Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#2349

Transparency:
All participants share the same database and changes have to be agreed by all participants of this network. Also all following records from the change have to be changed as well. It is much harder to manipulate the data as a result.

Security:
All transactions have to be verified by all participants in the decentralized network and the transaction is linked to the previous transaction. Then this data is stored on all computers in the network, not on a single server. Increase in security from hacking.

Imlproved traceability:
Production parts can be traced from suppliers in a secure way creating a record that can be traced easily.

Increased efficiency and speed:
Tansactions can be automatically recorded on a common database and donā€™t have to be manually synchronized between different databases. Trust between the parties can be increased.

Reduced cost:
Reduces cost by eliminating scores of middlemen and employees who are responsible for keeping the records and auditing transactions.

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#2350

  1. Transparency:
    Everyone being on the same page.
    Having a single documentation, unanimously agreed upon through
    consensus.

  2. Security:
    Transactions must go through a multi step process.
    It must be agreed upon, recorded, encrypted and linked to the
    previous transaction.

  3. Improved traceability:
    It provides a more detailed and accurate data trail.

  4. Increased efficiency and speed:
    Using a digital single ledger enables automation
    and reduces time and error.

  5. Reduced cost:
    By trusting the single ledger data on a blockchain,
    there is less documentation and people involved.

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#2351

Transparency:
All network participants share the same documentation through the blockchainā€™s distributed ledger. The blockchain can only be updated through consensus. This makes the blockchain more accurate, consistent and transparent than centralized databases.

Security:
Transaction is stored across a network of computers instead of a single server. Transactions must also be approved before being encrypted and linked to previous transaction on the blockchain. This makes it more secure than other record-keeping systems.

Improved traceability:
Blockchain enables items to be traced back to its origin. Exchanges of goods are being recorded on the blockchain, creating an audit trail. This makes it easier to verify authenticity of a transaction or item.

Increased efficiency and speed:
Record-keeping is performed using a single digital ledger. This results in less intermediaries and clutter, making clearing and settlement to be made faster.

Reduced cost:
Blockchain enables a company or organization to reduce middlemen since trust lies on the blockchain data instead. It also enables less review of documentation since everyone has permissioned access to a single, immutable version of it.

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#2352

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

1: Transparency

Blockchain is a type of open distributed ledger where all permitted participants on the network access and share the same documentation which can only be updated through consensus i.e. when everyone agrees on it.

A change to a single transaction record requires the alteration of all subsequent records and the collusion of the entire network.

Therefore, data on a blockchain is accurate, consistent and fully transparent

2: Security

Transactions must be always agreed upon and approved before they are recorded/committed.

Each and every record is encrypted and linked to the previous transaction.

Because of this and the fact that the same information is stored across a network of computers instead of on a single server, it makes it very difficult for the transaction data to be compromised and thus prevents fraud and any type of unauthorized activity.

3: Improved Traceability

A blockchain database will always provide a full audit trail which will included a record of where an asset originated from and every stage in the process up until completion i.e. from beginning to end.

This type of historical transaction data helps to verify the authenticity of assets and ultimately prevent fraud.

4: Increased Efficiency and Speed

Blockchain facilitates automated processes which allow transactions to be completed faster and more efficiently than traditional paper-heavy time-consuming systems.

Record-keeping is automatically performed using a ā€œsingle digital ledgerā€ that is shared among participants avoiding the need for multiple ledger reconciliation.

Since all permitted participants have access to the same information, there is know need for any type of of intermediary and thus clearing and settlement can occur much quicker.

5: Reduced Cost

Since blockchain is a ā€œTrustlessā€ system, there is no need for expensive third parties and/or middlemen to make guarantees.

Instead, trust is provided by the blockchain data and network avoiding the need for typical large amounts of time consuming documentation.

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#2353

Transparency:
Anyone can see the transactions in a public blockchain. Since the data is spread across many many nodes it is close to impossible to alter it. The data on a blockchain will only be entered if the network reaches consensus on its validity thus creating a more reliable source of data compared to older centralized systems.

Security:
Since all data on the Bitcoin blockchain is secured with cryptography and hashpower it is close to impossible to hack it. With blockchain, hacking of centralized databases will be a thing of the past.

Improved traceability:
To be able to prove the authenticity and source of a product you need to either trust middle men or you can trust data validated in a blockchain without middle men. Being able to prove with blockchain the authenticity of your product you will have and advantage in the market. I think soon we will see labeling of products like " Blockchain proofed" in stores. These products will be chosen by customers for obvious reasons.

Increased efficiency and speed:
By using paper, middle men and humans you will ensure a slow process full of errors and fraud. With blockchian you will speed up the process by cutting all that out. Instead you will have a market advantage by being able to spend those resources in other things to propel you business ahead of other market participants. Since time is money it will only be companies that adopt blockhain and Bitcoin that will survive in the future.

Reduced cost:

As stated in the above, basically you will save money by cutting out inefficient processes out of your business and thus save money.

