Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#2649

Transparency:
Open ledge, all participants share the same information

Security:
Database in the blockchain is irresistible, not able to be changed by any third party and it is available across the globe.

Improved traceability:
Ability to track the correct information publicly, origin which can not be manipulated

Increased efficiency and speed:
Removing the third party trust and making it strictly peer-to-peer instant transfer of information

Reduced cost:
By cutting the need for third party services.

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#2650

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

Transparency: Transparency enables a trust less system, like blockchain to thrive. This is an important benefit because today we operate in a very closed and siloed manner and it’s ultimately not good for business.
Why is it not good? It increases the need for middlemen, a verifier, and trust. These in turn can bog down a system, cause slow responses and significant increases in costs. transparency can offer a more nimble and accurate way of doing business by removing the middlemen, and reducing cost.
This, in turn, will increase profits.

Security: Transactions have to be first agreed up, then they are encrypted and added to the prior transaction. Having these transactions distributed across many ledgers instead of housed on one server increases security and reduces the chance of being hacked.

Improved traceability: The benefit here is verifiability.

Increased efficiency and speed: Reduces cost.

Reduced cost: Improves profit.

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#2651

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

Transparency: The distributed ledger is fully transparent, all transactions in history can be viewed on each block and tracked from the sender to the recipient, as well as all future transactions

Security: High availability along with the incentive for miners to reach consensus ensure extremely high level of security across the network.

Improved traceability: All transactions are traceable from sender to receiver on the distributed ledger.

Increased efficiency and speed: provides automation of processes, removes need for 3rd parties

Reduced cost: no need for 3rd parties

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#2652

  1. Greater transparency
    A blockchain is a distributed ledger whereby all network participants share the same documentation. Shared transaction histories results in more transparency. Any changes would need alteration of all subsequent records and consensus of the entire network. Blockchain is a more accurate, consistent and transparent way to record transactions, which is available to all participants with authorized access.

  2. Enhanced security
    Blockchain requires consensus of the network before a transaction is approved and recorded. When a transaction is approved, it is encrypted and linked to the previous transaction. This, plus the fact that the information is stored across a network of computers instead of a single, centralized server, means it is hard for hackers to compromise transaction data. Industries such as the financial services, governments and healthcare hold very sensitive information and blockchain technology could help these industries to prevent fraud and unauthorized activity.

  3. Improved traceability
    Blockchain results in an audit-trail of an asset from origin, along its entire journey through a complex supply chain, thus providing complete traceability. An immutable record of transaction data allows verification of authority and prevents fraud.

  4. Increased efficiency and speed
    Traditional “chain-less”, paper-heavy processes for trading are time-consuming, prone to human error and often require third party mediation. Blockchain technology results in automated, real-time auditing so transactions can be completed faster and more efficiently. Blockchain creates a single shared digital ledger so there’s no need to reconcile multiple ledgers. Access to the same information eliminates the need for numerous intermediaries resulting in quicker clearing and settlements.

  5. Reduced cost
    Having faith and trusting in the blockchain eliminates the need for as many third parties resulting in reduced costs. Also, there will be less reviews of documentation to complete a trade because all parties concerned will have authorized access to a single, immutable version.

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#2653

Transparency: Makes block chain trust less. You don’t trust, you verify through transparency.

Security: more secure network - more people will use it. Since all date once agreed upon through consensus are encrypted to the block chain it is virtually impossible to change anything after the fact, thus we have most secure network, running 24/7 protected by everyone participating and with incentive to tell the truth.

Improved traceability: is preventing fraud and making it easy to find origins of products and possible stops along the supply chain.

Increased efficiency and speed: efficiency implies increase speed, thus through efficiency we eliminate the number of intermediaries needed to agree on anything, which helps keeping cost down, increasing speed while not compromising on security.

Reduced cost:through transparency and security we can cut of middle men since we can trust each other through verifiable date on chain.

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#2654

Blockchain is a distributed ledger that can only be updated through consensus, which means that a majority of the network has to agree upon it. Every participant of the network will be informed and be asked about every change of the ledger.

The data of a blockchain is stored across a network of independent computers instead of on a single server. Moreover, every change of data on the ledger (a transaction) has to be approved by the network before it gets recorded.

On a blockchain every transaction is linked to a previous transaction. It automatically generates an origin trail.

A blockchain is a single digital ledger that is trustlessly accessible by all participants of the network.

Blockchain reduces the need for trusted intermediaries. It enables you to just trust the data on the blockchain.

