Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#2068

Transparency: Everyone can see all what is done on blockchain. Impossible to erase or change information.

Security: Info is stored across a network of computers instead of on a single server. This makes it very difficult for hackers to compromise the transaction data.

Improved traceability: You can access all historical transaction data back to it’s origin. This helps to verify and to prevent fraud.

Increased efficiency and speed: Info is stored on a single ledger that is shared among others. Everyone accesses the same info. Prevents human errors.

Reduced cost: You don’t need as many 3rd parties or middle men to create trust because everyone has access to a single, immutable version

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#2069

Transparency: The blockchain is a distributed database, and everyone willing to participate has access to it. The addition of new transactions needs to be approved by participants of the network. Therefore, participants of the network view and audit the individual transactions.

Security: New transactions are encrypted using results from the previous transactions, and therefore, manipulating one past transaction involves re-encrypting subsequent transactions making it difficult to catch up. The participant can then agree on the validity of the last transaction added to the block.

Improved traceability: If all steps of a supply process are entered into a blockchain, it is easy to look back and examine the history of the process.
Increased efficiency and speed: Many processes jump form system to system and on these interactions, there must be handshakes and approvals. If all transactions of multiple processes could be logged into one single system it would eliminate the need for handshakes and intermediate approval steps.

Reduced cost: It is a reality that systems keep redundant data to be used locally. By having access to a single system in which different participants trust the data in the system, we could eliminate redundant steps and data.

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#2070

Transparency: Allows for all participants in the network to have access to the same information. This information cannot be changed by any outside source unless there were a massive consensus to alter a transaction. Everyone has the same copy of the same ledger at all times.

Security: Since everyone has the same copy of the same ledger. In order to change a transaction or hack the system, you would need to hack millions of nodes at the exact same time in order to do this. Or you could control 51% of the supply, but the resulting attack would most likely drop the Price of the asset making it very expensive for a bad actor to try this, and not worthwhile.

Improved Traceability: With large supply chains often times there are multiple stops along the way from inceptions to a complete product. Because the blockchain allows for a copy of the ledger that cannot be changed then it is easy to trace what route an item has taken to the consumer.

Reduced Cost: Normally the amount of work required to keep and update a trusted ledger between multiple intermediaries is costly. Not to mention trying to trust said intermediaries. Blockchain automizes and cuts out many middlemen and costs. Whole ESCRO services could be rolled into simple smart contracts connected to oracles.

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#2071
  1. Transparency:

As it is decentralised, public auditing ensures the false information cannot be stored.

  1. Security:

The network is maintained by the high-availability of nodes across the world. If one node was to go down, it would be quickly replaced by another.

  1. Improved traceability:

By way of provenance, the store of data on the blockchain can be sourced through to its origin.

  1. Increased efficiency and speed:

Intermediaries can be removed from transactions and any other processes that implement the use of blockchain technology.

  1. Reduced cost:

The ‘middle man’ can be cut from many different processes, maintaining a peer to peer system.

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#2072

Transparency:

  • Transaction records which exists in the blockchain network can only be accessed by authorized users. If a user decides to update or change a transaction record,a consensus needs to happen i.e the entire network of users need to agree that the process can be allowed to take place. If no consensus is reached,no change will be allowed, This ensures transparency as opposed to the traditional process of changing a transaction record needing just a single entity without the knowledge of others.

Security:

  • Through consensus,data or transaction records is changed, It is then encrypted and linked to the previous transaction. This information is also stored across a network of computers as opposed to a single server. This enhanced security measure prevents hackers from easily obtaining the confidential data.

Improved traceability:

  • A supply chain which uses the block chain technology ensures that an audit trail exists and historical transactions can then be accessed to trace where an item or asset has made its way from any point in the supply chain journey.

Increased efficiency and speed:

  • The traditional way of transactions most businesses employ are very cluttered and uses a lot of intermediaries. With blockchain,automation is utilized and streamlined which can eliminate human errors and third-party mediation,thus making the entire process more efficient. Additionally,when everyone in the network has the same data and transaction records,trust is not needed and hence the process of clearing and settlement can be done much quicker.

