
- There is a single digital ledger that everyone has access to so intermediaries are not needed which increases efficiency.
- Data on the blockchain is trusted and immutable which reduces cost because middle men are not needed.
Transparency: All transactions recorded on public ledger which is accessible to everyone and creates a trustless system where no one entity has to be relied upon to give the right information or secure that information.
Security: The system network is secured by consensus mechanism where any piece of data cannot be altered because it needs to be altered across all the nodes contributing to the network all around the world. That means it cannot be hacked or tampered with.
Improved traceability: All transactions are recorded on the public ledger and each/any transaction can be traced back to its origin to find out exactly where is came from a its path from start to finish.
Increased efficiency and speed: It is peer to peer, which does not require any middlemen that sometimes delay transactions.
Reduced cost: The same reason of eliminating the middleman, who always charge increased costs for their efforts of guaranteeing trust between both sides performing the transactions.
transactions are recorded on a public ledger, of which all network nodes share the same copy. as such all records are public and open to interrogation by all
by having copies of the ledger on all nodes, entries cannot be changed by an individual without consensus across the network. furthermore, the linking of one entry to the next/previous one means that transactions/records cannot be changed in isolation (all subsequent record also have to be modified)
by recording each activity/transaction on the blockchain creates an immutable historic record. For transactions this means an easy audit trail while for products/goods it records each step in the supply chain.
Increased efficiency and speed:
calculations are done electronically in seconds/minutes rather than manually over hours/days. furthermore the blockchain negates the need for manual checks and rechecks.
the only costs are transaction fees to cover miners / validators and, as the process takes much less time than the traditional manual way, fees are much lower that the costs which would by typically incurred.
Blockchain is a single database as all the data are connected. Transactions are more visible.
All transactions must agree before the transaction can be recorded. All transaction is then encrypted and link to the previous transaction. This reduces the risk of being hacked.
As we learned before, it is more provenance. As the user can trace back the transaction origins.
Increased efficiency and speed:
Transactions do not need to transmit through middle man, this save up a lot of time and afford. Blockchain keeps its record in a single-digit ledger rather using multiple ledgers, as this makes it more efficient as all process is automated.
Since all transactions do not require any third party, this reduces the cost for the company. User just need to trust the internet and the protocol.
1.The ability to verified that certain information is true and accurate used a distributed ledger.
2. Knowing that there is a network not just a single server and that there must be consensus and that the information is encrypted and linked to other blocks that can’t be altered.
3. Being able verify where something is and and where it comes from to guarantee authenticity of a product.
4. The ability to reduce the the amount of intermediaries needed for conformation to make deals.
5. By speeding up the process with less paper work and intermediaries it reduces the the cost.
T = everyone sees every transaction
S = relying on the consensus network
Improved traceability = see above
Inc efficiency = faster direct transaction between 2 addresses, not via other parties which can hold up the transactions
Reduced cost: no need for third party and audit firms which need to be paid. The system does it all
Every user must use consensus to make a change to the ledger.
The blockchain network is security feature in itself becasue it runs 24/7 365 days a year, also consensus- any change must be agreed to by all parties, makes blockchain safer than centralized database.
Improved traceability, - because of vast network of miners continuing to run nodes to keep the ledger updated, real time audits can take place.
Blockchain is efficient and fast because the transaction is based off of consensus which incentives miners to process transactions faster, while being reliable because they have to use consensus, futhermore once the transaction is made it can not be altered.
Using Blockchain is more cost effective becuase there is no days off an transactions can take mere minutes-hours, compared to some banks that take days-weeks to process a transaction.
Blockchain is basically an immutable public ledger on a global scale, so whoever has access to it and the skillset and tools to make sense of the information can see the details of all the transactions that are placed on it. There are no third parties, multiple layers of software or “information” silos to sift through. It’s all mostly out in the open. This is beneficial because it removes layers of complexity and red tape from the equation of trying to get at valuable data.
Since blockchains are on trustless decentralized networks there is no single point of failure, single database or single authority. If hackers take down one or even several nodes or a power outage takes out another there are hundreds if not thousands of others all with the same information constantly communicating and validating each other. The security in this model as opposed to a single database somewhere under the control of a single actor or party seems self evident.
