Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#2088

Transparency: With Transparency, everyone has access to one shared copy. if we ever need to change one request it would be very difficult and it would cause a very bad headache. everyone has a shared copy and whatever comes in we have to agree on it.

Security: Since the blockchain is part of a network of computer instead of a single server it is very unhackable. Once new transactions come in and are agreed upon they will be encrypted and linked to previous transactions so that it can be traced easily. In a Centralized Database. the owner has access to everything and can change, delete whatever he pleases. With Blockchain this is not possible which makes it way harder to get accused of fraud or other crimes.

Improved Traceability: All companies have a very long and complex Supply Chain and sometimes we donā€™t really know where they really get their sugar from our ingredients and therefore we just trust. with Blockchain everything is traceable you can exactly see whether the company is telling the truth because if they say this but the blockchain doesnā€™t recognize your statement. you already know that you are in a deep lie.

Increased Efficiency and speed: Since we are all using one shared copy of the blockchain and not thousands and thousands of papers there is less room for human errors and interference. The blockchain is automated and any transaction that is placed is completed faster and in a more efficient way. There are less clutter and much faster ways to clear up things and make settlements fixed.

Reduced Cost: Everyone in the world wants to reduce costs it is usually a number one priority. There is no middle man. we just simply very simply have to trust what is on the Blockchain and from there we can review everything :slight_smile:

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#2089
  1. Transparency:

Everyone has the same source of information to track the history of information and transactions that everyone has agreed on being there.

  1. Security:

Information and value are stored over a network instead of one single server. Therefore not as vulnerable to hacking. Also there is no one in charge of the information, in an ordinary server, information and value can be changed with proof of authority.

  1. Improved traceability:

If you are in the middle of a supply chain where all the trades/transactions are recorded on a blockchain, you would have to match your claims about product origin with the information on the blockchain.

  1. Increased efficiency and speed:

Transactions are able to be accounted and audited automatically because all parties share the same ledger.

  1. Reduced cost:

When you share the same source of information and can trust your counterpart, third parties are no longer needed, since auditing and accounting will be automatic and flawless. No costs for accountants and auditors then.

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#2090

[quote=ā€œivan, post:1, topic:8421, full:trueā€]
Explain with your own words, why these are the benefits of using a blockchain.

Transparency:

Open ledger accessible by anyone with access to the internet .

Security:

The networks protocol ensures the secure transactions by way of proof of work & mining.

Improved traceability:

The ledger records all data making it easy for anyone to trace origin, transaction & information.

Increased efficiency and speed:

Allowing all information to be sent & recorded in one transactions removes the need for multiple entries making everything faster & the consensus ensures everything is correct increasing efficiency.

Reduced cost:

Blockchain removes the chances of fraud, removes the need for intermediaries & the network reduces the need for fees to such intermediaries . Taking out the middle man.

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#2091

Transparency: all parties share the same blockchain and it must have consensus with everyone to be changed. you can see all transactions.

Security: decentralized network, harder to hack, every computer must agree before changes

Improved traceability: leaves an audit trail, can trace back to beginning.

Increased efficiency: and speed, streamlines process, easy to look up info, no paperwork

Reduced cost: cuts out middle man, increased efficiency lowers costs

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#2092

Transparency: everyone sees and shares transactions in real time and is using same copy of data, updates require consensus
Security: consensus must be reached on decentralized network, less vulnerable to security breaches and data is backed up
Improved traceability: real time audit trail available on the blockchain
Increased efficiency and speed: streamlines & automates processes
Reduced Cost: less middle man, touches, reviews required

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#2093 
Transparency: It saves time and makes trust unnecessary. Anyone viewing the transaction and the underlying facts about the product or service can efficiently make sound business decisions.
Security: The blockchain infrastructure is difficult to pierce with any effect as th data contained therein is duplicated around the world and constantly updated among the member computers. It is very difficult to change anything as that requires the change of all of the databases. 
Improved traceability: Since the blockchain contains the history of transactions that lead up to the present purchase, it allows the participants to accurately evaluate what has been accomplished to that point and the quality of it. This enables quality checks at a glance for different variables such as ecology-friendly factors, humanitarian efforts, integrity of companies involved in manufacturing, etc.
Increased efficiency and speed: The built-in audit trail that comes with the accounting and transaction information along with the production history for materials or services go a long way in providing all a business needs to proceed with plans at a faster pace. Where there is clarity there is less need for business consultation.
Reduced cost: Where there is increased efficiency there is reduced cost as less effort is required to achieve the business goal and this may include less materials and less of an environmental footprint.
#2094 
Transparency: It saves time and makes trust unnecessary. Anyone viewing the transaction and the underlying facts about the product or service can efficiently make sound business decisions.
Security: The blockchain infrastructure is difficult to pierce with any effect as th data contained therein is duplicated around the world and constantly updated among the member computers. It is very difficult to change anything as that requires the change of all of the databases. 
Improved traceability: Since the blockchain contains the history of transactions that lead up to the present purchase, it allows the participants to accurately evaluate what has been accomplished to that point and the quality of it. This enables quality checks at a glance for different variables such as ecology-friendly factors, humanitarian efforts, integrity of companies involved in manufacturing, etc.
Increased efficiency and speed: The built-in audit trail that comes with the accounting and transaction information along with the production history for materials or services go a long way in providing all a business needs to proceed with plans at a faster pace. Where there is clarity there is less need for business consultation.
Reduced cost: Where there is increased efficiency there is reduced cost as less effort is required to achieve the business goal and this may include less materials and less of an environmental footprint.
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#2095

