Transparency: With all transactions shared on a single network, all participants are able to see where each transaction is coming from. Using math to verify said transactions, the data that flows through the network is shared among all participants, maximizing the level of transparency for all users.
Security: After the data is approved, it is encrypted and linked to the previous transaction. With all the information shared across the whole network, it is difficult for hackers to compromise the data. The elimination of the “Trust Factor” leaves the guarantee to be determined by the math, which further drives the concept of security because there is incentive behind playing by the rules which keeps the data valid all the way through.
Improved traceability: Using blockchain, you can keep track of complex supply chains. Being able to access the database of immutable information, traceability is kept accurate and consistent. A major functional benefit of blockchain is the ability to have real-time auditing between transactions. For example, you can run an audit every second to make sure each step in the process is as accurate as the next.
Increased Efficiency: By having the information shared on the same database, you eliminate the need for third party mediators, or middleman to approve the data. The data is therefore approved through consensus and removes the probability of human error because the information can not be tampered with. Streamlining and automated processes are applied to the data to help facilitate the transactions with higher speed and less clutter.
Reduced Cost: With no need of a third party mediator to make guarantees, and no trust needed in your partner, you just need to trust the data. No one will need to be paid to come verify any data that has been added to the blockchain. Instead the entire network comes together with a consensus to approve whatever data is posted on the blockchain.
Transparency: The blockchain data is distributed ledger, available to all those who have permission to access and can be only altered through consensus by everyone.
Security: The transactions agreed upon before they are approved and encrypted. It is stored in a network of computers so a hacker cannot change few copies and manipulate the data.
Traceability: Through blockchain we have audit trail where we can see every transaction happening on the product and each stop in its journey. It prevents fraud.
Efficiency and Speed: By using a single ledger, every participants have same data which is easier to trust and the transaction happen faster.
Reduced cost: With blockchain we remove the middleman to make guarantee for the trading partner because it is not needed. You trust the data on the blockchain and you don’t have to review documentation.
- transparency means everyone can access all reguired information if neccessary whenever required.
2.security is when transaction is sent ( confirmed ) it cannot be reversed allowing trustless transactions all secured on the blockchain.
3 improved traceability means you can trace data/ transactions at any time anywhere which has all been verified on the blockchain.
4 you can access at any time on the ledger so you do not need any third parties for required information.
5 reduced costs because there is no longer a need for third parties taking out all unnecessary costs just a straight peer to peer transaction.
Transparency:
Having all transactions stored forever on the blockchain, anyone can verify the origin of your balance or anyone else’s balance. Ultimately, each transaction or amount can be traced all the way back to the point it was rewarded to a miner for mining a block.
Security:
Having multiple miners/ nodes, verifying the same transaction over and over again, fraud is impossible unless someone owns more than 50% of the miners. But even then, the rest of the miners can decide to fork the blockchain and pick it up from the moment previous to the attack. This might be less practical today (especially for ETH, but in theory is still possible)
Improved traceability:
I see this included in “Transparency” - as you can find on the blockchain the origin of any coin, token or information, which leaves behind a trail from the point of its origin.
Increased efficiency and speed:
Having a single ledger that is common to every participant in the blockchain, removes the need for paperwork or reconciling of data between parties. Thus transactions happen faster and not error prone.
Reduced cost:
By trusting the information stored on the blockchain, you don’t need more third parties to guarantee for that data.
Also depending on what blockchain a company uses, access to a 100% up-time infrastructure can be cheaper than traditional solutions (where, as a side note, up-time is rarely above 99.9%)
Transparency: Since Blockchains are decentralized, every transaction carried out can be seen by everyone resulting from system consensus and transaction finality.
Security: Transaction are immutable and without intermediaries because of the network. Once completed, it cannot be hacked, broken, scammed since it is a trustless system.
Improved traceability:
The provenance aspect of Blockchains makes transactions to be tracked easily in real time. All transactions are immutable once completed and cannot disappear.
Increased efficiency and speed: The continuous mining activities keeps it running efficiently.
Reduced cost: Operational cost is highly reduced because it is decentralized globally.
