Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#2629

Transparency: Blockchain technology is a shared ledger. All participants, who have access, share the same ledger as opposed to individual copies. Change is only brought about through consensus. If consensus is made, then the record of the transaction can be altered with all subsequent records in the network altered in the same way.

Security: All transactions must have a consensus before being encrypted and linked to the previous transaction. As the transactions are recorded on all computers in the network, it would be very difficult to attempt to alter this information on any one ledger, it is all recorded in real-time across all computers on the network.

Improved traceability: As all transactions are recorded in the blockchain, one would find all steps/stops in the ledger.

Increased efficiency and speed: By using blockchain, all members of the network have the same ledger showing all the transactions in real-time, there would be no need to have an intermediary to confirm/trust that the data is accurate between what would possibly be different kinds of ledger formats and data entry which can have possible human errors.

Reduced cost: You would have no need for intermediaries to confirm data accuracy. You would have validation in the blockchain itself with everyone having the same ledger. The cost of implementing different databases would be mute as well all members would be using the same network, the same database.

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#2630

Transparency: A public ledger is used, meaning that anyone can see any tx. All nodes have the same data and can verify any time.

Security: Transactions are immutable, meaning they cannot be changed or deleted from the blockchain. Permanent secure tx.

Improved traceability: Accounting can be done easily due to the fact that all transactions are available on the public ledger.

Increased efficiency: Auditing becomes simple by having all tx available and immutable.

Reduced cost: Peer to peer nature of tx removes intermediaries who can cost alot.

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#2631
  1. Transparency: It the same document being handed out to everyone not just one person. You can pull a fast one over on someone because they or someone else also has the exact data that cannot be changed in their hands.
  2. Security: 24/7/365 it does not stop and if one computer or… does down there is another one waiting to take over.
  3. Improved traceability: If used then you can tell where it came from and where its going and it cant be changed.
  4. Increased efficiency and speed: Computers are always faster and more efficient then computers. Humans make mistakes not computers.
  5. Reduced cost: Computers are cheaper and more efficient then humans
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#2632

Transparency: A transaction can be seen by all parties and anyone else using the blockchain. Therefore, the transactions are verified by all the networks involved. Due to finality the transaction or its information cannot be reversed or altered.

Security: Transactions through the blockchain have to be agreed upon by all parties involved and are final. It is also not kept on one server like traditional databases but rather on many networks.

Improved traceability: Transactions can be traced back to the original transaction to verify its integrity and prevent fraud.

Increased efficiency and speed: There is only one ledger which is consulted in any transaction and no “middle man” through which the transaction needs to go through first.

Reduced cost: Transactions in the blockchain is directly through the blockchain and not through any intermediaries and therefore cost less as they use less resources.

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#2633

transparancey open to puclic
security trustless math/protocol verification
Improved traceability: open digital ledger spread around the globe
Increased efficiency and speed: global network operate 24/7 unchangeable no middle man in transaction
Reduced cost: no need for audit cost

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#2634
  1. In this case transparency means that the truth can not be hidden. It is available for all with permission to see. This structure creates a single copy of a distributed ledger that everyone shares, so nothing can be hidden out of sight.
  2. With transacting being finger printed and appended to the previous block. It makes it mathematically impossible to alter data that has already been agreed to as true. Any alteration of stored data would disrupt the entire chain and would obviously be noticed immediately. Any disruption to a chain on a node would be discovered by other nodes and flagged as false and that node would not be able to propagate the false info to the rest of the network.
  3. Being that transactions can not be altered once they have had consensus. They will always be able to be viewed in a historical manor. Anyone with permission can look back and see the true entire complete history of a given set of transactions . This allows them to see who did what and when.
  4. Being that you can verify with data directly from the source you can eliminate several steps and middle men which will increase the efficiency and speed of the process.
  5. Same as in #4. being that you can verify data directly from the source, this will eliminate several steps and middle men which will reduce cost.
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#2635

Transparency:
The network provides collective data rather than individual copies which can be added to through consensus. To try and change a transaction on the blockchain would need all participating parties to agree which considering the size and amount of nodes on the network would render this impossible.
Security:
For security transactions would need to be agreed in consensus before they are recorded and then the transaction would be encrypted and linked to the previous transaction, this is then broadcast to the network to be confirmed, so no single server and vulnerability for hackers at a single point of failure.
Improved Traceability:
A real time, time stamped origin audit trail can be implemented and make transparent all the interactions a certain product or asset has had in it journey up to that point, enabling authenticity and prevent fraud or falsification.
Increased efficiency and speed:
Recording data in a single digital immutable ledger that is shared amongst all participants would reduce paper heavy processes and make information readily available across the board for speed and efficiency and remove trust issues between parties ensuring clearing and settlements are done so much faster.
Reduced cost:
Reducing costs through block chain via the removal of middle men activities as you will no longer need trust through transaction processes with trading partners and will only need to trust the immutable data provided by the blockchain. This in return eliminates expensive documentation as you will all have access to a single immutable version of the block chain.

