Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#2168

Transparency will be the new normal in the future where both the provider and the client will have real time access to information. This may take decades as the infrastructure is built out and dynasties die. Just think of going to the doctor and uploading your medical files while the doctor is also reviewing your medical history. We can be assured the information is valid because no one individual can alter the information.

Security will enhance the transaction experience of both the client and the service or material provider. Think of making a real estate transaction where both the seller and buyer can simultaneously verify the escrow anywhere in the world without signing stacks of documents that hardly are even read by most participants. Or deeds being recorded with all the easements and rights at your finger tips being assured it meets standards with verified provenance.

The previous paragraphs illustrates the increased efficiency by demonstrating the ability to readily access information. Also, automation of the supply chain from start to finish will further advance the already existing tracking system and could show where inefficiencies lie when there in, as an example, perhaps to much globalization is utilized in a products overall production.

Again the reduced costs are illustrated in the previous examples where simply less layers of “management” will be required to facilitate overall operations.

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#2169

Very concise verses my lengthy explanation/examples. Well done.

#2170

Transparency: all participants have the same version of the truth at all times. Only by consensus a change can be added. Therefore all participants are allways aware of the last version.
Security: by decentralised network it is impossible to hack. All participants need to approve the changes
Traceability: especially in complex supply chains it is often hard to find the origin of all goods. Through blockchain this is not an issue as all transactions are historically linked to the good
Efficienty and speed: no more paper sending, human errors and intermediaries needed, so information is available on the spot
Cost: no more middle man as every body has action to the same single version of the truth. No more garantees

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#2171

  1. In terms of business transactions or trades in regards to transparency. The benefits would be for example trades will be less compromised by any individual. There can be no altering or modifications done. Any data processed through the network would be verified by all participants on the blockchain. Resulting in more efficient operations long term for companies.

  2. The benefits of security would help with personal information from being hacked , stolen or tampered with. Instead of the traditional central server handling all transactions. The transactions are approved throughout the entire network of computers. This can help many companies to operate securely from traditional methods.

  3. With improved traceability implemented within a company. For example, any foods coming from a supplier claiming to have specific ingredients contained. Traceability would allow companies to track from point of origin if their products manufactured are valid. The benefit of this will prevent trustfulness resulting in actual quality goods for consumers.

  4. The benefits of efficiency and speed would benefit from heavy paper processing traditionally. Since there is a possibility of a individual mishandling any trades of information. Blockchain can allow for automating / streamlining efficiently. Since its using a single -ledger among all participants on the network. In modern times now, we have much more clutter & possibility of errors surrounding us. This can cut half the amount of time it would usually take.

  5. The benefits of reduced cost to blockchain. Traditionally having a middle man-or 3rd parties reviewing documentations would have no need for. Instead, any trades can be finalized by a single immutable version. For example, auditing individuals who serve companies with those services.

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#2172

Transparency: everyone can verify anything on the blockchain by themselves because everyone can have a look at the public ledger called the blockchain.

Security: the blockchain is the most secure network on the planet, right now. This is because it is decentralized over a large network of computers. There is no single point of failure.

Improved traceability: blockchain allows you to track anything on the blockchain from start to finish because it is linked to the past transactions. Everything on the blockchain leaves a trail that allows anyone to track that down all the way.

Increased efficiency and speed: because there is no middelman needed to do transactions they are faster, more efficient and accesible for anyone.

Reduced cost: no middelman means no cuts taken from your transactions. The transaction goes directly to the person you intend to sent it to.

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#2173

The block header contains data from the previous block, merkle root of transactions (a tree of hashes), timestamp and nonce.
The nonce is just a random number used by miners to help them find the correct hash that is below the requiered target :slight_smile:

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#2174

Transparency: It creates a public ledger that shows transaction history where all network participants can view and share. Any updates must be agreed by all and any changes or altercation to a single transaction would require the involvement of the entire network.

Security: it creates a “chain” reaction as transactions get approved it gets encrypted then link to the previous transaction, which is a permanent created record that cannot be altered nor destroyed. Information stored in a decentralized network of computers as opposed to one server makes it harder to hack and if something goes doen (like power) then a decentralized network would have almost no issue as it relies on multiple servers, where if the power goes out on a centralized server, then everyone is screwed.

Improved traceability: The recorded transactions on the ledger is publicly shared and updated in real time. So today’s tax audit require so much effort to trace back all bookkeeping done, which can be at many times a long process that is not 100% accurate. But the blockchain allows you to bring up any transaction history at any given time… Which essentially eliminates the idea of needing to be audited since all transaction are publicly shared and can never be altered or destroyed.

Increased efficiency and speed: Blockchain allows automating transaction process and eliminating time that is created by going through 3rd party as done traditionally. All transactions are shared digitally to all participants on one ledger to avoid any duplicates, losts and errors from collecting from multiple ledgers and essentially saves a lot of time.

Reduced cost: There are a lot of 3rd parties, middle men and trusting that must occur today for most businesses. This eliminates the expense of “trust factor costs” that is needed today in order to complete a trade and guarantees it. This eliminates all traditional accounting and bookkeeping costs needed to keep businesses records going as all of that is alutomated through the blockchain.

