Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#2409

Transparency: everyone can see the audit trail of all transactions on the network causing users to become virtually trust less when teansacting in said network.

Security: The network is cryptographically tied to every single block before it, creating an incredibly difficult chain to break/manipulate for nefarious purposes.

Improved traceability: the entire network while being highly secure is also completely open and can viewed by anyone with an internet connection.

Increased efficiency and speed: the settlement Of transaction problem that a blockchain network solves is highly efficient because it take ten minutes instead of multiple days in the traditional banking system to make sure that funds are available from one account to the other thus blockchains allow for a more streamlined clearinghouse of funds

Reduced cost: The network fees/cost to send large amounts of value across a blockchain network is considerably lower Than traditional banking where a transaction of over $100 Million would take weeks and 10s of thousands of $$$ to send would only take a few hundred $$$ on a blockchain network.

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#2410

Transparency:

All the transacions are publics

Security:

All the transacation are validated by the networks (nodes)

Improved traceability:

All the transactions cannot be modify or deleted

Increased efficiency and speed:

Any transaction can be done 24/7.

Reduced cost:

No third part or intermediate that will take a margin or fees to be the intermediate between two or more entinties or persons.

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#2411

Explain with your own words, why these are the benefits of using a blockchain.
1. Transparency:
Having a shared version of distributed ledger (as opposed to individual copies) that is only updated through consensus means that the data stored on a blockchain is more accurate, consistent and, therefore, transparent than when pushed through paper-heavy processes. It is also available to all participants who have permissioned access. Changing a single transaction record would require the alteration of all subsequent records as well as the collusion of the entire network.
2. Security:
There are a number of ways that blockchain is more secure than other record-keeping systems:-
• Transactions must be agreed upon before they are recorded.
• After a transaction is approved it is then encrypted and linked to the previous transaction.
• Information is stored across a network of computers instead of on a single server making it very difficult for hackers to compromise the transaction data.
• In industries where protecting sensitive data is crucial (i.e. financial services, government and healthcare) blockchain can improve how critical information is shared by helping to prevent fraud and unauthorized activity.
3. Improved traceability:
When products are traded through a complex supply chain it can be very hard to trace them back to their origin. Exchanges of goods on a blockchain are recorded and you get an audit trail that shows you where an asset came from as well as every stop it made on its journey. This can help verify the authenticity of assets and therefore prevent fraud.
4. Increased efficiency and speed:
Traditional trading processes are time-consuming that are prone to human error and often requires third-party mediation. Blockchain enables you to streamline and automate these processes and transactions are completed much faster and more efficiently. As using a single digital ledger that is shared among participants you don’t have to reconcile multiple ledgers. Also, everyone has access to the same information and it becomes much easier to trust each other.
5. Reduced cost:
As there is no need for third parties with blockchain to make guarantees etc. you don’t have to review as much documentation to complete a trade. This results in overall reduced costs.

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#2412

  1. Blockchain is immutable distributed ledger shared by all the participants and updated through consensus. That makes the data more accurate, consistent, and transparent.

  2. Enhanced Security.
    Blockchain transactions are agreed, approved, encrypted, and linked to the previous transaction. The information is stored across a network of nodes preventing a single point of failure. This enhances the security of the blockchain.

  3. Improved traceability.
    Blockchain in the supply chain ensures a real-time audit trail of the journey of the products or ingredients from source to consumer. This helps to verify the authenticity of the product and prevent fraud.

  4. Increased efficiency and speed.
    Blockchain is a single ledger shared by the participants, streamlining and automating processes and transactions. Each participant has access to the same information in real-time making it easier to trust each other without any intermediaries. Clearing and settlement are quicker and more efficient.

5.Reduced cost.
Blockchain removes the need for third parties and middlemen, trust is on the blockchain. There is no need for too much documentation since the participants have permissioned access to a single, immutable version of the documents. This reduces the cost of running a business.

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#2413

Transparency: Can update the data on the blockchain through consensus. Data on blockchain is more accurate and transparent.
Security: Information is stored on many many computers. Very difficult to hack.
Improved traceability: Goods that are recorded on the blockchain can be easily traced. Helps to prevent fraud and to make sure that goods are authentic.
Increased efficiency and speed: Faster transactions
Reduced cost: Removes the middle man.

