Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#2229

Benefits of the blocchain technology:

  1. transparency: because all the participants share the same documentation which can be updated through consensus
  2. security: transactions must be agreed upon before they are recorded. When approved, they are encrypted and linked to the previous transactions; information is stored across the network
  3. improved traceability: the exchanges of goods are recorded on blockchain, so easily accessible
  4. increased efficiency and speed: by automating paperwork process with the blockchain technology
    5.reduced cost: a priority in businesses, achieved by no middlemen of 3. parties, you trust the data on blockcahin because it is verified previously
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#2230

Transparency: the information is on a public blockchain (if it is public), so every user can access to the same information in a neutral way. It is transparent information that increases the trust of users.

Security: There is no option for human mistakes. Every block has to be added through a process of consensus. There is no option for cash backs. It is impossible for hackers to change the information that has been added to the blockchain.

Improved traceability: products can be perfectly traced by seeing who has owned it previously in the information added into the blockchain, which is immutable and can be trusted.

Increased efficiency and speed: traditional ways of transacting are not efficient in this era. With the blockchain value and public data that can be trusted can be exchanged instantly.

Reduced cost: there is no middleman and the network is neutral, so the costs can be reduced to a tiny fraction of what it was in the centralised way of dealing with the data or money.

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#2231

Transparency: Blockchain transparency is only just at the beginning of how it is going to change the way the world is run and business within it. Now with every transition being able to be made public, this can cut out many parties and in turn save money for parties involved. By having insurance and trust within every stage.

Security: Blockchain parties can now have a record of every tranasztion every movement and more. With a clear knowing that it is safe this helps when joining an agreement at any stage of the business.

Improved traceability: Audits can be done now at a new standard making traceablility at a level that was not seen in the past. Another fact that tracking and traceaility becomes better as onces actions are made. They can not be changed. Bring traceability to a new level.

Increased efficiency and speed:Computers and code now can run as fast as you want them to if the code is correct, with this being build on smart contract speed and efficiency can not be push to a level that suits the humans working with it. baking in trust.

Reduced cost:The more people and parties involved the more costs are needed now we can trust a code the blockchain does not need the amount of time and energy from humans this in turn reduces a huge cost humans…

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#2232

Transparency:

Security: Since many actors have a copy of the entire database and they must all agree to validate a transaction. It is very difficult for them to collude to alter the database in some way.

Improved traceability: There is always an immutable record in the database which can be verified.

Increased efficiency and speed: Trust is not necessary to gather, as verification of data is instantly accessible to all parties.

Reduced cost: Faster transactions and less manual processes save time and allow for resources to be funneled from bureaucracy to value adding activities.

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#2233

Transparency :

Blockchain is a distributed ledger means all the transactions are visible for all the participants of the network so there is no need to trust anyone. It can easily be verified so no manipulation is possible.

Security :

Security has been more and more challenging in 21st century so the blockchain technology keeps data and transactions in a much safer ledger (blockchain) than the tradition traditional ledger which can’t be hacked, accessed and altered by any third party.

Improved traceability:

Traditional supply chain in businesses costs more, consumes more time and energy, creates less trust among the participants, creates uncertainty, creates insecurity and can’t keep all the transactions neither accurately nor correctly so it can’t be traced in a traditional way. The blockchain solves all the above mentioned problems, in addition traces and authenticates the origin of assets prevents from fraud.

Increased efficiency and speed :

A single digital ledger keeps all the records so no need to keep an individual record which cuts off unnecessary time, energy, cost and materials. Once the date is in the blockchain everyone gets to know immediately so no need to wait for a long time to verify, approve and agreed.

Reduced costs :

The unnecessary costs ( papers, pens, transportations, business trips, phone calls, meetings, outsourcing third parties, salaries etc.) will be reduced by using the blockchain technology.

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#2234

Transparency: enables for every user to access the same information.

Security: without it, nobody would use it long term !

