Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#262

transparency: everybody with permission can access the data on the chain. You do not have to access different databases and compile the information. Everybody on the chain has access to the same information. That data has greater accuracy because of the consensus protocol before adding it to the network.

Security: blockchain is more secure because of:
1 Information is more accurate because of the consensus protocol before adding it to the encrypted network
2 information is stored on all the nodes of a network which makes it harder to manipulate

Improved traceability: when all the transactions in a supply chain are recorded on a blockchain it creates a verifiable origin story. Complex supply chains of certain product can by verified by reviewing the transaction history of the suppliers. If a product does not meet the standards you can verify the provenance.

Increased efficiency and speed: accounting and transaction history are recorded on a single ledger, easy to acces for all participants and more correct because of consensus protocol. You don’t need to use intermediaries to collect information. Of course this will improve efficiency

Reduced cost: the loss of the need to have intermediaries verify information removes a lot of working costs

#263 
**1. Transparency**

Transparency its easily achieved on high availability blockchain networks. Every transaction that has been made or will be made on the blockchain network is traceable. Also because all must follow the blockchain protocol you can easily find trusted resources, projects, products and businesses.

**2. Security**

Having secure transactions on a network is really important. no one can change or manipulate the data that i being stored on the network easily. That will disrupt the whole network. Its really difficult with the current technology for anyone to hack a blockchain network. Also having incentives everyone must follow the networks protocol.

**3. Improved Traceability**

Improved Traceability can benefit any individual or different parties and businesses. Tracing transactions for any reason or products can be beneficial for the quality and safety for anyone. also with blockchain networks it can be really and at some point user friendly for anyone to trace anything that has been stored in the database.

**4. Increased efficiency and speed**

with blockchain networks and technologies you can achieve efficient ways to have a better life in many ways. one of those ways is you can be your own bank, managing your own funds with out and middlemen or third parties. You can send and receive almost any amount from around the world at anytime of the day and at any place from the world.

**5. Reduced cost**

Blockchain can offer plenty of ways you can use it to reduce costs in big aspects in your life. Using a trusted decentralized blockchain network you can reduce your cost of sending or receiving funds and also businesses can reduce their cost of production by knowing that they are using the right ingredients for their products. also middlemen and third parties will not be needed anymore for any reason of use.

#264

Transparency means that all the transactions can be traced by everybody and they all share the same ledger.
Security implies that all network participants first agree and then the transaction is encrypted and linked to the previous one.
Improved traceability is given by historical transaction data which can help to verify the authenticity of assets.
Increased efficiency and speed is given by using the same ledger and not being necessay a third party.
Reduced cost because you don’t need third parties to make guaranties and to review so much documentation because everyone will have access to the same immutable version.

#265

Transparency:
A distributed ledger, all nodes have the same ledger, when a data needs to be inserted that ledger must be modified, meaning ALL nodes must agree on that data insertion, by doing this process through a mathematical protocol, we can trust the ledger historic data has the transparent log since all nodes had agree to have the same ledger.

Security:
Many nodes have the same ledger, meaning that many points on the network can validate the data structure on each, it makes harder to one point of the network (or node) to hack or cheat all others points, thanks to consensus mechanism, it makes a trust less way to secure data over the network.

Improved traceability:
thanks to the immutability ability, it makes easy to track authenticity of assets, because you can check from origin to end all the change or actions on an asset.

Increased efficiency and speed:
This is possible through the high availability, having many nodes with the same data structure made easy to get the last data status on an asset, meaning, multiple partners can validate or spread data over the network, making it reachable 24/7/365 around all the world at almost (seconds or minutes) at the same time.

Reduced cost:
By having the same list of rules (algorithm), we can trust the data on a ledger(blockchain), meaning that you dont need many third party services to deal with to validate that data, by removing those third party services, business can reduce cost on authentication of its data, since the blockchain technology provides a trust less solution to authenticate data.

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#266

Transparency:

Security:
A’ll permisions are one side autorized/checked/monitorized
Improved traceability:
Good are tracable/ insure partnerstrust
Increased efficiency and speed:
No fysical paper shuffeling/ no humen error/ no delays in records. Less costly protsse to logistics
Reduced cost:no humen/hours spended by 3.party /no paper trail… Etc

#267

Transparency = transparency is defined by the public ledger that each part of the blockchain carries. Members and possibly the public may look at the ledger and see where every step of the blockchain has been at.

Security = By knowing where it’s been, every node can protect itself from intrusion via a previous node

Improved traceability = traceability occurs because of the ledger each node has access too. it shows you where every step of the blockchain has been.

