Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#2249

Transparency: blockchain is a public ledger that means everyone in the network can see every single transactions made and if there is an updated it is made by consensus.

Security: blockchain is a secured network the thing that made is more secured is when a block is made before it is attached to the chain it has to be agreed by the public in the network. And when that block is agreed to be in the chain there is no reverse way, it is encrypted and linked and immutable because every one in the network have the copies of the whole blockchain. Unlike the centralized way which is stored in a single server .

Improved Traceability: blockchain has the more to improve your traceability ,let say you have an industries which you have supplies from different factories and those factories also have the same branches. in tradition way you they made by trust. When this supply chain are recorded on a blockchain, you end up with a digital audit.

Reduce Cost: There is no money to lose for the third parties or middleman instead you have to trust the data on the blockchain.

Increase Efficiency and Speed; In tradition way trading papers is time consuming and less efficient.With the blockchain transaction is made faster and efficient. No intermediaries.

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#2250

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

  1. Transparency:

everything is recorded in a single database and is accessible by all parties

  1. Security:

transactions are encrypted and spread across a network of computers making it virtually unhackable

  1. Improved traceability:

all transactions are agreed upon by the whole network and build upon previous transactions, so there is a self-auditing trail beck to the origin

  1. Increased efficiency and speed:

blockchain bypasses alot of third party mediation and human error

  1. Reduced cost:

since third parties and middlemen are not necessary, so are the costs associated with employing them

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#2251

Transparency:
Whole activity including actual/live on the blockchain is at internet public to reach for anyone and it is supported by its participants/miners that has to fallow consensus to be all agree on the next update in blockchain

Security:
As the blockchain is using encryption, doesn’t stop updating itself, decentralized thanks to miners processing consensus, and each transaction has a record of previous related transactions it is one of the most secure technical solutions for storing and proceed data
Those technological potentials can be very useful at common commerce and other business deal

Improved traceability:
All the transaction and relations between addresses/wallets stay recorder in the history of the blockchain so it makes it easy for businesses to trace the operation of their productions all the way of its journey

Increased efficiency and speed:
Compare to any physical method of transaction it is uncomparable fast and much efficient as it is supported by technology with its consensus

Reduced cost:
No 3rd party has to charge extra for the transaction over the internet, both sides are sure about their deal and successful transaction process with full trust in blockchain provided data

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#2252

Transparency: because of the openness of the ledger that makes a copy of any transaction available on all the computers makes the transaction to be transparent.

Security: the ledgers are immutable , indestructible and can not be duplicated since no two transaction have the identity . this makes it difficult for scarmers

Improved traceability: because a copy of the transaction is on all chain of computers , the transaction history right from its origin to its final destination can be traceable

increased efficiency and speed: because there no centrality with too many bureaucracies the delay caused by this middle men are totally removed leading to the efficiency and high speed in all transaction.

Reduced Cost: hidden charged and other cost of transaction associated with the taditional way of transactions are completely near removed thereby leading to the reduced cost of transaction through the blockchain

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#2253

Transparency: All participants share the same document rather than multiple copies spread out. It can only be updated through consensus by all parties, by collusion.The info is all the same, accurate, consistent, transparent, with no paperwork.

Security: Anything entered into the database has been agreed upon and verified before recording. After it’s been recorded, it’s encrypted and linked to previous transactions, then stored across a network of computers making it difficult to hack or change, unlike information being stored in only one computer. BLKC helps prevent fraud and unauthorized activity this way.

Improved Traceability: when exchanges of goods are entered on BLKC, it creates a real time audit trail showing the origin of a product, and every step of the way on the journey. Historical data can help verify authenticity and prevent fraud.

Increased Efficiency and Speed: Paper trails are cumbersome with human error a factor, often requiring 3rd parties to mediate. Automation can streamline info faster on a single digital ledger that has multiple entities authorized to access it which reduces clutter and is more efficient. Everyone has the same information anytime they want without interference from others. Settlements happen faster.

Reduced Costs: Cutting out the middle man (3rd parties) reduces costs of transaction and time to do them. Everyone has the same immutable version in one location.