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#2655

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

Transparency: all the transactions are available to the public at all times so it’s impossible to cheat
an entire decentralized network.

Security: once the transaction is recorded after all the necessary agreements it’s encrypted and linked
to a vast network of Computers. Making it very difficult to hack because it’s not located on a single server

Improved traceability:
if all the goods in a supplying chain are recorded on a blockchain the historical transaction data help to verify the authenticity of the assets

Increased efficiency and speed:
Taking the paper and third parties to witness a process of trust out of the way, Transactions are very easy to track, and the speed and efficiency, of course, will follow.

Reduced cost:
no middle-men needed or Commissions for Intermediate entities

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#2656

Transparency:
Blockchain is a transparent, immutable public ledger. Every valid transactions are visible to all the people in the network. The audit trail that can be acheived with blockchain is very clear and there is a sense of things coming to the system and same things leaving the system.

Security:
Blockchain with consensus and high availablity is very secured. Each transaction is added to the network after approved by consensus of the network nodes. With active miners present in the work as they are incenticised there is an added layer of security in blockchain. Hackers can hack into a part of network but sicne its is decentrailized network, the actual valid transactions stay alive instead of corrupted ones.

Improved traceability:
Provenance is one of the feature of blockchain. Blockchain maintains a single decentralized immutable ledger so that any items can be traced back to its origin. Without blockchain, the person has to follow a dead end paper trail.

Increased efficiency and speed:
In traditional setup, every ledger is paper based with problems ranging from storage to fast process. With blockchain, the decentralized networks can maintain a single ledger with all the records and with computation we can process the transactions very fast.

Reduced cost:
Usually big companies spend huge amount of money on third parties they trust on and they spend a fortune every year to maintain this trust. Blockchain is a math and protocol trusted platform, companies can stop spending money to trust third party vendors and can conduct business with strangers using blockchain.

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#2657

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

Transparency: You can access data when ever you need. If you want to know where your money is going or what is inside your product you can track that down.

Security: If it´s there it´s there, no changes, no hiding, no accidental lose of data.

Improved traceability: We can track our packages for example and see in what country our wine is produced. But with improved traceability you are able to see who, where and what happened with your grapes before it became wine.

Increased efficiency and speed: Because we are able to remove most of the third parties we don´t need to wait till the bank accepts a payment over the weekend or we have to wait till our page has loaded all the information. If you need it its there when you refresh.

Reduced cost: Because we are able to remove most of the third parties we can remove a lot of expenses. We all come together to make this work and we all take a little part from it. That part costs less than most transaction fees cost to buy something with cash or bank money

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#2658

Transparency:

Blockchain is a distributed ledger. That means that all members of the blockchain network share the same documentation which is in turn available to all members.

Security:

First of all, transactions must be agreed upon before they are recorded. Secondly, once the transaction is approved, it is encrypted and appended to the previous transaction. Thirdly, as all transactions are recorded across a network of computers instead of on a single, independent server. These factors render the transaction data virtually immune to being compromised.

Improved traceability:

Companies that maintain a supply chain of any kind should place enormous emphasis or traceable supply chains. With blockchain, the audit trail of transactions is immutable and unalterable and removes the chance of undetected fraud in any part of the supply chain.

Increased efficiency and speed:

Traditional processes are highly labor-intensive, paper-based, and error-prone. Blockchain enables speed and efficiency due to a single digital ledger, and no need for reconciliation among ledgers,

Reduced cost:

Blockchain obviates the need for middlemen or intermediaries in the transaction or verification, as well as enabling a transaction to be viewed and trusted with one glance due to the immutability of the transaction.

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#2659

Transparency: All users of the blockchain network have the same insight on the blockchain and it’s contents. And if new data is to be added to the blockchain, all users will have to come to consensus, they all agree to it.

Security: Data can only be added to the blockchain when consensus is reached. And new additions of data are linked to the previous ones. And because it is not run on a single database server but run via a network of computers, it is more difficult to hack.

Improved traceability: Using a blockchain, you can verify the origin, the places of transit, and the authenticity off all parts/items acquired through a supply chain network. Leaving less room for fraudelent information.

Increased efficiency and speed: Blockchain makes it so that all its users have insight too all the transactions done and to the same database. There is no longer a need to get data from another server or request it from another party.

Reduced cost: It removes other parties needed to make guaranties for trading partners. All “trust” is placed in the data, the math and the protocol of the blockchain.