Transparency: You can literally see everything. You can verify that it is what it is and from where it says it is from.
Security: The rabbit hole someone would have to go down to make even the smallest of changes is incredible. The whole thing would unravel and it would be impossible to keep up the fake.
Improved Traceability: Being able to see the origins and supply chain in this trustless way ensures that things are what they say they are.
Increased efficiency and speed: Single record-keeping using a single digital public ledger. No middlemen or third parties eating up time and value. Trust the data.
Reduce cost: Eliminating human error thus negating the need for third parties or middlemen to confirm authenticity. You just have to trust the data not the person reducing the documentation to complete a trade.
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Transparency is a benefit as all parties view the same data and each transaction has been verified and agreed to by consensus.
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Security is a benefit as each transaction is cryptographically linked to all future transaction making data immutable and trusted.
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Traceability is a benefit as all the different steps on a supply chain can be recorded immutably in one location and view by all parties.
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Increased efficiently and speed is a benefit as third party involvement is eliminated and all parties share the same data without requiring reconciliation.
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Reduced cost is a benefit as again involvement of third parties is removed and hence their associated costs.
Transparency:
because the distributed ledger can only be updated through consensus and every node must agree with it to proceed to alteration. furthermore, each change on transaction record will require alteration on all subsequent records.
Security:
Before recording any transaction in the ledger, it must be agreed upon by all participants. then by encryption and linking it to previous transaction, it will be recorded and stored across the network rather than a single server. so it becomes very difficult for hackers to manipulate the sensitive data.
Improved traceability:
By keeping the record on the blockchain, it becomes easier for audit trail that shows where each asset came from and all the stops it had on the way, therefore less fraud.
Increased efficiency and speed:
By avoiding the paper-heavy processes, transaction becomes prone to human error and eliminates the mediation. keeping a digital record which is shared among all participants with blockchain, the clutter will reduce and the speed increases.
Reduced cost:
Eliminating third parties on a trustless network and instead trusting the data on the blockchain, will reduce cost and time to check all docs due to the fact that everyone have access to an immutable version of the records.
The benefits of using blockchain technology:
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Transparency
The blockchain is a ledger that is distributed to all network participating nodes containing transaction records that are immutable. All updates/changes on the blockchain ledger will require changes to all the distributed ledgers making it more transparent, accurate and consistent than a network of databases that don’t have this requirement. This would mean that the records you are seeing in your blockchain ledger are the same as all the ledgers others are seeing. -
Security
Any updates in the decentralized ledger would require all blockchain participating nodes to give consensus and approval before making the changes. The transaction is later encrypted and linked to the previous transaction. This would make it more difficult for attackers to alter the records as they would need to alter all ledgers distributed as oppose to one server’s database. -
Improved traceability
Some products might have to go through a complex supply chain making it hard to trace the origins of the product or asset. Transactions or exchanges in goods are recorded in the blockchain. This allows the product/asset to have trail of every location, transaction, and exchanges it has gone through. The historical data of the product can back up claims the products/asset has to the purchaser making fraud more difficult. -
Increased efficiency and Speed
Transaction and processes using blockchain can be completed faster more efficiently than physical printed records. These processes can be streamlined and automated by using only one single digital ledger removes the need of multiple ledgers and mediators. Having the ledger distributed to all participating nodes allows them to have access to the same information will remove the need to trust many multiple claims/disputes which will make settlements much easier and faster. -
Reduced Costs
All businesses need to produce the best product or server at the best or most reasonable price at the most efficient way possible. In order to do this they would need to improve the traceability, authenticity and quality of the products for their customers and the speed & accuracy of their transactions. By reducing the need for many mediators to do this job, businesses only need to rely on the blockchain ledger’s transactional records. Removing the need of many mediators to do this job will greatly reduce customer disputes, increase transaction speed thus costing less time and money.
