Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#5244

Transparency: It keeps all transations in block can be seen in blockchain. when transactions happen all the network must agree in consensus method. it will ignore transation if all the network not agree. than is why all over ther world unknown people do business it is trustless machanism , which can not reversed.

Security: In this time of age organisation or industry were protecting sensitive data is very crucial such as finanical services, goverment, helthcare. So blockchain has a abilty to protect critical information by helping to prevent fraud and unauthorised activity. Whenever industry adapt blockchain, blockchain keeps all transation record that transation must be agreed in consensus. Because of multiple network involve. it is hard to hack.

Improved Traceability: Lets talk about food supply chian, when goods are record in blockchain you able to trac back its original status, where it has been produced , what ingredients are in the food, able to look temperature through out the jorney or every stop how its been handled.

Increased efficiency and speed: Traditinal way of doing is always involve peperwork, it could misplace or alwasy chance of human error it even take take longer time process but with automating and streaming process with blockchaintransaction an be completed faster and more efficently. All participant have access to the same informaton everybody can see same information. it become easiar to trust each other without the needs of numerous intermediataries , that is why it will complete much quicker.

Reduce cost: as a business platform, reducing the cost is very important, so this can be achieve by using blockchain because we dont need third need third parties or middlemen ( such as : paying money to the quality checker ) insted we just need to trust the data on blockchian, we can avoid documentation to complete trade because everyone will able to access to single , immutable version.

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#5245
  1. Transparency: To gain clients, businesses require transparency. With blockchain everything is available on chain so anyone can verify the data. For example: - For property ownership, blockchain can be used to document the owner’s name and also to keep track of previous ownerships.
  2. Security: It is not easy to hack all the nodes on the network at the same time, so this adds inherit security to blockchain systems.
  3. Improved traceability: Important finance data can be saved in a blockchain to add traceability.
  4. Increased efficiency and speed: As compared to banks and other organizations, transactions on blockchain are very quick because there is no middle man involved in the process.
  5. Reduced cost: Since there is no central authority the cost of transaction is very minimal.
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#5246

Transparency: Everyone has the same documentation making it impossible to lie

Security: Transactions need to be verified before anything starts working, and crypto is not held on a single server but on multiple computers making it nearly impossible to hack.

Improved traceability: Every transaction made can be traced back to when it was originally made

Increased efficiency and speed: Everyone has access to the same information, and there’s no need for a third party to check ledgers

Reduced cost: no need for middlemen or third-party help all that’s needed is verification of data.

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#5247
  1. Information can be easily verified on a public ledger
  2. Using teamwork it would be extremely difficulty or nearly impossible for any fraud to take place
  3. You can keep track of things more efficiently.
  4. With less paper and human issues things will get done faster.
    5.Humans are expensive so this will cut out a lot of middlemen.
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#5248

1 all networks share the same copies , and you can back track transactions

2 when the transaction is confirmed it becomes part of a chain and mutliple networks will check the transactions

3 you can back-check every transaction made on the blockchain

4 everything gets updated automatically wich saves time and error, also eveybody uses the same ledger wich reduces clutter

5 there is no need for 3rd parties to verify the transactions because its all automated and always right so this will save costs

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#5249

  1. Transparency : Blockchain is very transparent all because of one giant single ledger that is shared to other computers or nodes on the blockchain network. Transactions are recorded and they can never be erazed.

  2. Security : In blockchain, if the transaction enters the blockchain network, it must be accepted by the network (all nodes must agree that the transaction is valid) and it will never be manipulated.

  3. Traceability : Everything on the blockchain can easily be tracked from the main ingredients.

  4. Efficiency and Speed : Everyone has the same information on the network, so it makes it easier and faster for blockchain to process, no middle-man,blockchain is available 24/7 365 days.

  5. Reduced Cost : Blockchain is a peer-peer transaction and no middle man ,the blockchain system is trustless.

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#5250

Transparency: blockchain ledger is public even if encrypted all transactions are seen.

Security: nothing can be altered or removed or changed. if it were possible, it would require all blockchain to collude to make that change and that would be highly improbable.
transactions must be agreed upon before they are recorded. transaction is encrypted and linked to the previous transaction. data is stored in a network of computers instead of a single server making hacking difficult.

Improved traceability: there is always an audit trail of all transactions and their activity

Increased efficiency and speed: record keeping is performed in a single digit ledger that is shared among participants. eliminating multiple ledgers. every one has access to same information without need of third parties

Reduced cost: don’t need middlemen or third parties to make guarantees because it does not matter if you trust your trading partner. instead you just trust data on blockchain.

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#5251

Transparency: Everyone can see and prove that a given transaction happened.

Security: Everyone knows that these transactions happened and there is no coming back or reversing

Improved traceability: Its easy for people just to look at all the past transactions, and see where the money is send.

Increased efficiency and speed: Blockchain is fast, not as fast as some bank transfer, but it can go all around the work in a matter of seconds/min.

Reduced cost: It is much cheaper than bank transfer, if we use large sums of money.

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#5252

Blockchain has higher transparency because all users have access to the same information.

The data cannot be changed without consensus of all nodes on the blockchain.

Each component of the supply chain gets documented for everyone to see.

Auditing that item becomes easy because all information of the network or supply chain is recorded and viewable to all.

Barriers between parties are eliminated with everything in the open.

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#5253

  1. all participants share the same documentation. To change something on the blockchain, all participants need to agree on it. To change a transaction, you need to change all previous transactions.