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#2636

Transparency: Blockchain provides a transparency unlike anything else. Since every transaction of any kind is reported to the blockchain ledger. Anybody can access, yet unable to alter.

Security: Blockchain enables a much secure and traceable network. Everything is confirmed through a consensus of other computers enabling a trustless environment.

Improved traceability: Blockchain improves traceability through a means of tracking every step of a product or service.

Increased efficiency and speed: Efficiency is achieved through less human errors and making it faster through the help of technology.

Reduced cost: Blockchain reduces the means for everyone else agreeing upon one thing. Blockchain agrees upon one global consensus not different ones.

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#2637

Transparency:
Because blockchain can be seen as an open Database with the same transaction history copies shared among each participant. Furthermore, the Database is accessible for everyone who is interested and has permission.

Security:
Since every participant must agree on the current and valid Blockchain and the Blockchain is stored all over the network (and not on a single server), Blockchain-technology makes it much more difficult to be hacked by someone.

Improved traceability:
Since every step/ transaction is stored on the Blockchain, it makes it easy to audit and verify any origin.

Increased efficiency and speed:
Automization together with Blockchain-Technology makes it possible to eliminate high bureaucracy steps which cost time and money.

Reduced cost:
Since Middle men are not longer needed, costs can be reduced since there are less organizations involved in the Value Chain.

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#2638

Blockquote

Transparency is a benefit of using blockchain technology because data on a blockchain is more accurate, consistent. All users share the same documentation that can only be updated through consensus.

Blockchain is a far superior in security then other database methods. Transactions must be confirmed through consensus over the network, not just one server that can easily be manipulated or hacked. After a number of network confirmations that data is then encrypted and linked to the past transaction.

As transactions are recorded on a blockchain, there is a digital trail that can never be changed, manipulated or edited. This transaction history data can be used to verify the authenticity of such transactions and prevent fraud or any other types of malicious manipulation.

Traditional data processes is time consuming and prone to human error and often requires third-party mediation such as banks, or accountants. Blockchain eliminates human third-party mediation and provides trustlessness because its a public digital ledger. You wouldn’t have to trust or doubt an intermediary our faith would be in mathematical digital code. Efficiency is improved because of electronic digital automation and replaces “paper-heavy” processes.

Blockchain reduces costs because it wont be any need to pay third-parties for any services. There would be less resources used for record keeping and database storage.

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#2639

Transparency:
As every transaction occurs on a decentralized network that every participant has access to, it means that it is difficult to hide information. Blockchain allows all authorized users to examine the data on the blockchain at any point which can’t be altered or removed once entered.

Security:
As mentioned above, once a transaction is recorded on the blockchain it can’t be altered or removed. For this to occur it would require a majority of the decentralized network computers to approve which would never happen. Do to the decentralization of the network it allows for the information stored on it to be safe and immutable.

Improved Traceability:
Information on the blockchain is immutable which means that once it is entered it cannot be removed. This means that it becomes much easier to follow items along supply chains and track past transactions as all of the information is on the same network. Often companies have many different networks for different items and other stakeholders which can all be combined onto the blockchain to improve information traceability.

Increased efficiency and speed:
As alluded to in the previous answer, by compiling all of the different networks and information into one decentralized ledger it allows for much less time wasted combing through all different types of alternative networks. Finding information becomes much more streamlined which saves time for companies and therefore increases their efficiency and speed.

Reduced cost:
By operating with blockchain technology it would reduce the amount of administrative and investigative time of a companies employees and contractors which greatly reduces the cost when dealing with problems or system upgrades. Having a trustless system helps to prevent many supply issues from occurring as information is easily verifiable.

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#2640

1- open platform that allows anybody to see transactions.
2- trew trustlessnes and consesus blockchain is well guarded towards manipulation
3- bcz all date gets stored on every node , information can be traced till start
4- by using interoperable blockchain complicated transactions between different systems fall away.
5- costs can go lower and lower due to the automatism of the blockchain code , less middleman

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#2641

Transparency
The benefits of being transparent is that it makes it pretty much impossible for hackers to change or corrupt data in the blockchain and that everyone can see the provenance of every transaction made.

Security
The benefits of security is that a consensus of miners secure the network and validate transactions constantly making sure that no wrong information gets added to the blockchain. Making the blockchain secured.

Improved traceability
In the blockchain every transaction is being recorded so everyone with a node can access a copy of the entire blockchain network tracking all transaction and information being added.

Increased efficiency and speed
Since a blockchain eliminates the middle man transactions are done thru code which is pretty much instantaneous.

Reduce cost
Since there are no middle men, this allows the elimination of extra payments and expenses.

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#2642

IBM Top Five Benefits of Blockchains:

  1. Transparency: Much faster and immutable. Businesses working with one other no longer need to only go off of what they say to each other.