Reduced cost:

  • Blockchain technology does away with third-parties or middlemen to conduct guarantees because of the removal of trust among partners. When trust is put solely on the data in the blockchain,everyone
    will be granted access to the single, immutable data and thus a trade can be made with no additional cost.
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#2073

Transparency: Everyone who has permission to the blockchain can see all transactions.

Security: The network nodes need consensus so it’s more secure than a central server that can be altered.

Improved traceability: All events in a supply chain need to be verified by the ‘supply network’ and stored in a block, an thus be traceable.

Increased efficiency and speed: Data and Value can be moved in the same transaction and thus reduce middlemen and issues with paperwork. The process will thus be more speedy and more correct.

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#2074

Well with Blockchain technology every transaction can be seen by everyone that wants to, making it transparent. By having many different nodes authenticating transactions secures the network and manipulation free. Every transaction can be traced back to the source. By leaving out the middle man speeds up the efficiency and cuts cost by doing so.

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#2075

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

  1. Transparency:
    A decentralized ledger of all transactions means a copy of the identical ledger exists at multiple locations across the network and can only be added to by consensus of the network. Provided you have permission to view the ledger you can see a historical log of all verified transactions.
  2. Security:
    Consensus, and distributed ledger creates security. It makes it extremely difficult to hack.
  3. Improved traceability:
    Because a distributed ledger records all transactions, you have a historical account of all stages of the lifecycle of the transaction, for example the manufacturing of food from Crip harvest all the way through to the grocery store purchase.
  4. Increased efficiency and speed:
    Because there is no paper document process to slow it down, no need to vet counter parties to build trust, all transactions are executed, administered And recordered on a digital ledger in a trustless environment.
  5. Reduced cost:
    The ‘middleman’ is cut out of the picture, and no premium is paid for a trusted counterparty
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#2076

Transparency:
Offers participants “peace of mind” and better trust in the network. Things aren’t hidden, even the source code is open. People can perform their own due diligence without hindrance.With transparency the network can be further secured via miners (total consensus) and usage when compared to a traditional databases or value transfer systems.

Security:
Especially in the case of value orientated blockchains, if one deploys or uses their money in a system, they certainly want it to be secure and stable. The fundamental existence and purpose of miners in the protocol facilitates such.

Improved traceability:
Massive increase in efficiency compared to legacy databases and production oriented industries. Doesn’t take an army to audit or a team to track down a supply line issue. Data is open and manageable in near real-time.

Increased efficiency and speed:
(BTC as an example) Send virtually any amount of money for mere pennies anywhere in the world usually within an hour without fail (add permissionless on top of that). Beat that SWIFT!

Reduced cost:
With greater efficiency comes reduced costs. Things are streamlined (no intermediaries), simplified, and less expensive.

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#2077

Transparency: Since all the datas are available to everyone for viewing then it makes everything as much transparent as possible.

Security: Data can only be added, not to be removed. Also because each part of the network is holding a copy of all these datas so its pretty impossible to hack into all of those data and change them one by one.

Traceability: This is a huge use case. In retail business there are lots of issues and either you need to buy the things that you want from someone that you trust 100% or you will never know what you have bought is what it supposed to be or not. With blockchain you can trace back any individual item to it’s origin and every stop it made in its journey.

efficiency and speed: Time is gold and now a days we need immediate transactions more than anything else. There are other options which are all centralised and a third party shall always be there to verify the transaction. But with the use of blockchain we do not need a third party or organisation to keep things running.

Reduced cost: with the use of blockchain many layers in industries will be removed, this will make a huge difference in costs and we end up in much less costs.

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#2078

  1. Transparency:
    It’s a distributed ledger that has the same documentation shared by everyone. Blockchain makes all transactions visible to all parties.

  2. Security:
    With blockchain information is stored across a network of computers. Its very difficult to hack.

  3. Improved traceability:
    Records are traceable and they cannot be manipulated. it’s very easy to follow a complex product supply chain.

  4. Increased efficiency and speed:
    Recording transactions on the blockchain reduce the human error. the information is stored on one ledger and accessible by different stakeholders which makes it very easy.