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Transaction histories get more transparent through the use of distributed ledgers, since every participant in the network has access to the same most recent version of a database, with every transaction accessible trustlessly, instead of an individual outdated copy
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Blockchain provides improved security through consensus, encryption and the fact that it is a decentralized network instead of a vulnerable centralized server
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Provenance of products gets easier to track if every step gets secured on a blockchain network since every transaction step may trustlessly be traced back
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The fact that every party of a blockchain network has access to the same version of an distributed ledger renders tons of paperwork and additional audits by external parties useless
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The elimination of the need for additional third parties and middlemen makes business-processes more cost efficient
Explain with your own words, why these are the benefits of using a blockchain.
Q1. Transparency
A1. In a decentralized distribution network, all systems are able to access the transaction at the same time. No system is requiring waiting for another system before making changes and modifications is recorded in real-time through consensus. This makes using blockchain completely transparent.
Q2. Security
A2. In blockchain, before any data modification, all systems in distributed network have access to the same data, can verify and provide consensus before any changes. Once approved, current data is encrypted and link to previous data transaction for enhanced security.
Q3. Improved traceability
A3. Questionable processes and fraud makes traceability in a supply chain business tedious. By using blockchain, every process from the creator, what processes used, where the product comes from, etc, is known and is not possible to tamper with the data in the blockchain.
Q4. Increased efficiency and speed
A4. Traditional supply chain businesses for example, involves many individuals span across multiple stages, international locations, invoices, payments, can be very complex and prone to human error, lack of transparency and time-consuming.
Blockchain on the other hand, can increase the efficiency and transparency of supply chains by having multiple copies of the same transaction distributed over many systems in real-time for approval from warehousing to payment.
Q5. Reduced cost
A5. Deploying blockchain system in businesses can significantly reducing transaction costs. Crypto payments are handled by peer-to-peer networks and require no centralized verification. Thus, accepting payment in crypto pays fewer merchant processing fees and reduce the need for external services.
Transparency:
for me this is one of the most important aspects of why I am looking to work with the blockchain, at present I have worked in a number of sectors with national and international organisations and have seen on one level or another elements of corruption or misuse of funds or assets and this is the key to removing these issues and making a fairer system for all.
Security:
Is key as we all want to know that whatever we are doing or as companies doing or dealing with is secure as if it isn’t it can lead to others questioning integrity and no one wants this to be the case.
Improved traceability:
for me this is the second most important piece/aspect of a blockchain, the ability to trace a token from point of creation through to its end point of use is invaluable to the work that I am doing, this will enable individuals who support our work to know that their support is not misused and can be traced to who and what it has been used for.
Increased efficiency and speed:
the ability to utilise a blockchain 24/7/365 gives those who we intend to support the ability to utilise the blockchain internationally anytime they wish to do so, so this gives us a global economy ability with an organisation that is currently small and wouldn’t be able to compete otherwise.
Reduced cost:
everybody no matter who what or where wants to save on expenses.
Benefits of the blocchain technology:
- transparency: because all the participants share the same documentation which can be updated through consensus
- security: transactions must be agreed upon before they are recorded. When approved, they are encrypted and linked to the previous transactions; information is stored across the network
- improved traceability: the exchanges of goods are recorded on blockchain, so easily accessible
- increased efficiency and speed: by automating paperwork process with the blockchain technology
5.reduced cost: a priority in businesses, achieved by no middlemen of 3. parties, you trust the data on blockcahin because it is verified previously
Transparency: the information is on a public blockchain (if it is public), so every user can access to the same information in a neutral way. It is transparent information that increases the trust of users.
Security: There is no option for human mistakes. Every block has to be added through a process of consensus. There is no option for cash backs. It is impossible for hackers to change the information that has been added to the blockchain.
Improved traceability: products can be perfectly traced by seeing who has owned it previously in the information added into the blockchain, which is immutable and can be trusted.
Increased efficiency and speed: traditional ways of transacting are not efficient in this era. With the blockchain value and public data that can be trusted can be exchanged instantly.
Reduced cost: there is no middleman and the network is neutral, so the costs can be reduced to a tiny fraction of what it was in the centralised way of dealing with the data or money.
Transparency: Blockchain transparency is only just at the beginning of how it is going to change the way the world is run and business within it. Now with every transition being able to be made public, this can cut out many parties and in turn save money for parties involved. By having insurance and trust within every stage.