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#2414
  1. Everyone can see.
  2. Transactions are encrypted.
  3. With blockchain, everything can be traced back. Highly useful with medicines, food, and everything really.
  4. It reduces time and manpower as you would get with older models.
  5. No need for middlemen.
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#2415

Transparency: all participants on the network share the same information and can only verify information through consensus. to alter information would mean that someone would have to take over the entire network which is impossible.

Security: Transactions are validated through a network over multiple computers. a hacker can’t hack them all at the same time vs someone stealing or altering one file, system etc…

Improved Traceability: all items are stored and traced through the blockchain. no cheating or shortcuts

Increased Efficiency and Speed: anything time consuming has a high degree of human error and exhausting record keeping which required physical organization. blockchain can provide that information effortlessly.

Reduced Cost: it doesn’t require anyone to manage the files. Once the data is imputed everyone with access can view the data.

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#2416

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

Transparency:

Blockchain technology enables you to store data in an immutable way and also the tools to fully audit and verify it the data 24/7. This improves the transparency of the database and the network where all participants are engaging.

Security:

Blockchain uses a consensus mechanism that garantees the integrity of the data before adding it to the blockchain. Also by being decentralized, there is no point of failure in the network due to the fact that all participants have access to their own copy of the database.

Improved traceability:

Blockchain enables you to record a chain of events and data that can no longer be modified. All events in that blockchain are recorded and can be used to verify the authenticity of assets and prevent fraud.

Increased efficiency and speed:

Blockchain can be used as a global database used by all participants, enabling a more efficient way of transfer, auditing and verifying all transacted information.

Reduced cost:

With blockchain we can remove the middleman from the equation, reducing the complexity and the human error within the chain of human interactions.

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#2417
  1. Transparency: Greater transparency is achieved on blockchain because transactions are on a shared ledger, not a individual copy that can be manipulated. In order to change data on the blockchain, the consensus of the entire network would have to agree, but this is next to impossible because the network is incentivized to verify authentic transactions. The blockchain is always accurate and never needs to be modified because the network consensus only verifies authentic transactions, thus relating to greater transparency.
  2. Security: The consensus of the network agreeing to record a transaction is the most robust security measure because the network is stored across a network of computers opposed to a single server.
  3. Improved traceability: Provenance – once a transaction is recorded on the blockchain it cannot be removed; therefore, it will always be stored on the database and anyone can trace the origin of the transaction because the ledger is public.
  4. Increased efficiency and speed: A company does not have to worry about human error because blockchain verifies transactions based on mathematical composition the entire computing network approves before being added to the database.
  5. Reduced cost: A company does not have to rely on third parties as intermediaries to validate transactions. Blockchain is immutable and all the data that stored on the network has been verified by a consensus.
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#2418

The benefit of transparency is requiring all parts of the network to agree on every transaction within the blockchain, all parts of the blockchain are public, even encrypted parts are public to auditors, this makes the blockchain trustless and verifiable through consensus and provenance.

The security of blockchain is maintained through mining and its decentralized nature. There is no centralized authority of blockchain. You rely upon the consensus between all parts of the network and proof of work. Security is also found in the finality of blockchain.

All transactions on the blockchain are public and traceable. Provenance allows one track all steps in a process, verifiable via blockchain. Blockchains give incentives for being trustless and verifiable.

If many similar business used the same mechanism for data, invoicing, and tracking, such as blockchain, efficiency and speed would increase through the use of a common method of communication which is trustless, immutable, verifiable and final.

There are many ways one could find to reduce cost through the use of blockchain, a single striking example comes to mind: paper; a paperless, verifiable ledger.

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#2419

Transparency is the gatekeeper to authenticity. If transparency can’t validate you then authenticity can’t let you into the kingdom. Transparency the general of the army has several military arms that have checkpoints for clearance. Each is given the rules and policies for acceptable clearance. Once all checkpoints have verified the subject then it moves into the world of authentic transactions.
As it relates to enhance security,a completed blockchain transaction is like a secret society with global chapters where one must know the code word or handshake to recognized or even have the organizations logo branded on him. The more hurdles and more difficult the course the stronger security.

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#2420

Transparency: Blockchain is a type of distributed ledger, where the same copy of information is hold by all network participants, which can only be updated through consensus.