  5. Reduced cost:
    Third parties are no longer needed, which means the cost is reduced.

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#2079

  1. Transparency; Everyone in the Network shares the same version of the documentation that is updated through the agreement of all (consensus)

  2. Security; First the transactions must be agreed then recorded, encrypted and linked to the preview transaction. Across a whole network of computers, the information is stored.

  3. Traceability; All exchanges are recordedand it end up with an audit trail, thats shows the whole way of the asset with all stops it made on hos journey.

  4. Efficiency and Speed; through streamlining and automating the process of trading-> less clutter with single digital ledger.

  5. less review of documentations to complete a trade, third-parties or middlemen, saves time and reduce cost through the only trust on the data on the blockchain.

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#2080

Benefits of using block chain:
Transparency:
With blockchain, all network participants share a distributed ledger and entries on that ledger can only take place through consensus. Therefore it makes it impossible to change or alter previous entries without agreement of all network participants. This leads to the blockchain being extremely transparent and trust-less meaning that whats recorded in the blocks can be relied upon without question.

Security:
The blockchain requires consensus for new blocks to be created this makes it a more secure network than traditional databases as if elements of the network go down the integrity of the protocol will still remain. Also as blocks are encrypted and linked to previous blocks and recorded on network participants distributed ledger it makes it difficult to alter or tamper with previous entries.

Improved traceability:
As blockchains are global and public once an entry is made on the chain and can’t be altered it makes it easy to inspect the blockchain and trace transactions. This it very valuable for industries that wish to trace goods or services throughout supply chains. For instance some companies give a promise to only use produce from sustainable farmers. The blockchain would show where the companies produce came from and that “suitable farmer” pledge could be verified.

Increased efficiency and speed:
Blockchain relies on distributed ledgers not double entry into multiple ledgers that have to be reconciled at a later date. With paper / human entry systems mistakes can be made and they tend to be slow and cumbersome. Blockchain reduces mistakes and increases speed in which data can be recorded, giving businesses an up to date picture of their data 24/7 365

Reduced cost:
With Blockchain technologies you require far less middle men or intermediaries as its global and trust-less. The most come referred to example is money transfer companies like western union who charge a fee to send money between countries. With Blockchain this can be done quicker and cheaper than utilising 3rd parties who only add cost into the value chain.

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#2081

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

1. Transparency:

Blockchain technology is a distributed ledger - instead of copies of the database being made, held and updated by the various users of the network, one document is shared and synced among them, requiring consensus agreement for changes to be implemented upon it.

The entire transaction history of that particular blockchain is held within the ledger - for it to be possible to change a transaction on the blockchain, all the subsequent transactions would have to be undone to return the network to the state it was in before the problematic transaction occurred. This amendment would require the co-operation (or control) of the majority of the network, and would be both costly and time-consuming to carry out.

Given that there is only one document functioning as the ledger in this system, there are less mistakes made, which might otherwise occur through the process of copying or auditing the data in a more traditional, centralised system.

As long as you have permission to access the network, you can view every single transaction that has taken place.

2. Enhanced security:

Transactions cannot be set into the blockchain without agreement among the network participants that they are valid. Encryption is used to chain the transactions together - due to the use of elliptic-curve cryptography, it is nearly impossible to reverse the transactions, both as a result of the complex mathematics involved, and the limitations of processing power in the absence of quantum computers.

Given that the data is stored in a decentralised network, it is much harder for hackers to compromise the ledger, as there are too many geographical and technological targets to attack within the limits of finance cost, time, and computing resources that they are likely to have at their disposal.

The possibility of fraud is greatly reduced through decentralisation, as sensitive and valuable data is backed up on multiple computers, whilst also being protected from unauthorised access by those who lack permission to interact with the network.

3. Improved Traceability:

Blockchain technology makes it easier to track the path of a specific item along the various stages of its journey along a supply chain, a sequence of events which can be traced back to where the item originated from.

This increases reassurance for the network participants that the product in question is authentic, and has reliably come from ethical and sustainable sources as much as possible.

