Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#202

Transparency: the data retrieved by all participants is more consistent, and accurate. Altering of the data couldn’t happen like it can at this time.

Security: transactions must be agreed upon before being recorded and then linked to the previous transaction. And information is stored across a network instead of a single source like a server.

Traceability: every step along the way of a products journey, a record is made of its stop from it origin to its last.

Efficiency / speed: every stop traditional transactions make, even digital, a person is required to audit that stop. Human error occurs eventually. Blockchain streamlines the delivery service.

Reduced cost: eliminate third part trust. Immutable versions of the trade made eliminates trust in third parties.

#203
  1. Transparency:
    Information is shared and distributed with all the network participants and it is very hard to change written data. It is a big benefit because you can always verify information instead of trusting.
  2. Security:
    It is hard for data to be compromised in a hacking attack because it is stored in the network and not in a single server. Also gets encrypted and linked with data already in the ledger.
  3. Improved traceability:
    You can easily audit the trail of a product because it is the result of writting the echanges of the good you are dealing with.
  4. Increased efficiency and speed:
    Every transaction is automated they lack of human error and helps to cut intermediaries which makes transaction more efficient.
  5. Reduced cost:
    Since you only need to trust math and the protocol, you can cut middlemen that participate as verifiers and also reduce documentation.
#204

Transparency = all transactions are placed on a public ledger that is accessible to all participants.

Security = all transactions have to be agreed upon before they are recorded on the blockchain. Then when agreed upon it is encrypted and linked to previous transaction which can not be changed and placed on the network.

Improved traceability = As products are recorded on the blockchain they can be traced all the way back to their origin with every other ingredient that was involved in producing this product.

Increased efficiency and speed =With one public ledger (blockchain) that everyone trusts the need for multiple middle men with their ledgers is eliminated. Making transactions more efficient and quicker.

Reduced cost = No more need to pay the middle guy.

#205

Transparency:
There’s a permanent available record for everything that’s happened on the blockchain from day one. This ledger is available to everyone and can’t be altered. This makes data on the blockchain reliable and verifiable to anyone.

Security:
The blockchain requires consensus across the network in order to approve transactions. The information is universally distributed and stored across the network, thus protecting the data and providing an uninterrupted consistent chain of information.

Improved traceability:
Blockchain provides an uninterrupted audit trail for tracing assets, materials, services and information to ensure veracity of information and prevents illegitimate manipulation of data.

Increased efficiency and speed:
The blockchain enables efficiency via continuous automation in the single distributed ledger. Since the data chain is unbroken and the complete record is available to everyone, there’s no reliance on isolated data or individuals with special access to verify or input necessary data.

Reduced cost:
Less review and audit time and fewer third parties needed. The system is streamlined and all information consistent and available to anyone who wants to see it.

#206

Transparency: Transparency is a benefit of blockchain technology because it brings accurate data. Everyone within a network has the same documentation so it is rare for somebody to lie and get away with it.

Security: Transactions in blockchain must be agreed upon by users within the network before it is accepted. Transactions are also encrypted prior to acceptance. The data is then stored within a network of computers which makes the blockchain hard to be hacked.

Improved traceability: Users are able to know what has been shipped from where and who shipped it.

Increased efficiency and speed: Quick transactions through a single digital ledger. Everyone within the system has access to the same information which improves accuracy.

Reduced cost: Less third-party organizations or people to depend on.

#207
  1. Honest and open ledger documentation shared by everyone.
  2. Information is stored across a network of computers instead of a single server.
  3. Audit trails are created when recorded on blockchain from origin throughout its journey.
  4. record keeping is automated easier to trust and streamline than traditional paper trails.
  5. by trusting data on the blockchain you can eliminate third parties or middlemen reducing costs.
#208

Why are these the benefits of using a blockchain?

Transparency:
Everyone on the blockchain network basically have the same data. It’s not more or less the same data. It’s exactly the same data. Anyone with access could see the whole thing as anyone else.

Security:
If everyone shares the same data, how can anyone cheat? You can check the shared data yourself. The only way to change it is if there is a big consensus. So why would the whole network agree for someones fraud? It won’t. The Data is across the world on different computers so it’s not under one server control. It’s very hard to control something that is worldwide decenteralized.

Improved traceability:
It’s easy to follow the chain in blockchain. It is all connected in order. So it’s easy to see what came after what. And if it is used to store data of products on everystep of the way it could be a great way to validate each stop and see where all of the parts came from etc.

Increased efficiency and speed:
One collective ledger that the networks agrees on saves a lot of time and energy of trying to agree upon different copies of a ledger. It takes a way third parties that needs to be trusted so it all saves time.

Reduced cost:
If you trust the network as a whole you don’t need all the thirdparties in between that not only take time but usually charge fees.