Security: Transactions are recorded and encrypted after they are approved. After that, linked to the previous transaction. Information is stored across the network on different computers (decentralised). By this design, compromising transaction data is very hard. Fraud or any unauthorised transaction wouldn’t be approved by the network.

Improved traceability: The ability to retrace the origin is given by the blockchain. It can be implemented in different kind of processes. For example exchanges of goods. Verification of authenticity is more easy.

Increased efficiency and speed: Because there are no intermediaries involved. If fully automated, no human errors can occur and will be more efficient.

Reduced cost: You don’t need as many middlemen or third-party to make guarantees.

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#2421

Transparency:
Transaction histories are etched permanently into the blockchain making them a record of truth which all participants can see and validate.
Because users can only add to the blockchain (and never take away), all the transactions that ever took place across are visible across the entire network creating a transparent ecosystem.

Security:
Because transactions must be agreed upon across the network (consensus) before being appended into the blockchain, and because changing a single transaction would require changing not only the current block but rehashing all earlier blocks, it is not possible to manipulate prior transactions. This adds another layer of security and transparency to the network.

Improved traceability:
As all transactions become a permanent record in the blockchain, tracing the source of all transactions becomes simple and immediate as each transactions is already ‘validated’ so auditing not required.
In the case of the supply chain for example, an item and all the parts/ingredients which it’s made up of, can be traced back to each manufacture illustrating the true origin of the components/ingredients.
When exchanges of goods are recorded on a blockchain, an audit trail is developed automatically illustrating all the full journey of the product from its origin to the market.
This historical transaction journey illustrates the validity/authenticity/provenance of assets and prevents fraud.

Increased efficiency and speed:
Blockchain enables streamlining and automation of traditionally slow and cumbersome process such as record keeping and auditing. Because blockchain by design tracks all transactions and is immutable, there is no longer a need to reconcile multiple ledgers as everyone has their own copy of the same ‘live’ public ledger which updates every time a new block is added to the chain.
Given that everyone has access to the same information, there is no need to ‘trust’ intermediaries as claims are all validated.

Reduced cost:
As blockchain makes the entire process of executing transactions much more efficient both from the (a) execution of the transaction and from the (b) accounting recording of the transaction – cost savings are realized simply by efficiencies. Add to this that the peer to peer architecture of the blockchain ecosystem minimizes the requirement of 3rd party intermediaries – savings are again realized with few participants involved in completing the transaction.

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#2422

Transparency:

The transparency comes from the fact that the data of each transaction is shared by all the participants, but not only that, this data have to be approved by al the participants.

Security:

For hackers is a headache, the data is spread in a huge computers network, to difficult to order the encrypted data and to fine a breach to enter to the system.

Improved traceability:

This is one of the characteristics of the Blockchain, each supply chain transaction is recorded in the block, we do not need aunt it, is there and we can secure where come from, for example all the good in the production chain.

Increased efficiency and speed:

we have a couple of example on the Blockchain transactions, one is the fact that everyone have the same data, so we don’t need intermediaries to check the information and the other one is the fact that every transaction is done with a unique ledger so we don’t have to reconcile multiple ledgers and at the end of the day we finished with less clutter

Reduced cost:

No 3rd parties involved and no reprocessing works considering that everyone have the same data.

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#2423

  1. Transparency: Every member of the Network has the same documentation of previous transactions. To alter any previous transaction, you would have to alter every following one, and on every documentation that exists, which is near impossible.

  2. Security: Every transaction has to be confirmed before it is written onto the Network. When it is confirmed, it is put onto a block, that is encrypted with information of the previous block making changing confirmed transactions impossible. Being stored by more than one node also helps the network as you have more copies of the same document making hacking very difficult.

  3. Improved traceability: When looking at a supply chain, it is hard to know, where and what is being done to a product at a certain point and time. With Blockchain it makes this very easy as you can simply look into the Network and check. No one can lie and say something was/wasn’t done to the product as everyone can verify it on the Blockchain.

  4. Increased efficiency and speed: Everything is done by protocols and computing. There is no room for human error. Everyone also has access to the same information.

  5. Reduced cost: You don’t need as many middlemen (such as accountants and transaction keepers) and you don’t need to trust any person. The only thing you trust is the data on the Blockchain and the protocol. You also don’t need to review a lot of documentation before completing a transaction as this is already done on the Blockchain.

