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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.
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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.
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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.
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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.
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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.
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Transparency: transactions wich allows all network participants share the same info and it needs be updated through consensus.
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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.
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Tracebility: Blockchain,s features wich allow to Audit every step of a productive chain by data recorded.
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Increased efficiency and speed: Blockchain reduces human mistakes, allows faster and efficent transactions using a single digital ledger.
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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.
Explain with your own words, why these are the benefits of using a blockchain.
Transparency: - ability for businesses to access the historical trail of a transaction to identify the complete picture of the transaction.
Security: before a transaction could be recorded, the blockchain network needs to agree on a consensus, through incentives.
Improved traceability: - Audit trail is a big factor in block chain, where it allows traceability and transparency.
Increased efficiency and speed: - since the blockchain is built without any silos, users of the platform could access the transaction securely, transparently and since its accessible anytime, anywhere - it is faster.
Reduced cost: time = money. If transaction could be accessed faster and efficiently then this would mean reduced overhead cost for the business.
1.Transparency
blockchain is type of distributed ledger, all participants have the same content. Adding information can only achieved by consensus. To change or modify a single transaction would be impossible.
2.Security
Transactions must be accepted though consensus before they are recorded. Once the verified transactions are done, it is encrypted and linked to the previous transaction and stored in the entire network. This is a very good for prevention of hacking or frauds.
3.Improved traceability
Every single transaction can be traced or tracked on a blockchain.
4.Increased efficiency and speed:
Compare to traditional, paper-heavy way, transactions can be completed faster and more efficiently on a blockchain. All participants have the same digital ledger, clearing and settlement can be done much quicker. Intermediaries are no longer needed.
5.Reduced costs, With blockchain, trust is no longer to be an issue, third parties or middlemen are nt needed. Less scruffling. This saves a lot of costs. The trading process is simple
Reading Assignment: Benefits of the Blockchain Technology.
Greater transparency:
- Blockchain is a type of shared ledger, all users of this network share the same documentation. That shared version of the blockchain can only be updated through consensus, which implies everyone must agree on it. To edit a single transaction record would require the alteration of all following records and the cooperation of the entire network.
Enhanced security:
- All transactions must be confirmed and approved before they are recorded. After the transaction is approved, then they are encrypted and saved on all computers on the network. This is important to better prevent hackers from stealing and compromising sensitive data.
Improved traceability:
- Transactions made through a regular supply chain are difficult to track. But when they are made on the blockchain, it creates a trail showing the entire path of the transaction from beginning to end. This allows for verification of the legitimacy regarding the transaction.
Increased efficiency and speed:
- Blockchain removes additions of record-keeping, errors in data input, and data retrieval. Multiple ledgers are no longer required which improves efficiency and precision, the trustless blockchain system tracks the product’s origin and the steps along the way, leaving no doubt that the verification is effective for all transactions.
Reduced costs:
- With the blockchain, you don’t need as many third parties or middlemen to make guarantees because it doesn’t matter if you can or can’t trust your trading partner, instead you just have to trust the information on the blockchain.
Truls-Magnus L.
Transparency: public ledger traced by anyone where data can be added but never ever can be deleted from database. so all is recorded and verified.
Security: all the data stored in blockchain where it linked to previous data input and add subsequent data afterwards.
Improve traceability: all the transaction recorded on blockchain. that can be trace…
Increase efficiency and speed: that has potential to automate many supply chain processes and also in other sector.
Reduce cost: with blockchain no third parties or middlemen needed anymore. this will save lots of costs.
Transparency: data is ‘locked’ on the blockchain once it is confirmed. Everybody can see the data by sharing the same ledger. When the data would be altered after confirmation, it would be noticed and rejected (orphan block).
Security: the way that data has been stored on the blockchain, prevent fraud. The cost would be immense to alter the data by een 51% attack. How more hashrate in the network, how more difficult it is to commit fraud by changing data.
Improved traceability: If we - as consumer - want to be sure of the origin of our products, the blockchain can help us with ‘audits in real time to exclude fraud’.
Increased efficiency and speed: if we all have access to the same information on the ledger that does not need third parties, we don’t get delays when people want to transact with each other.
Reduced cost: Cutting out the middelman makes it cheap to transact.
Transparency: With consensus all transactions need to be verified by all nodes. After is is verified and written in the block it is impossible to make any changes and becomes public available. This removes the issue of trust, all involved know what is written on the block and can get a confirmation.
Security: Due to being decentralised, many nodes globally has agreed before the data if verified you can not change that data when this has happened. Compare to a centralised database, you just need that one entry point to get access to the entire database.
Improved traceability: This ensures you can verify the data from a supply chain with all its suppliers, making it impossible to lie about the ingredients or circumstances a item or food was produced under or with. It also simplifies accounting, so you do not have to collect documentation to prove your transactions. As a self employed, this really will make my life insanely easier.