Since everything is transparent, trustless and immutable it makes it easy to trace transactions, audit supply chains and access information without the trust, red tape and complexity of having to get through layers of different databases, companies and parties just to get the information you need. This is one global system that anyone with an internet connection and the appropriate skills and tools can access fairly easily.
Increased efficiency and speed:
With one global decentralized network everything you need is right there on that one blockchain, at least theoretically. All the layers of complexity, red tape and time I mentioned above is no longer there, thus increasing both efficiency and speed of getting to the needed information.
For the same reasons as above the cost can be significantly reduced. Multiple databases, companies, software solutions and all the paper and red tape cost money and resources, probably to the tune of billions of dollars. If everything could be kept and accessed from one trustless, immutable and decentralized public ledger that would cut out many of these other costs.
Transparency: Since it requires network participants on the ledger to agree with a transaction (consensus), data on a blockchain is more accurate, consistent, and transparent.
Security: Once a transaction is encrypted, it is stored in a network of computers, everywhere inside the blockchain. It reduces the possibility of fraudulent activities.
Improved traceability: Knowing where to trace my product from its inception until it arrives, really enhances my trust in the blockchain.
Increased efficiency and speed: Trading in the blockchain becomes faster and more trustworthy. Since we are using only one digital ledger for recording transactions, all participants can verify.
Reduced cost: By trusting the data on the blockchain, I dismiss any third parties involved in my transactions and save money—no need to spend an enormous time checking all the documentation. This transaction is immutable.
transparency benefits of using blockchain is that all transactions done are recorded on public ledger and all participants are able to view ledger as they are on all their computers. Nobody can alter the ledger, as they have no control over the ledger.
security benefits using blockchain are the fact that information is stored across a network of computers instead of on a single server, making it tough for hackers to hack transaction data across a netwok of computers
improved traceability benefits using blockchain whatever you purchase you end up with an audit trail that shows where an asset came from and every stop it made on its journey.
Increased efficiency and speed using blockchain is obviously better by getting rid of paper work clutter and 3rd parties that look for mistakes thus making transactions more efficient and quicker with more trust in the system as all ledgers are upgraded at the same time.
Reduced cost benefits by using blockchain is the reduce of middlemen and 3rd parties overlooking so much documentation to complete a trade. just let the data on the blockchain do the work that you use to pay somebody else to do for you.
- Transparency: All transaction are visible on the blockchain by anyone. They must be verified by the network in order to be put into the ledger making all transaction 100% accurate. No party is able to manipulate or hide transactions.
- Security: Since the network is decentralized, there is no single point of failure from a hack or power outage. Also, all transaction are verified and put into the ledger so no fraud can take place within the network.
- Improved traceability: Every transaction has an audit trail and shows it’s complete history with its origin and every stop along the way.
- Increased efficiency and speed: There is only one ledger that is operated digitally. The network works of code 24/7/365 and not humans so we don’t need to wait for someone to get to work or a system to start up again to execute transactions.
- Reduced cost: No third parties. One network that is coded and available to anyone.
Transparency: That all transactions can be viewed by anyone being that it is a public ledger. Which leads to increased trust.
Security: That there is a network of nodes and miners ensuring that the system is accurate and secure from hacks and corruption as in a centralized authority database.
Improved traceability: It allows you to know where the product has gone and it helps give you a reference that said information was given correctly.
Increased efficiency and speed: There is only a single ledger in blockchain which eliminates the need for a middle man and keeps it a peer to peer style network. That increases speeds and cuts the cost down in result.
Reduced cost: Cutting out the middle man saves some financial costs being that they are not needed as data on the blockchain is accurate and can be non-reversed.
The data that is stored in blockchain is verified and accessible by the public. Each blockchain have an exact copy of of transaction as oppose to paper heavy database. It doesn’t belongs to a single authority nor suspectible to manipulation.
Data is stored though a network of blockchain instead of a single server. Storing it and changing required consensus of other blockchain which means other ledger have to agreed upon if the data has to be changed or been made. It makes hacker harder to obtain or manipulate sensitive data stored through blockchain such as financial and healthcare services.