Improved traceability: critical to know how a product is made / where a product is coming from.

Increased efficiency and speed: no need to anymore to check whether I am the right person / middle men or administration double-checks … will improve lifes of people !

Reduced cost: cheaper cost means more accessibility / mass adoption and let the possibility to everyone to build on it !

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#2235

Transparency: Everyone can verify transactions on the Blockchain. The data is on many copies of the database or distributed ledger making it impossible to change any records

Security: The data on the Blockchain cannot be altered. Transactions have to be agreed upon before they are recorded through consensus.

Traceability: Any item bought as part of complete item can be traced all the way from where it came from to the destination. There is an audit trail of the journey of the asset

Increased efficiency and speed: Everyone has access to the same data so there is no need to have systems checking and verifying the data.

Reduced Costs: Less third parties to pay. The trust of the system is from the Blockchain data and so you do not need more staff verifying data.

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#2236

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

  2. Transparency:

  3. Security:

  4. Improved traceability:

  5. Increased efficiency and speed:

  6. Reduced cost:

A.The fact of any transactions being exposed and clear to all network participants the same way.

B.The act of Consensus and the encrypted nature of each blockchain as well as being linked and getting stored across the whole network

makes the blockchain safe and almost impossible to be manipulated.

C.The technology behind the blockchain makes it possible to

check on the past historical Transactoins and trace them all the way to its main Origin…Therefore block chain is tracable.

D.Blockchain makes the traditional way of processing of the data go away by creating a digital records of information which is shared across the whole network.

E.by eliminating the medium along the way of any Businesses with the same or even higher quality of work cost less and more effective.
:grinning:

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#2237

Benefits of using a blockchain.

Transparency: A single distributed ledger is used that all who are permissioned can view. Meaning the parties to the transaction are both working from the same immutable data source.

Security: Once data has been accepted onto the blockchain it is encrypted and linked to the previous transaction. It is then duplicated and stored across multiple network nodes and it is immutable making it exponentially safer than if it were kept at a single location and subject to hacking or malicious alterations.

Improved traceability: Due to the transactions on the blockchain being immutable, all records relating to a single transaction, both preceeding and following, are able to be verified in real time.

Increased efficiency and speed: Efficiencies are created due to users working from a single source of data on the blockchain, removing the mediators and middlemen often required to negotiate a transaction between two or more parties with differing data sources and systems.

Reduced cost: Savings are gained by reducing the middle layer of management as it becomes automated when working from a single source of trusted and verified data. These savings are both financial and speed of decision making.

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#2238

  1. Transparency - Blockchain is a database on a distributed ledger. All participants in the network share the same version of the stored data, which is a great improvement in terms of transparency, compared to other types of databases;

  2. Security - Compared to conventional databases stored in a server and updated by a central entity, a Blockchain only registers data inputs after they are validated by the whole network. After being added, those data inputs are then replicated and stored in all computers that are part of the network, greatly increasing security;

  3. Improved traceability - One natural application for Blockchains is supply chain tracing. If every step of a supply chain, every exchange of products, for example, is recorded in a Blockchain, the traceability of every final product is greatly improved. This is a clear advantage to many businesses, worldwide;

  4. Increased efficiency and speed - When all transaction history is recorded and verified in a single, trustless, digital ledger, and when that database is accessible to all interested parties, efficiency and speed of business ventures is optimized by many degrees, eliminating the need for trust, middlemen and endless volumes of paperwork, which is prone to human error and/or corruption, malpractices;

  5. Reduced cost - With Blockchain, the validation of data that is essencial to conduct business is done digitally and through mathematics, removing the need for immediate human validation through bureaucracy and paper waste. This eliminates the need for intermediaries, reducing costs.

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#2239

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

Transparency: Because its all there for you to look at on the blockchain, there is no hiding it, its “Digital Stone”

Security: With the network working 24/7 all throughout the world it would be theoretically possible to hack the blockchain, but highly unlikely and would be very costly. There is no real financial gain to be had for being a dishonest player within the network.