Increased efficiency and speed = the blockchain only goes forward and does not accept corrections. Because it does not do this, the effort that is usually used for auditing or corrections is instead focus somewhere else.

Reduced cost = similar to answer above, not having to focus on auditing allows the system to focus it effort on other tasks.

#268

  1. Transparency: It radically reduces business disputes, or the many cases of “he said she said”.

  2. Security: It reduces the probability of being hacked or insider manipulation due to its decentralised network.

  3. Improved traceability: If a product is being compromised, it makes it possible to identify the exact source, since all supply chain transactions are recorded in the network by all vendors involved.

  4. Increased efficiency and speed: It allows for real-time auditing, thus reducing time consuming follow-ups & mistakes from all the vendors/personnel involved.

  5. Reduced cost: Less money spent on 3rd party institutional fees to verify/audit/mediate, since all the data is available on the blockchain.

#269

Transparency:
The data is available on the network for all participants that have acces to that data so its transparent for all parties.

Security:
Data is stored in every in pc in the blockchain so is much more harder to be hacked than if data is controled by a single opne entity.

Improved traceability:
In a supply chain is more easyer to trace the ingredients or parts of a product if its stores in a transparent blockchain.

Increased efficiency and speed:
Using blockchain you dont have to make paper work done by humans wich can be done in the wrong way and it takes much more time to be done.

Reduced cost:
GETTING OUT OF THE EQUATION MIDDLEMAN REDUCES LOTS OF COSTS IN THE ENTERPRISES.

#270

  1. Transparency:
    Blockchain uses the concept of distributed ledgers. Which means each person has a shared copy of the ledger. Therefore in order to make changes to ledger, the consensus is needed from each participating member of the network. Hence when an alteration is to be made on a record, it will have to make the same alteration to subsequent records, which may result in collusion of the network. Therefore we can conclude blockchain is more accurate, consistent and transparent.

  2. Security:
    A transaction cannot be recorded without consensus. After a transaction is approved, it is linked with the previous transaction. The data are shared on multiple computers of a network, instead of a single server. This makes it harder for hackers to compromise transaction data.

  3. Improved traceability:
    Blockchain creates audit trail of the pathway of a supply chain. This helps to verify and authenticate any transaction.

  4. Increased efficiency and speed:
    As a single ledger is shared by many participants in the network, there is no need for reconciliation, which saves time. As every participant, has the same information, it is a trusted network, which eliminates the need for intermediaries.

  5. Reduced cost:
    Every participant in the blockchain network has a single immutable ledger. Therefore there is no need for intermediaries or third parties to make guarantees. This reduces labour or consultancy cost.

#271

Transparency: Everyone uses the same copy of the ledger, so it is very hard to tamper with “the truth” as all the transactions are visible on the blockchain to everyone and new information can only be added to the chain of blocks if the participants of the network reach consesus - they all agree that the next information in the chain is valid.

Security: Because there is no single centralized server, the data on network is more secure due to the fact that there can be no single point to attack, which is great especially for highly sensitive information like financial or health records.

Improved traceability: Traceabilty is very important today, especially in industries where they need to use a long supply chain to finish the final product. Can you trust your supermarket that the apples they are selling are actually bio? When using blockchain one can much easily trace the origin of a product or ingredients in food for example which prevents fraud and spreading of misinformation.

Increased efficiency and speed: All the information can be much more organized as there is only one ledger and the transactions on the network can happen very quickly (even over people or accounts in completely different countries around the world) at least compared to old school traditional buying and selling involving a lot of bureaucracy and paperwork.

Reduced cost: Because it makes (international) transactions much cheaper then wiring money through banks, by cutting out the middleman. There is also no documents and fee to start using blockchain, while you will usually have to pay to open up a bank account and then also pay regular monthly fees.

#272

Transparency:
It is a big quality in all spheres of life not just in blockchain. It implies openness, communication and accountability.

Security:
The biggest quality of any network. Environment of “dont trust, verify” is the way to go.

Improved traceability:

This is absolutely huge for businesses that depend on other companies for deliveries of various goods.
To be able to verify the quality and origin of those goods is a great way to save money in the long run.

Increased efficiency and speed:

Everybody uses the same ledger to it is very quick to exchange information. Time is money :slight_smile:

Reduced cost:

Since there is no need for intermediaries money is automaticaly saved. No need for various documentations since all information is on the ledger.

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#273

Transparency:
The blockchain is an open distributed ledger that everyone can share and only be confirmed through
consensus
Security:

Improved traceability:

Increased efficiency and speed:

Reduced cost:

#274

Transparency:
The blockchain is an open distrubuted ledger that everyone share or use and network transactions can only be confirmed through a consensus.

