Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#242

Transparency assures verifiable integrity across the network, which is core to its value.

Blockchain security protects the network with a type of ingenuity that allows it to thrive in the public domain.

Improved traceability provides irrefutable testimony regarding origins and authenticity.

Increased efficiency and speed brings cost reduction as numerous intermediaries such as witnesses, auditors, clerks and financial institutions are not involved. (They were the sugar and the milk.)

Cost reduction is an important benefit because it spawns adoption which in turn, strengthens the argument to run nodes which is incentive-based.

#243

Transparency: Every TRX can be tracked and traced

Security: Trustless, based on mathematic laws, consensus of all network partners

Improved traceability: prevents fraud

Increased efficiency and speed: no middle man involved thus no slowing down of the process. quick and easy validation

Reduced cost: cut off most of the audits work, not based on trust and no need to maintain database. replacement of paperwork

#244

  1. Transparency: Enables everybody to see and get a digital copy of a transaction, this transparency is also approved by consensus, which means many equally incentivised nodes coming together to reach an agreement of this transaction which is shown on the ledger.

  2. Security: These Blockchain systems are kept on multiple computers incase one or more gets compromised, making it a decentralised system that is hard to hack. Standard centralised systems can always be compromised because it can really upon a single source data base.

  3. Improved traceability: There is a much clearer audit trail because Blockchain transactions cannot be erased and therefor you can retrace but to the point of it’s origin, without any manipulation.

  4. Increased efficiency and speed: You don’t have to use any paper work which is prone to human error which can also get messy and information can get lost easily. The public ledger is easily accessible and much faster to use, everybody can receive information in real time.

  5. Reduced cost: No manual labour or materials are used to produce mass amounts of data on a public ledger. There’s no middle man taking profits for auditing, no third party required. Trust in the mathematics and computers.

#245

Explain why these are benefits of using the blockchain.

  1. Transparency is a benefit of using the blockchain since it allows the detection of modifications made by any single individual, thus preventing fraud. Transparency allows everyone to see and validate the record of transactions.

  2. Enhanced security is a benefit since it prevents anyone from altering the data contained in the ledger. It prevents the counterfeiting of digital money.

  3. Improved traceability helps to eliminate corruption by allowing all transactions to be identified. It also benefits supply chain systems by ensuring the veracity of claims that certain ingredients are included in a given product.

  4. Increased speed and efficiency benefits trade by reducing the time taken for humans to provide the information necessary to guarantee that a transaction is conducted to the satisfaction of both parties.

  5. Reduced cost is the result of the use of blockchain for eliminating the necessity of middlemen to guarantee that a transaction is conducted fairly. As a result, companies require less time to produce documentation and less space to store it, in order to conduct trade.

#246

Benefits of using Blockchain

Transparency: Since the ledger is disturbed with the node having local access to the entire network. I provides an environment where trust is not needed

Security: Transactions must have consensus which are also encrypted and linked to previous transactions.

Improved traceability: Being able to look back through the supply chain and verify is advantageous

Increased efficiency and speed: Getting rid of the middle man and human error

Reduced cost: No middle man charging you a fee

#247

1. Transparency:
Transparency is important in any process as it provides all users of the process with the same insight and makes cheating harder. An example of this could be a voting system for government and citizens.

Transparency in peer to peer value transaction networks, such as Bitcoin are easy to verify, due to the mathematics behind the network. In more complex transaction networks, for example a supply chain of produce, you need oracles to verify the data being put into the ledger, to keep the transparency.

2. Security:

The benefit with security in blockchain, assuming that it the data validated is on a blockchain with enough nodes is that no one can edit or delete the data, once its been validated. This is critical for transactions of value such as bitcoin, to eliminate “the double spending problem”.

3. Improved traceability:

As all transactions that are not false, are added to the distributed ledger and are also timestamped, the realtime audit capability is unbeatable.

Again, it should be stated that this works extremely well when the application is peer to peer value transactions. The more complex the application, the higher the risk of bad/false data input. This risk can be avoided through a solid incentive model and oracles.

4. Increased efficiency and speed:

Through the properties of the distributed network and its overlying security through mathematics and consenus, blockchain can send unique data from A to B without the need for mediaries, due to the inherent trust in the system that the data cannot be changed once it is sent. This gives increase efficiency through less time used to validate, and therefore faster too.