Improved traceability: Unlike centralized ledgers, if it gets on the blockchain through security (consensus) its there to trace, can’t be removed or altered.

Increased efficiency and speed: there is a single digital ledger that everyone has access to so intermediaries are not needed which increases efficiency.

Reduced cost: No need for the “Middleman” which eliminates those expenses.

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#2240

Blockchain & Bitcoin 101
Benefits of Using Blockchain

Homework: Reading assignment.

Read the article,

Article:
Source: Blockchain Pulse: IBM Blockchain Blog
Title: Blockchain development
Top five blockchain benefits transforming your industry
Link: https://www.ibm.com/blogs/blockchain/2018/02/top-five-blockchain-benefits-transforming-your-industry/

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

These are some benefits of using Blockchain:

Transparency implies openness, communication, and accountability - Everyone on the blockchain network has a copy of the ledger. The records are permanent and cannot be changed or destroyed. New transactions are added only upon consensus, so each record is valid. The computers in the blockchain network communicate with each other to obtain agreement. Everyone on the blockchain can examine the records. Nothing is hidden; it’s all open.

Security is the state of being free from danger or threat. Many companies using traditional centralized databases have been hacked. Their data and that of thousands, sometimes millions, of customers was breached. Blockchain is decentralized. A worldwide network of computers each has a copy of the ledger. There is no single point of attack. Each transaction is verified by consensus across the network; there is little chance of fraud. Each transaction is linked with encryption to the previous transaction. Each transaction is final and unchangeable. An entity can not make a chargeback or refund on a payment.

Traceability is the quality of having an origin or course of development that may be found or followed. Blockchain records are permanent from the start. Since they cannot be deleted or changed, they exist. The history of transactions for a product, service, or whatever, can be traced to the origin.
Increased efficiency and speed:

Being efficient is performing with the least waste of effort or time in the best possible way. Blockchain is efficient in that it uses a single ledger, not multiple ones that must be reconciled against each other. It uses the same protocols across the board. The processes are automated, so there is no human error. Computer automation on blockchain is faster than a human can perform.

Automation combined with efficiency leads to greater speed, so that is another blockchain benefit. Since records are permanent, transparent, and immutable time spent on disputes is greatly reduced. Without blockchain, disputes can take a long time to resolve and may even result in court litigation. With blockchain, one need only look at the ledger. No argument. The ledger is the authority.

Reduced costs are another benefit of blockchain. One doesn’t have to pay middlemen, third parties, lawyers over payment disputes, or an auditor that is on site for months the way a company not using blockchain does.

In summary, some of the benefits of using blockchain are transparency, security, improved traceability, increased efficiency and speed, and reduced costs.

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#2241

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

Transparency: this is a benefit because it allows buyers and sellers to not have to trust each other since everyone is being transparent with each other.

Security: this is a benefit because it creates a greater amount of trust in blockchains than in centralized databases with poor security. Since the blockchains decide transactions based on tons of computer working to create consensus and the transactions are immutable, it creates a lack of need fo trust anything other than the math and protocols.

Improved traceability: this is a benefit because it allows companies to trace their products at every step of the manufacturing, shipping, and handling process. It allows buyers and sellers to ensure the products are made with the highest quality materials.

Increased efficiency and speed: this is a benefit because blockchains remove the need for auditors so transactions can be made and verified in a short period of time.

Reduced cost: this is a benefit because all companies want to lower the costs they are paying so they can save money. Blockchains remove the need for auditors and that means less people to pay to verify transactions.

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#2242

Transparency is an important ingredient in the blockchain to achieve a trustless solution.

The immutable and consensus components of the blockchain ensure its security from fraudulent transactions and other unauthorized activity.

Provenance, the history of origin on the blockchain improves traceability in logistics and authenticity.

