-
Transparency:
Using a triple-entry accounting system allows for a third-party to validate the transaction happened. The append-only ledger with consensus ensures the data is consistent across all nodes. All parties will see the same data. -
Security:
All the nodes hosting the distributed ledger come to a consensus on the validity of the data prior to committing it to the ledger. The data is committed to the ledger by cryptographically linking the block to the previous block. -
Improved traceability:
A group of transactions can be retrieved by analyzing historical data on the blockchain. -
Increased efficiency and speed:
Efficiencies are gained through automating transactions, eliminating human errors in record keeping and the need to reconcile centralized ledgers. -
Reduced cost:
Costs are reduced because the need for middlemen or third-parties is less.
Transparency:
You dont need to trust only verify the information on the blockchain
Security:
Is so difficult for a group of hackers attack a decentralize network because there is no only one point or node to attack. They cannot change anything because is practically impossible for the immutability.
Improved traceability:
Is so easy to know the origin of every part of a product or consumable . For example every component of a cake from Colombia.
Increased efficiency and speed:
Thanks to the blockchain we can eliminate all of these intermediaries. More intermediaries are more spends, corruption, inefficiency and delays.
Reduced cost:
With fewer intermediaries are much less spends and corruption.
Explain with your own words, why these are the benefits of using a blockchain.
Transparency:
Blockchainâs inherent transparencyÂș allows for businesses to know with near certainty that the transactional information they are viewing on-chain is accurate. Changes to transactional data can only be made with the cooperation of the entire network of nodes that are maintaining the ledger that holds the aforementioned data. Such changes would require a concerted effort amongst the connected nodes that, save some force majeure, would be unfeasible to pull off and statistically unlikely to succeed.
Âș âŠor at least its transparency to those who may be permissioned to view itânot all chains are completely public by default
Security:
Similar to what was mentioned in my reasoning for why transparency is a boon to businesses regarding blockchain transactions, finality and immutability make these transactions far more secure than ones carried out via traditional means. Healthcare is a perfect example of an industry that serves to benefit from highly-secure and highly trustable dataânot only can we be assured that accessed data is up-to-date and correct, but we can also ensure that this data hasnât been tampered with due to blockchainâs inherent security via the requirement for consensus amongst nodes to alter data that has already been confirmed on-chain.
Improved traceability:
Improved traceability is one of the things that excited me the most about blockchain and projects like VeChain and Origin Trail. This traceability will initially benefit businesses with regards to tracking supply chain data and could eventually seep into the consumer âatmosphereâ so-to-speak and allow for a customer to see where, say, their banana was grown and how many hands it traded between from the tree it was harvested from all the way to the truck it was offloaded from when it entered the supermarket. Another example I heard recently that fascinated meâand I just realized I heard this example during this course, HAâis the concept of ensuring that a product was indeed produced where it claims to be produced. âMade in USA,â yeah? Letâs see what the blockchain tag has to sayâŠ
Increased efficiency and speed:
The combination of the informational and transactional layer, as Ivan was speaking of earlier, will serve to greatly increase the speed of transactions and fulfillment of orders in the retail space. Think about this! (The exclamation point is due to my own excitement since I just thought of it myself, hahaha) If you are buying products online using blockchain, you are provided with a transactional hash that can pull up your proof of payment including the time it was paid and confirmed and this information would be public. Thatâs beautiful! No need to harass some poor customer service agent on the phone and give them your confirmation numberâyou have your confirmation number. Itâs also your proof of purchase. Itâs also the data of your actual transaction. What a world we live in!
Reduced cost:
I have a family member who works at a bank and when she tells me the amount of money some people pay to send money from location A to location B it blows my mind. Not only that but it can take DAYS to move money between two places, especially when thereâs a bank involved as an intermediary. Without a third party to rely on there is NOTHING getting in the way of you sending money to someone else across the globe in a matter of seconds. Try doing that at a traditional bank!
EDIT: Oh, and it costs literally a few cents to do something like, for example, a Litecoin transaction. Even if you make the fee absurdly high Iâve never seen it higher than 5 cents USD.
âŠOk, Zelle doesnât count hahahaha 
- Transparency
Nothing is is hidden, is transparent accurate believable information that canât be changed.