#209

Transactions are transparent as anyone to can see the transactions that have occurred from the begining by downloading a node.
The network has security as it cannot be hacked and transactions are final.
Blockchain increases security in part through tranparency and also because it cannot really be changed.
Traceability can be unsured as everything can be tracked and transactions or events on the blockchain cannot be changed and provenance can be ensured.
By being peer to peer it increases speed of transactions and also removes third parties that slow transactions down.
By removing third parties expenses are reduced.

#210

Transparency:
Because all the records are readable by participants in a blockchain.

Security:
Because no one can change the records once verified in a blockchain.

Improved traceability:
Because a blockchain records all the movements/transaction in one ledger.

Increased efficiency and speed:
Each transaction is executed without any 3rd party or authority without any redundant procedures.

Reduced cost:
Simple verification without procedures in the traditional ledger system achieves lower cost

#211

Transparency is one of the biggest benefits of blockchain because it removes the idea that an individual has to trust the other party in order to do a transaction with them. Blockchain is a public ledger that data can only be added to, not changed or removed. All transactions that take place are based off of a consensus, or agreement, of everyone involved in maintaining the security of the blockchain. Once a transaction has been approved, the information is encrypted and and linked to the previous transaction, which is what makes the level of security and transparency within this technology so high.
In order for any information in the blockchain to be changed, all of the following added data would also have to be changed and thus the entire network would have to collude to making these dishonest changes. This is very unlikely to happen, impossible even, which adds the idea of reliable traceability as well as contributing further to the trustless foundation and level of security for this technology. In cases of using blockchain technology for complex supply chains, the supply chain would actually become a supply network in which case several companies and middlemen would be working with the same information, allowing for a more superior way to trace the origin of a specific good/product.
Since everyone involved is working with the same set of information, this allows for more accurate and consistent processes while using this technology, meaning that all third parties that might typically be necessary for such a transaction can be done away with, and the speed/efficiency of the transaction becomes superior to those which require heavy paperwork and third party companies. The lack of necessity for mediation by third party companies is also what makes the blockchain technology a more affordable way to execute transactions.

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#212

Transparency:
Maximum efficiency in transaction history and coordination of changes to the blockchain that will be seen by all parties involved in an instance with no interpretation issues. All parties see the same ledger at the same time constantly. All parties my agree on the chains to the blockchain prior to a change. This reduces costs in providing copies to every client creating a much more efficient system of operation.

Security:
Blockchain provides a unique level of security since it answers the weakness of having a central server to store transaction information and become a possible target for attack to down an entire network. Since several computers have the same information in the blockchain there is inherent redundancy built in that makes it extremely difficult to attack or become a victim of transaction history data losses.

Improved traceability:
This benefit provides confidence in how a product is moved thru the supply chain. You can always determine how a product is produced and check for quality of this product and it authenticity to provide confidence to customers.

Increased efficiency and speed:
Due to blockchain speed and efficiency is optimized due to decreased processing time in providing information to all parties and without having the need of a third-party mediator to handle the communication between parties involved. Thus, creating a much more efficient means of communication saving time and money.

Reduced cost:
As stated above, the need for mediation between parties equates to reduced costs and time for companies to hire personnel to provide review and documentation services without the benefit of blockchain.

#213

Transparency:

  • Data on the blockchain can only be added to the ledger through consensus and thanks to that fact the data is more accurate, it can not be modified and is available to everyone in that entire network.

Security:

  • Blockchain allows any industry to prevent fraud because transactions must have consensus within the participants of the network before they are approved. As the information is not stored in a single server, it is very difficult to hack it.

Improved traceability:

  • The exchange of goods in a complex supply chain can be recorded on the blockchain, this allows to track every way/direction that a specific asset has made, therefore we can verify the origin and avoid fraud.

Increased efficiency and speed:

  • Using a single digital ledger for the data allows us to speed up processes as everyone on the network has access to the same information. We avoid human error and third party involvement.

Reduced cost:

  • As we do not need the involvement of a middleman we only need to trust the data on the blockchain, we reduce cost by eliminating the need to review so many documents to finalize a transaction or trade as everyone on the network has access to the unchangeable. information.
#214

Transparency: With high transparency everyone can verify very quickly that they haven’t been cheated. That they have received their money from a transaction. It makes it easier to analyse money flows.

Security: Because tóf the security in blockchain you dont need to thrust third parties. This means that doing business becomes much more effective in many different cases.

Improved traceability: Many companies could benefit from better being able to track their products back to their origin. Blockchain can allow data about product to be recorded by many players while at the same time being resistant to fraudulent data inputs.

Increased efficiency and speed:
Everybody has acces to the same information so auditing becomes way easier and more effective. And transaction can be made without having to go through a third party. This make transacting cheaper and easier on a blockchain.

Reduced cost
You dont have to pay a middleman to audit the blockchain or secure a transaction.

#215

Transparency: All the parties involved in a transaction all and share the same data. Therefore, changes cannot be made unless all parties agree to the change.

Security: Information that is stored on the blockchain means that it is also stored on may other computers across the network. Therefore, its nearly impossible to hack the information.

Improved traceability: Goods and services recorded on the blockchain can be traced back to the point of origin.