Increased efficiency and speed: By saving the workforce of third party software, bureaucracy, validation process etc, transactions and validation of different datais so much more efficient as the blockchain does all the hard work.
Reduced cost: All these processes that Blockchain can simplify costs governments, companies and individuals a lot of money. Saving that could give room for other improvements of health services, public schools, lifestyle, new initiatives and innovations.
- Transparency:
Blockchain is a public ledger. Everything that happens is open to public viewing. - Security:
Because it is publicly available, and a transactions are confirmed on the blockchain, transactions are secure - Improved traceability:
Blockchains are publicly available for everyone to view - Increased efficiency and speed:
Confirmation speed and scalability will continue to evolve as time goes on., but compared to 3-5 business days to transfer money outside the country, confirmation speed is super fast. Those computers on the network running the node must confirm that a transaction is legitimate or confirmed. - Reduced cost:
With most coins, there is a small fee involved in transferring money. Compared to paying an archaic provider such as swift, or western union, that cost is extremely small. Some chains actually have no cost for transactions.
Explain with your own words, why these are the benefits of using a blockchain.
Transparency:
The distributed ledger makes it easy for anyone with permission
to view information on the blockchain to view anything that has existed
on it at any point in history.
Security:
Since the information is distributed among a decentralized network,
it becomes much more difficult and often nearly impossible to change
any entries that have been made to the ledger.
Improved traceability:
Since every entry that has ever been made onto the blockchain is
equally available and visible to those who have permission to access
it, it is easy to trace the origin and history of anything that exists
on the blockchain.
Increased efficiency and speed:
The automation inherent to blockchain removes the need for time-
consuming input by humans, which is prone to error an inefficiency.
Reduced cost:
Reduction of third parties and middlemen reduces the cost. No longer
having the requirement of trust in said middlemen further reduces cost
and increases efficiency.- Transparency:
Blockchain creates an unchangeable history of data accepted by the blockchain. This data allows for the tracking of ownership for one owner to another and is available to everyone who participates in the blockchain to see. - Security:
Blockchain is a mathematical protocol that operates though consensus making a security breach a group problem. Having users responsible for security as a whole makes the entire system safer. - Improved traceability:
Once a block is formed, it can not be edited and is always available for auditing. The ability to know where a data source is at all times and where it came from improves traceability. - Increased efficiency and speed:
Removing third parties required for trust verification improves efficiency. A system that is in operation 24/7 increases the speed at with data is transacted by reducing downtime. - Reduced cost:
The removal of third parties required for trust verification minimizes the cost by reducing the number of entities paid to complete a transaction.
Transparency:
As everyone has access to the same information on the ledger, and all transactions on the ledger are verifiable, everything which happens on the blockchain are 100% trasnparent to everyone participating.
Security:
As transactions must be agreed upon by the entire network before being accepted onto the blockchain, and each transaction is stored across every node in the network and not solely on one node - this makes it very secure and virtually unhackable.
Improved traceability:
Every transaction is recorded by every user in the blockchain, so literally everything is 100% traceable.
Increased efficiency and speed:
As everyone trusts the blockchain to be correct, theres no time and money wasted collating information across businesses and removes disputes from the frame. This allows fast and efficent settlements.
Reduced cost:
No third parties needed, so lower costs.
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Transparency: A decentralized blockchain is based on consensus and each party agrees what is true and not true of the conditions of the things you deal with. Decentralization means that the whole blockchain is on each node, machine. each transaction must be verified through the parties. The protocol of all transactions is for the participants who have access visible. If you change something in the blockchain, you need consensus and the whole blockchain will be changed.
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Security:
The decentralization means that teach single participant of the network has access to the complete blockchain. each participant can read the protocol… Each new transaction is added on the blockchain, the transaction is linked to the previous transaction. A transaction only can happen and be recorded in the chain when the transaction is veryfied. Attacks on the blockchain are difficult, because there is not one user. Because of the decentralization the network is very secure. -
Improved traceability:
The complete transaction process is recorded on the blockchain, from the origin till the end. Each step is traceable. -
Increased efficiency and speed:
In the decentralized blockchain all information are under one roof. There is one language and this language is maths. The protocol is based on clear consensus, there are no misunderstandings possible, because after agreed consensus, the blockchain is realizing the fullfillment of the agreement and transaction. -
Reduced cost:
The blockchain is reducing costs, because nobody needs to check the transactions.
Transparency: Transactions are available on public ledgers to view 24/7. Consensus means all parties must agree on transaction before it is accepted.
Security: Blockchain is decentralised so cannot be hacked and transactions are final and cannot be reversed.
Improved Traceability: every transaction can be traced so on a supply chain all the information from the items sale would be collected and held in the public ledgers.
Increased Efficiency and Speed:
Blockchain offers the ability of real time auditing 24/7 and takes out the need for a third party.
Reduced costs:
Being a decentralised protocol network, it cuts out the middle man because its a trustless system.