The obvious example here is the traditional financial system vs bitcoin. It takes much longer to transfer any currency through the banking system, due to the amount of mediaries, political obstacles and outdated infrastructure. All these elements that make banks slower than bitcoin also increase the cost of transaction, not to mention that as they have a monopoly on money management, they also take a extra cost and keep the money for interest (another article).

5. Reduced cost:
As stated in previous paragraph, less mediaries in blockchain means less cost. Time to complete transactions are often shortened too, increasing the effect of reduced cost.

#248

Transparency is achieved using blockchain technology by the implementation of a public decentralized ledger.

Security is achieved by allowing multiple parties to verify each transaction that takes place opposed to a single entity.

Traceability is done through an audit trail that is encrypted on the blockchain.

Efficiency and speed is increased by having an automated system in place that does not allow room for clutter and possible human error in its record keeping capabilities.

Cost is reduced because human interaction is reduced.

#249

Transparency

This is centralized verse decentralized, opaque verse transparent.

The transparency derives from an open decentralized ledger, where anyone in the network has the ability to check and confirm their own as well as other transactions. This is achieved by a network consensus whereby everyone agrees on the current status quo, creating a system that does not require a point of authority to make a decision.

Security

Blockchain has one of the most rigorous encryption Algorithms to make certain about Security. First, all transactions must be agreed upon. Not only is the information in a block hashed via a complicated math problem, it then uses its header to combine it with the next block, essentially creating a linked chain of events. As the chain grows the security is enhanced because the information is entrenched ( immutable) in the history of the blockchain.

Improved traceability

The problem with traceability is that there are to many fingers in the pie and even just in one particular product supply chain there can be dozens of intermediaries that all run different Software systems, paper trails and generally are not on the same page. Blockchain Protocol allows for a seem less and smooth operation by integrating and changing ( disrupting) the old standards to a global all interoperable system whereby the ability to trace any object or transaction is transparent, minimizing costs and preventing the ability of fraud.

Increased efficiency and speed

When using an old centralized system where many parties hold records of transaction ( on their own systems) it becomes a nightmare to cross reference a chain of events. With the introduction of blockchain as a single global ledger of transactions, record keeping and validating a chain of events becomes faster and more efficient. Basically everyone has the same information allowing for more trust and expediency, making the whole system more efficient.

Reduced costs

Key points are, the ability to trust your trading partner by trusting in the Math and protocol, eliminating third parties and middleman and streamlining the process. By not having to back check many stages of process being that once on the blockchain it is immutable therefore trustworthy, it streamlines the whole process, culminating in reduced costs.

#250

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

Transparency: Every node has a complete record of all confirmed transactions.

Security: Transactions are approved before recording. Once recorded they are not easily changed since all records of the transaction would need to be changed on the majority of the nodes. Since there is no single node to attack to compromise the system it is less of a target for hackers and thieves.

Improved traceability: All segments of the transaction are able to be traced from point to point. This provides an audit trail.

Increased efficiency and speed: As there are less intermediaries needed there are increases in efficiency and cost reduction. As there is a built in financial incentive to maintain the network and process transactions the system is ever growing and computational speed increasing as faster more efficient nodes are added.

Reduced cost: The ability to decrease the number of intermediaries and disparate systems allows transactions to occur at reduced cost.

#251
  1. Transparency
    Being a public ledger all participants in the network share the same information.
  2. Enhanced Security
    Once a transaction is approved, it is then encrypted and linked to the previous transaction creating the blockchain which information is stored in across a network of computers. This increases the difficulty for hackers to compromise the information. The longer the blockchain the more difficult it becomes to change the transaction’s history.
  3. Improved Traceability
    If a company records its transactions on a blockchain, every movement is traceable. It has provenance which assures the authenticity of the transaction.
  4. Increased Efficiency and speed
    There are no intermediaries, everything is processed in one singe digital ledger. Everyone has the same information which removes the necessity of trust.
    This is more efficient and thus faster.
  5. Reduced Cost
    By trust acting on a publicly distributed ledger the custody of the data through third parties become obsolete. When third parties are removed from the equation we automatically remove costs.
#252

Blockchain increase transparency in transactional environments as each participant has access to the same immutable, distributed, public ledger and as a result easily verify any claims made by an agent without having to know or trust them.

