Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#182

Transparency: Blockchain is a distributed ledger, everyone participating share the same documentation.

Security: All the computers/participants have to agree on a transaction.

Improved traceability: When recorded in blockchain it is audited and shows thee entire process of a product.

Increased efficiency and speed: The single digital ledger which all participating computers have access to, wont have the need to have clutter.

Reduced cost: There will be trust on the blockchain because of its data in mathematics.

#183

Transparency: All participants have the same copy of database and all changes have to approved by consensus so there is always full transparency of data through all database participants.
Security: It is very hard for hackers to compromise database because every info must be approved and after that is encrypted so probability of any disruptions is very low because whole networkwould have to be affected by hacker.
Traceability: Every change in the network is saved on every computer so when there is no place for fraud the traceability of for example supply chain is very high due to unchangable history of production.
Efficiency and speed: Due to huge availability and transparency there is no need for any middleman or paperwork in corporations. everything is accessible for everyone that is why efficiency and speed of work is improved
Reduced cost: Cost are reduced in the same conditions as improved efficiency and speed

#184

Transparency: Every has access to the same ledger.
Security: Network participants are incentivized to secure the network. With itā€™s decentralized nature no one can hack all participants to make a bogus transaction.
Improved traceability: It improves traceability because only valid transactions are added to the ledger and all transactions can easily be verified.
Increased efficiency and speed: There is nothing to reconcile. Every have access to the same ledger, thereā€™s no wait for clearing so transactions will be efficient and faster.
Reduced cost: There is no third-party to trust, there is no middlemen.

#185

Transparency:
Because of the public ledger all participants in the network share the same information instead of holding individual copies. To alter any single transaction demands consensus from the network. It means any action needs to be verfied as true and that all parties have access to all the information
Security:
No single entity can compromise the data, to compromise the data an entity needs to control more than half of all the nodes in the network. Security is created through verification throughout the network. Because a decentralized network has provenance there is a trail to the origin of every transaction that can never be removed. It significantly lowers the risk of hacking and secures your back-up.
Improved traceability:
The information approved by the network into the public ledger becomes an audit trail. With it you can see a products origin, itā€™s journey and if it arrives at destination.
It means the authenticity of a product or service can be verified to avoid various forms of fraud.
Increased efficiency and speed:
When all participants of a network shares the same public ledger of trust less information, separate entities doesnā€™t have to verify the authenticity of their individual copies. This cleans up a network from faulty entries and human errors and frees up time to get things done faster.
Reduced cost:
When itā€™s possible to trust the data it reduces the need for middlemen to revise information and numbers. Not having to trust middlemen will in itself also reduce cost because it reduces the chance of human error.

#186

Transparency: since all agents in the network have a copy of the blockchain, its easier to verify and also more efficient

Security: transactions are recorded after a consensus agreement (no central point of failure). Also, once recorded, each agent in the network has a copy of that transaction

Improved traceability: viking stone. Once the transaction is recorded, it cant be erased. Since that transaction is there forever and copied to each agent of the network, you can also go back and look on whats been recorded

Increased efficiency and speed: less points of failure, less agents to trust, less processes to be completed. Also a 24/7/365 networking running. All that contribute to a more efficient and faster system

Reduced cost: no third parties, middlemen. Plus an immutable database

#187

  1. Transparency: The blockchain is transparent in that everyone can visualize the transactions recorded on the blockchain from the time it was created

  2. Security: Transactions carried out on blockchains are encrypted. Attributing a tag to each transaction recorded on the blockchain enables an individual or company to secure their transaction in a blink of an eye. Origin, place of storage, authenticity, property certificates, records: all the necessary information in a single ledger. Making it impossible to forge data.

  3. Improved Trace-ability: Blockchain ensures the trace-ability of flows and goods by recording all transactions made by the users. These records are immutable, indestructible, and constitute a tamper proof evidence that guarantees the integrity of the information

  4. Increased Efficiency and Speed: Validation times for transaction between providers and client (contracts, signatures, orders, payments, etc.) are drastically reduced. Result virtually real time management of flows and relationships with business partners

  5. Reduced Cost: Blockchain reduces delays in paper work and reduces waste, resulting in significant cost savings for all parties

#188

Transparency: Blockchain is like a ledger, all network users involved will have the same document, the only way to update new information on to the block is by having everyone in the network to verify and double check the incoming information before adding to the block.

