Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#2048
  1. Transparency: If customers are able to see there transaction history and where it goes then everything is more accurate
  2. Security: Blockchain helps with security because everyone has the same copy and if you change it you have to change everything on it then everyone has to verify it. So fruad is basically impossible
  3. Improved traceability: Youll be able to see exactly where your product or assets went :
  4. Reduced cost: Blockchain removes lots of middlemen and third party services
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#2049 
Transparency: All network participants share the same records spread across a large network.
Security: Transactions is encrypted and linked to the previous transaction, making it very difficult for hackers to compromise the transaction data.
Improved traceability: The historical transaction data functions to verify the authenticity of assets and prevent fraud.
Increased efficiency and speed: The blockchain technology makes it easier for all participants to trust each other without the need for numerous intermediaries, thus, clearing and settlement can occur much quicker.
Reduced cost: Businesses can trust the data on blockchain instead of the third parties, as a result, it significantly reduces transaction fees and time.
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#2050
  1. Transparency: All Participants share same data and it only updates thru consensus
  2. Security: Once approved it is encrypted and linked to a network of computers instead of a single server
  3. Improved traceability: Once it records on the chain that trail shows where it came from and every stop in between
  4. Increased efficiency and speed: there is no opportunity for human error. 1 ledger that everyone has the same access to
  5. Reduced cost: There are no middlemen or third parties.Every permissioned access to a single immutable version
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#2051

Transparency:
All people in the network have copies of all the transactions and they all have to agree to make a change. Therefor there is no way to cheat the system.
Security:
All transactions are encrypted after there has been consensus. The information in the block is then linked to another block And everyone in the network get the new copy of the transaction.
Improved traceability:
Since the blockchain can’t be taperd with you can work backwards to trace a product. In doing so you can see all the stops it has done before you got it.
Increased efficiency and speed:
Since there is no middle man transactions will be faster and not held up at any point. The public ledger makes it so that everyone in the network get all information at the same time. This saves time and money.
Reduced cost:
No middle man takes a cut from the profits and you dont have to pay any fees to other companies for this kind of service.

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#2052

Understanding the blockchain is great for specific uses that reduces the middleman in a supply chain of a transaction, transparency, security, improved traceability and increased efficiency/speed are benefits to blockchain. Here are the details on each from my perspective:

  • TRANSPARENCY: There is no one person or entity controlling the process rather there is a network of computers in blockchain where each computer has the same data and places the transaction in a ledger accessible to every computer within the blockchain network.
  • SECURITY: Because of the network of computers working together like a team sport and how each miner/mining computer has a monetary incentive to be truthful, to hack or attempt to defraud information is impossible because the network works in unity to verify before a transaction is approved.
  • IMPROVED TRACEABILITY: Blockchain deal with readable data versus human writable data; and each computer in the blockchain network have the same information.
  • INCREASED EFFICIENCY AND SPEED: Because blockchain rids the middle function in the transaction chain, time is saved.
  • REDUCED COST: Again on the trustless system that gets rid of the middle function and the ledger feature, entities save money by not having a need for audit professional costs; and the time saved because of the efficiency goes to the bottom line because an entity and do more with less.
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#2053

Transparency: All transaction history on a blockchain is publicly accessible across a network of distributed ledgers working towards consensus.

Security:Transactions are approved through consensus, encrypted on the blockchain, and cannot be changed/removed. There is no single point of failure across the network of distributed ledgers.

Improved traceability: Blockchain transactions provide an audit trail that cannot be manipulated, helping ensure the authenticity of transactions and assets.

Increased efficiency and speed: Blockchain transactions eliminate third-party mediation, without the need to reconcile records between parties, since transaction history is recorded on a single distributed ledger.

Reduced cost:Eliminates the need for third party middlemen

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#2054

  1. Transparency - Since the blockchain is a type of distributed ledger, everyone can access to any of ledgers to confirm and verify a transaction made. As every ledger should be agreed and manipulation of all ledgers is very difficult or causes huge cost, it is very accurate and transparent compared to central database which can be easily hidden or manipulated by a small group of people.

  2. Security - Public blockchain is a decentralized and distributed ledger and it can be more secured than single-database as a recording of transaction needs to be verified by other nodes in a blockchain and alteration of transactions in blockchain is very difficult and costly with lower success.

  3. Improved traceability - In the blockchain, the history of transactions is recorded publicly and can be accessed by everyone (distributed ledger). Also, we don’t need to verify whether the transactions are trustful or accurate.

  4. Increased efficiency and speed - In the blockchain, we don’t need to check or verify the creditworthiness of another trading partner and no intermediary is required so the settlement of transactions can be more efficient and speedy.

  5. Reduced cost - as described above, trading or transactions in the blockchain reduce or remove the need for intermediary or middleman so cost of transaction or settlement is much less than traditional economic space.

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#2055

Transparency:

  • all transactions are printed onto the blockchain and shared around on multiple nodes for everyone to see and verify. You can not hide the flow of purchases for any reason.