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#2254

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

Transparency: All network computers share and have the same data on the blockchain and need to agree on all transactions/updates through consensus then it will be added to the blockchain.

Security: All data added to the blockchain needs to be agreed upon before they are recorded. Then is encrypted and linked to the previous data stored. To compromise any transaction the entire network will need to be compromised which is highly unlikely.

Improved traceability: If you have a supply chain everything is traceable on the blockchain back to the original source making a traceable audit trail and all steps verifiable preventing tampering along the supply chain.

Increased efficiency and speed: With the blockchain all paper trails are eliminated making the process more faster and easier. Most of the process is automated with the database shared among the network making it easier for access and trust.

Reduced cost: Cost are reduced because there are less parties participating in the transaction and you only have to trust the data on the blockchain which also reduces cost.

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#2255

Transparency: All participants in the network can validate the transactions , owners and timestamps

Security: Blockchain network is secure, only authorized participants have access to the network. Transactions are encrypted, cannot be tampered. Transaction access control is managed set of permissions

Improved traceability: Transaction, owner, and time stamps can be easily treated. Each transaction block has a unique id hash, labeled with previous transaction id traceable to the previous block and timestamp of the block. Blocks are link with logical sequential order that prevent tampering

Increased efficiency and speed: Assets or values can exchanged directly between both parties in real time without intermediaries
Transactions of are consolidated and maintain in a single ledger instead of each participant maintaining its own ledger. This improve access and speed of business

Reduce cost: Smart contract eleminate the need of intermediary parties and save cost, assets are exchanged directly and time to execute transactions is reduce to save cost

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#2256

Transparency: as in case of a blockchain technology we are dealing with a distributed ledger, any transaction should be approved and recorded by all individual node. And the up to date information is available to any user at any time. This reduces the risk of multiple copies of paper documentation, which sometimes might contain contradictory versions of information and are hard to get access to.
Security: before transaction is recorded, it has to be verified and agreed upon by all nodes. It makes it hard or rather impossible for falsification.
Traceability: distributed blockchain ledger creates a possibility to trace back all the components or stages of a product or service to its producers or providers on any stage of its life cycle.
Increased efficiency and speed: distributed ledger precludes from human errors during recording and eliminates the need for reconciling the information between different ledgers / databases.
Reduced costs: the distributed ledger reduces costs for mediators, for bank guarantees, background checks of the counter parties, as well as the cost associated with the possible future court cases.

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#2257
  1. Greater transparency

All network participants share the same documentation as opposed to individual copies, updated through consensus. Everyone must agree on it. To change a single transaction record would require the alteration of all subsequent records and involve the entire network. Thus, data on a blockchain is more accurate, consistent and transparent than physical money transactions.

  1. Enhanced security

Transactions must be agreed upon before recorded. When approved, it is encrypted and linked to the previous transaction. Stored across a network of computers instead of on a single server, makes it very difficult for hackers to compromise the transaction data.

  1. Improved traceability

Exchanges of goods are recorded on a blockchain. Leaves an audit trail showing origin and final destination. This helps verify the authenticity of assets and prevent fraud.

  1. Increased efficiency and speed

Streamlining and automating trading processes with blockchain can be completed faster and more efficiently. Record-keeping using a single digital ledger shared among participants, means no reconciling of multiple ledgers and less clutter. When everyone has access to the same information, it becomes easier to trust each other without the need for numerous intermediaries. This speeds up the process.

  1. Reduced costs

With blockchain, you don’t need as many third parties or middlemen to make guarantees. Just trust the data on the blockchain. There’s less documentation to complete a trade because of everyone’s permissioned access to a single, immutable version.

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#2258
  1. It provides truth for all parties to see.
  2. Consensus and networks make the best record keeping system.
  3. We now know every step of the way.
  4. Less work
  5. Who doesn’t like saving money
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#2259

Transparency:
Data stored in the blockchain are always verifiable and available to all network participants.

Security:
Since the blockchain is a distributed public ledger, hacking into the blockchain to alter any data is impossible.

Improved traceability:
Data are stored in blocks in the blockchain which cannot be changed or removed. All activities of the data are recorded and traceable all the way to it’s origin.