  2. Enhanced Security: Transactions must be agreed upon before they are recorded. Since it is encrypted after that, and then put on across a network of servers instead of one computer. It is much more difficult for hackers to compromise the transaction data.

  3. Improved Traceability: When exchanges of goods are recorded on the blockchain. You end up with an audit trail that can show its origin point and its whole journey.

  4. Increased Efficiency and Speed: Less paper-heavy processes. Less 3rd party mediation. By streaming and automating these processes with blockchain, transactions can be completed faster and more efficiently. Less clutter because there is only a single digital ledger that is shared, no need to reconcile multiple ledgers. Easier to trust each other without numerous intermediaries, clearing.

  5. Reduced Costs: No Middleman, No 3rd Parties. Just trust the data from the blockchain. Less documentation needs to be reviewed

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#2643

Transparency: everything is on the blockchain for anyone to see and cannot be altered.

Security: as its is decentralised it can’t be manipulated any one person/corporation.

Improved traceability: all records kept on the blockchain so anyone is able to see any transaction.

Increased efficiency and speed: You can take your money anywhere without needing anything apart from your 12 words and you are able to send money to anyone in the world with little effort.

Reduced Cost: as there is no middle man to go through, the cost of sending money is reduced.

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#2644

Homework [Don Michelin]

Transparency: Everyone can see the transaction history on the network so it’s got nothing to hide. This is great for settlements post transaction.

Security: There is no need to trust a third party that can override the system if they needed to. The networks validation is trust which removes the trust between two parties transacting.

Improved traceability: With everything being kept a ledger that cannot have the past re-written this is perfect for validating past transactions.

Increased efficiency and speed: The settlements themselves will be very easy to distinguish at a glance. There is no need to second guess or get a third party involved to investigate. Everything is as stated on the blockchain.

Reduced cost: The pure efficiency of blockchain reduces costs in many ways that normally require more effort and expenses.

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#2645

Transparency: Since blockchains provide an immutable ledger of all past transactions there is a great deal of transparency. Many industries benefit from transparency in different ways. In many of them, accountability can be a major reason to want transparency. For example, a failed engine from a Honda manufacturer might be from a failed component that they outsource.

Security: Blockchains are fundamentally more secure as networking architecture than traditional networks. A blockchain involves consensus for any change, so attacking the chain becomes almost infeasible. It’s much more lucrative to use the computational power needed to control the system to participate than to attack.

Improved traceability:
Because the blockchain is a public ledger any transaction is readable by all parties involved. It’s also immutable so any transaction can easily be traced back by anyone.

Increased efficiency and speed:
Blockchains are open, public, and automated. There is no need to reconcile multiple ledgers for accounting. or manual human intervention. This leads to a much more efficient and speedy system.

Reduced cost
Blockchains cut out the middlemen needed to broker between separate systems which leads to reduced costs.

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#2646
  1. Transparency:
    A single ledger is used by all parties involved and everyone can see all relevant details of transactions that are secure.

2 Security:
The data is decentralized, no one has sole control over its integrity or physical location. It cannot be hacked or tampered with as the blockchain technology ensure its authenticity.

3 Improved traceability:
With greater transparency, blockchain can provide a complete audit trail that can be designed as detailed as needed to provide security and confidence for those parties involved.

  1. Increased efficiency and speed:
    All relevant data is digital, no bulky paperwork involved. This allows for a more streamlined method to provide data that is needed throughout, and can result in less human error as less people need to get their grubby fingers involved in maintaining data.

5.Reduced cost:
The eleimination of middle-men and maintaing of paper documents can greatly simply the process of documentation and security which can translate into less costs.

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#2647
  1. Transparency: Transactions and information is visible to everyone anytime.
  2. Security: Its a trustless system. We trust in math. We trust in things that can not be hacked. Everyone is using the same database. All transaction must be agreed upon by many parties.
  3. Improved traceability: All transactions from its origin can be traced. No one have to question the information that are presented. Companies and individuals won’t even try to tamper or hide information as they know its impossible and will be transparent.
  4. Increased efficiency and speed: Traditional heavy-paper processes gets replaced with automation. When consensus is already achieved people don’t have to trust each other and a settlement can be made quicker.
  5. Reduced cost: Time = Money
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#2648
  1. Transparency: all network participants share the same documentation as opposed to individual copies, updates are only made through consensus.
  2. Security: fraud and unauthorized activity prevented by encryption linked to the previous transaction, stored across a network and not a single server
  3. Improved traceability: the audit trail shows origin and every stop along the way.
  4. Increased efficiency and speed: By streamlining and automating the process, blockchain transactions are completed faster. Record-keeping on a single shared digital ledger makes for less clutter, less human error, faster solutions and lower costs.
  5. Reduced cost: You only have to trust the data to make guarantees not the middlemen or your trading partners.
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