Security:

  • blockchain allows for information to be passed around for verification before its approved. This protects not only the buying but also the seller. Due to the nature of the system, as more notes are activated, more secure the network becomes through verification. You can put trust in the protocol instead of putting trust in strangers.

Improved Traceability:

  • because of the detailed transaction logs, anyone can find out the supply chain of certain items and whether they appear to be what they are marketed as.

Increased efficiency and speed:

  • because there will be no intermediaries who keep their own records, speed and efficiency of sharing information and fulfilling contracts can be exchanged.

Reduced costs:

  • the whole process will become more efficient because you wont need third parties and because transactions are irrefutable that also cuts down accounting costs.
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#2056

A transaction gets verified numerous times.
Ex. When you broadcast it, every node will get this unconfirmed tx that all nodes will validate. Miners validate, when the transaction is in a block, the whole block gets validated by all full nodes. And if someone starts running a new full node. It will first synchronize the blockchain that all other nodes agree on and it will verify the whole blockchain from scratch starting from the genisis block.

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#2057

Using blockchain, particularly the decentralised public type, can provide more transparency in a group, company or institution by empowering any individual, entity or query mechanism with the ability to verify its authenticity and accuracy.

Increased Security is achieved through redundancy inherent in its decentralised architecture and the immutability of the ledger by the use of cryptography.

Traceability is improved using a blockchain by providing a trustless, chronological ,independently verifiable digital map of a products journey to the end user.

Increased efficiency and speed is achieved by removing human error, paperwork and the benefits of reliable trusted shared ledgers.

All of the above factors will reduce cost and save time by eliminating inefficient, unnecessary checks and balances, the need to employ and trust third parties to track and audit each step of the process to deliver a product or service.

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#2058

Transparency: In the blockchain we have public and immutable information, this helps to prevent fraud, an makes easier to know where our assets are coming from.

Security: The blockchain is more secure because the information is stored across a network of computer instead of a single one. All the new information has to be verified by all this network through a cosensus.

Improved tracebility: All the transactions or exchanges are recorded on the ledger, so we end up with a trail of transactions that is public

Increased efficiency and speed: By deleting the third parties we save a lot of time by verifing the information on paper, instead we can verify the information in the blockhain.

Reduced cost: Also by deleting the third parties we save money on unecessary operations and salaries.

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#2059

Transparency:
The open and free public ledger allows everyone that has internet access to look at and verify every transaction that happens on the blockchain. It leaves no stone unturned and opens every transaction for the world to see. And because of consensus, you also know that the transparency provided by the public ledger has not been tampered with or manipulated to display a fraudulent version of the ledger.

Security:
It is extremely hard to mess with the blockchain. There are way to many miners and validators out there adding new blocks to the blockchain and making sure that everyone is synchronized, and no one strays out of the blockchain. So in order for anyone to change things in the blockchain or manipulate it, they need to convince basically most if not all of the miners and validators to be on board and continue posting the fraudulent or manipulated transaction not only in the current block that is being produced, but also in all the blocks that is going to be produced as well. Just like how when a person lies, often they need to keep lying over and over in the future to cover up the original lie; in the same way, the subsequent blocks have to also cover up for the original fraudulent block, over and over again until it is simply verified as legitimate.

Improved traceability:
Because of the open and public ledger, it allows for a much easier way of tracing assets within the supply chain. You can track where various assets came from and where they go to, so you could investigate the legitimacy of people’s claims of where their assets come from by checking the blockchain.

Increased efficiency and speed:
Blocks are produced all the time, and because there is no longer a lag caused by a third party managing the transactions, the parties involved in a transaction can deal with each other directly, hence there will be less lag. The automated blockchain system already has the information it needs to process transactions on the blockchain (whether you have enough to send, etc.). And with any automated systems, it reduces the possibility of human processing error, which leads to inefficiencies.

Reduced cost:
The removal of need for a third party or a separate organization to process transactions also reduces the cost that would have otherwise been incurred if you were to go through centralized methods. Because people no longer pay institutions to help pay for transactions, it makes every transaction so much cheaper (even with fluctuating gas fees now and then).

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#2060

Transparency:

All network participants hare the same record of all transactions. All transactions are carried out on consensus and changes of transaction records are very complicated to perform.

Security:

All transactions must be agreed upon before they are carried out. All transactions are stored in a network of computers and not on a single server, therefore the database is hard to compromise.

Improved traceability:

On a blockchain all transaction are recorded, shared trough entire network and audit trail is available to all participants in network.

Increased efficiency and speed:

Automating the recording of transactions reduces a possibility of human error. Blockchain is one database is available to all participants, this eliminates the need of many intermediaries.

Reduced cost:

Blockchain reduces the need for many third parties to make guarantees. Only trust needed is the trust in data on the blockchain. This could lead to cost reduction.

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#2061

Explain with your own words, why these are the benefits of using a blockchain.

Transparency:
Everybody is seeing the same block and chain. Therefore, it is transparent

Security:
The encrypting keeps it tamper proof. Everybody verifies with own private keys.