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#2424

Transparency
Blockchain are becoming ever more popular in business due to the fact that all allowed participants have access to the same immutable information.
Inputting data into the blockchain as appose to paper heavy procedures ensures a more accurate, consistent and precise process with fewer errors.
The data can only be amended or changed through consensus of the entire network.

Security
Sensitive data can be safely stored and is far less prone to manipulation or fraud.
Transactions must have consensus from all parties before the transaction is recorded into the ledger.
Upon recording the transaction the data is then encrypted and linked to the previous transaction.
DLT is stored across multiply computers in different locations making is extremely hard for hackers to compromise the data.

Improved Traceability
Blockchains offer a far more accurate method in tracking each different stop and pinpointing an exact location through out the supply chain.

Increased efficiency and speed
Using Blockchains instead of paper methods offers a far more streamlined approach with fewer errors and increased speed.
All information is stored in one single distributed ledger and shared among all participants.
No need to reconcile multiply data points which in turn ensures a much faster settlement.

Reduced Costs
You do not need as many third parties or middle men when blockchains are being used as everyone has access to the same immutable data.
You can simply trust the data not the third party.
Their is no need to waste valuable time and resources on checking documentation as everyone involved can access the same version of the ledger.

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#2425

Transparency means that you could oversee if all the setting or steps accross the production of any product are respect through blokchain record.

Security: In order to approve one transaction all the network have to be aware of then it will be approved and conected to the previus transaction.This immutable system will allow recorded critical information easily and safely.

Improved traceability: Blockchain will faciltate the traceability of complex supply chain network by saving all steps after steps of the product’s journey.

Increased efficiency and speed : All the paper-heavy processes are consuming timer,with blockchain you will be able to automatize all the processus of information/transaction certification.

Reduced cost: You have to be confident with technology,with the code that will be build to create a confident atmosphere between you and your partner. By trying to use less middlemen and third party in order to avoid human mistakes that will could cost you lot of money.

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#2426

1. Transperancy: Allows provenance. The fact that a transaction can traced real time. Brings real time auditing. Transactions are approved by all the participants in the network reaching a consensus and then recorded on the blockchain, available for everyone to see.

2. Security: With the consesus among participants in the network, there for different computers, is better than a single server approving various transactions. Makes in very hard for hackers to alter data. Once a transaction is approved, it cannot be modified.

3. Improved traceability: Provenance. With provenance you can track for example from where the various products in a supply chain come. Provenance and consensus go hand-by-hand. Everyone in the supply chain are aware, they communicate with each other and they cannot be easyly lied to. Removes the trust between different parties.

4. Increaced efficiency & speed: No intermediateries needed. No need to trust third party to handle a transaction. Everything is done in the network and verified mathematically.

5. Reduced cost: Again - no third party needed to do a transaction between two sides. You can work with complete strangers and don’t need to worry, because everything is verified by the network. In math we trust.

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#2427

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

Transparency:

All network nodes share the same data, shared data can only be updated when all network nodes agree through consensus. Once transaction is added and confirmed then it stays there forever. It available to every to see.

Security:

After transaction is confirmed then its encrypted and linked to previous transaction. This make is more secure because in order to changed it also previous transactions would need to be confirmed. Data is stored on all nodes of the network and its mush harder to hack it comparing to single server.

Improved traceability:

Traceability is improved because transactions are linked together and one can see from where the given transaction came from, this can be useful if supply chain. This can verify the authenticity prevent fraud.

Increased efficiency and speed:

Using blockchain is faster because middle man is removed, process is simplified

Reduced cost:

Cost is reduced because middle man is removed and only trust in math, not human that can make errors.

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#2428

transparency : you can find every info of transaction that is maid and don’t need trust from others only trust the network because its several databases all over the world

security : blockchain cant be hacked info or transactions cant be removed or duplicated

improved traceability : everything is recorded cant be manipulated and you can track all products from there origins

increased efficiency and speed : because u work directly with the origin of the product and no need for multiple bata bases for info on the product and where its coming from to its final destination

reduced cost : since there is no middle man and you get your product from the supplier it will cost less since no mark ups from other places that are not the producers of the product

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