Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#2389

Transparency: The benefit for transparency is that all network participants share the
same documentation, which in turn also means that everyone must agree on it through
consensus. Therefore, we can say that blockchain is accurate, consistent and transparent.

Security: The benefits of its Security features is that once the transaction is approved,
it is encrypted and linked to the previous transaction. Another benefit is that this information
is stored across a network of computers instead of a single server, thus its not very hackable.

Improved traceability: The benefits of Improved Traceability is that all exchanges of goods
and services are recorded on the Blockchain, therefore the end result will give us an Audit trail that
shows where the product came from and all the stops it made along the way to its final destination.

Increased efficiency and speed: The benefits of blockchains Increased efficiency and speed is because
the record keeping uses a single digital Ledger that is shared by network participants and where it becomes easier to Trust each other which in turn makes clearing and settlement a lot quicker.

Reduced cost: The benefits of reducing costs using blockchain is that we need less Third Parties.
which in turn assures us that it doesn’t matter if you can trust your trading partner, but trust the data
on the blockchain. There is also Less review of documentation, because all network participants will have access to a single Immutable version.

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#2390

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

Transparency:

All transactions are visible and traceable on Blockchain network.

Security:

It is a decentralized network. Consensus validate data and transactions. Math and protocol trust.

Improved traceability:

Audit can happen on real time. High availability. Real time track on transactions and supply chain process.

Increased efficiency and speed:

Using the same ledger fasten data interaction on the process.

Reduced cost:

It accelerates audit, information and data usage. No need to rely on third parties institutions.

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#2391

Transparency:
Data on a blockchain is more accurate mainly because it cannot be changed without consensus. Once all the participants in the network share the same information, everybody knows the state of data and can be sure that it will not be changed once it’s confirmed.

Security:
Blockchain is way more secure for some reasons: the data is stored across many computers in the network, participants must agree upon a transaction before it’s recorded on the database, and approved transactions are encrypted and linked to previous data stored in the network. Changing some data would require rebuilding the whole chain from that point ahead. In other words, the older the data is, the harder it is to be changed, hacked, whatever…

Traceability:
Once all data is linked to its previous generating transaction and cannot be changed after it is stored in the blockchain, every record can be clearly traced from its current state backward, allowing a clear picture of all information across its history, making audits much faster and easier, which is an important tool to assess products conformity, compliance and prevent fraud.

Efficiency and speed:
With blockchain, you can save on paper-heavy processes. Clearing and settlement can happen much faster when it’s happening on a single database. A lot of time is saved by avoiding reconciliations. In summary, transactions can happen much faster and without many common intermediaries.

Reduced Costs:
Transactions can happen without third party participants that would guarantee them. You just need to trust the data itself and the software (contract). Also, a lot of documentation is not needed once all participants have access to the same immutable version of the information.

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#2392

Wow~ The blockchain is incredible! Truly. And so is this material! I so appreciate it.
Ok - Transparency: All is open to public or agreeing parties on the blockchain. It is reliable as the longest working network ever existing. The transparency is crucial to the other named areas of our question such as…

  • Security. Once a transaction is done it is done.It cannot be revoked or canceled and cannot have chargebacks. it is over when the transaction and agreement between the parties is over. Due to the Nodes and agreement required between all of the blocks in the chain, it is immutable and can’t be hacked well at all. One would have to hack block after block! too expensive and difficult!
  • Improved traceability: Provenance is a great feature of the blockchain. One can tell where and what happens to any item in the process of production and sales or the creation of products and the suppliers they use. Complete knowledge as to the ingredients, who made what and when is on the ledger.
  • Increased Efficiency and Speed: The blockchain gets rid of the middle men that are commonly used today. The ledger provides a clear and organized way to assure traceability and security as well as all agreements, payments supplies and so on. So, the individual hired to do the tracing disappears and the accountants nearly disappear. There are many aspects of the blockchain that afford far more ease and far less cost to businesses today. This is why it will be adopted more swiftly.
  • Reduced cost: As mentioned above, less hands are needed to effect good business. So less output in time and money is required. Businesses love this! Who doesn’t!
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#2393

First of all, for transparency is one of the benefits of block chain. Block chain is a type of distributed ledger that shares the same transaction records or digital documents with all the participants in the network. This means that everyone will be able to check the transactions. An attack on the network will be nearly impossible because it would take up to 51% of the computational power to be able to change the transactions network. And this is known as a 51% attack. It is also not advisable to do so even if you are doing it for financial gain due to a immense cost of electricity need which the reward is not enough to cover.
Security enhancement in the block chain network compare to the normal network. Before every transaction is made the general consensus will have to verify the transaction first. After the approval, the transaction data will be encrypted with a private linked which is nearly impossible for hackers to penetrate.
Traceability in the block chain network. Every time a transaction is made, the block chain will automatically record the data from its origin to where it stop. This will prevent fraud and scams by being able to pin-point the exact location of the transaction.
Block chain Increased efficiency and speed of network transactions and processes. Since it will automatically copy the record of the transaction to everyone, we don’t have to personally kept track because it will be store in the block chain network.
Block chain transactions are very low in cost compare to the conventional network that needs a third- party’s trust to function.So, it reduces the cost.