- Security
Because everyone will have peace of mind that financial transactions or other transactions in the blockchain are completely secure.
- Improved traceability:
Because with improved traceability you really know where things are coming from , also the real and accurate origin of things.
- Increased efficiency and speed:
Because now a days transactions must be quick in this fast changing economy. Realtime and fast transactions are better for our global economy.
- Reduced cost:
Companies and government can benefit of reduced cost. By not needing so many third parties or middlemen.
Transparency: As parties can see and verify the transactions themselves without having to that the others word or wait for information to be told to them.
Security: Donât have to worry about things being changed without authorization.
Improved Traceability: Allows anybody to verify the source and destination of any products that have been supplied within the supply chain and it becomes a permanent record.
Increased efficiency and speed: Can save money and time by having one ledger available to everyone. Do not need to reconcile multiple databases.
Reduced Cost: Uses one system, reduces redundancy.
Transparency:
When every participant of the network shares the same documentation that can only be updated through consensus means that the data in a blockchain is more accurate, consistent and transparent.
Security:
There are several benefits including the decentralized nature of the network alongside with the encrypted transactions that are linked to each together and the data is more difficult to be corrupted thanks to the consensus of all the members involved
Improved traceability:
One of the benefits is that you can view all the transactions of the blockchain in real-time creating an accurate history of transactions.
Increased efficiency and speed:
Transactions can be completed faster and more efficiently on a blockchain, settlements are done quickly without intermediaries.
Reduced cost:
You donât need as many middle-man since you can just trust the data in the blockchain.
-
Transparency: Since blockchain is a public ledger, informations on the blockchain are agreed by all stakeholders and all stakeholders have access to the same set of information. As such, data is true, open and trusted by all. The fact that data is immutable on a blockchain means that information cannot be altered or deleted.
-
Security: All verified and approved information are encrypted and connected to all previous and future data. As a decentralized network, information are being keep across multiple server as opposed to a centralized single server. this high level of security prevents hacking, fraud and manipulation of information.
-
Improved traceability: Provenance allowing real-time auditing means transactions are accounting are concurrently happening at the same time and place. This implies that information on the blockchain is authentic and verified by the entire eco system in the supply chain.
-
Increase efficiency and speed: The additional benefits of real-time auditing means saving time on inter and external auditing (always out source to third parties). As well, blockchain is more accurate as it is not subjected to human error.
-
Reduced cost: We are all well aware that the Big Fours made most of their money from providing auditing services. Their service cost a lot of money and as discussed above are not necessarily more reliable than blockchain since it is subject to human error. As a business owner, it makes no sense to spend more money on a less reliable service.
Transparency:
Everyone on the network all share the same digital public ledger and if anything is added or needs to be altered it has to be seen and agreed upon through consensus. And if there is an alteration done, then that transaction and all the ones that come after it. Making the data being pushed through more consistent and accurate. Also, anyone with access can see all the transactions for themselves. For example, the BTC blockchain is open tot he public so anyone can access that network and see all the transactions that has been made in BTCâs lifetime.
Security:
Since every transaction has to be agreed upon before being recorded or digitally etched into the network and once that confirmation is done, it is encrypted and linked to the previous transaction. Also, that transaction is stored on a network of separate computers instead of one central located database server adds a lot of layers for hackers to go through to gain access and have your data compromised by the attack.
Improved traceability:
With a companyâs supply chain, this helps them be able to audit and verify that every stop that their product has gone through is authentic and true. Nobody in the supply chain pipeline can lie that theyâve added in something to make their part of the process cost more money to use.
Increased efficiency and speed:
Blockchain will help eliminate the use of intermediaries to help confirm and audit a transaction, particularly a big transaction that will probably be very paper heavy and can lead to human error which could add to a longer delay to finish and finalize the transaction. And since the ledger is shared and seen by everyone, it will immediately bring in trust into the transaction and not having the need of intermediaries, this will also speed things up to finalize the deal between the participants.
Reduced cost:
Going back to the efficiency and speed, having all the data on the ledger and everyone able to access and see it will help reduce the cost of the deal because you wonât need to use a middle man to go through all the paper work to verify everything is correct. For example, when buying a home in the US, thereâs a step or department before closing the deal called an under writer, I believe. And itâs an extra cost to the buyer that is literally having someone just read over a pile of papers to make sure the data on there is correct and nothing is missed or altered. Even down to every dotted i and crossed t. The use of blockchain would eliminate this extra cost in the process for the new homeowner(s).