Security: Blockchain parties can now have a record of every tranasztion every movement and more. With a clear knowing that it is safe this helps when joining an agreement at any stage of the business.
Improved traceability: Audits can be done now at a new standard making traceablility at a level that was not seen in the past. Another fact that tracking and traceaility becomes better as onces actions are made. They can not be changed. Bring traceability to a new level.
Increased efficiency and speed:Computers and code now can run as fast as you want them to if the code is correct, with this being build on smart contract speed and efficiency can not be push to a level that suits the humans working with it. baking in trust.
Reduced cost:The more people and parties involved the more costs are needed now we can trust a code the blockchain does not need the amount of time and energy from humans this in turn reduces a huge cost humans…
Transparency:
Security: Since many actors have a copy of the entire database and they must all agree to validate a transaction. It is very difficult for them to collude to alter the database in some way.
Improved traceability: There is always an immutable record in the database which can be verified.
Increased efficiency and speed: Trust is not necessary to gather, as verification of data is instantly accessible to all parties.
Reduced cost: Faster transactions and less manual processes save time and allow for resources to be funneled from bureaucracy to value adding activities.
Transparency :
Blockchain is a distributed ledger means all the transactions are visible for all the participants of the network so there is no need to trust anyone. It can easily be verified so no manipulation is possible.
Security :
Security has been more and more challenging in 21st century so the blockchain technology keeps data and transactions in a much safer ledger (blockchain) than the tradition traditional ledger which can’t be hacked, accessed and altered by any third party.
Improved traceability:
Traditional supply chain in businesses costs more, consumes more time and energy, creates less trust among the participants, creates uncertainty, creates insecurity and can’t keep all the transactions neither accurately nor correctly so it can’t be traced in a traditional way. The blockchain solves all the above mentioned problems, in addition traces and authenticates the origin of assets prevents from fraud.
Increased efficiency and speed :
A single digital ledger keeps all the records so no need to keep an individual record which cuts off unnecessary time, energy, cost and materials. Once the date is in the blockchain everyone gets to know immediately so no need to wait for a long time to verify, approve and agreed.
Reduced costs :
The unnecessary costs ( papers, pens, transportations, business trips, phone calls, meetings, outsourcing third parties, salaries etc.) will be reduced by using the blockchain technology.
Transparency: enables for every user to access the same information.
Security: without it, nobody would use it long term !
Improved traceability: critical to know how a product is made / where a product is coming from.
Increased efficiency and speed: no need to anymore to check whether I am the right person / middle men or administration double-checks … will improve lifes of people !
Reduced cost: cheaper cost means more accessibility / mass adoption and let the possibility to everyone to build on it !
Transparency: Everyone can verify transactions on the Blockchain. The data is on many copies of the database or distributed ledger making it impossible to change any records
Security: The data on the Blockchain cannot be altered. Transactions have to be agreed upon before they are recorded through consensus.
Traceability: Any item bought as part of complete item can be traced all the way from where it came from to the destination. There is an audit trail of the journey of the asset
Increased efficiency and speed: Everyone has access to the same data so there is no need to have systems checking and verifying the data.
Reduced Costs: Less third parties to pay. The trust of the system is from the Blockchain data and so you do not need more staff verifying data.
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Explain with your own words, why these are the benefits of using a blockchain.
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Transparency:
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Security:
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Improved traceability:
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Increased efficiency and speed:
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Reduced cost:
A.The fact of any transactions being exposed and clear to all network participants the same way.
B.The act of Consensus and the encrypted nature of each blockchain as well as being linked and getting stored across the whole network
makes the blockchain safe and almost impossible to be manipulated.
C.The technology behind the blockchain makes it possible to
check on the past historical Transactoins and trace them all the way to its main Origin…Therefore block chain is tracable.
D.Blockchain makes the traditional way of processing of the data go away by creating a digital records of information which is shared across the whole network.
E.by eliminating the medium along the way of any Businesses with the same or even higher quality of work cost less and more effective.
