Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#2309

Transparency:
Everyone participating has full view of what is being done. Nothing is hidden from anyone

Security:
There are multiple copies of the sama data all over the world, and because the blockchain is immutable and can only be updated if consensus was reached, this makes it super secure.

Improved traceability:
If all your suppliers down the supply chain also make use of a blockchain, then its very easy to trace where your asses have been.

Increased efficiency and speed:
Because everything gets recorded on the blockchain, its way more efficient and speeds up the whole process compared to how we have been doing it now for decades.

Reduced cost
Because using a blockchain is so efficient, and because its like it auto audits itself, and because its trustless, and we only need to goto 1 place for all our questions to be answered, it results in enormous reductions when it comes to cost.

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#2310

Transparency: All the transaction data is on a public block chain for everyone to see

Security: The data is not kept on a centralized system, but spread across multiple nodes which makes it very hard to hack

Improved traceability: You can track the origin, and the history of an item during its journey

Increased efficiency and speed: Transactions can be sent peer to peer without the need of any centralized authority.

Reduced cost: Peer to peer transactions keeps the cost down due to no middle man

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#2311

Transparency: Blockchain technology is transparent because the ledger is public and every single transaction can be seen and consensus amongst various nodes must be reached in order to allow the transaction onto the ledger. A previous transaction cannot be reversed or erased, thus recording every single transaction on the blockchain forever. One must think of storage space for such a thing as this.

Enhanced Security: Transactions must reach consensus before they are allowed on the blockchain. This consensus comes amongst a vast network of computers and servers that create a diversification element that makes it quite difficult to hack vs. being in one centralized location. And the transaction is encrypted and linked to the previous transaction as well.

Improved traceability: The blockchain allows for the tracing and tracking of materials, various mediums, for the entire supply chain process. This way you can know the origin of something and where it has been, along with its state within each step of the supply chain until the finished product is delivered.

Increased efficiency and speed: Blockchain technology simply makes processes more efficient and trustworthy. By streamlining the process, reducing clutter and waste through various forms of mediation by having one single viewable ledger, business can become even more profitable.

Reduced cost: This will be realized when various middlemen can be cut out because trust in the blockchain is had versus in your transacting partners on the other side. Access to the blockchain will also allow review of documents, thus reducing costs.

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#2312

Transparency: quickly being able to verify something such as doing an audit
Security: using a decentralized network allows for no single point of failure
Improved traceability: track every step of a transaction such is an item in a supply chain
Increased efficiency and speed: reduces redundant work by having everything on a single ledger
Reduced cost: eliminates the need for a middleman

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#2313

Transparency: Public access to transaction previous and real time
Security: The fact that a transaction can’t be removed
Improved Traceability: Through Provenance all transactions have details by putting together accounting and transaction layers all information is at your convenicance.
Increased efficiency: Removes the need to meet and get audits.
Reduced cost: removes 3rd parts trust brokers

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#2314

-Transparency: the transaction history is shared and is available forever
-Security: the entire network must be in consensus before there is a registration
-Improved traceability: goods or transactions in the network can be checked in real time
-Increased efficiency and speed: it is faster because there is no intermediary interference
-Reduced cost: because it reduces the cost compared to normal transactions without the blockchain

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#2315

  1. Transparency - Blockchain is a global database with every transaction being traceable and available by all permissioned parties.

  2. Security - Every transaction has be verified and linked to the previous transaction. You will not be able to change it without agreement by all parties.

  3. Improved Traceability - Since every transaction has a trail history, it is very easy to see where everything comes from.

  4. Increased Efficiency and Speed - Since every transaction is stored on global database, it can verified faster. There will be no need to check multiple parties with their own agenda to confirm anything.

  5. Reduce Cost - Because it is a global database you will have no need to pay other parties to confirm/verify any transaction.

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#2316

Transparency:
Because information of transactions is in a distributed ledger that has to have consensus all parties have to agree, and there can be no cheating.

Security:
Since all transactions have to be verified by all the nodes, then it can’t be edited or tampered with.

Improved traceability:
Because each transaction is kept in the ledger it can be traced back to its roots, making it possible to see al the historic data and see all transactions.

Increased efficiency and speed:
Using blockchain technology decreases the need for paperwork and intermediaries which can be prone to mistakes or alterations. All transactions can be kept in one ledger and thus making it more efficient to do, use and also to audit.

Reduced cost:
Because of the efficiencies and speed, there is need for less process and less paper work and people doing this tasks, also less mistakes will be made making it cheaper to do.