Transparency:
All transactions are recorded and visible to all people.
Security:
Transactions are recorded into the blocks which are cryptograhic related to each other. Changing anything would require total consensus
Improved traceability:
All details are recorded on a blockchain from beginning to end of the product life cycle from creation to end user.
Increased efficiency and speed:
No heavy paper trail is used , all details are on the blockchain, everyone has access to the ledger
Reduced cost:
Instant on demand information from anywhere ,saving time and money
1.the fact that it is based around consensus force the hand of everyone involved in the transaction to be truthful during the part of the transaction that they taker part in.
2.the use of the public network and the fact they all have the same sane ledger makes it very hard to hack, furthermore the fact that consensus. is required to process a transaction also adds to this.
3.The ability to track every part of the transaction without going thru a mountain of paperwork and also you are not opening yourself up to human error during the recording of that info
4.When trading in items that have several steps in there manufacturing process it can be time consuming due to the paper trail were as with block chain there is mno paper trail just a verified ledger that everyone involved has access to
5.Block chain removes a lot of middle men as you do not need third party verification and quality control
Explain with your own words, why these are the benefits of using a blockchain.
Transparency: Anyone at anytime can view any transaction on a blockchain 24/7/365.
Security: There is no single point of failure. Security is not governed by a single authority. Security is distributed across a network of computers.
Improved traceability: Provenance is enabled by blockchains. Transactions can be traced to their origins. Accounting and transactions can be fully merged unlike traditional financial systems.
Increased efficiency and speed: Since blockchains are incentivized, efficiency is constantly changing as miners join and leave the network (in the case of Bitcoin). The reward structure incentivizes people to join the network in order to support the security and democracy.
Reduced cost:
Blockchains reduce the cost to transact value because multiple ledgers do not need to be reconciled, all processes are digial (no paper needed), and it removes third part trust brokers.
Explain with your own words, why these are the benefits of using a blockchain.
Transparency:
Blockchain is a distributed database and all nodes in the network shares the same copy of the database. Adding transactions to the blockchain will require consensus from all computers in the network. Any transactions that does not make sense will not receive consensus and will be rejected.
Security:
The blockchain database is kept across multiple computers in the network, eliminating the possibility of single point of failure. The transactions recorded in the blockchain cannot be altered, hence making it difficult for hackers to compromise the data.
Improved traceability:
When physical transactions are recorded on the blockchain, the entire chronology of events of transactions are captured. This will help to verify the origin of the products and authenticity of asset, hence preventing fraudulent activities
Increased efficiency and speed:
Blockchain increases efficiency and speed of completing deals and settlement as there is transparency, where everyone will have the same set of recorded transactions and information, hence reducing the need for reconciliation of multiple sources of data and documentations before deals can be closed.
Reduced cost:
With blockchain, business deals can be done directly between 2 parties without the need to go through 3rd party agents or middlemen, as trust will not be required when business deals are executed using blockchain technology. Also, cost is reduced with less documentations and paper work required.
Yes i meant the linking of the blocks 
I learned about it today, its a bit clearer now yes Those are called hashed pointers if i understood correct
The blockchaindemo is really cool, puts the theory into perspective and i can clearer understand how everything functions.
Yes, after watching todayâs lectures i realized the difficulty doesnât have any connection with how long the system is already running
So the block header is hashed out of hashed input data that the same block contains?
I still do not get the meaning of nonce and how they get the desired value that is needed 
Zakon! Fajn da si mi pokomentiro in polajko mi je dalo dodaten zagon in zadovoljstvo. Hvala 
S kje pa si?
Transparency: all network participants share the same documentation which is available to all who have permissioned acces.
Security: transactions must be agreed upon before they are recorded. After a transaction is approved, itâs encrypted and linked to the previous action and this info is stored across a network of computers which makes it more difficult to hack so more secure as was it on one serverâŠ
Improved traceability: when exchanges of goods are recorded on a blockchain, you end up with an audited trail that shows where an asset came from and every stop it made on its journey. Which helps verify authenticity and prevents fraud.
increased effficiency and speed: record-keeping is performed using a single digital ledger that is shared among the participants. So everybody has the same info instantly so transactions can be completed faster and more efficient.