Increased efficiency and speed:
Because in the traditional process, it requires a human intervention to verify and passing information from one department to another because not everyone has the same data. The blockchain makes this process so much quicker and efficient, because the same data is available to everyone at any time.

Reduced cost:
It saves the clutters of papers and time to verify the data provided, since the blockchain has every record of transaction, it eliminates any checks and verifications in this trustless environment that is not possible in the traditional process.

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#2260

The benefits of using a blockchain.

Transparency:
Before any data or transaction is added to the blockchain it is verified through a consensus, a global network database, distributed ledger that is visible, decentralised and can be accessed by the public. All ledgers record the transaction to completion and is not editable.

Security:
Before any data or transaction is added to the blockchain it is agreed, verified through a consensus. The transaction is encrypted and linked to the previous one and stored on the global network database.

Improved traceability:
All transactions can be tracked and traced on the blockchain in real time. Improved traceability in the supply train, each step can be accurately tracked and verified.

Increased efficiency and speed:
Blockchain removes the need for intermediaries, reducing costs, increases efficiency and speed than the more traditional paper methods.

Reduced cost:
The data on the blockchain is verifiable, trustless, hence removing any third parties from the equation, reducing the cost.

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#2261

Transparency: all transaction are stored in the blockchain and visible to anyone and since blockchain is immutable, i’m sure that once i know a transaction is happened, it will be the same tomorrow or next year, for that specific transaction. You don’t have to trust anyone but the blockchain

Security: while it is possible to hack a single database, it is (quite - you never know :smiley: ) impossible to hack a huge number of copies of the same database stored in different machines on different servers, and anyway it is constantly updated so the amount of data changes constantly. Furthermore each single data needs to be approved before being added to BC (consensus). Ad beacauseit is a chain, each data is wired to the next, so even being able to change a single data in all copies will create an evident problem throughout the BC

Improved traceability: A product can be traced on BC, so using the peculiar charachterics of this system, we can trace each single movement or passage of the product, being sure they are not faked succesively. So you can track the product from the beginning to the final user using a system that has the same security standard from day 1.

Increased efficiency and speed: There are no intermediaries (except for exchanges), so there’s less-to-not passages between involved actors: you just need to wait the consensus from the nodes. And you can transfer without limits and without anyone who asks you “hey man, what are you doing :face_with_raised_eyebrow:?”. So for example in ecommerce, you don’t have to wait the classical payment confirmation and execution you need with bank transfer.

Reduced cost: Again, you don’t need to pay third parties to grant transaction. You just need to trust in the blockchain and in math

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#2262

Transparency: Before data can be added to the blockchain it has to be agreed and verified by the network of computers. Everyone will then be able to see and trace all information.

Security: The blochchain is a database spread out on many computers around the world so is difficult to hack…

Improved traceability: Each transaction of information on the blockchain can be traced all along it’s journey so can be traced back to it’s origin.

Increased efficiency and speed: Blockchain is digital information over internet and removes the need for any middle man which makes it very quick and efficient.

Reduced cost: Removing the cost of any middle men and the need for any paper documents saves a lot of money.

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#2263

Transparency: In Blockchain everyone has access to one shared copy of the ledger where all transactions are visible. Data can only be verified through consensus, which requires that multiple people have already approved for it to be on the blockchain.

Security: Because blockchain is a decentralized network with multiple nodes, making it much harder to hack than a centralized system. This combined with It’s use of consensus and improved traceability makes blockchain much more secure.

Improved traceability: With blockchain one can track and find locate details of a product such as It’s origin, the ingredients etc.

Increased efficiency and speed: Because blockchain removes any third-parties so you only wait for the transaction to be verified via consensus which is much more efficient and fast.

Reduced cost: Blockchain removes middle men as said earlier, who can cost a lot of extra money.