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#2317
  1. Transparency: everyone has access to the same data which can be changed only if majority of the network agreed to change it
  2. Security: there is no single point of failure ( e.g. 1 server) but network of computers
  3. Improved traceability: since the (bitcoin) blockchain is transparent, everyone can see the “flow” of funds (transactions) and track it
  4. Increased efficiency and speed: the blockchain is synchronized, so it can help companies using different information systems to interact with each other
  5. Reduced cost: there is no middle man (only miners) who would take the “cut” from the transaction
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#2318

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

Transparency:
As blockchain can be considered a public ledger, all data is shared openly, allowing the same data to be accessed and stored. Changes to that shared data can only be added through a consensus; the majority agrees on it. The acquired data on the blockchain results in a more transparent and accurate compared to manually accessing it. Hypothetically, it is possible to change a single transaction but it would require that all previous transaction records to be altered in turn needing the collusion of the majority on the network (at least 51%)

Security:
Even before the recording of the transaction, the transaction must first be agreed upon. After approval, the transaction is encrypted and is linked to the previous transaction in the block. As the information is stored globally across networks of computers, it provides difficulty to any malicious parties intending to exploit the block.

Improved traceability:
Blockchain stores all transaction records; can trace from initial inception to current ongoings, providing an audit trail.

Increased efficiency and speed:
Reduces human errors and 3rd party involvement
As it is automated using blockchain, it results in faster and more efficient transactions
Only a single digital ledger is shared, reducing bloat on using multiple ledgers
Same information being shared; more reliable and faster information sharing

Reduced cost:
Reduces 3rd party involvement; no middleman

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#2319

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

Transparency:
By creating a network or a digital ledger by consensus, everyone in the network has access to the data and this transparency is a part of the reason the data is trustful.
Security:
Compared to a centralized database, it has stronger security to protect the data by holding it in the network.
Improved traceability:
It enables to track even in a complex supply chain.

Increased efficiency and speed:
By holding the data in a digital ledger it increase the efficiency and speed.

Reduced cost:
By having the data in a digital ledger, the cost of recording and tracking decreases.

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#2320

Benefits of blockchain:

Transparency: Because blockchain is a type of distributed ledger, all network participants share the same documentation as opposed to individual copies. To change a single transaction record would require the alteration of all subsequent records and the collusion of the entire network.

Security: Transactions must be agreed upon before they are recorded; after a tx is approved it is encrypted and linked to the previous tx; different way of sharing critical information.

Improved traceability: When exchanges of goods are recorded on a blockchain, you end up with an audit trail that shows where an asset came from and every stop it made on its journey. This historical transaction data can help to verify the authenticity of assets and prevent fraud.

Increased efficiency and speed: Since record-keeping is performed using a single digital ledger that is shared among participants, you don’t have to reconcile multiple ledgers and you end up with less clutter. When everyone has access to the same information, it becomes easier to trust each other without the need for numerous intermediaries.

Reduced cost: With blockchain, you don’t need as many third parties or middlemen to make guarantees because it doesn’t matter if you can trust your trading partner. Instead, you just have to trust the data on the blockchain.

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#2321

Transparency:
A public blockchain presents data to the public, If you know how to read (and have access to) the data, you can know what has transpired.
Security:
The database is secured by mining and being distributed. All the backups you could ever need. Extreme resistance to hackers modifying the data.
Improved traceability:
Traceability is as good as the data input. With cross-referencing of datapoints, it makes it very hard for lies about origin and location to be accepted.
Increased efficiency and speed:
Other actors can read and use a public blockchain and not rely on others to ‘send a spreadsheet’ to get the data.
Reduced cost:
Data stays consistent and accessible, reduces the need for re-entry, reduces errors, increases availability, therefore save money.

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#2322

Transparency: Means a shared ledger that gets distributed among all users by consensus, which means it has been agreed upon by everyone and can’t be erased or altered.

Security: Means once a transaction is approved it gets recorded and encrypted and linked to the previous transaction and shared among the network. being encrypted and shared makes it very hard to hack and change.

Improved traceability: Because all the information is added thru consensus and sharing with the right permission an audit trail can show an item journey from start to finish.

Increased efficiency and speed: Since record keeping is performed using a single digital ledger that is shared among the network this eliminates third party mediation and human error. is easier to trust and recall thus clearing a settlement can be quicker.

Reduced cost: By eliminating the middle man and third parties, you don’t have to trust your trading partner, yet you trust the data on a blockchain. thus having access to immutable information.

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#2323

1.Transparency: All network participants are sharing the same data from the distributed ledger. Everyone is working together as a collective, identical copies of each other.

2.Security: TX’s must reach a consensus before they are confirmed, linking historical data from where the last transaction was also received/sent from. This prevents duplication and fraud.

3.Improved traceability: Everything from source to final product can be tracked across multiple participants along the process. This prevents participants claiming something which is false not written in the ledger.

4.Increased efficiency and speed: Working directly wallet to wallet, this removes the need for intermediaries (middle men) who often require an incentive or commission for the handling of said transaction.

5.Reduced cost: Like the current banking system today - removing the middle men allows the flow of money to move freely and more efficiently removing unnecessary costs and road blocks along the way. Working directly 1-1.