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#2175

The benefits of using a blockchain are as follows.

Transparency: The ability to validate authenticity, accuracy and traceability in a manner without need for trust.

Security: Blockchains are decentralised so there is no intermediary. Without intermediaries the ability to have funds returned to the party who paid for goods and/or services is eliminated unless both parties agree a refund is appropriate.

Improved traceability: From point A to Z, within supply chains, transactions and data are recorded for all to see and validate for accuracy through transparency. Through this transparency and traceability, companies are able to quickly and accurately pin point a source of vulnerability and/or failure. They’re also able to keep all parties honest through consensus validation and incentives.

Increased efficiency and speed: Without the need for any intermediaries, the ledger validates transactions with it’s mathematical protocol which is much faster. Validating transactions at much faster speeds increases efficiency.

Reduced cost: With only miners needing to be compensated for running nodes through transaction fees, compared to say, wiring funds internationally, costs are dramatically reduced making it more feasible to transact funds all over the globe.

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#2176

Transparency: Public/distributed ledger that can’t be changed drastically improves transparency.

Security: Transactions require consensus, and once agreed upon, they’re encrypted and linked to the ledger. Actors in the blockchain are incentivized to maintain validity, so it’s much harder for hackers to change any information once it’s added to the blockchain.

Improved traceability: With the high security of the blockchain, once information is added, it provides a strong record that’s easily traced.

Increased efficiency and speed: Since record-keeping is preformed on a single/distributed ledger, it’s much easier to audit and process information.

Reduced cost: With increased efficiency and speed, there’s less need for third parties to confirm information, thus saving money for companies using blockchain technology.

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#2177
  1. Transparency: All network participants share the same data. Accuracy, consistency and transparency.
  2. Security: Prevention of fraud and unauthorized activity.
  3. Improved traceability: All transactions are linked and therefore traceable.
  4. Increased efficiency and speed: Less misinformation clogging up an otherwise smooth transaction.
  5. Reduced cost:Eliminates steps.
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#2178

Why the following are benefits of blockchain:

  1. Transparency.
    Everyone has access to one copy of the blockchain (or ledger), and this one copy can be updated only through consensus. In other words, it is impossible for a “bad actor” to go into the ledger and make changes without everyone agreeing to it (which is extremely unlikely to happen).

  2. Security:
    Information is stored across a network of computers. This makes it extremely difficult for a hacker to make changes because the hacker would essentially need to make identical changes on hundreds (if not thousands of computers). This is extremely beneficial for industries in which the integrity of data is essential (e.g., finance, healthcare, etc.).

  3. Improved Traceability:
    Being able to trace the history of transactions and therefore the authenticity of assets is very helpful for companies that deal with complex supply chains. For example, if your company is in the food industry, being able to track the authenticity of the various ingredients that go into your product can be extremely beneficial.

  4. Increased Efficiency and Speed:
    This increased efficiency and speed comes from the fact that there is one shared ledger, which reduces the need for lots of cumbersome paperwork (and also decreases the likelihood of human error). In other words, streamlining and automating processes makes things much more efficient. Also, trust is enhanced because you can look at the ledger on your own; you don’t need to trust intermediaries.

  5. Reduced Cost:
    Because it doesn’t matter if you trust the person you are doing business with (trading partner) if you are using blockchain (trustlessness), you don’t have to use lots of middlemen to guarantee that the transactions will be enacted. This helps to reduce costs significantly.

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#2179

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

  1. Transparency:
    All transactions and data is verified through the public ledger. Participants can check records and transactions anytime.

  2. Security:
    Enhanced security through sharing data in different nodes instead of one server location.
    blockchain_trilema

  3. Improved traceability:
    Easy to trace operations in case of fraud :male_detective:to come back to the source transaction by transaction.

  4. Increased efficiency and speed:
    No middle man here. Just a sender and receiver. Less cost, more transactions per second and for sure, no extra paperwork.

  5. Reduced cost:
    Reduced costs with the direct transacting. No third-party involved :metal:and no extra administration work or service fees.

Keep grinding :muscle:
Keep coding, :writing_hand:
@dapp.coding

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#2180

1. Transparency:

Transparency- everything is immutable and irreversible

2. Security:

Security- Because everything is unchangeable except to be added to the change, nothing can be manipulated just added. So why hack it or attempt fraud?

3. Improved traceability:

  Everything can be traced from the source the the product. Since the system is trustless, it allows a true representation of the progression of a product, for example farm to table.

4. Increased efficiency and speed:

   There is no middleman therefore its very fast. there is no wait time for transactions to clear from a 3rd party.