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#2264
  1. Transparency: Everybody can very transactions because is a Publics Ledger
  2. Security: No one can Modify, Alter or change the Information on the Blockchain
  3. Improved traceability: All transactions can be trace back to the origin
  4. Increased efficiency and speed: Because you don’t need to trust or have middlemen or intermediary’s in the transactions, there is a single digital ledger replicate across all the servers on the network
  5. Reduced cost: You need less people or companies involved on your process you don’t need to worry about trust or about some one that guarantee the flow of your processes, because everything is on the ledger, is a trustless network. less intermediaries, less controls, less regulations, = lower cost.
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#2265

Transparency: With blockchain, there is greater transparency because all participants in the network must come to a unanimous consensus that validates all transactions. In order, for there to be an alteration to a single transaction all previous transactions must be altered and the entire network would have to collude. This provides a very unreasonable process that would need to take place which would be highly counter-productive.

Security: There is greater security in blockchain because there are several people required to verify transactions rather than one. The transactions are then encrypted and linked to the previous ones. The variety of the location of the data makes it harder to access the data than if it were all in one place.

Improved traceability: Blockchain allows for improved traceability through its immutable nature. Everything is tracked and verified by multiple sources and that fact that it can never be removed allows for a better way to track everything.

Increased efficiency and speed: Blockchain is more efficient than traditional processes because everyone in the network is dealing with the same information. One database shared is much easier to work from than multiple databases trying to coordinate with each other.

Reduced cost: Blockchain reduces cost by reducing the number of middlemen involved. You can do this because blockchain removes the need to trust your trading partner by everyone having access to the same immutable data.

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#2266

Transparency: Transparency is vital in the blockchain for its survival, it is based on a network where every node has to agree to reach an agreement, a consensus, logged on a ledger and accessible to anyone, it is validated and for that reason it becomes transparent.

Security: Security is very high on the blockchain because there is distributed and stored data on many different networks, therefore making it impossible to hack. Also consensus plays an important role with security because there needs to be an agreement in order to validate transactions which makes it very difficult to hack. It is a based on a decentralised system rather than centralised which makes the data harder to manipulate.

Improved traceability: With Traceability there is no room for error as it can be traced on the blockchain, everything can be traced back to its origin.

Increased efficiency and speed: Efficiency and speed is increased on the Blockchain, automation plays a big role, as there are less middlemen involved, and as the information is accessible to everyone then it becomes trustless therefore leading to a faster and more efficient process.

Reduced cost: With the integration of the blockchain in any organisation, manual labour is reduced hence saving money. The blockchain removes the manual labour and any third parties involved. It all ties in with the trustless network, we don’t need middlemen to verify, therefore reducing the cost in any organisation.

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#2267

Transparency: when everybody sees the same information and uses the same ledger it means the transactions are transparent.

Security: when you need a consensus between all participants to have a change for a single transaction then you can say you are secure (of course if not every involved party in the transactions is corrupt or if there is a monopoly somehow)

Improved traceability: Having every transaction in the same ledger improves the traceability to an unseen extent.

Increased efficiency and speed: digitization of financial services and accounting is always more time efficient.

Reduced cost: When every involved party is responsible for checking every transaction you can have a cost efficient design. When you don’t have some third party (paid by participants) for audit and checking or accounting, then you cut a lot of costs.

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#2268

Transparency:
When an interaction is recorded on the blockchain (e.g. transaction) it is also verified by consensus mechanism and then distributed to all nodes in the network. If blockchain transactions are publicly available, then the activities on the blockchain are transparent. Everyone can check the information freely.

Security:
With blockchain all interactions and data is decentralised - this means it is distributed to many different points/nodes which holds the same data and it isn’t dependent on single company, organisation or government. If one of the nodes goes offline this doesn’t disturb the network because all others remain fully functional. The data on all nodes is equal and verified by incentivised miners which work together to ensure the network is available 24/7 365.

Improved traceability:
Each interaction with the blockchain when recorded is historically connected to the ones before it. Because interactions can only be added and not removed it makes it easy to trace certain transaction or trail an asset.

Increased efficiency and speed:
Like most electronically provided services, blockchain is highly efficient and speedy technology when it comes to automated processes. In some cases it removes the need of third party or middle man services, and in others it removes the paper handling and human errors.

Reduced cost:
Blockchain technology removes the need of middle man service and by so it reduces fee costs for various services including finance, real estate and others.

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