Increased efficiency and speed: Less time is spent tracking down information from various parties and instead the information is on one ledger that can be accessed by all parties.

Reduced cost: Time is money! The less time it takes to find information, then more time can be spent elsewhere more lucrative.

#216

  1. Transparency: Blockchain tecknology is transparent because all participants share the same document as well as copys. In this way it is if a change was to be made every one whould have to agree on it.

  2. Security: Because the Blockchain is stored acrose multible servers rather than just one server it is vairy difficult for hackers to change the transaction data.

  3. Improved traceability: In the Blockchain you can easily trace whair a transaction came from and prevent fraud.

  4. Increased efficiency and speed: Because record is used on a sigle-digit ledger transactions in the blockchain are much faster and efficient.

  5. Reduced cost: Reducing costs works on the blockchain because you don’t have to trust your trading partner all you have to do is trust the data.

#217

  1. Transparency:
    All parties on the network share the same ledger. All transactions on the ledger must be verified by all participants.

  2. Security:
    Each transaction must be verified before it is recorded on the blockchain. After each transaction is recorded it is encrypted and linked to a previous transaction. Each transaction is also on multiple computers. All this makes transactions very secure.

  3. Improved traceability:
    When a transaction appears on the blockchain you end up with an audit trail so you know where the transaction came from and the steps it took to get to it destination.

  4. Increased efficiency and speed:
    You don’t have to reconcile multiple ledgers. So no human error to deal with or reconciliation by a third party.

  5. Reduced cost:
    You don’t need third parties or a middleman to create trust with a trading party.

#218

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

Transparency: All nodes/participants on a blockchain have a copy of the same ledger. Information on the blockchain can only be added through concensus between all participants and that data is immutable, so you can be sure you are getting the same un-tampered information as everyone else.

Security: A blockchain is a decentralised network across many nodes. Every update to the blockchain must be verified by all nodes, so any attempt to hack or insert malicious data to the network through a single point of access will be rejected by all other nodes.

Improved traceability: Data that is added to a blockchain is connected to the last block of data and cannot be removed or altered. By using a blockchain to keep track of supply data, an item can be tracked through every step of its journey. Currency on a blockchain can also be tracked by this manner for automatic auditing.

Increased Efficiency and Speed: Records kept on a blockchain are updated for all participants per transaction, so all participants will be in sync at all times. Also blockchains allow for trustless transactions, removing any extra steps needed for third-parties to verify a transaction.

Reduced Cost: The blockchain protocol itself acts as the third-party, removing any extra fees from using actual third-party services.

#219

Transparency:Transaction histories are more transparent by using blockchain technology. It is a distributed ledger, all participants share the same documentation. One can only update the information through consensus with everybody agreeing on it. It is very hard to change the data, the data is more accurate and transparant and is only available to people who hav permission.

Security: Several ways make blockchain systems more secure. There must be consensus between the nodes and the ledgers. The transactions must be verified and then it is stored on a blockchain. It is very difficult to corrupt the date since it is verified bij the nodes. It is very useful to secure sensative data of all kinds.

Improved traceability: For instance one can follow a complete supply chain very easily. All data is stored on a blockchain and very easy to audit what happened trough a complete process from start to end.

Increased efficiency and speed: It is far less in time consuming for the process to be done and human mistakes are banned.There are no third parties needed anymore and every body has the same information.

Reduced costs: There are far less people involved and all information is at hand at all times. Again, no third parties needed to do a lot of costly work.

Not bad for a 57 year old truckdriver :wink:

#220

First all, my life’s mission statement is to be a contributing member of our society so I can make the world better. What is the meaning of better? Better, in my opinion, means the advancement of humanity in technology and social sciences so we can build a world where suffering will eventually diminish to zero and the continuation of our survival as a species. I am a firm believer in technology but until recently I had become convinced that technology alone was not the answer. However, with the advent of blockchain and cryptography my mind has been changed. Having been born in Africa and lived in numerous places in this world I have witnessed first hand that transparency, security, improved traceability, increased efficiency, increased speed and reduced cost are all very important aspects in the improvement or our world.

Transparency is important because everyone in the collective can see what transpires in a given organization and or transaction and leads to greater trust among the participants.

Security builds on top of transparency by preventing rogue individuals sabotaging the system which increases the trust among the individuals that make up the system.

Improved traceability improves planing. An example would be for an individual who is building a home to be able to plan the different stages of construction with the relevant materials arriving at a predetermined time. Logically this will lead in increased efficiency, speed and reduced costs.

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#221

Transparency:
Better transparency means that everyone relies on the data that goes through the blockchain

Security:
It has a better security than a conventional database. Everyone who mines has a copy of the last transaction. If something does not match, the transaction will not go through

Improved traceability:
everything that goes through the blockchain leaves traces. you can follow it from a to b and rely on what you see

Increased efficiency and speed:
no more paper pile and no third party companys this makes the job go faster

Reduced cost:
no more paper pile and no third party company this makes the job go faster