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#2660
  1. Transparency is more and more powerfull because we using blockchain and consensus together what improve accurancy this data.
  2. With Higher Hasrate is blockchain more secured it also depend on math, valuability, trust
  3. Better traceability is huge problĂŠm in our internet age. If you buy some food never never known what kind of ingrediets are used in, we are trying to solve this problems with Supermarkets they offten change food consume day for they profit.
  4. If we compare our banking system there is a lot of better views in terms of efficienty and speed, baks using old systems where they have to write it to paper or to pc and make a contract. There you losing your time because you have to travel to bank or any other institution. But in blockchain you can do it digitally.
  5. I wrote many cases in point 4. Its a same problem also with cost efficienty. In decentralized blockchain you dont use Third party movement.
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#2661

Transparency:
Blockchain is a distributed ledger therefore, all participants share the same documentation and data can only be updated via consensus of the network which creates more consistent accuracy with data.

Security:
Once transactions are verified and completed they are encrypted and linked to the previous transaction, also the data is stored across a network of computers with no centralized database thus making it difficult for hackers to access and alter the transaction.

Improved traceability:
In blockchain you can trace the origin and destination of the products resulting to an audit trail where everyone can access the data making it easier to trust the authenticity of the products supplied.

Increased efficiency and speed:
By removing trust issues, middle men and heavy paper work blockchain provides transparent information very fast publicly to all parties therefore deals can be done much quicker.

Reduced cost:
Reducing the middle men required to complete certain tasks such as log keeping, storing data and guarantees reduces the costs since everyone has access to the same immutable data traced back from the start of the transaction.

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#2662

Transparency: Because all data that enters into the network must be agreed upon, the history and data is available for all to track and verify

Security: Everyone participating in the consensus network must agree upon new data entering the mutually shared database and to create a change would require breaking the chain without a disagreement from a majority of all participants.

Improved traceability: By recording all steps of a supply chain on the blockchain, a historical trail of both origin and transfer of data is created.

Increased efficiency and speed: There is one distributed ledger rather than multiple cross communication ledgers greatly increasing efficiency and speed

Reduced cost: Eliminating the need for third party intervention to audit or act as a medium of transfer and verification reduces cost

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#2663

Blockchain provides greater transparency than legacy systems due to the fact that all network participants share a single document or distributed ledger rather than their own proprietary ledger. Changes to the distributed ledger can only be made through a consensus from the entire network of participants. Everyone has permissioned access to the same information and transaction history across the network.

Blockchain provides enhanced security measures due to the fact that all transactions must be agreed upon by the network before they are recorded. Each approved transaction is encrypted and linked to the previous transaction and stored across a network of computers making alterations impossible.

Blockchain provides improved traceability for supply chains by providing a real time audit trail of every transaction and every stop of a products supply chain journey verifying it’s authenticity and history.

Blockchain provides increased efficiency and speed by streamlining and automating processes, enabling faster and more efficient transactions with out human error or the need for a 3rd party mediation. All transactions are kept on a single distributed ledger rather than multiple ledgers which saves time from needing to reconcile multiple ledgers or involve 3rd party intermediaries to verify data.

Blockchain provides reduced cost because there is no need for costly 3rd party intermediaries to verify and audit transactions. As there is only a single trustless and immutable ledger being used, there is no need for excessive documentation or reconciliation between ledgers.

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#2664

Blockchain technology allows everyone to view the same updated ledger whenever they want and in order to make a change on that ledger all parties with permission would have to have consensus and agree on it before it could be implemented.
When the databases and ledgers are stored across a network of multiple computers it also makes it very hard for hackers to change any information recorded on the ledger, making blockchain very secure.
With a verified ledger open to view publicly it is very easy to go and view information on when and where something was sent and by who.
Without having to go thru any paperized process and only having to look at one ledger can significantly improve the time it takes and the frequency at which they are performed.
Finally without having to go thru many hoops or print out any physical paper or waste a lot of with human processes or from human errors blockchain technology can have a huge impact on the cost it takes to run many businesses.

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#2665

Blockchain benefits the world with:

~Transparency. A distributed ledger creates a ledger everyone trusts because no one entity controls the ledger which means power is distributed. If the ledger were to be changed, the change could only take place by consensus. Everyone would know about the change at the same time.

~Security. Every transaction must be agreed upon before it is added to the ledger. Each transaction is then encrypted and linked to previous and subsequent transactions. The ledger created by this process is distributed across all nodes. A hacker or a corrupt government would have a really, really hard time changing the ledger to their benefit.