Security is increased due to the network property that transactions are practically immutable once verified and that the trust is transferred to network that is incentivised to operate honestly.

Traceability is increased because all transactions are recorded and accessible (assuming authority to participate within the network) throughout the entirety of the network history. Those participants with complex traceability needs can easily verify claims by others about the provenance/origin of a particular block, withoit having to trust the source.

Subsequently because of the network built in transparency and transparency, participants can improve their transactional efficiency and speed, as the verification and transactional data keeping process is outsourced to a trustless network. All parties have access to the same immutable record, reducing the need to cross-reference and verify each others records.

Costs are then reduced as transactional information management is transferred to a trustless network that is secure against alteration, reredusing the need for intermediaries.

#253

Transparency: because every participant of the Blockchain has the same open ledger and everyone can check everything happend on the blockchain

Security: nobody can glaim anything he/she dosnt´t own, cause everyone can check it bey the ledger

Improved traceability: everything is “open” to everyone means: once writen in the ledger, there is no way to Change it anymore

Increased efficiency and speed: no third Partys are needet anymore

Reduced cost: no direkt Server is needet anymore and no auditing from a human everything runs “automaticly” in blockchain
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#254
  1. Transparency: lies are exposed immediately
  2. Security: gives trust in this system
  3. Improved traceability: all the information is available
  4. Increased efficiency and speed: people can use it easily in their daily life
  5. Reduced cost: everybody want to keep in their pockets as much money as they can
#255

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

Transparency:
All transactions are saved on a single ledger that is shared by participants through consensus
on the network. Participants have permissioned access to read the ledger and can show/find proof of the
transaction/transactions. This has benefits in forms of immutability because every copy of the
ledger would need to be changed to manipulate the network and for example change history of a transaction.

Security:
Enhanced security by decentralisation. In a decentralised Blockchain a transaction needs to be agreed upon by the
validators on the network before they are confirmed and are after that encrypted and linked to the previous
transaction. No single point of failure or authority can be used to manipulate the network.

Improved traceability:
You can easily trace and audit. This is helpfull in example cases where companies want or need to track their
supplychain to verify that different resources in a product are valid.

Increased efficiency and speed:
Better efficiency and speed through cutting out all the middle-men and instead have a immutable, decentralised ledger
to track and save a copy of your transactions.

Reduced cost:
With blockchain you can get rid of the third-parties and middlemen and verify data through the ledger on the network.

#256

Transparency: it is transparent because everyone shares the same documentation which is updated through the consensus of the entire network.

Security: securty is provided through a process where the information is first verified, then recorded, and finally encrypted to the previous information. Furthermore, this information is not stored in a single place but throughout an entire network making it very difficult to tamper.

Improved traceability: because new information is tied to the previous one upon verification, the ledger shows the history of the entire process providing the improved traceability.

Increased efficiency and speed: it is efficient because everyone shares the same information which eliminates errors and the speed is obtained because it is automated and shared with the entire network online.

Reduced cost: costs related with third parties to provide trust or to provide documents verification disappear because the network solves all these issues.

#257

1. Transparency: It is one of the basic benefits why to use blockchain because of the accountability that not a single person, but many through the consensus have to give the green lite so the ledger can be overwritten with the new data and it is done through a system and without a person doing hard paper work which can be falls, as a human mistake if not on perpose. Also who ever has access to the ledger can verify the transactions. Also to manipulate the system it would also cost much more than playing by the rules, because the copy of the ledger is distributed to everybody who runs it.

2. Security: Maybe the most basic benefit of all, as all informations are stored in copies along the network and not in one server which makes it easy for hackers to compromise him. For somebody to chanche at almost the same time all the copies in the network or at least 51% so to take over the system would need imerse amount of energy and money. Also the encryption of the data when they are stored are in the highest military encryption which is also difficult if not imposible to brake and see through or unencrypt anything.

3. Improved traceability: Blockchain provides the best traceability for the origin of a prodact or to whom an asset belongs. And for a company that trades goods and it’s consumers it is much easier to get an audit trail of of were and when the product first started, were it stopt and when it arrived.