Because the blockchain is structured to streamline and automate information, the need for a middle man/third party makes for faster transactions. Also, if say accounts are all in one place where many can refer to a single location, less administrative positions are needed.

All in all, the absence of a third party, middle man or mediator reduces costs.

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#2243

1.) Transparency
Anybody can participate, have their own copy of the ledger, and audit/verify transactions on the network.

2.) Security
No single point of failure because its decentralized. Participants are incentivized to secure the network. Transactions are approved through consensus. It features immutability, traceability, and has high availability.

3.) Improved traceability
This improves accounting and supply chain systems because it allows you to track origin and history of transactions so that you can verify authenticity and prevent fraud.

4.) Increased efficiency and speed
Transactions on the blockchain are almost instantaneous. Traditional methods of moving money/assets currently takes several days and sometimes even weeks. Blockchain is a significant leap over traditional methods. This will allow business/commerce/economy to be more dynamic and operate at a much higher bandwidth/throughput.

5.) Reduced cost
No need for intermediaries/middlemen/third-parties for trust, which reduces overhead/cost of transactions. Blockchain (a decentralized one) is designed to be trustless. The only thing you trust is the protocol/algorithm/math.

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#2244

because ledger is there for everyone to see

all is there recorder in chain, loss of node is not an issue

flow of things recorder permanently and impossible to alter

Innovation in every field

one of the many reason why it will get vastly adopted

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#2245

Transparency: Everyone is on the same page and is updated at the same time

Security: No single point of failure.

Improved traceability: Track initial ROI sources.

Increased efficiency and speed: Direct input from accounting to transaction. Transaction detail immediately updates accounting Tee account

Reduced cost: Digital. Instant. Nonstop.

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#2246

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

Transparency: This a key feature of blockchain that benefits all users, no trust of other actors is required, only trust of the blockchain data. All data and entries are available for users with the correct permissions.

Security: For the same reasons as above, the blockchain data cannot be easily hacked. Because the data is held upon multiple computers they would all need to be hacked simultaneously which is highly improbably and giant step up from the security of a centralised ledger.

Improved traceability: All transactions maybe traced through the entirety of the blockchain network. Because all users share data using the same infrastructure, traceability is far more convenient, practical and cost effective for businesses and users.

Increased efficiency and speed: These factors take a quantum leap within blockchain due the single infrastructure, simplicity of the single ledger and the shared cost of maintaining the decentralised network. Speed increases because data can be transferred by completely automated processes and no wasteful paper shuffling is required.

Reduced cost: With increased efficiency and speed comes a large reduction in labour cost and therefore financial costs will also come down significantly.

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#2247

Transparency:

The blockchain ledger is such that it can only be added to. Once confirmed transactions or data is added to the blockchain, the entry cannot be edited or erased. All transactions are thus traceable and therefore transparent.

Security:

The blockchain is maintained on multiple nodes each with its own copy of the entire ledger. Data is only added to the blockchain via consensus. All nodes must agree on the validity of the data before it can be added to the blockchain. The validation and data entry are also done via cryptographic algorithms and is not reliant on manual operation. There is therefore no need to trust in a central authority prone to human error or corruption.

Improved Traceability:

The blockchain is immutable. Once data has been entered in the ledger, it cannot be edited or erased. Therefore, transactions can be traced back in time and space accurately and in real time. There is high confidence in the validity of the data because it was entered algorithmically across multiple nodes running copies of the blockchain.

Increased efficiency and speed:

Transactions are entered on the blockchain algorithmically, removing the need to rely on third parties for validation and processing. This greatly speeds up moving value or information across the network.

Reduced Cost:

Removing the need for third parties for validation and processing results in lower costs for moving value and data.

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#2248 
1. The data is available in the blockchain to everybody
2. By being decentralized, the network is more resilient to hacker attacks
3. The digital paper trail is highly reliable
4. Many intermediary processes can be taken out in supply chain industries 
5. You can trust the network through its protocol and there is not necessary for third parties to mediate which brings down costs
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