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#2324
  1. Transparency:

Transactions are immutable, saved on multiple nodes and visible for all participants.

  1. Security:

Even before being recorded, all transactions must be accepted by multiple machines and then they are recorded on multiple places, while at the same time linked with multiple other transactions… which makes it pretty much impossible for manipulating (on code level - people can still be manipulated to send someone something).

  1. Improved traceability:

On the blockchain everything is recorded and you have the option to follow the trace from beginning to end, without the possibility of information lack (nothing is lost).

  1. Increased efficiency and speed:

The information is public - everyone has access and can check every transaction, therefore participant don’t need 3rd parties for confirmation purposes. This is reducing the costs (in matter of speed as well) for everyone, without affecting the transparency and traceability.

  1. Reduced cost:

As already mentioned - you don’t need mediators to make sure everything will be correctly executed. You have your trust in the system, so you don’t need to trust other parties and make additional checks on them.

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#2325

Transparency:
Using Blockchain gives you a layer of trust with the use of a public ledger, knowing nothing can be altered.

Security:
The security behind blockchain technology is that if one block is changed every previous is not accurate so the incentive to keep the network legit makes it not vulnerable to fraud or bribes from malicious attempts.

Improved traceability:
Transactions are stored and recorded on a ledger for public view making it verifiable and easy to trace all transactions in cryptocurrency with some exceptions to privacy cryptocurrencies like ARRR Pirate Chain which is not traceable at all.

Increased efficiency and speed:
Efficiency and speed is automated through the network being accessible at any time by anyone, which allows users to interact with the blockchain at a moments notice

Reduced cost:
The network gives reduced cost because it eliminates the need for any type of 3rd party to be involved in transactions, fees on the network are minimum to very low compared to using human verification process.

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#2326

Different benefits in my own words:

  1. Transparency- Blockchain technology improves transparency because there is consensus-based data. Everyone owns identical copies of data, so any alterations or changes would require the altering of every computer on the network. There would have to be collusion across the board for the network to be compromised, this creates transparency as quite literally everyone has to be on the same page.

  2. Security- Blockchain technology enhances security because transactions are not approved unless there is distributed consensus. Everyone has to agree on a transaction for it to be approved, so it is a lot harder to compromise transactions and transactional data. Thus greatly increasing trust and security.

  3. Improved traceability- Traceability is improved like never before because there is now tamper-less historical data showing everything about transactions. Blockchain allows you to better track and trace individual and complex goods by having instantaneous audits.

  4. Efficiency and speed- There is increased efficiency and speed with blockchain because we are no longer stuck switching between different silos of information. If everyone is on the same, agreed upon information, this automatically increases the efficiency of things.

  5. Reduced cost- A huge part that blockchain technology brings is the idea of “trust-less” transactions without a middleman. You no longer have to spend time and resources coordinating transactions, when everyone can have access to the same information. This saves both time and money.

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#2327
  1. Transparency: Everyone on the network has access to the same information. This information cannot be changed or altered without consensus thus making the information more accurate and transparent to all parties. In order to alter the data on the blockchain everyone must be in agreement resulting in greater transparency about the truth of the data.
  2. Security: All transactions on the blockchain must be agreed upon with consensus before they are documented. Also, the data is stored across a large network of computers rather than a single server making it increasingly difficult to be hacked. Blockchain changes how sensitive information is stored and shared making it more secure and preventing fraud.
  3. Improved Traceability: Blockchain technology can be used to improve traceability by allowing products to be traced back to their origins more easily. With blockchain you can track a product from its creation to every stop on the supply chain on its way to the shelf thus verifying the authenticity of the product.
  4. Increased Efficiency and Speed: By utilizing blockchain technology one can do away with all human error and third party intermediaries typically experienced when working through paper heavy processes. All participants have access to a single digital ledger where all information is stored and verified in real time reducing the need for trust and long settlement periods.
  5. Reduced Cost: Blockchain removes the need for many third party intermediaries because you do not need to put as much trust in your trading partners. All the data is transparent to all parties involved, it is a single and immutable ledger in which everything can be audited in real time.
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#2328

Reading assignment: Benefits of the Blockchain technology

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

Transparency: The information on the network cannot be manipulated or changed as everyone has access to the same information collectively.

Security: Everyone on the network needs to agree on a transaction (consensus) for it to be approved so this decreases the risk of the manipulation of the data.

Improved traceability: It is easy to follow the transaction chain to the origin as every transaction that happened is recorded on the blockchain and cannot be deleted or changed.

Increased efficiency and speed: It is easier to transact between parties in the network as they have the exact same digital ledger and information. It also reduces the risk of human error as consensus is needed for the recording of transactions.

Reduced cost: No infrastructure, maintenance, or 3rd party management costs

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