4. Increased efficiency and speed: Blockchain is an automatet algorithmic protocol which makes verifications even in seconds depending on the blockchain. Time is money and as much quicker you can settle any transaction, even if it is a report of were a prodact is, the less time you need the more quicker you make money in the bussines part. But even as a consumer you need less time to check for your product so more time you have to spend it on other things. Even that one opereting system can make the hole record keeping without the need of many systems to come in touch and cooperate it makes the system faster and with the more distributed copies you gain the safety und the trustnessless of the system

5. Reduced cost: When you don’t have so many third parties or middlemen to make sure that every transaction or exchanche is going to be prossest correctly you lower the cost for both businesses and consumer or trader. You trust the data on the blockchain which is provenance and through the consensus you have the transparency that everything is in the correct time and place with the lowest possible cost.

#258

Transparency: with all network participates having identical records of the ledger and needing everyone to agree to every single change , we crest assured that it cant be hacked without 51% of the network colluding to do so. #51percentattack

Security: A combination of Consensus, encryption and a unbreakable mathematical calculation ensure that we rest assured that the network is safe and tamper free.

Improved traceability: As long as all the participants are inputting data into the blockchain you can verify that a product is exactly as it states. you will know where and who picked your apple and on what date, with what exact pesticides were used, what processes it went through, who delivered them, who sells them. it can verify authenticity and again make the marketplace a verifiable place of business.

Increased efficiency and speed: with transactions being transparent, immutable and shared among all network participants this allows the transaction to be completely trustless; cutting all the necessary paperwork we are accustomed to. no more human error on unnecessary documents.

Reduced cost: We are all used to having a middle man chip away at our savings one fee at a time. from atm fees, administration fees and of course the dreaded overdraft fee! Well all that is a thing of the past! With a trustless, immutable and incentivized network, there is no reason to use an intermediary due to there being no way to double spend, cancel or reverse a transaction. consensus on every transaction can trace your asset to its origin and therefore can verify that you are the owner of such asset. this greatly reduces the friction of the transaction process, it eliminates the need for unnecessary paperwork, delays and of course trust.

#259
  1. Transparency: Since everyone has access to the same data transparency is created. no one can hide data from the rest of the participants.
  2. Security: Since all nodes must agree, there is no chance of cheating.
  3. Improved traceability: Since all transactions are agreed upon and recorded before being added to the chain, it is not difficult to know the timing and sequence of events up to the present moment.
  4. Increased efficiency and speed: By having just one record that everyone has to refer to, the need for paper trails is eliminated. thus increasing both efficiency and speed. there would be no lag time waiting for approvals etc…
  5. Reduced cost: Obviously all these things add up to reduced overall costs. blockchain workflows should eliminate the need for some middle level managers.etc…
#260

Transparency - All transactions are kept on the blockchain and everyone have access to them, so everything is more transparent.
Security - Blockchain eliminates the chance of hackers hacking an important information and changing it, because it keeps record on many local copies and in order to change information in the network, users have to reach consensus by making sure the information is correct.
Improved traceability - Blockchain provides the opportunity to implement the system in networks where trust can be replaced with certain information verified by the network.
Efficiency and speed - Transactions made on the blockchain network happen in minutes compared to hours or days in the bank world.Taxes are also way less per transaction.
Reduced cost - Again in blockchain you don’t need middleman or bank to do the transaction for you, hence you save on transaction fees

#261 
                                                         Benefits of blockchain technology
  1. Transparency:

Transparency is achieved when all of the participants in the network can see all the past history of the transactions or data input. Anything placed upon the blockchain that is not agreed by all parties will not be accepted – in other words having full consensus is necessary.

  1. Security:

Security comes from the decentralized nature of the blockchain network. Having all data located across the entire network of computers means that one central location can’t be accessed easily or hacked by unauthorized entities.

  1. Improved traceability:

The chronological order to the transactions placed on the blockchain improve traceability. The immutability factor ensures that nothing previously entered can be altered, erased or tampered with ensuring the discoverable truth searched for.

  1. Increased efficiency and speed:

With real time accountancy – instead of once yearly audits – spending, saving, or investing decisions can be made constantly throughout a tax year. No need to retain piles and piles of forms or paper - simply place all the information on the blockchain to increase efficiency and speed, streamlining all processes.

  1. Reduced cost:

Less time spent sifting through paper as well as the intrinsic cost of storing the it will save admin costs. Having transactions, accountancy and auditing integrated into one system will reduce the need for banks, accountants and auditors to be involved further reducing costs.