Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#2609

Transparency

Transactions are made visible to all parties and are approved by a network of computers before being recorded on a ledger

Security

Copies are stored on multiple networks and not easy to hack, they must be accepted through consensus before being recorded.

Improved traceability

Its all tracked and traced on the blockchain network

Increased efficiency and speed

Third parties are null and void! Transcations can happen almost instantaneously.

Reduced cost

By cutting out the middle man and doing away with unnecessary admin fees

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#2610

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

Transparency: The blockchain is a public secure database. As a result transactions are easily verified and tracked.

Security: Transactions are public, unalterable and permanent.

Improved traceability: Transactions are auditable and trustless.

Increased efficiency and speed: Money can move globally with minimal delays compared to traditional banking.

Reduced cost: No banking fees.

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#2611

The benefits of using blockchain can be summarised by the following:

  1. Transparency

Because every node that is part of the block chain ledger are required to have identical
information, there has to be a concensus for any transaction that is recorded and this means
that no transactions can take place without this happening or else that transaction will be
rejected

  1. Security:

Because of the security mechanisms in place i.e consensus and also tha fact that each transaction
is encrypted and linked to the previous one, it difficult for fraud to take place. That coupled
with the fact that there is no central database,

  1. Improved traceability:

Because of the fact that blockchain technology allows for transactions to be recorded
effeiciently, it also makes it possible for auditing to take place at the same time thus
allowing for all steps of a suppply chain to be traced and monitored.

  1. Increased efficiency and speed:

Because there is a concensus of all nodes takin part in the block chain ledger, there is no
need to reconcile any transactions as all the work is done speedily and effieciently as part
of the block chain technology. This allows for business transactions to take place speedily
which will allow business to increase producivity.

  1. Reduced cost:

Because of the fact that there is no need to pay auditor like PWC, Delloite etc… you save money
as there is only sellers and buyers involved between businesses which is a great help to all
business as the function is to make as much money as possible and blockchain facilitates th

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#2612

Transparency: Everyone can see all the transaction on the blockchain. Everyone on the network has the same data. Data cannot be altered or changed.

Security: All the network must agree on a transaction for it to be conformed on the blockchain. Networks can’t be hacked because all data is stored across many computers not on one a single sever.

Improved traceability: Any item or the ingredients can be traced with blockchain from start to finish. Now every city the item has been and were its going next. Good way to trace supply chain.

Increased efficiency and speed: No need for paperwork everthing can be done on blockchain. The blockchain is fast not like humans are slow and can make mistakes.
Plain and simple blockchain is just efficient and fast. Every one has the same information so it speeds up things and removes clutter.

Reduced cost: No need for the middlemen anymore. You just have to trust the blockchain data. You wouldn’t have to look over paperwork or documentation anymore.

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#2613

[quote=“ivan, post:1, topic:8421, full:true”]
Explain with your own words, why these are the benefits of using a blockchain.

Transparency:

Blockchain is a type of distributed ledger where all the computers on the network share the same copy or documentation. This shared vision is based on the consensus which means everyone must agree on it. To change a single transaction record in a blockchain would require the alteration of all subsequent records and the consent of the entire network. Therefore, the data on a blockchain is more accurate, consistent and has greater transparency

Security:

For every transaction to be recorded on a blockchain, requires consensus from all the computers on the network. Once the transaction is approved/confirmed, it cannot be reversed or removed. It is encrypted and linked to the previous transaction and that information is stored across a network of computers instead of on a single sever which makes I difficult for hackers to compromise the transaction data.

In blockchain, the security is built on trust in math and global value protocol and not on trust in any individual or organization. The security is at the global level where the global database is available for everyone on the network to check, verify, and use the same platform/infrastructure as standard.

Improved traceability:

For every transaction that is recorded on blockchain, it provides real-time audit trail. The blockchain can put together the accounting layer and transaction layer.
For ex. If a company has to deal with a product recall that traded through a complex supply chain, it can be very hard to trace the product back to its origin – which means which ingredients/raw materials were used, testing results, which supplier delivered, when it was packed, batch no/lot no, shipping date, transportation and so on.
But if blockchain is used for supply chain, it provides real-time audit trail for every recorded transaction that shows where an asset came from and every stop it made on its journey. This transaction history can help to verify the authenticity of assets and prevent fraud.