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#2394

  1. Transparency: Unlike traditional database in blockchain the transparency and the security are hand in hand.So when you looking data on the distributed ledger,it is a peace of mind you facing the right data across all of the nodes.And all the history of the entire blockchain is completely transparent. This means we can revolutionize many different industry where past information need to be trackable and trustworthy and irreversible.

  2. Security: To be decentralized and immutable brings up the the question, -is there any better solution for store data safely? Well blockchain is the best way for it and it is mathematically encrypted.This is in itself a huge potential for a consumers application.

  3. Improved traceability: Open ledger technology giving even to the average user , a confident to track transactions back in time,so having there own permissionless access to any data is open an other window for the world wide adoption.

  4. Increased efficiency and speed: For example,a person to person value transaction(or even an efficient secured data storage)is coming from the consensus of all nodes,that means users need to see only one node for those to check,and this is make it fast and it is cost less without any third party.

  5. Reduced cost: With security and removed trust,all transfer founds,transfer owners ship,or even banking can happened without any paperwork,and the way less human source make blockchain more cost effective solution.

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#2395

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

  1. Transparency: everyone has the same version of the distributed ledger and the data is open to everyone
  2. Security: transactions have to be validated through consensus so nobody can manipulate the data
  3. Improved traceability: you can find the source and origin of each transaction on the blockchain
  4. Increased efficiency and speed: no more paper work and red tape thanks to the single point of information
  5. Reduced cost: all transactions on the blockchain being transparent and secure, there is no need in middlemen which helps to cut costs
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#2396

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

  1. Transparency: all participants are allowed to access the date share the same information, which can only be Update through Consensus
  2. Security: Transactions must be agreed on by the nodes (consensus) before they are recorded in the blockchain an this information will be stored in the whole network.
  3. Improved traceability: the blockchain will keep track of the whole journey of a product. Origination till destination and each stop.
  4. Increased efficiency and speed: Automated documentation will Fasten things up.
  5. Reduced cost: Less paperwork less middlemen save money.
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#2397

  1. Transparency: Transaction data is recorded on a single ledger which is shared among all parties so everyone has the same information. To make an update, everyone must agree (consensus) to alter the data which would require the entire network to be involved. All subsequent transactions relating to the altered transaction also needs to be changed.

  2. Security: To alter transaction data all parties need to agree before it is encrypted and linked to previous transactions. The distributed network of ledgers make it difficult for fraudulent behaviour because any transaction that is not agreed on by the entire network will be ignored.

  3. Improved Traceability: All transactions are recorded on the blockchain so they can be traced back to their origin. The historical data helps to verify the authenticity of a transaction.

  4. Increased Efficiency and Speed: Because all transactions are recorded on a single ledger, and shared among all the parties, this reduces the need for 3rd party mediators to reconcile multiple ledgers, which can be time consuming and subject to human error.

  5. Reduced Cost: Eliminating the need for 3rd parties from the transaction process reduces costs.

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#2398

Transparency is a major benefit of blockchain because it removes the trust factor from our world. It allows the customer and business to see whether or not there is any “shady” things going on with either side. Currently there is very little trust left in any part of our society. Being able to see what businesses/Countries are doing and where their products and money. This also brings the security factor into play because giving a financial incentive to keep these transactions truthful is a major benefit for both sides. This creates improved traceability reduces costs and increases efficiency and speed of the system.

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#2399

I enjoy how your write so succinctly exactly what it is about… I will be studying your style as less words are often so much better. I tend to take too many words. so thanks!

#2400

Transparency: No need to worry about false inputs or data

Security: One the transaction or input of data has been made it cannot be changed

Improved traceability: All previous transactions are held on the block chain for all to see.

Increased efficiency and speed: Less need for 3rd party intermediaries meaning quicker transactions and less errors

Reduced cost: Less additional parties needed to allow the block chain to work meaning less need to pay outsourced companies for middle man work

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#2401

The blockchain has great transparency, every one can take a look at the transactions. Also because it’s decentralized and because of the nodes it has a good security case. Improved traceability means that everything in the chain can be tracked. The blockchain is central and everyone has access to it and you don’t need a middleman so that’s Increased efficiency and speed. Because you are not paying a middleman or a company it’s reduced the costs.

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#2402

Thank you for the kind words :relaxed:

#2403

There are several advantages using blockchain technology over current traditional systems.

All transactions are transparent recorded on a public ledger, by this all participants access the same public information. Real time audit and traceability becomes possible, which should be kept in mind when transferring private sensitive information if not encrypted.