5. Reduced cost:

 Because there are no middle men, or 3rd parties there are no extra fees.
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#2181
  1. Transparency: blockchain is a distributed ledger, available to all participants
  2. Security: transactions must be agreed upon before being processed. Once processed, they’re encrypted and linked to the previous transaction, and stored across all computers in the network, so a hacker would have to modify the chain on all computers in the network
  3. Improved traceability: when all exchanges of goods are recorded on a blockchain it’s easy to audit the whole trail
  4. Increased efficiency and speed: no need to reconcile multiple ledgers, there’s only one
  5. Reduced cost: eliminates the middle man and its fees, provides everyone direct access to one immutable ledger
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#2182

  1. Transparency of a blockchain allows all parties in a transaction to see the same things and be able to trust that the data is what it says it is.

  2. The security of a blockchain is so much greater than a centralized database because the data is stored through a network of computers and not once source. It is also immutable or cannot be changed so governments, businesses and individuals do not have to assume and risk is some sort of transaction or deal between many parties.

  3. If you have a business with a large complicated supply chain reviewing the data with the blockchain will allow it be to easily traced back to its origin at every stage of the process. If you had a diamond you would be able to verify when/where/how, by who it was mined, the same data for processing, trading, shipping, all the way to the owner. Making its value provable from start to finish, Its amazing really!

  4. Due to the ability of the data in a supply chain to be traced back so easily and be made available to all parties, the blockchain eliminates the need for so many phone calls, faxes, emails, searches, research, Everything is available to everyone in real time making it the fastest, efficient and most trusted way of doing business across global supply chains or any type of transaction. In my opinion, the only reason you would not want to use a blockchain in these instances is if you are a fraud and trying to scam other parties.

  5. Due to the ability of such data to be so quickly available to all parties necessary, you could do a meeting that would take minutes rather than weeks in many circumstances. It eliminates the need to have to hire people to check and verify the information within. An example would be a government audit of a business. When both the accounting layer and transaction layers would be available to such parties in real time effectively with the validity of the information being unchangeable in regards to what is or is not true and valid. I do have a small fear that the blockchain will make the learning curve for small business people a little to strict for government to abuse through easily raising and quickly collecting taxes. Small business owners will need to be aware that cash jobs will probably be a thing of the past.

#2183

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

  1. Transparency: all transactions can be publicly viewed and cant be altered without everyone in the networks approval. Data is more accurate and efficient.
  2. Security: all transactions must be agreed by the network before being approved then stored in a network of computers instead of a single server.
  3. Improved traceability: all transactions can be traced and tracked globally
  4. Increased efficiency and speed: companies no longer need a middle man. everyone has access to the same data globally. Transactions are completed faster and more efficiently.
  5. Reduced cost: removes the middleman. Allows strangers to do business without having to trust each other. Data is available online globally 24/7. the process makes it an easy and more efficient way to access data.
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#2184

Transparency:

Data shared through the blockchain network has clear track of record and due to a single blockchain being used rather than data silos / islands, blockchain usage will allow better and wholesome views of the information shared through the blockchain network.

Security:

Due to the need for consensus, the data is less prone to hack / manipulation.

Improved traceability:

Historical transaction stored in the blockchain provides improved traceability of the data / information being transferred.

Increased efficiency and speed:

Blockchain technology can improve efficiency because it is constantly verified by the users in the blockchain network. This can also remove the need for multiple accounts across various parties involved in transactions.

Reduced cost:

With the blockchain technology, some of the manual intervention / verifications required to validate and revalidate data, or to perform compliance checks, can all be automated through the mathematical calculations in the blockchain network. Thus, businesses can focus on doing what is necessary and to spend / allocate capitals to more productive uses rather than for meeting compliances.

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#2185

  1. Transparency: Every transaction in a block needs the validation of all participants in the network. Every transaction it’s public so everyone have access to all the information.

  2. Security: After a transaction its aproved, it’s encrypted and linked to the previous transaction. This make it almost impossible to hack. The information it’s public so it’s not stored in a single server. This process prevent fraud and unauthorized activity.

  3. Improved traceability: You can verify the authenticity of assets tracking them down. It gives you provenance.

  4. Increased efficiency and speed: no need of third parties to mediate and validate the information. Also eliminates the possibility to human error.

  5. Reduced cost: You just have to trust the data, not need again of third parties. Everyone have access to the same inmutable version of a document.

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#2186

Transparency: Having an immutable and secure transaction history makes auditing simple and trustless.

Security: A distributed network that is mathematically secure makes the ledger integrity uncompromisable.

Improved traceability: The blockhain can record an auditable trail of all the transactions and changes that happened to an asset along the way.

Increased efficiency and speed: Less time-consuming processes and no need for intermediaries reduce time, clutter, and expense.

Reduced cost: Because there’s less need for third parties who have to be compensated.

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#2187

Transparency: Its 1 ledger AND all people have same copy, its more accurate then paper(work)

Security: every trs is approved before added to the previous block; its encrypted and stored on many nodes so very difficult to hack the data.

Improved traceability: In the BC everything can be tracked so easy to find the originator from anything once stored :wink:

Increased efficiency and speed: BC = 1 ledger it makes heavy paper process and auditing and intermediating unnecessary, saving time and money :wink:

Reduced cost: see all above you dnt need “middleman” IF the BC data is trusted

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