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

Transparency: Because it increases trust in the network by allowing everyone to see every transaction.

Security: Because transactions must be agreed upon by everyone before they are added to the blockchain. Moreover, because it is a decentralised network, i.e. copies of the database is saved onto every node of the network, it prevents hacking and fraud.

Improved traceability: Because every product/itemā€™s history is recorded in a transparent and immutable manner. This implies concerned parties can view the origin and lifespan of the product before it reaches a said party/location/stage.

Increased efficiency and speed: Because processes like trading can be streamlined and automated. Moreover, ā€œclearing and settlement [of transactions] can occur much quicker.ā€

Reduced cost: Because a blockchain eliminates the need for third parties (who charge fees).

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#2096

Note: Iā€™m posting the below answers here because their threads are not allowing me to post a reply. Itā€™s taking too much time. Sorry about the confusion.

Security and Immutability

  1. How does a decentralized network increase security?
    It increases security by allowing users to trust math and protocol of the network over some central authority/organization

  2. Why is it dangerous to trust a central authority for security?
    If the data maintained by the central authority is hacked, users could experience huge negative consequences. Hence, it is dangerous to trust a central authority for security

Finality

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means that once a transaction has been added to a block (i.e. once a transaction has been verified and registered in the network), it can never be removed or reversed.

  2. How does this lead to the trustless environment that blockchain creates?
    Iā€™m afraid Iā€™m not sure how.

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#2097

benefits of using a blockchain:

Transparency: all parties can see all info at the same time, creating an environment where if one party attempts to change something, it has to be verified by all parties for it to be changed.

Security: once a txn is approved, it is encrypted and linked to prior txns, making it difficult to hack.

Improved traceability: when txns are recorded on a blockchain, there is an audit trail that shows how and when the product came from. This can assist in decreasing fraud by being able to verify authentication.

Increased efficiency and speed: moving from traditional processes to blockchain will streamline and automate actions. a single digital ledger shared by participants removes the multiple ledgers of today. Trust comes then from ability to verify easier.

Reduced cost: streamlining processes reduces costs - by removing middle parties there is single documentation viewable by all participants.

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#2098

You donā€™t need to trust since you can verify yourself :wink:

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#2099

Transparency: There are many great things about using a blockchain, transparency being one of them
information which is added to the blockchain is then goes threw a consensus meaning everyone agrees on the data that is provided, thus allowing the data to be more accurate, consistent and transparent.

Security: Before transaction are recorded they must be agreed upon, after the approval it is then encrypted and linked to previous transaction this is stored across a network of computers instead of single server this makes it hard for fraud. It is important for many people and businesses to protect personal sensitive data. Block chain can change how this information is shared.

Improve traceability:
prevents fraud creates audit trails that show where an asset came from and every stop it made on its journey historical data transaction helps to verify authenticity of assets.

Increased efficiency and speed :
block chain takes away from heavy paper processes transactions can completed faster and more efficiently, record keeping is performed using single digital ledger that is shared among participants no need for multiple ledgers everyone has access to the same information

Reduce cost: blockchain removes the middle man, its about trusting the data on the block chain every one has access to the same info.

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#2100

On the blockchain all transactions are recored - they can be added but not removed. You have the full history shown on the blockchain so its completely transparent - maybe for some people too transparent (privacy issue).

The blockchain network is globally distributed. It canā€™t be hacked or bribed - that is why its extremly secure.

With Blockchain you have the possibility to show an unaltered provenance. All transactions - e.g. in the supply chain of a shirt - are put in the blockchain and so you can trace each and every component which was used to ā€œcreateā€ your shirt.

Speed and efficiency increases with the use of a blockchain due to a high availability of the network (24/7/365) and everyone uses the same standard.

The blockchain reduces costs due to real time auditing which makes third party checks obsolete (and a lot of paperwork). The increase in speed and efficiency (less working hours) will save money and cut backs in IT security/infrastructure could be made as well.