  2. all transactions are recorded and need to be approved. The transactions are encrypted and linked to the previous one. All data is stored on a network of computers instead of just 1 server

3)Since all transactions are tracable and not changeable, you can track the origin of goods

4)Everyone has acces to the same ledger, it is easier and faster to access information

  1. No need for third parties or middle man. You dont need to trust partner, you trust the information on the blockchain.
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#5254

Transparency

Blockchain supplies greater transparency as it’s a distributed ledger. However, unlike paper ledgers which can be edited, or modified, changing a transaction record on a blockchain requires consensus of the record, later records, and the ‘collusion’ of the entire network.

Security

Blockchain supplies greater security as consensus is required to record a transaction. Once approved, it is encrypted and linked to an earlier trade. Moreover, as information is stored on a network of computers instead of a single server, it is harder for hackers to tamper with the data.

Improved traceability

As products are traded, blockchain technology provides an audit trail of historical data that can help verify the product’s authenticity and prevent fraud.

Increased efficiency and speed

As blockchain replaces paper-heavy processes, processes are streamlined and automated as instead of using multiple ledgers, data is recorded using a single digital ledger that is shareable amongst participants. As a result, not only does everyone have access to the same information, but blockchain creates trust, removes intermediaries, and improves clearing and settlement.

Reduced Costs

With immutable versions of data, with blockchain technology, you cut out third parties, thereby saving costs from trusting the data on the blockchain.

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#5255

  1. Transparency:
    Blockchain improves the transparency, because it’s like the a ledger, as any transaction
    should be approved by all the network participants.

  2. Security:
    Blockchain is secure more than any single server, as the transactions is stored in all nodes in the network, as whenever any transaction is stored in the network, became very difficult for hackers to compromise the transaction data.

  3. Improved traceability:
    By the blockchain you can verify the history of any product from it’s origin, any every step in it’s journey, not like the regular why that you might face some frauds

  4. Increased efficiency and speed:
    It’s better than using the paper-heavy processes, as no need any more to any intermediaries, preventing human errors, with blockchain, transactions can be completed faster and more efficiently, as all are using a single ledger shared among all nodes.

  5. Reduced cost:
    Blockchain saves cost as no need any more for any middleman collecting fees to complete the trading process. As we can trade trusting in the data on the network.

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#5256

Transparency: everyone can see the network and all transactions

Security: its difficult to hack since you have to hack a lot of different parties

Improved traceability: its recorded in the blockchain

Increased efficiency and speed: fast transaction and everybody has access to the blockchain

Reduced cost: low fees for sending values

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#5257
  1. Anyone can check anything anytime on blockchain as it is transparent.
  2. Several nodes need to consent a transaction therefore it is difficult to hack blockchain.
  3. We can trace any transaction as the blockchain is open source.
  4. Peer to peer will always be faster and more efficient.
  5. Peer to peer cutting the middle man therefore it costs less.
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#5258

  1. Transparency: Everyone can see the information and all must agree to move forward.

  2. Security: Encrypted and stored across multiple networks not just one central location.

  3. Improved traceability: An audit trail is made along the way.

  4. Increased efficiency and speed: Everyone has the same information on the ledger. Reduces the need for clutter of paperwork.

  5. Reduced cost: Trust data that’s been verified on the blockchain which reduces the need for third party services.

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#5259
  1. a transaction is verified using math. it is published to the blockchain and encrypted.
  2. Information is stored across a network of computers instead of a single server.
  3. when things are published to the blockchain you end up with an audit trail.
  4. uses math/machines to verify info, no human time/human error
  5. no third parties, big deal
#5260

Transparency: In blockchain before a data gets added to the blockchain it has to be agreed upon collectively by the network nodes that dont know each other. And when it gets added it becomes available for everyone to see, so it is more transparent because you don’t have to trust anyone but you can see for yourself and check if the given information is correct.

Security: Transactions must be agreed upon before they are recorded. After a transaction is approved, it is encrypted and linked to the previous transaction. This, along with the fact that information is stored across a network of computers instead of on a single server, makes it very difficult for hackers to compromise the transaction data.

Improved traceability: iWhen 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. This historical transaction data can help to verify the authenticity of assets and prevent fraud.

Increased efficiency and speed: 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. This historical transaction data can help to verify the authenticity of assets and prevent fraud.

Reduced cost: As i said blockchain removes the middle man who can cost a lot of money. and makes it peer to peer. With blockchain, you don’t need as many third parties or middlemen to make guarantees because it doesn’t matter if you can trust your trading partner. Instead, you just have to trust the data on the blockchain

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#5261

Benefits of using a blockchain:
Transparency: The blockchain is a public ledger so everyone can see all transactions.

Security: Transactions are encrypted and linked to the previous transaction and agreed to by the network making it all but impossible to compromise.

Improved traceability: Because every item can be verified along the supply chain.

Increased efficiency and speed: Because everyone has the same paper free transaction records . This decreases human error and increases transaction finality.

Reduced cost: There are no middlemen draining profits and less documentation is required.

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#5262

Transparency: The network works decentrally, so many participants have to act through the mechanism of consensus to approve transactions and therefore it is a more transparent way.

Security: There are many reasons. First, all transactions have to be validated before recorded. Second, it will encrypted and form a part of the ongoing “block-chain”. And a very important general point is that the network consists of numerous servers.

Improved traceability: Because every transaction is recorded continously, you can also look back to the former blocks of the blockchain.

Increased efficiency and speed: The blockchain works without any intermediaries and is transparent (to the public).

Reduced cost: It works trustlessness, so no more other intermediaries are necessary who normally cost time and money.

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#5263

  1. it makes trust easy. everyone has access to the same data

  2. The blockchain database global. Its hard to shut down potentially millions of servers.

  3. You can track everything on the blockchain

4.A digital ledger that allows everyone access to. you dont need a 3rd party to have things run smoothly

    1. Data on the blockchain is trusted and immutable which reduces cost because middle men are not needed.
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