4. Increased Efficiency and Speed:

The traditional paper-heavy process of copying and auditing databases is time consuming, and due to the complexity of the procedure (as well as the human participation in the task), creates a lot of potential for errors to be made, requiring mediators to monitor the validity of the audit.

Blockchains are faster, more streamlined, and more efficient, as they rely less upon fallible human intermediaries.

5. Reduced Cost:

With no middlemen required to complete the process of record-keeping, the cost is greatly reduced, and trust is placed instead in the mathematics and protocols that constitute the blockchain code.

This makes it easier to trade with complete strangers, reducing the need for collecting personal data from customers, which in turn increases the confidence that customers have in the safety of using that companies services.

Cost is also reduced due to their being only one database document to consult for all network participants. This document is immutable, and as long as you have permissioned access to the blockchain, you can observe the data contained within it.

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#2082

The benefits of blockchain tech are,

1.Transparancy provides a public ledger that is distributed to everyone on the network. A record in the ledger is almost impossible to change because it would require that all of the following records were also changed which would require collusion from the entire network.

2.Blockchain is more secure because ifro a transaction to be approved it must be agreed upon by the entire network and once entered into the ledger it is encrypted on a public ledger that is shared across the entire network making it very difficult for hackers to obtain.

  1. Blockchain is traceable because transactions recorded leave have an audit trail that shows every step of it’s journey.

  2. Blockchain is faster and more efficient because it is automated it is far less prone to human error. Everyone has access to the same ledger so there’s no need to email ack and forth, trust each exc. and it’s in real time

  3. Blockchain reduces cost because there are less middleman involved

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#2083
  1. It is open source meaning everyone see and share the same data on the network
  2. It creates an trust less environment where you can verify yourself
  3. Because of its immutability it is impossible to remove any transactions that happened in the history on the block chain , you can easily track exactly what happened
    4 It eliminates trust, human error and 3rd parties. It is open for everyone making it easier to verify
  4. Eliminates middle men
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#2084

Transparency: It is a distributed ledger with every network participant having access to the same documentation as opposed to individual copies.

Security: 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: It provides 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: Record-keeping is performed using a single digital ledger that is shared among participants, you don’t have to reconcile multiple ledgers and you end up with less clutter. And when everyone has access to the same information, it becomes easier to trust each other without the need for numerous intermediaries.

Reduced cost: 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. You also won’t have to review so much documentation to complete a trade because everyone will have permissioned access to a single, immutable version.

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#2085

1.Everyone who has an authority can look up to it.
2.the data on blockchain cannot be altered and it uses protected cryptography to protect the data ledgers. All the data and transactions are being processed on maximum trust verification through consensus.
3.Blockchain has digital provenance or origin you can trace back everything as long as you have an authority.
4.Block chain have a high availability which means,it is similar being efficient,high productivity with less exert of effort.Blockchain increases speed by means of concensus and chains, every nodes are working together.
5.In block chain you dont need a third party involved to have a verificatio, everything is verified by the system.

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#2086

Transparency: everybody sees the same information, the exact same copy.

Security: the data is encrypted and linked to previous information, making it very difficult to change information without rewriting the whole blockchain or many steps back making it less economical to cheat.

Improved traceability: the blockchain provides an audit trail as all information is linked. Someone can look back through the blockchain to find or trace certain information with certainty.

Increased efficiency and speed: only one ledger, so eliminates paper-heavy processes or having multiple ledgers that need to be reconciled. Clearing and settlement can happen much quicker or even immediately.

Reduced cost: less need for third parties or middlemen, less need for documentation as less ledgers involved, there is only one source of truth and all parties can interact with it.

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#2087

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

  1. Transparency:
  2. Security:
  3. Improved traceability:
  4. Increased efficiency and speed:
  5. Reduced cost:

Since the blockchain runs on a decentralized public ledger anyone can check to see the transactions happened.
Doing this on many different systems or nodes along with consensus make the transactions mathematically secure and unstoppable.
These attributes allow tracking back through the chain of every transaction increasing creating an auditable trail to the original transaction or data entry point.
By doing this by machine you can increase the transaction speeds by eliminating the need for a person to over see the data entry and processing. You eliminate the risk of human error, and reducing costs in supplies and labor force.

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