Security:
Transactions must be agreed upon through a series of network and there’s no single authority. Reducing the chances of fraud or manipulation.

Improved traceability:
Every transcation can be traced and tracked by a tail from start to end, which can help to authenticate all transcations.

Increased efficiency and speed:
Since blockchains are an open ledger, transcations are transparent and tracable, therefore elimanating the need of paperwork and third party mediation. Speed and efficiency is obtained.

Reduced cost:
The blockchain provides a single open ledger that cannot be changed reducing the need for third parties and paperwork reducing cost

#275

Transparency:
All participants have the same data. Nothing is changed without
the network updating and consenting in accordance.
Security:
All transactions are stored in the network of myriad computers, all agreeing
on the transactions (that are also encrypted), which makes security strong.
Improved traceability:
The ledger is an “open” book for all steps to be seen.
Increased efficiency and speed:
No intermediaries, no copies, no discrepancies in the information on the
ledger, means faster, trustless execution.
Reduced cost:
No snake-oil salesmen, middlemen, or dog-eared manuscripts to deal with.

#276

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

Transparency:
It means everyone can verify all the transactions and see that they did happen. It is available to everyone within the network so there is no question did something happen or not.
Security:
Blockchains are secured by some kind of consensus algo that greatly increase the security, since everyone who has the ledger has to verify it is in their ledger too. transactions are then encrypted and linked to the previous transaction.
Improved traceability:
When you record stuff on blockchain, you end up with an audit trail that shows every stop that asset did on its journey.
Increased efficiency and speed:
Its much faster than good old paper system, when everyone has the same ledger and its trustless. There is no need to verify data on a third party verifier when we can trust everything we see. Also Blockchain like Bitcoin doesn’t need anything else to work, so when you send an transaction on your own, it gets included in the next block
Reduced cost:
With blockchain you dont need the third parties or rentseekers and that reduces costs significally.

#277

Transparency: Data is more accurate and consistent.
Security: It will help financial services, government and health care prevent fraud and unauthorised activity.
Improved traceability: It helps prevents fraud and help to verify the authenticity of an item.
Increased efficiency and speed: clearing and settlement can happen much quicker.
Reduce cost: quite straight forward we all want to reduce cost to increase profits.

#278

  1. Transparency:
    by allowing all participants to see the transactions on the network blockchain provides full transparency and traceability

  2. Security:
    by using rules of consensus and economic incentives all participants of the network benefit from following the rules and so the network becomes very strong against different kinds of attack

  3. Improved traceability:
    since all participants keep copies of the entire ledger everyone can follow transactions to the source, allowing real time auditing

  4. Increased efficiency and speed:
    by eliminating trust, many of the previous third parties are not needed and the participants can exchange data directly and in a trustless manner

  5. Reduced cost:
    by eliminating the need for third parties blockchain allows to reduce the costs associated with auditing, paperwork and other kinds of certifications which in turns reduces the cost managing a company

#279

Transparency is a benefit of Blockchain due to the consensus of distributed ledger. Every node within the Blockchain must agree and verify before its added.

Security is a part of Blockchain due to the decision to record the transaction only after all nodes agree upon aforementioned event. There is no single server but a community of ledgers that are the same.

Improved traceability is a part of the Blockchain process due to the audit and transaction being transcribed together.

Efficiency and speed are inherent in Blockchain due to there being just a single ledger, albeit distributed. This requires less intermediaries to intervene in a transaction.

Every intermediary in the process of a transaction cost time and money, therefore Blockchain is less expensive.

#280
  1. Since blockchain functions in a distributed ledger form, means data copied and shared by the network, any document change/update is consensus dependent call for approval of all parties.
  2. Any transaction passing agreement process is recorded, encrypted, linked to previous transaction and network shared which makes it finite unhackable and safe.
    3.Traceabilty is simple in a system based on authenticity verification and approval where exchanges of goods can be recorded on blockchain.
  3. Automated shared document omits human intervesion thus errors and 3rd parties. This is beneficiary for increase trust, decrease clutter, accelerate settelments and reduction of costs.
#281

Transparency is provided by the block of transactions , various computer power by different users consensus involved in the contract.
Security is provided by the miners as well as the transparency of the contract.
Improved traceability is there; in every step of the transaction made. As such a product can be traced to its origins. Once the transaction is made it can not reverse so it leaves it traces all the way.
Increased efficiency and speed are the keys of blockchain technology. Because there is no middle man it’s fast and efficient. As the transactions are online and prompt.
Costs are reduced as all third parties are out of the way of the business contract and blockchain provides all of the above which finally reduces the costs of the all parties. Therefore no unknown or variable costs exists as it were in old school, Manuel business contracts.