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#2101

1.- Transparency.- Participants with the distribute Ledger, All people know what everybody knows, is open source. This is possible because of consensus, the most common facts are the truth of what is happening, to try to change the facts it does not bring an incentive, for the amount of work that takes to change the ledger.

2.- Security.- Based on the encryptaction between transactions in one direction and democratic agreements of transactions Validations between miners.

3.- Traceability.- The recording path that any good have done, make possible for everybody to be able to audit, which brings trust in the system.

4.- Efficiency and Speed.- A common ledger for everybody, Is key to safe costs and create a more efficient network, because third parties there are not necessary.

5.- Reduce Costs.- less people involved in the transaction, less money it needs. It have to be supported by a common and trustful information, this is what the code give to the system.

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#2102
  • Transparency - The entire history of transactions are visible to all, as each participant has a full copy of the ledger
  • Security - A hacker would need to attack all participants (or at least 50%) to compromise the security of the blockchain
  • Improved Traceability - Instead of tracing history across multiple suppliers with multiple systems, you can use blockchain technology to trace back to the source with one system
  • Increased Efficiency and Speed - Multiple systems also introduce and increase the possibility for human error - many systems have ā€œband-aidā€ solutions which require human or manual intervention
  • Reduced Cost - Blockchain helps to remove the middlemen, and thereby create process efficiencies. More efficient processes reduce cost.
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#2103

Transparency - All network participants share the same documentation and the only way infromation is added to the database is through consensus. Once verifired on the blockchain, to change that infromation would require an entire network agreement - more accurate, consistent and transparent system.

Security - Before transactions are recorded they must be agreed by the network, transactions are encrypted and joined to previous transaction - the information is stored on a network of comouters not just a signle individual one which makes it difficult for hackers to compromise.

Improved traceability - There is an accessible audit trail of an assets journey through the supply network, this helps verify authenticity.

Increased speed and efficiency - less subject to human error and the need for third party involvement. Processes can be automated and streamlined and this information is all stored on a digital ledger available for everyone to access. Same infromation accessible makes the system more trustworthy.

Reduced Cost - No third party involvement needed, trust in data that is verified on blockchain is all that is necessary. No need to reviews so much info as everyone has access to single immutable version.

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#2104

transparency - blockchain systems are one way transaction. they cant be erased and are extremely difficult to change, because there are a lot of minningcomputers in a global network. Besides every party have the access to see the transaction history. so you cant change the record erase the dara and anyone can easily trace it.

Security - the data is split imto silos and distributed into the network. which makes it very difficult for hackers to compose it back up. also all the rransactions must be approved by the whole chain in order to be registered

Improved traceabily - because of the openness and transparency of the records it is very easy to track the origin of any transaction.

Speed and efficiency - enable to bypass all the paper work vecause the transaction can contain all the neccesarry information on the blockchain.

Costs - no need for third party intruders and difficult prpcesses that might be costly. direct contact with customers in a trusted ecosystem

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#2105

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

Transparency:
Everyone/computer/node shares a copy of a distributed ledger from the fact that they are part of a blockchain. Which can be verified and only be updated through consensus, in other words, everyone must agree on it.
Which leads to a more stable, accurate and transparent data source.

Security:
Thereā€™s no single point of failure.
When you for example look at the code, upon which a blockchain is built. It creates a progressive system of immutable/unchangeable authentication and verification - which is repeated with and documented-stored within every subsequent transaction, throughout the entire lifespan of the blockchain beginning at its inception. It makes it a lot more difficult for any hacker to intercept and compromise the initial transaction of data as well.

Improved traceability:
The blockchain being immutable and verifiable by consensus creates a permanently accurate ledger, which can be audited and traced at any given moment.

Increased efficiency and speed:
Blockchain eliminates a lot of redundancy via a stable fool-proof environment, while running itā€™s operational processes.
And yet again, consensus and provenance ensures the accuracy of the data.

Reduced cost:
One other major factor is that blockchain network is 1) fast 2) incredibly secure and private = saves costs. Huge win for businesses.
So you essentially donā€™t need as many third party apps, companies to fill the gaps as you normally would otherwise.

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#2106

Transparency: The record is public and available to everyone as an exact verified copy

Security: data can only be added (by consensus) not edited or removed

Improved traceability: a chronological record that is immutable

Increased efficiency and speed: no need for middlemen for verification or separate ledgers, so less steps and waiting

Reduced cost: since efficiency and speed are faster, less infrastructure and so less cost

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#2107

Transparency: removing the control of the network by individual brings more transparency cause every computer in the network is sharing and has access to the same information.

Security: Transactions are approved or rejected by a decentralized network of computer and a consensus not just by one.

Improved traceability: Every transaction is irreversible and lined to the previous one so itā€™s easy to audit.

Increased efficiency and speed: No existence of any middleman because Itā€™s a single and shared database that everyone has access.

Reduced cost: No existence of any middleman reduce the cost.

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