Reduced cost: with blockchain you can cut out third parties which saves a lot of money. You donât need to trust other parties , you can verifyâŠ
Transparency: Everything on the blockchain is publicly available (except a private blockchain is used), so anybody can audit and track where the transactions or entries came from.
Security: You canât hack the blockchain because it consists of multiple nodes; in most cases hundreds. So no single entity could manipulate the data stored because he or she would have to attack all nodes at the exact same time.
Improved traceability: Every entry is 100% traceable to the ground. There are no entries which may be added in the chain out of nothing.
Increased efficiency and speed: As the most entries can be automated, there is no need for manually adding data etcâŠ
Reduced cost: Once the blockchain is setup and integrated, thereâs very low need for maintenance and staff (especially third parties).
Transparency: Anyone can view the public blockchain and view transactions from any wallet address.
Security: Since transactions are agreed upon through consensus, transactions cannot be faked or
manipulated easily. Also, transaction data is stored across a network of computers which
makes it seemingly impossible to edit transactions that have already been processed.
Improved traceability: Provides an assetâs transaction history. Assets can be traced easily which
prevents fraud and verifies asset authenticity.
Increased efficiency and speed: The blockchain is not prone to human error and therefor is more
efficient than human record keeping. Transactions are completed
faster by cutting out the middle man (banks).
Reduced cost: No third party needed. Companies do not need to trust whomever they are transacting
with, they only have to trust the blockchain system and fundamentals. Costs associated
with documentation are avoided because a unchangeable copy is available for all in the
public ledger.
- Data on blockchain is easy to access and audit. Transactions cannot be reversed, so there isnât much room to manipulate or hide fraudulent behaviour.
- Transactions are verified and agreed upon by many users therefore its almost impossible to hack.
- Blockchain gives certainty of origin of any element in supply chain. Any attempts of using lower quality products or using illegal sources might be easily verified.
- All data is available to analyse automatically. Blockchain reduces any human errors and all involved parties have the same data.
- Usage of blockchain allows to reduce many costly processes such as auditing or analysing, therefore reducing cost of third parties and manpower.
- Transparency:
All permissioned person can trace and track every single transaction record.
- Security:
All transactions must be agreed by the network before they are written on the blockchain.
Because every participant of the network has the same copy of the blockchain, makes it really hard for hackers to manipulate.
- Improved traceability:
For example for supply chains, the blockchain technology allows to record every step on the trail from origin to customer and itâs approved by consensus. The customer has the possibility to trace every step and donât has to trust a single company.
- Increased efficiency and speed:
By using the blockchain, to which everyone has access, the examination time is reduced.
There is no need to check multiple ledgers.
- Reduced cost:
Because you donât need third parties to create trust, using blockchain reducing costs.
Blockchain also provides the documentation, which can also reduce costs.
Transparency: Nobody can hide information or exercise monopoly over data, therefore it increases accountability.
Security: Blockchain allows a transaction or sequence of actions to be verified by multiple parties and thus decreasing the ability of any individual entity or person to compromise the data.
Improved traceability: The entire sequence or journey of a product or transaction can be verified at each point, therefore blockchain allows anyone to trace a product or transaction to its point of origin.
Increased efficiency and speed: The need to record information on paper can be eliminated and because everyone uses a single public ledger, information does not have to be reconciled. This allows for less clutter and more efficiency.
Reduced cost: Because you need less paper, that automatically reduces cost, as well as possible labour costs since you do not need to outsource the task to a specialist
-
Transparency
Everyone can see every transaction because it is a distributed ledger. Each computer has the same ledger with the other computer, so each computer have the same data. -
Security
Transactions are agreed upon before approved and it is crypted and linked to the previous transaction. So it is secured -
Improved traceability
If items, coins, goods are processed in blockchain , it is recorded and the data is genuine so anyone can track where this goods come from -
Increased efficiency and speed
Through the use of blockchain which is trustless, we donât need to find out about the company or individual we are dealing with. We donât need to hire third party that act as a mediator between us. Since this is done in a network digitally, it is much faster. -
Reduced costs
We donât need to pay middlemen or third party as mediators, and we donât need trust in any transaction