Increased efficiency and speed:

In case of manual process or paper-heavy process, recording of transaction is a time-consuming process that is prone to human error and it often requires another person to verify the transaction. But by streamlining and automating these processes with blockchain, transactions can be completed faster and efficiently. The record-keeping in blockchain is perform using a single digital ledger which is shared among all the participants on the network which eliminates the need for reconciling multiple ledgers and you end up with less clutter. Since all the participants on the network has the same information, it becomes easier to trust each other eliminating third-party interventions. This helps in increased efficiency and speed.

Reduced cost:

With blockchain you do not need as many third parties or middlemen to make guarantees because you just have to trust the data on the blockchain. You also will not have to review so much documentation to complete the trade because everyone on the network will have the access to a single, immutable version. This is how blockchain can help reduced the cost.

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#2614

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

Transparency:
Everyone has the same information, at the same time. It can be verified individually and not 3rd parties are needed to do that.

Security:
Tx must be agreed before published, then they are encrypted, linked to each other and shared to everybody

Improved traceability:
As the blockchain is public and all tx are linked to each other one can search for old tx without 3rd party.

Increased efficiency and speed:
As no 3rd party checks need to be performed this save time. Checks can be completed faster as everything is digitally (no paper).

Reduced cost:
No 3rd parties, no middlemen, less bureaucracy, less costs

1 Like
#2615

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

1. Transparency:
The public ledger can be viewed by everyone, therefore it is auditable and transparant. The ledger is a historic book of transactions and the blocks are the pages of the book.

2. Security:
All blocks are encrypted with an algorithm. Before creating the next block the hash of the previous block is included and therefore creates a root to the genesis block. If you would want to change a transaction or some parameters in the block you will have to recreate all blocks that came after it up till the moment you alter it. This makes it extremely costly to change it.

3. Improved traceability:
Since most ledgers are public ledgers traceability is in play because transactions can be viewed in plain text. This can be very useful for supply chain blockchains to veryify the origin of a product.

4. Increased efficiency and speed:
Current financial systems are not structured in a way that all people in the world could use it to transact. A blockchain technology accompanied by a global costless sattelite internet could change this, making a sharded payment system of maybe a million transactions per second possible. Who knows possibilities are endless.

5. Reduced cost:
Peer-to-Peer (P2P) is exactly what the name suggests. no middle men, meaning direct and hassle free. It can reduce costs significantly by buying directly from the blue jeans maker anywhere in the world. Paying him in full at current price for the jeans in the currency of the sellers choosing. Cutting out the middle making millions of “brands” and creating poor working conditions and living standards. It is a win win for both sides, prices go down and living standards go up.
An efficiency comparision of the PoW by Dan Held.

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#2616

Transparency - Blockchain with its consensus algorithm create a transparent ledger visible to all participants
Security - All transaction on the ledger are immutable with encryption to avoid possible tampering after a transaction is complete.
Improved Traceable - In supply chain when blockchain tech is used it is easy to track the authenticity of products when all suppliers maintain the ledger.
Increased efficiency and speed - We can reduce human error and handling time in a trusted way where there is no need to recount or audit.
Reduce costs - Because of the less auditing and checks required there are reductions in cost

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#2617

Below is a list of benefits of using a blockchain in regards to ;

  1. Transparency : All transactions can be viewed by all parties involved on the blockchain at all times. This is beneficial due to the trustlessness nature created on the blockchain.

  2. Security : Security is a prime example of how using a blockchain can be beneficial. Due to it’s decentralized nature, transactions and information on the blockchain can not be changed or taken away and will be there forever. It’s immutable. Also, thanks to the consensus aspect of the blockchain network,each transaction is extremely reliable. These are massive benefits versus using a centralised database.