~Traceability. Blockchain gives us an accurate provenance of all transactions because the blocks are linked. Accounts can be easily and continuously audited. Fraud is practically impossible.

~Efficiency and Speed. Everyone shares an identical and immutable ledger. No one needs the ledgers of different parties to reconcile the transaction. It’s easy to trust in the data and verify transactions since everyone has access to a distributed ledger through the blockchain.

~Reduced cost. We don’t need middlemen to ensure transactions. Everyone trusts the immutable ledger that everyone shares. Transactions are streamlined and middlemen don’t need to be paid. (They can work on something more productive that can reduce costs again!)

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#2666

Transparency:
Transparency prevents the manipulation of data, or in the more honest of situations, inaccuracies of information between multiple parties. It ensures the access of the same information to all instead of people having individual copies of information that immediately go out of date. Any change or update of data will be seen by all without needing a trustful entity to confirm truth.

Security:
Any transaction of information on blockchain must be confirmed by the network before it is written on the ledger. This prevents an outside entity from entering the network with questionable, unchecked information, such as someone claiming to have 1 million Bitcoin out of the blue. Due to information being mirrored across multiple miners or nodes and written on the ledger, information is much harder to be manipulated by a security attack of transactional data.

Improved traceability:
Blockchain integrated supply lines will be able to provide more accurate audits of any item at any point in the supply chain up to its origin and its end point when it reaches it target market. This information allows for quick tracking in the possibility of a recall of a product and to determine at which point in the supply chain the products could’ve been spoiled or compromised.

Increased efficiency and speed:
Blockchain transaction can streamline the efficiency process of paper heavy processes, keeping copied and passed on records of data and information as accurate and up-to-date as the moment they were provided as they go to any party or department that requires it without the worry of telephone game degradation of information as it passes on between individual or entity.

Reduced cost:
Blockchain removes the need for third-party or middlemen trust entities to confirm information, saving money on need to hiring these individuals or any software or systems that need to review information constantly after the fact.

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#2667
  1. Anyone can audit the blocks created to check to consistency. Likewise, this is exactly what the miners do regularly to create a new block through consensus. This transparency could revolutionize many industries. Take voting for an example.
  2. Blockchain ledgers are stored on potentially hundreds of thousands of decentralized nodes. No one knows where each node is located. Nodes are located in all regions of the globe thus eliminating any single point of failure issues such as government take overs, natural disasters, or power outages in limited regions.
  3. Traceability allows for the old saying “follow the money”, or even the corn. Blockchain will allow companies to cross verify supply chains to confirm the origin and shipment of various products from one location to another. This will also allow for funds to be monitored; so it might be best to keep illicit activities off of the blockchain.
  4. Not only would the blockchain network run 24/7, but the constant verification from individual nodes allows for each party to be constantly updating the ledger. Liken this to google docs allowing many parties to edit a document in real time from anywhere in the world. More transparency, greater efficiency, and less wasted “paper”.
  5. Blockchain will reduce costs by eliminating many transaction fees and third party auditing of individual supply chains and ledgers. Not to mention with the evolution of remote working; people are now able to transact in real time without being on site without being at a brick and mortar location.
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#2668

  1. Transparency: The information on a blockchain is recorded on a shared public ledger and cannot be changed but through consensus of the entire network. The information is always agreed upon and access can be gained by all participants, If all changes can be seen, the system is trustless and transparent unlike a traditional system.

  2. Security: Security is greatly improved on a blockchain because the transaction is approved through consensus of the entire network and then recorded on the blockchain. All transactions are linked to the transaction before which makes the information very difficult to change or manipulate, which increases security.

  3. Improved traceability: In a blockchain, information can only be added and not subtracted, manipulated, or changed unlike a traditional system where third parties and intermediaries are used to track and trace transactions. All transactions of information or assets are recorded and can be traced or audited all the way to their origin by all involved, traceability is a key feature of a blockchain.

  4. Increased efficiency and speed: Blockchain is constantly updated and maintained 24/7/365 through a network of nodes incentivized to update and maintain as quickly as possible. This eliminates errors and the a third party checking system making transactions of all kinds automatic, much faster, and more efficient.

  5. Reduced cost: Using blockchain technology you do not have to use or trust an intermediary, you only have to trust the blockchain which is a constantly maintained and updated immutable version of record, and everyone has access the the same version. If there is no need to trust a third party for data storage or to maintain this information all the paperwork and manpower is illuminated, thus reducing cost.

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