Instead of the many centralized data silos we use today blockchain technology records all data in one single place. Once recorded the data cannot be changed this creates more trust and security than with centralized systems.

Using the public ledger information is transferred from one participant to the other directly, no intermediary needed. Removing all third parties make transfers unstoppable, dramatically increases transfer speed and reduces costs.

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#2404

transparency: a public ledger allows everyone to see the origin of a supply chain, or see that a transaction occured and was verified. This transparency pushes entities to act in a more truthful way.

Security: because of it’s immutability and consensus needed in order for transactions or data to be verified. There is less manipulation of data.

Improved traceability: all data is on the blockchain allowing the origin of an object to be traced all the way from it’s origin.

increased efficiency and speed: no third parties to rely on, so less delays and less overheads

reduced costs: less overheads and less intermediaries

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#2405

  1. Transparency:
    In blockchain all network nodes have a copy of the same documentation, any additions of transactions have to be agreed by all participants (consensus). All transactions can be seen, by all with permissioned access.

  2. Security:
    Because blockchain is immutable, transactions can only be added and not changed. These additions are only added after they have been agreed by consensus of all network participants. If anyone wanted to falsify a record, they would have to change the records on all nodes and all subsequent records, which would be almost impossible as blocks are continually being added.

  3. Improved traceability
    As blockchain contains a full copy of all transaction in one ledger, these are available 24/7/365, this means that they can be audited in almost real time. As the records cannot be changed, they show a complete history of what and where anything has gone.

  4. Increased efficiency and speed
    As all of the legers are shared across the network to all nodes, there is no requirement to go through a third party, or look through multiple paper-based records. The data is correct by default due to consensus.

  5. Reduced cost:
    The costs are reduced, as third parties do not have to get involved. As the all information is held on the network, it takes less time to access the information, therefore giving you more time to do other things.

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#2406

1. Transparency:
The blockchain is a type of public and distributed ledger where all parties have access to the same documentation and data. This information is easily verifiable across a redundant global network. The data is more accurate, consistent, and transparent.

2. Security:
Before a transaction is recorded, it must be agreed upon by the submitting parties. Once the transaction has been approved, it is encrypted and linked to the previous transaction. This information is stored across a global network of computers making it next to impossible to change the information, data and transaction. A combination of math and protocol ensures that the transaction is verifiable.

3. Improved traceability:
Utilizing the blockchain for transactions provides an audit trail that can be irrefutably traced to its origin. This provides a secure level of authentication and prevents fraud.

4. Increased efficiency and speed:
The blockchain reduces and virtually eliminates human error assuming that the correct information/data was recorded at its inception. There is only one single ledger that is can be cross checked across a global network for all participants. This also reduces the number of intermediaries that typically slow down the process of completion.

5. Reduced cost:
The reduction of costs is accomplished through the elimination of third parties and transaction fees.

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#2407
  1. Transparency - all parties can view one source of data and there is no discrepency or need need for mediary to assure each party is protected or being treated fairly. All parties see the same thing and it cannot be changed.
  2. Security - The validity of data is very important to business and to buisiness deals transactions, or record keeping of any industry. The fact that a transaction must be approved and then it is encrypted and linked to a previous transaction and that the transaction is recorded on a network of computers, means it is very secure and not very easily manipuated without a large network collusion and so any industry that has sensitive data can trust that the blockchain will be far more secure.
  3. For tracking something like supply chain is it invaluable to be able to verify that authenticity of each step of a supply chain. Once the exchanges of goods is recorded on the blockchain, there will be more accountability to quality at each step of the way and it will be easy to see what the “story” of a product is. Where it came from, and what is it made of? This information will be very helpful to ecological footprint analysis as well as many other social and cultural measures that we can make to improve the quality of life of people.
  4. Without all the middle men and redudant re-doing of contracts, or searching for information, processes and transactions will be faster and more efficient which safes every one time and money
  5. Reduced cost due to less time wasted, less people needed, and more information available to optimize even more.
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#2408

  1. Transparency:
    Because it provides a distributed decentralised public ledger in which there must be consensus to make changes. Thus it provides distinguished provenance.

  2. Security:
    Due to the distributed nature of blockchain in which every node on the network has a copy of the public ledger it is almost impossible to compromise the data as there would have to be consensus from all the nodes in the network and alteration of all back-linked records! Due to the incentivised mining and changes in mining difficulty the network will also ensure high availability and no weak spots that can be compromised.

  3. Improved traceability:
    Transactions on a blockchain are linked in a public ledger that is transparent for all thus giving anyone insight into supply chains to verify authentication.

  4. Increased efficiency and speed:
    By taking out intermediaries Blockchain automates, streamlines and makes processes more rapid and efficient, which may have been prone to human error, fraud etc. This model is trustless thus solving the age old problem of building trust in transaction systems.

  5. Reduced cost:
    Blockchains trustless model removes a lot of overhead from the equation thus bringing a single immutable solution to the table without the costs of intermediaries.

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