  3. Improved Traceability : Improved traceability is one of the key benefits of using a blockchain. It allows for the tracking of a product from start to finish which in turn creates a huge amount of Trust for the product. OK, that does sound a bit vague so let me give you an example; Let’s think about your favourite chocalate bar, then lets think of where the road that chocalate bar has taken before it reached the shop, from each ingredient, to the factory where it’s made, to the wholesaler. Each and every single step of the process can be recorded on the blockchain. The same idea applies to any service or transaction. This is incredibly beneficial because it creates even more trust between those who are selling and those who are buying.

  4. Increased efficiency and speed : The benefits of increased efficiency and speed when using a blockchain are pretty simple and plain to see!
    *All necessary information is stored on a single database without the need for any middleman. The time that this saves for businesses is insanely beneficial.

  5. Reduced Cost: Again, the fact that blockchain eliminates the need for any intermediaries is very beneficial for any business that wants to cut costs. I mean, it’s basically real time auditing (OK,maybe they are more Ivans words than mine :laughing: ). But the potential to reduce cost in that area is groundbreaking in my opinion!

Obviously being able to completely trust in the process reduces costs across the board. A prime example of this would be not having to vet the person/entity who you are doing business due to the decentralized trustless and immutable nature of the blockchain.

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#2618

Transparency: Everyone on the network has a shared copy of the ledger and can verify the authenticity of each transaction. This makes it very difficult to manipulate the information being stored on the blockchain.

Security: The network is secure because everyone has a copy of all of the transactions on the network. The network also needs to come to a consensus about a transaction before it can be added to the blockchain. Blocks can’t be changed unless 51% or more of the network agrees to change the transaction.

Improved traceability: Audits can be used to accurately track money, goods, services across the network. This can be done in real-time so the information is very accurate.

Increased efficiency and speed: Human beings are prone to making mistakes. Blockchains are automated which reduces inefficiencies and increases the speed at which transactions can be processed.

Reduced cost: Costs are reduced using blockchain technology because you don’t have to pay 3rd parties to act as intermediaries. Everything can be settled between you and the other person you’re transacting with.

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#2619

Transparency: Each network participant shares the same documentation on the blockchain network. All of these transactions are displayed and cannot be changed, through the process of consensus. Individual documents of the ledger is not possible.

Security: Each new information is verified, encrypted and linked to the previous block transaction list. This, along with the same documentation being shared across a network of computers makes it hard for hackers to compromise the system since there is no single point of failure. Information cannot be tampered with.

Traceability: provenance. You can verify and audit every stop the asset has made along its journey.

Increased efficiency and speed: Traditional, paper heavy systems can be time consuming and prone to human error. oFTEN TIMES, THIRD PARTIES ARE ALSO INVOLVED FOR FURTHER CONFIRMATION. Since everything is done on a single public ledger, clutter is removed and speed is introduced.

Reduced Costs: Blockchain removes the necessities are hiring third parties to trust all documentations between trades/business partners. Since everyone has access to the same immutable document, you remove the need to pay others for constant. confirmations and reviews. Reducing costs is a necessity for businesses.

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#2620

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

Transparency:
Easily traceable and verifiable with everyone having public access to the same digital ledger.

Security:
Consensus and transparency makes everything public so it’s harder for people to present fraudulent information to the public as it can be verified. Also its impossible for people to update the blockchain with false information as it will not be agreed upon by the blockchain if its not true.

Improved traceability:
Digital ledger makes everything available to to see in realtime and keeps an active ledger on asset throughout time as it changes possession in the supply chain.

Increased efficiency and speed:
Blockchain transparency and consensus eliminates redundancy caused by costly human error.

Reduced cost:
The Blockchain is so efficient that it eliminates the need for expensive and time consuming third party verification.

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#2621

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

Transparency: Since everyone has access to the data, there’s no need for trust.

Security: It is near impossible for hackers and bad actors to succeed in making unauthorized changes to the blockchain due to the need for consensus.

Improved traceability: Since all authorize parties have access to the data from start to finish, there is an easily auditable trail of data, helping to prevent fraud.

Increased efficiency and speed: There’s less room for human error and lots of improved efficiency from normal supply chains as their is no need to fill out lots of paperwork and verify the data piece by piece. All parties can verify on the blockchain, rather than trust that things came from where others say they came from.