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#2354

Anyone with permissioned access can read the blockchain. Therefore participants can see all transactions and trust because itā€™s immutable.

The blockchain is built out of individual previous immutable records that were included based on the consesus algorithm. In order to temper with data one needs to redo all previous blocks of records since the record to be altered. This and the fact that all participants have a copy of the public chain makes it extreamly hard to temper with.

The blockchains immutable quality makes it suitable for keeping track os any supply chain, which would otherwise require 3rd parties that need to be trusted and are prone to human error.

No 3rd party human, no problem. No need to pay them, no need to wait on them, no need to trust them
. Just read the blockchain.

By cutting out and automating middleman in record keeping and transaction booking not only do we get rid of the associated costs, but also the disgusting documentation that would come along with them. Good riddance.

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#2355
  • Transparency = shared ledger of transactions that is visible to everyone - everyone shares the same documentation
  • Security = each approved transaction is encrypted and linked to the previous transaction - also the system relies on a network of computers to prevent a single point of failure
  • Traceability = On blockchains each transaction is tracked in real-time - It is possible to trace the history of a transaction from beginning to end
  • Efficiency and speed = With blockchains transactions are performed automatically and can be looped over time without the need of a third-party. There is no need for reconciliation by an intermediary since all transactions are recorded and available to anyone that has a granted access
  • Reduced Cost = The middlemen are removed out the picture and common consuming tasks are replaced by streamlined processes with blockchains
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#2356

  1. Transparency is a benefit of using blockchain because all transactions are permanent and available to interested parties.

  2. Security is a benefit of using blockchain because all transactions are trustless and immutable. The information is also stored across a network of computers making it almost impossible to hack.

  3. Blockchain provides improved traceability because each transaction or exchange is recorded and available to the public or specific interested parties.

  4. Increased efficiency and speed are benefits of a blockchain because it eliminates third-party mediation necessary when trading goods or making transactions of any kind. It also relies on one ledger instead of multiple that must be reconciled.

  5. A reduction in cost occurs when these third party intermediaries are eliminated as well. It will also reduce labor hours by reducing the amount of time necessary to authenticate documentation.

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#2357
  1. Transparency - all the Bitcoin transactions are public, traceable, and open
  2. Security - consensus, agreement on transactions acceptance and permanent transaction history storage
  3. You can follow each transaction and interconnect them.
  4. Removing third party in transactions increases efficiency and speed
  5. Well, as of Bitcoin, transaction cost might be less expensive, or more expensive.
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#2358
  1. Transparency:
    with the blockchain ledger you can see all transactions that that were made and where they went with ease and it is available to the public.
  2. Security:
    the blockchain is extremely secure because it is decentralized. they data its presented cannot be tampered.
  3. Improved traceability:
    with the blockchain ledger you can see all transactions that that were made and where they went with ease and it is available to the public.
  4. Increased efficiency and speed:
    blockchain transactions are extremely fast and people can transfer funds to each other within seconds as opposed to days or hours
  5. Reduced cost:
    transactional costs are extremely cheap compared to traditional methods
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#2359

Transparency:
Transparency is a benefit of blockchain networks because all transactions are public and can be easily audited and traced. Everybody knows and has access to the transactions.

Security:
Security is a benefit of the blockchain because it is almost impossible for a hacker to attack all the nodes of a blockchain. Users can rest assure that there will not be double spending.

Improved traceability:
Blockchain keeps public records of all transactions and that is a benefit because there are use cases in where knowing the origins of a set of transaction is of interest; for example supply chain.

Increased efficiency and speed:
Nowadays clearing wired money across country borders is a lengthy process involving several third parties. Blockchain has the benefit of being a worldwide network that allows this process to be efficient (no third parties involved) and way faster.

Reduced cost:
The fact that Blockchain is more efficient in transacting, and that the need of a third party overhead is not required, makes Blockchain able to offer lower cost of transacting.

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#2360
  1. Transparency: All parties are using the same, verified, real-time ledger
  2. Security: No one central database, all nodes have to be hacked in order to hack the blockchain
  3. Improved traceability: All parties in supply chain are using the same protocolā€¦ from production thru transportation, to point of sale, (can include temp controls also)
  4. Increased efficiency and speed: Real time auditing, no 3rd party lag
  5. Reduced cost:A fully accountable, verified summary posted to the blockchain, auditable at any time, in real timeā€¦the end of the Old Paper Trailā€¦Save the Trees! and all the 3rd parties needed in todays business models
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#2361

Transparency: Historical data is available to the public, as opposed to data from some paperwork being translated by an individual party. In order to manipulate data on the blockchain, one must alter all the preceding blocks of that chain. This process is as close to impossible as you can get.

Security: Data is stored across a network of servers. Our current society stores data across single servers. A network of servers allows for enhanced security due to the increased difficulty for hackers. Instead of having to hack one system, hackers are required to hack multiple servers simultaneously.

Traceability: With blockchain, the transactions that occur along the supply chain are recorded on the digital ledger. These transactions leave breadcrumbs that allow the public to trace products back to where they came from. It will be easy to know if what you are buying is legit or a counterfeit.