Improved traceability:
transactions can be traced from source to destination

Increased efficiency and speed:
There is no time lost on 3rd party’s that parse information.

Reduced cost:
The added cost of middlemen is reduced

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#2062

Transparency: everyone has access to the public ledger

Security: transactions are encrypted and data is stored on multiple computers

Improved traceability: anyone can see the transactions taking place because the ledger is public

Increased efficiency and speed: transactions are completed more efficiently because human error is reduced and everyone has access to the same information.

Reduced cost: One can reduce middlemen with blockchain and they now have access to an immutable version of all the transactions

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#2063

Transparency: With blockchain before anything is added on to this database, the whole network has to agree. When a transaction is added to the database, blockchain allows for real time auditing for the public. This makes blockchain very transparent because anyone can see all the transactions on the blockchain without trusting anyone to fill in the transaction correctly

Security: Blockchain uses consensus to make the system a lot make secure. Every transaction is confirmed by the whole network. This allows for a lot more secure system because everybody is incentivezed to tell the truth. Blockchain also has finality/immutability which makes for a lot more trustless and secure system, because of it being decentralized, nobody can change,manipulate or hack the system.

Improved traceability: Blockchain includes provenance which allows real time auditing. Blockchain is a public ledger where anyone can see all the transactions that went through.Once your transactions has gone through you can never take it back. This allows a lot easier traceability.

Increased efficiency and speed: When blockchain secures all the transactions in the database, it allows for real time auditing.It is also very effective because of blockchain high availability. Miners and POW allows for 24/7/365 availability. People are incentivezed to keep the blockchain always running to make money. On the other hand if you don’t use blockchain, auditors have to come and check all receipts. This could take days.

Reduced cost: Blockchain is dencentralized as I said. This means there is no main man to pay. It also reduces the cost when you are searching for an auditor for example, because of blockchain allowing for real time auditing, the company is cutting down thousands of dollars from the expenses.

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#2064

Transparency: All transactions are open for anybody to review and audit.

Security: Transaction can not be reversed and people have to conform with the protocol in order to transact, no cheating is possible through the consensus mechanism.

Improved traceability: All transactions are recorded in the network, making it possible to go back in time until the birth of Jesus tracing everything in the network.

Increased efficiency and speed: Because of distributed ledgers, there is no need for a third party to audit transactions. This now an option for anyone who wants to do this thereby cutting out third party costs.

Reduced cost: see above

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#2065

  1. Transparency: Since blockchain is public ledger, all nodes share the same copy of the data, and hence every participant can verify the transaction details.

  2. Security: Since any addition to the blockchain has to get concensus from the network, and newly agreed data is stored across the network of computers, it is extremely difficult to modify and compromise the data stored.

  3. Improved traceability: Due to the transparent nature of blockchain, it is easy to track changes of data and trace its path.

  4. Increased efficiency and speed: Transaction details via blockchain can be propagated among all connected nodes of the network, which could be completed when a concensus is reached. This is especially beneficial for those clearing and settlement transactions. Whereas in traditional transactions, trading relies on trust of third-party intermediaries and central authority. The speed of transactions will vary, and the concensus cannot be reached as fast as those in blockchain.

  5. Reduced cost: The transactions could be done without a third-party as middle-man, so the cost of doing transactions on blockchain could be reduced.

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#2066
  1. Digital ledger that has to have consensus of all users for it to be added to the blockchain
  2. When someone tries to change something in the blockchain it changes the entire network which makes it hard to hack. Transactions must be agreed upon before they are put on the blockchain.
  3. You can trace a product back to its origin through every step of the way. This shows what things are authentic and what arent.
  4. Cut out the middlemen and documentation of an agreement. In this case one program is dealing with the entire transaction and doing it at a faster rate than multiple humans could
  5. Don’t need anyone to notarize or oversee a transaction because you do not have to trust your trading partner.
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#2067

Transparency: Because you have a whole network that’s transparent by using a distributed ledger that everyone in the network have/can take part of the documentation and agree upon it to confirm a transaction or to change a transaction would require the whole network to confirm and agree on the change.

Security: Consensus is needed from the network as a whole for a transaction to happen and all transactions are encrypted and linked to the previous transactions and the information is stored on different computers in the network instead of a server where it’s easier to hack especially when all important data collected and stored today by the govt, banks, healthcare etc is stored on a server.

Improved traceability: It’s easier to authenticate the origin of a product and keep track of it’s ‘‘journey’’ from a to b and by doing that you know if a product is real or fake.

Increased efficiency and speed: By using one ledger and by removing the need of a third party and removing the problem with human error you get a more efficent system for making transactions and the main problem that makes systems inefficient today is due to lack of trust. With blockchain you can achieve a trustless system and therefor speed up a deal/transaction/agreement etc.

Reduced cost: Bulding trust takes time, time is money, with blockchain you can trust the network and therefor save a lot of time and money by focusing on the trade or the ‘‘actual’’ thing instead of middlemen and third parties that cost money and time for doing exactly what the blockchain provides already.

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