Reduced cost: No third parties, no middlemen, no documentation, just the trustless, immutable blockchain for all with permissioned access to see.

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#2622

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

Transparency: Blockchain is a public ledger that gives network participants permissible access to shared documentation and its distributed nature makes its accuracy more orderly than centralized databases.

Security: By having the same standardized infrastructure protocol across an encrypted network of computers information has the ability to be verified by many participants and is less likely to be corrupted by hackers.

Improved traceability: Blockchain can be used to track data like ingredients and manufacturing specifics which enable a clear picture of all transactions along the entire supply chain network. This will facilitate provenance by auditing in real time a products’ parts back to their origins.

Increased efficiency and speed: The absence of 3rd party mediation simplifies transactions and removes issues of trust. Record keeping is performed in a single distributed digital ledger that is shared among participants so it is clearer information and faster to process amongst multiple entities.

Reduced cost: Businesses can enjoy less admin costs due to the absence of 3rd party intermediaries with blockchain. Blockchain enables companies to make transactions with unknown parties by trusting the protocol and its data.

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#2623

Transparency:

Blockchain makes it possible to share information that’s accurate and trustworthy in real-time. All transactions are recorded on the public digital ledger.

Security:

Because the ledger is distributed, information is only added to the blockchain once it has been confirmed and accepted by the entire network, when consensus is reached.

Improved traceability:

It’s possible to track complex supply chains using blockchain, with absolute certainty in the record of events/transactions. The record is permanent, final and immutable.

Increased efficiency and cost:

Sharing information between multiple parties in a supply chain involves trust and collaboration. This information has to be verified, usually changing hands through 3rd party intermediaries. This is not necessary when both parties can rely on the blockchain to replace trust with accurate and verifiable information.

Reduced cost:

Blockchain can be used to record the movement of assets, goods and services, and then make that available to everyone on the blockchain. This removes the manual work of accountants, auditors and administrators and thereby reduces costs.

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#2624

  • Nothing to hide

  • Because its a solution to one of the biggest issues of global networking system

  • A perfect tool to rewind

  • Digital Transformation. Lets speed up

  • Because it’s all about money

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#2625
  1. That shared version can only be updated through consensus, which means everyone must agree on it.
  2. After a transaction is approved, it is encrypted and linked to the previous transaction.
  3. This historical transaction data can help to verify the authenticity of assets and prevent fraud.
  4. You don’t have to reconcile multiple ledgers and you end up with less clutter. And when everyone has access to the same information, it becomes easier to trust each other without the need for numerous intermediaries
  5. you don’t need as many third parties or middlemen to make guarantees
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#2626

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

Transparency
All transactions are publicly available on the ledger.

Security
The network is decentralized and transactions are added only when a consensus is achieved. All parties in the network follow the same math and protocol rules.

Improved traceability
Since transactions are immutable, one could build an audit trail and trace everything back to its origin.

Increased efficiency and speed
The blockchain has high availability - 24/7/365. The ledger is a single point of truth which could be accessed by everybody. No third parties involved, reduced time, cost. A system prone to human error.

Reduced cost
Since there is no third party involved in transactions validation, this reduces not only time but all the additional fees intermediaries usually have.

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#2627

Transparency: only one ledger for all participants to the network

Security: only transactions that have been accepted by the network are recorded in the ledger

Improved traceability: as nothing can be erased in the blockchain, you have the possibility to track every single transaction

Increased efficiency and speed: gain of time by using a single ledger and process automation

Reduced cost: no need of third parties to validate your transactions

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#2628

Transparency: everything is on the blockchain for all to see, smart contracts govern the processes, It save time on doubling up on paperwork or bank and shipping clearances ,anyone can follow the supply from start to finish.
Security: Nothing can be changed once in the system, even mistakes and corrections are both uploaded
Improved traceability: same as transparency , from start to finish, including who entered the data and from where.
Increased efficiency and speed: No waiting on transfer, of permits, clearance paperwork, bank transfers, someone can follow the process as its happening.
Reduced cost: business can be micro managed, less payroll, people could work from home, saving on rentals, childcare, less paperwork, also smart contracts save a lot of time and needless rubber stamping.

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