Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#2289

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

Transparency: The distributed ledger ensures that each participant on the blockchain has the same data, therefor making changes to the blockchain impossible without consensus.

Security: Transactions on the blockchain must reach consensus prior to being recorded on the network. This makes hacking the blockchain almost impossible. Transactions are linked to the prior block’s transactions once they have been approved by the network. There is no single point of failure, as the blockchain is decentralized.

Improved traceability: The blockchain can prevent fraud, and verify the origin of products from start to finish all accessible on the blockchain. This data can be critical to verifying the authenticity of goods from within the world’s many supply and logistics networks.

Increased efficiency and speed: With blockchain, the clearing and settlements of transactions can happen much faster due to all participants using the same infrastructure and data. Less intermediaries ensures a more trustless process.

Reduced cost: Blockchain reduces cost by removing intermediaries, and removing the data or documents that involve intermediaries, thus providing a trustless system governed by cryptographic math.

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#2290

Transparency
Data is public, there is no hidden information - no leverage for nobody.

Security:
Because of the trustless protocol - it can not be altered and scammed.

Improved traceability:
WE can trace back every single satoshi back to its origin, back to when it was created in mines :slight_smile:

Increased efficiency and speed:
It is an automatic transaction - no middleman needed. No human error is possible. The transaction is done in minutes. Everything is in one file, visible for everybody.

Reduced cost:
There is no maintenance needed, no employees, no middlemen.

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#2291

  1. Transactions are searchable and traceable because changes are only made after universal agreement, ledgers participants have to unanimoulsy agree on what is being recorded

  2. Security is a benefit using a blockchain since transactions are in millions of computers , therefore decentralizing information. It cannot be lost. It can be recovered

  3. Blockchain can record, add and update data on the entire network. It can create a smart and secure supply chain of products with near real time visibility. It can track materials, determine when and where they arrived from, who handled them, how and when they were shipped to another place,. Products can be tracked and there will be no worries of records being lost or tampered with. This is especially so with transparency and product provenance in the food and drink industry.

  4. Increased efficiency and speed …there are no middlemen , payments , traditional brick and mortar.
    Cross border transfer with digital currency, move transactions more rapidly. Improves processing, delivery and payments. Since the supply chain improves the efficiency, the customers receive the products faster thereby improving the speed at which customers.’ demands are met

  5. No middlemen, less documentation and companies paying with bitcoin will pay fewer merchant processing fees

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#2292
  1. Transparency- Everyone who has access to the blockchain can see every transaction ever made.
  2. Security- Since each entry to the blockchain can only be added through consensus of the network, a single person or group can not make changes.
  3. Improved traceability- Since all transactions are made on the blockchain you can trace any transactions made throughout the blockchain to find the data you are looking for.
  4. Increased efficiency and speed- Everyone is operating the same blockchain so there will be no issues with different systems or silos not being able to share data properly or inefficiently.
  5. Reduced cost- there will not no need for different systems and subsystems that bridge the communication gap between the different information silos. There will be no need to hire extra people to check or audit transactions or to fix mistakes.
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#2293

Blockchain can be likened to a Team which does a work i.e Teamwork.
TRANSPARENCY: Each team member knows their various contributions. An a vote for the MVP can be agreed upon(CONSENSUS). It is obvious that if the decision of the MVP have to modified, then each team member have to reverse their vote. This make Blockchain transparent, and since we can only add and not remove Transparency is guaranteed.
SECURITY: Since the team must agree(CONSENSUS) before presenting the MVP. It is very difficult for the information to be compromised. This is absolute for key for industries dealing with particular sensitive information.
IMPROVED TRACEABILITY: At any point in a time a contribution is made in the team it can be traced to who and to when that contribution was made(PROVENANCE).
INCREASED EFFICIENCY AND SPEED: Each team member have access to the same information. Anything done one member is independently verified by the others resulting in Efficiency and Speed since the data is on the blockchain.
REDUCED COSTS: There are no intermediaries or mediators. It is sort of Peer to Peer, in this regard no extra fees.
NB: This Team is a NETWORK OF COMPUTERS which are not prone to human emotions.

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#2294

Who is the MVP? :stuck_out_tongue:

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#2295

The MVP is the transaction or data.