Security: New information is stored across the network of computers involved. All info/ transactions that are approved and added to the block are all encrypted. Since this requires a network of computers it is impossible to hack.

Improved traceability: Since all transaction are encrypted to the block and then linked to the previous transaction, it allows for easy traceability.

Increased efficiency and speed: Blockchain is a real time audit. Every piece of information has to be verified with proof therefore decreasing the time of more traditional forms of verification. the blockchain verification is a single digital ledger, no need to deal with multiple.

Reduced cost: Since the data on the blockchain can be trusted, there is no need to hire or deal with 3rd parties. This means less clutter and less time. Time is money.

#189 
Transparency: Because all people that have access have to agree on the contents, it is more accurate and consistent.
Security: It is encrypted and can't be changed and can be protected better than the way data is held now and hacked constantly.
Improved traceability: A products entire history from start to finish is recorded with no gaps and multiple people have to agree on the entries.
Increased efficiency and speed: Cutting out any extra third parties helps to make it faster but I don't know that blockchain is best described as efficient and speedy.  Secure, yes.  
Reduced cost: Again, less cooks in the kitchen the better.  Least amount of resources needed to be used to create the chain.
#190

Transparency:
Blockchains provide an openly accessible database platform to verify information or transactions submitted by 3rd parties.

Security:
Blockchain databases are ancestral by maintaining all previous history. Any anomalies to the consensus are rejected. Multiple nodes simultaneously run the same software for redundancy.

Improved traceability:
Blockchain databases provide transparent access to all historical and current transactions.

Increased efficiency and speed:
Blockchains reduce the dependence on middle-men or middle-ware instead a peer-to-peer transaction is possible.

Reduced cost:
Reduced cost is a direct by product of increased efficiency in cutting out the middle-men or gatekeepers.

#191

  1. Transparency - Being a general distributed ledger all participants use the same documentation which can only be changed through consensus.To make an update the entire network community must agree which keeps the ledger accurate and transparent to all involved.

  2. Security - All transactions must be agreed upon through network consensus. Once approved the transaction is encrypted and linked to the prior transaction and stored across a global network. This transparent process reduces risk and makes it extremely difficult for hackers to gain access to the information.

  3. Improved Traceability - The blockchain greatly improves the tracking of items through every step of the supply chain. As it provides a complete audit trail for assets and also verifies authenticity.

  4. Increased Efficiency & Speed - The use of the blockchain reduces human errors and speed with less paperwork required and the need to reconcile multiple ledgers. The entire process is on one distributed ledger using consensus that all participants have access to the complete process. Clearing and payment are done on completion of the process.

  5. Reduced Costs - Using the blockchain eliminates any middle steps as they are built into the blockchain. This reduces time, the potential for errors, and the need for trust. There is only one distributed ledger that cannot be changed and only completed with consensus.

#192

  1. All the information in the network is public and everyone can see it. If you want to see the truth of something, you verifyā€¦ no need to trust in someone.

  2. Once something is registered in the network, is impossible to change it because all the members of the network have the same data. To change one point in the data, there is a need to change the data in all points off the network.

  3. As all the data registered in the blockchain network is accessible to verify, if you want to see the process or steps it is just a question of look into it. No more asking someone to show you.

  4. As many tasks are repetitive and can lead to human mistakes, by using blockchain network to verify the normal repetitive tasks you cut the human mistakes and improve the speed using a machine to do the job.

  5. Less people in the middle, auditing companies or third party to control processes the company can reduce the costs.

#193
  1. Transparency;
    Instead of data pushed through paper heavy processes, blockchain data are more accurate,consistent and transparent. The shared version through blockchain tech can only be updated through consensus.
#194
  1. Security;
    Transactions have to be agreed upon before recorded, encrypted and linked to previous ones. Due to this and that the information is stored across a network of computers, instead of a single server, it will be difficult to hack and compromise data.
  2. Improved traceability;
    On blockchain you end up with audit trail showing assets origin and all details on its journey.
  3. Increased efficiency and speed;
    Instead of paper heavy processes recuiring a third party mediation, automating and streamlining these processes with blockchain, will make them faster and more efficient. Using digital ledger shared among participants making less clutter at the end.
  4. Reduced cost;
    This will be the effect when using less middle men, when everyone has permissioned access to a single immutable version.
#195

1, Anyone with permission can trace a transaction back to itā€™s origin, and so have confidence that the transaction is what it is claiming to be.
2, the Transaction must be agreed upon, and then it can be verified by multiple computers, and then it is connected to the blockchain creating the trustless transaction for all to see.
3, The whole transaction is recorded on the blockchain so at any time a product, financial or material can be systematically traced back to its origin.
4, Blockchain removes multiple middlemen from the process, so streamlines the transaction, which also helps with speeding up the process by having all involved parties looking at and creating the same transaction.
5,Trust in the blockchain reduces the need for all parties to separately check and recheck transactions and documents, all eyes are on the same blockchain, and the trustless transaction.