In a complex supply chain, data or items is recorded from start until the end in blockchain. It enables audit trail which data or items are easily traceable.
Accounting, transaction and auditing could happen at the same time in blockchain. Data stored in blockchain is in single ledger thus removing multiple ledger and reducing clutter making it more efficient, secure and less prone to human error thus eliminate the need of third party to verify the data from the start till the end.
Deploying blockchain in certain industry enables data to be stored securely, easily accessible and auditable thus reducing the need of third parties to get involved in auditing and incur unnecessary cost due to human error.
Transparency: transactions wich allows all network participants share the same info and it needs be updated through consensus.
Security: Transactions are made across a network of computers instead of a single server, and every transaction aproved need to be encripted and linked to the previous transaction.
Tracebility: Blockchain,s features wich allow to Audit every step of a productive chain by data recorded.
Increased efficiency and speed: Blockchain reduces human mistakes, allows faster and efficent transactions using a single digital ledger.
Reduced cost: Just is necesary trust to data of the blockchain withput middlemen, wich means reduced costs.
Blockchain is a distributed ledger which allows for greater transparency. All the participants of the ledger have access to the same data and it can only be updated and appended through consensus which ensures greater security and consistency of the data. Because each participant has access to the same data and this data is verified through historical data, businesses can count on truthful provenance and traceability. This ability to track and real time audit increases the efficiency and speed since the record keeping is on one decentralized ledger rather than multiple paper ledgers that have different data. The speed and efficiency of being able to track and real time audit reduces costs and can increase the bottomline of a business. This is huge because then businesses can allocate money to create more profits instead of allocating money towards costly problems of doing business without the use of blockchain technology.
- Leads to a trustless exchange of data.
- Data is more safe from manipulation.
- Historical records are easily accesible.
- Makes storing and transfering data cheaper.
- Makes the technology attractive to many businesses.
Explain with your own words, why these are the benefits of using a blockchain.
- Transparency: Because there are many copies of the ledger any data can only be added via consensus.
- Security: After approval of the data to be added to the ledger it is then encrypted and distributed throughout the network and everyone will get the updated blockchain.
- Improved traceability: Through audit trailing you can follow the origin and path of every asset.
- Increased efficiency and speed: Because there is on blockchain any new data can be shared throughout the network without needing multiple databases to update. Increasing speed and reliability of all transactions.
- Reduced cost: The reduction of many 3rd parties will not be needed. In this trustless environment through transparency, security, traceability and efficiency / speed that make up a blockchain.
Transparency, all transactions are viewable to all on the blockchain so nobody can cheat and do something they are not supposed to
Security, as the system cannot be changed or taken over by any single party
Improved traceability, all transactions are open and public and each bitcoin is identifiable, so has a history.
Increased efficiency and speed, transactions take approx 10 mins and can be sent anywhere in the world, it takes days in the banking system and costs so much more as there are so many people to inbetween, in bitcoin it is peer to peer. Another cost element, is that I heard stories of thugs standing outside Western Union Money transfer offices in third world countries and demanding payment to come in.
Transparency: All information are available to all of us and this information are proofed through consensus that this information is correct.
Security: Before information/ transaction is saved to the blockchain all involved parties need to agree to it. Information is stored across the network and not on one node.
Improved traceability: in the supply chain you can track single good which are part of a product, including history!
Increased efficiency and speed: keeping all transactions in the blockchain which is distributed to the complete network when any transactions are proofed by the network. In addition there are automations possible
Reduced cost: by eliminating third parties there is a huge cost saving
-Transparency: Allows to avoid collusion.
-Security: Prevent fraud and unauthorized activity, because BC is a global network of verificable, immutable and trustless data.
-Improved traceability: Allows to verify, confirm and store transactions data in a BC. In real time.
-Increased efficiency and speed: Reduces human errors, no middle man, data shared by all participants. Data is always available. Avoid human bureaucracy.
-Reduced cost: No need guarantee of a third party and data is always available. So you don’t need to spend time and money requesting data since the data is always available.