#2296
  1. Transparency: Every transaction or changes to a transaction made is recorded and available for anyone able to see it
  2. Security: more secure because transactions made must be agreed upon, and the information is stored amongst several computers instead of a single server
  3. Improved traceability: able to trace where products come from down the supply chain line helping prevent fraught and verify authenticity
  4. Increased efficiency and speed: Rather than using paper-heavy processes, transactions get traded faster and more efficiently by using a single digital ledger that is shared amongst everyone in the transaction, thus speeding the settlement up
  5. Reduced cost: You cut many third party resources by trusting the data on the blockchain.
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#2297

ohh, I thought you were talking about Most Valuable Person

1 Like
#2298

Transpaency : As the blockchain is a distributed ledger, the exact same data exists across the network, and is available for all participants who have permissioned access.

Security: 2 factors that enhance the security of the blockchain are, 1) before a transaction is allowed to occur, a consensus among the participants in the blockchain is needed, and 2) the blockchain is distributed among a network of computers rather than an individual server, which makes it very difficult to compromise

Improved traceability: The historical transaction data creates an audit trail by default. This allows anyone with access to the blockchain to trace, for example, a supplied good from its point of origin.

Increased efficiency and speed: Using blockchain technology to record transactions removes the need for “middleman” or intermediaries. The trustlessness of the blockchain also allows the user to have faith in the system. Having a single public ledger improves efficiency as it saves time not having to compare multiple ledgers. All these factors improve speed and efficiency.

Reduced cost: The blockchain’s “trustlessness”, which means you don’t need to trust a third party, just trust the data on the blockchain, takes out the need for intermediaries/middle man that are usually used to guarantee the validity of data/transactions in off blockchain transactions.

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#2299

  1. Transparency: This is beneficial to everyone as it eliminates any trust issues. Its like sitting at a round table meeting and everyone is given the same exact ditto copy of a presentation or proposal. In order for someone to make a change, every single person at the round table will have to come to a consensus before such change is made.

  2. Security: Security is another huge benefit due to the simple fact that its impossible to alter anything already recorded on the blockchain. Any vital information is recorded and processed through a network of computers instead of only one mother computer that is vulnerable to black hat hackers. We are also saving a ton of trees just by getting rid of tons of paperwork in which at the end of the day can and will get altered when any type of corruption is around. So if its on the blockchain, rest assure that Vital information is stored safely and incorruptible.

  3. Improved traceability: The benefits that involve traceability is that everything can be tracked. Imagine buying sports memorabilia online and the seller claims that your famous athlete autographed the item your buying. How do you verify if your fav. athlete actually signed the item you want to purchase? Once documented on the blockchain we can track and go back to when an item/merchandise was first created all the way to when it was first shipped out.

  4. Increased efficiency and speed: One of the greatest benefits in blockchain is efficiency and speed. This is critical for any business that wishes to scale and succeed. So book keeping with the secretaries in the office is now a thing of the past, or at least it should be already. Blockchain transactions are now automated and happen in seconds, not to mention zero paperwork with vital information floating all around for people to see and again saving trees! This means no more secretary to bother for book keeping hence the saving of your payroll! And this is just the tip of the iceberg.

  5. Reduced cost: Another important strategy for any business is reducing costs. If you run a business or are in a Managerial or Exec role, you know that YOUR boss is looking for the reductions of cost and the increase in profits. So when making a deal trading or purchasing, anything that was agreed upon and recorded on the blockchain will eliminate having to hire 3rd party individuals like lawyers or intermediaries which could cost the company thousands.

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#2300

Transparency: In the birth of any information on the network, all of the other nodes will receive detailed information on its life. Following the rest of its existence, it must be verified by other nodes.
To change its shape it must be voted by the majority.

Security: Encrypted informational transactions paired with a decentralized database equals an impenetrable stronghold for adversaries.

Improved Traceability: The public ledger allows for real-time traceability for products actions on its journey.

Increased efficiency and Speed: The network is constantly updated and available online which allows for timely execution for trading information.

Reduced Cost: Blockchain technology reduced cost by cutting out third-party business expenses.

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#2301

Transparency:
All transactions are visible for all to see in the blockchain (historie). after finality the hole network is in consensus about the shared history of transactions.

Security:
because the network agrees on transactions in a certain block that is linked to the previous block by including the hash of it, everyone can be sure of the chain of events/ transactions. to change history more than half of the participants have collude/ or conspire to change history. with POW this also includes investing a incredible amount of electricity/ power.

Improved traceability:
in a blockchain every step is recorded. this means everything which uses a blockchain can be traced back to it origin.

Increased efficiency and speed:
within a blockchain network there is 1 place where everybody can check current status. this eliminates te need of matching different systems/ ledgers, thus there is less room for human errors, and reduces paperwork or processing time for getting accurate data.

Reduced cost:
as described above, the 1 spot to get data streamlines processes, and reduces time and effort for getting good data, where no 3rd party trust is needed.