#196

Transparency: Blockchain is decentralised therefore all network users have the same documentation from the public ledger. All transactions are agreed upon by consensus due to this.

Security: Information is not stored on a server but instead a network of computers. Transactions are agreed upon before theyre recorded and after approval all transactions are encrypted and linked to their last transaction.

Efficeny/speed: The blockchain is a public ledger therefore everyone has access to the same documentation, this alllows for real time auditing and faster transactions.

Traceability: Audit trails are available for every transaction, every transaction is encrypted and linked to their last transaction therefore every transaction on the blockchain is traceable, creating a system of trustlessness.

Reduced cost: No need for third parties because you can trust the math that blockchain is built on, there will also be less documentation as it is a public ledger.

#197

When blockchain is used as a decentralized public ledger anyone is able to view the transactions making the entirety of it transparent.

Blockchain due to its consensus protocol does not allow for the changing of the ledger without agreement making it difficult to hack or modify providing a greater security.

Blockchain used as a supplychain has great usability in real world applications. This improves the global market place by allowing for trustless trades with seemless trades of information that is un refutable
Due to the centrality of the blockchain structure, it helps maintain a ledger or database that maintains itself in terms of correctness,. This reduces time for human error and speeds up work time by having all necessary information converging in one space as opposed to all over a private network which can be hacked or modified.

Blockchain can reduce cost for users but seemlessly blending tracking, financial records and transactions as well customer information and inventory location and amount on in the same block. With it being fact in business this is likely to cause less friction between two trustless parties saving time and increasing profits

#198
  1. Transparency:

Since blockchain is a distributed ledger, everyone in the network has the same info and cannot be changed without consensus.

  1. Security:

3 reasons:

  • All transactions must be agreed upon before been recorded on the blockchain.
  • When approved, each transaction is encrypted and linked to the previous one. This is really a headache for hackers.
  • There is a network of computers sharing all the info stored on the blockchain. If one of them fails, no problem: there are millions more.
  1. Improved traceability:

It is all about provenance: ā€œBe traceable, my friendā€, said the final customer to the product. And the product was.

  1. Increased efficiency and speed:

If there is only one source and the same for everyone, you go straight to the info without the need of any intermediaries.

  1. Reduced cost:

With blockchain, you donā€™t need to trust your trading partner so intermediaries are not necessary and costs are reduced.

#199

Transparency: The network participants share the same documentation and for the information to be change a consensus must happen first.

Security: Information is stored across a network of computers therefore making it hard for hackers to compromise the data.

Improved traceability: The blockchain allows users to verify the authenticity of assets to prevent fraud. Vechain (VET) is a perfect example of how VET is helping people authenticate products to ensure they are real and safe.

Increased efficiency and speed: Everyone is using the same digital ledger which is faster than working in different networks.

Reduced cost: By having access to single immutable transaction, a vendor does need to spend money on third parties. Plainly explained: Once a vendor receives a transaction on its wallet, the other person cannot reverse the transaction, which reduces the operational cost of the vendor.

#200
  1. Nothing is hidden because it is a public database
  2. For example, nobody can make an unsafe website and claim itā€™s safe because of transparency.
  3. Because everything is recorded you can trace everything.
  4. Nobody is checking everything in-between because they can do that later.
  5. As everything is faster people can pay off debts faster which speeds up the process massively and makes it cheaper.
#201

1. Transparency: all network participants share documentations as opposed to individuals copies-consensus
2. Security: prevents fraud and unauthorized activity, by spreading across a network of computers instead of a single server.
3. Improved Tractability: an audit trail that shows where an assets came from and every stop it made on its journey.
4. Increased efficiency and speed: you donā€™t have to reconcile multiple ledgers and you end up with less clutter. no need have to reconcile multiple ledgers and you end up with less clutter
5. Reduced cost: you donā€™t need a lot of third-parties or middlemen, easier to trust the data on the blockchain. to make guarantees-trustless.