Efficiency & Speed: Using the blockchain allows for one public ledger. This ledger is update instantaneously as transactions are created. There is no human translating paper documents on to a digital ledger. After all, we are all only human, we are prone to make mistakes. Mistakes are not all bad because mistakes are what make us better. Nonetheless, mistakes are still errors and streamlining the ledger is more efficient and effective.

Reduced Cost: Transacting amongst businesses and individuals is much more cost efficient using the blockchain. Instead of using a third party to verify each party involved and then creating the transaction for the trading parties, the blockchain does all that. A party will not be able to participate in an exchange if they are incapable of fulfilling their end. The exchange simply cannot be created. The blockchain requires both parties to be of capacity.

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#2362

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

Transparency:everything is public everyone has a copy so you donā€™t have to trust anyone

Security: decentralized therefore always available and canā€™t be hacked

Improved traceability:as everything done is public and on the leggier

Increased efficiency and speed: by removing the middle man tess procedures

Reduced cost: Removes the middle man and therefore the cost of him.

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#2363

Transparency: on a blockchain, the entire historic of transactions and associated data are recorded and made available to anyone who has access to this blockchain, meaning for a public blockchain: everyone with an access to the Internet. In addition, thanks to decentralization and consensus mechanisms, those data are immutable, so cannot be modified or deleted, so what is seen in the ledger is guaranteed to exist here forever.

Security: blockchains are decentralized networks so there is no one single point of failure: if one server is hacked, or simply fails because of an hardware issue, all the other nodes of the network will guarantee that the service is still available and non-corrupted. Validity of the data is made possible thanks to the consensus mechanism which forces all the nodes to agree altogether on new blocks creation: one single node cannot record data on the blockchain without the consent of the entire network. Once published and confirmed, data cannot be modified or canceled by anyone. On blockchains, trust is put on a protocol which will do what it as been programmed to do, no matter what.

Improved traceability: on blockchains, the entire historic of the data is recorded permanently and accessible by anyone (which for a public blockchain means everyone who has access to the Internet). On blockchains, you can see when an asset was created and how it transited from one owner to another.

Increased efficiency and speed: blockchains are available 24/7/365. Blockchains are available everywhere in the world where Internet is available. All the applications built upon one particular blockchain share the same back-end protocol and database, meaning that they can natively ā€œspeakā€ to each other, without the need to trust each other (so no intermediaries involved).

Reduced cost: with blockchains, applications and users can communicate without the need to trust each other and therefore, without the need to use the services of third parties.

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#2364

Transparency: provides trust or distrust like monero.

Security: immutability is the main problem with visa and transactions of today.

Improved traceability: cash is the most widely accpeted form of money in criminal activities.

Increased efficiency and speed: Because sisterchain xdai

Reduced cost: everyone gets incentive

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#2365

Transparency:

  • You can do the audit 24/7/365, no need to have an third party to do it.

Security:

  • Blockchain is almost impossible to be hacked, verification process is based on ā€œmathā€ (net of computers)

Improved traceability:

  • Bitcoin is running 24/7/365

Increased efficiency and speed:

  • When you send money form bank account it takes atleast 1 day (inside the country) to do the transaction.
  • With BTC it is a matter of minutes and also you can send it all over the world.

Reduced cost:

  • We dont have a third party to make the transaction so it is cheaper.
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#2366

Transparency:

All participants see and can check everything, they all share the same data.

Security:

Data is interconnected, encrypted and virtually impossible to change.

Improved traceability:

The entire history of transactions is available to everyone to check with no downtime.

Increased efficiency and speed:

Single ledger, no need for the middleman and/or doublechecking.

Reduced cost:

No need for the third party is by far the biggest saving.

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#2367

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

Transparency: Thanks to the public ledger, which is shared with all participants of blockchain network. Everybody is able to see whatā€™s happening, with full history.

Security: Public ledger is shared with all participants of blockchain network and to record something in it it must be first approved by all participants. Thus no central authority can manipulate it.

Improved traceability: Public ledger stores all history of actions(transactions) on blockchain. Whole history can be tracked from one database. No need to track history from various middlemen.

Increased efficiency and speed: Because everything is stored on one shared public ledger, itā€™s much easier to track all data you need from one place. This becomes much faster and efficient than tracking all information from different places.

Reduced cost: Thanks to public ledger you remove many middlemen which u would have to pay.

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#2368

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

Transparency:
1 ledger to rule them all - everything is visible to anyone who has access

Security:
Transactions are not changeable by one entity - all transactions must be verified by the network

Improved traceability:
Blockchain enables quantification with many applications; quality assurance and inventory tracking become available as every product is on the blockchain

Increased efficiency and speed:
3rd parties are not required to be in the middle of actions and transactions; everything runs according to the immutability of the system

Reduced cost:
Cutting out the middleman and the ability of any 3rd parties needed for transactions or tracking will save companies time and money

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