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#2302
  1. Transparency: Absolutely everybody or everybody who is permissioned can see and verify all transactions. Since the distributed ledger is changed only by consensus the data is more accurate and consistent than in a traditional system.cker ca
  2. Security: Transactions are confirmed by consensus and a confirmed transaction is encrypted and tied to the previous block, which was also encrypted and tied to the previous block and so on. It’s very difficult for a hacker to change what’s on the blockchain, since the same information is stored on many devices controlled by many separate actors. The hacker could attack a single node without harming the network. There is no single server to hack.
  3. Improved traceability: All previous transactions can be seen on the blockchain. Thereby even complex supply chains can be analyzed and the authenticity of for instance products can be verified.
  4. Increased efficiency and speed: There is less or no need for intermediaries and middlemen since the blockchain keeps everyone informed about what is going on in the network. There is less clutter when there is a single digital ledger.
  5. Reduced cost: Blockchain reduces the need for third parties and middlemen. This saves money.
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#2303
  1. Transparency: Transaction record is available to everyone who has permission access
  2. Security: No hacker can compromise the transaction data because the information is stored in a network of computers
  3. Improved traceability: since new information is linked with the previous in the blockchain, it is easy to trace the historical data
  4. Increased efficiency and speed: it is faster to validate data since everyone has a copy of the information in the blockchain
  5. Reduced cost: You don’t need to pay for a third party or middlemen to do a transaction
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#2304

Reading Assignment: Benefits of the Blockchain Technology

Transparency: anyone can view transactions on the blockchain. users do not have to rely on a centralized authority or third party audit to validate the data. a majority of participants must agree to write data to the blockchain (consensus) and once written, data cannot be modified (immutable).

Security: there is no single point of failure or vector of attack in a blockchain network. participants are incentivized to keep the network running 24/7/365 and validate transactions via majority consensus. it is much more difficult for an attacker to compromise this distributed system than traditional centralized systems and impossible for a bad actor to directly modify data.

Improved traceability: all transactions are logged to the public ledger. anyone can “follow” an object through these transactions, allowing confirmation of payments and other processes like tracing materials through a supply chain.

Increased efficiency and speed: by using a decentralized, open ledger all participants work off the same data instead of maintaining their own copy. Also, each participant adds to the availability and power of the network through mining.

Reduced cost: transactions are publicly available from a single source of truth (the ledger) so there is no need for expensive third party intermediaries or audits. customers can verify payment confirmation or supply chain processes themselves, leading to higher satisfaction and lower costs.

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#2305

Transparency: Because the Blockchain ledger is a completely trustless record agreed upon by all of its users there is no way to falsify or manipulate the information contained within they system.

Security: Because an identical record of the Blockchain ledger is recorded by all of it’s users around the world (as opposed to 1 central server containing all of the information) the risk of the data being compromised is mitigated due to the complexity of compromising the system.

Improved Traceability: Because the Blockchain ledger is immutable there is now way to erase or hide any previously recorded information from the ledger. That recorded history is easily accessible by all users within the system.

Increased Efficiency & Speed: Because the Blockchain ledger is transparent, secure, and traceable there is no need for intermediaries to oversee and verify the legitimacy of transaction that occur over the network.

Reduced Cost: Unnecessary expenses are reduced because there is no need to hire third party intermediaries to oversee and verify transactions.

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#2306

Transparency of the blockchain is achieved through a “stone” ledger that can not be tampered with once a transaction has been added and that tracks every transaction ever processed.

The blockchain is made more secure, the more that it is used by utilizing past transactions as points of reference.

Improved traceability can be helpful as a use case in supply chains such as with vechain to properly track materials in a trsutless manner on the blockchain.

Increased speed and efficiency is achieved through the use of one ledger that can be utilized by all participants to verify transactions limit the need of an intermediary.

Costs are reduced on a blockchain by utilizing a streamlined process to quickly enact and verify transactions which is confirmed through math and computer protocols, time is money.

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#2307

Transparency: All transactions are visible to everyone

Security: There are multiple computers/ servers corresponding to each other confirming if the received
information is true or false. This makes it almost impossible to hack it

Improved traceability: You can trace all transactions at any given time.

Increased efficiency and speed: everyone can see a transaction that has been sent to a blockchain

Reduced cost: No need for third parties which means you spend less money for any server renting or other services.

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#2308
  1. Transparency: Open Ledger
  2. Security: Validators and not decentralised
  3. Improved traceability: all data is recorded and can always be traced back and also previous records cannot be amended
  4. Increased efficiency and speed: cuts out many middle men
  5. Reduced cost: due to cutting out middle men business wont need to have so many employees and so save money
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