Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#2790

Transparency: is great for trust, everyone that has acces to look into the blockchain can see what happened and when it happened. people are less likely to cheat or make mistakes when everyone is watching.

Security: it is almost impossible to hack anything on the blockchain because there is no cental base for it, once anything is confirmed and written on the blockchain it is in there forever.

Improved traceability: You can find out where every product that you buy and that is traced via the blockchain comes from. no bullshit no mistakes.

Increased efficiency and speed: No paper work, No human error, No 3th party to check anything, just peer to peer. so super fast and easy

Reduced cost: the Middle man ( like an accountant ) cost a lot of money, You are just paying them to check everything so you can trust the numbers and proces.
you dont need them anymore with blockchain

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#2791

Transparency: is a benefit because it allows all participants to see every action on the blockchain thus providing a level of trust. each node shares a copy of the chain and they update new blocks through consensus.

Security: is a benefit derived from the decentralized structure of the network as well as the information being encrypted.

Improved traceability: is a benefit because the transactional information is public and is linked back to it’s previous transaction.

Increased efficiency and speed: this benefit comes from faster automation and dealing with less or no middle men.

Reduced cost: this benefit is due to less or no middle men as well as being able to trust the data on the blockchain.

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#2792
  1. Transparency: Every single transaction that is recorded on the blockchain is immutable and publicly stored on the blockchain. This means that everybody in the network can see what happened and who send something to whom.
  2. Security: With the blockchain you don’t have to trust a third party or a middle man to verify transactions because the transactions are verified by the nodes on the network who are rewarded for voting for the truth.
  3. Improved traceability: When everything what happened is stored on the blockchain e.g. different food ingredients that are in a yoghurt everybody can see what was added by which supplier and thus can rely and trust on the data that is seen on the blockchain and he doesn’t have to rely on a centralized party that tells anything what he/or she wants
  4. Increased efficiency and speed: With every transaction being verified by nodes in the network there’s no need anymore for having a middle man or third party that has to verify a transaction. Therefore it becomes much more efficient and faster to transact
  5. Reduced cost: Without the need of a middle man or third party there’s no person or organization that has to be paid for their services of verification etc.
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#2793

Transparency: A public ledger.

Security: Transactions must be accepted through consensus. When they’ve been accepted, they can’t be changed. A network of global nodes/blockchains, working 24/7/365.

Improved traceability: Every transaction can easily be traced. Transactions are inserted in a public ledger and every network node owns an updated copy of the blockchain.

Increased efficiency and speed: Removing the middle man and using global nodes, working 24/7, to verify transactions, transactions can happen faster and more efficiently.

Reduced cost: No third party needed and no errors to reconcile.

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#2794
  1. Transparency : Transactions are clear and available for everyone who is on blockchain.
  2. Security : Information stored on multiple computers, makes it difficult for hackers to break it.
  3. Improved traceability: All nodes needs to agree on blockchain and it has to be available for the public.
  4. Increased efficiency and speed: all participants using the same single ledger record keeper which saves times
  5. Reduced cost: removes the middleman from transactions, for example removes accountants from businesses.
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#2795

Transparency: Transactions history can be seen by everyone, a transaction that was verified in the Blockchain, which an individual or business does not have to worry about its accuracy due to the finality of the transaction in the Blockchain
Security: Since the transaction has to be agreed upon on the Blockchain before it is recorded, then encrypted after it is approved, there is no central point of failure.
3. Improved traceability: Every step of a transaction can be seen and verified.
4. Increased efficiency and speed: Everyone can access a transaction that has been added to the Blockchain.
5. Reduce cost: No need for for piles of archived paperwork, no third party verification of accuracy of transaction, everyone permitted has access to a single version of a transaction on the Blockchain.

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#2796

1. Transparency: blockchain participants all have the same copy of the distributed ledger, its then only updated through the consensus of all the computers on the network ,before arriving at the next transaction, its then sealed in stone, for all to see at any given time access is needed,it is publicly verifiable ledger, for anyone to see and audit available anytime, anyone can follow the chain of transactions making it a completely trustless open infrastructure.

2. Security: one of the blockchain networks great selling points & security benefits come from its design, instead of storing data on a server as well as the cost of maintaining and running them, its also a point for hackers or software to attack, the ledger, the blockchain takes away all this, the public ledger is distributed to every pc in the network, all linked together and coordinating there agreement to create new indelible entries, that create a link to the previous entries al the way back to the start…

3. Improved traceability: the need for traceability in business now is growing more important than ever, from the paprika in your currys journey from field to fork, or your container or truck spanning the globe, blockchain helps you to protect yourself and business from the current blame & sue culture economy, it brings to the table a fully verifiable robust network that tracks and records everything in real time to bring peace of mind and an indelible record to highlight for new business so anyone can verify, To change or manipulate it, you would need to change every copy on every pc in the network, an unenviable virtually impossible task !

4. Increased efficiency and speed: trading across the blockchain simplifies automates, and streamlines the process, record keeping is on a single ledger,shared between the network, enabling transactions to be publicly seen in real time, and at any time. It simply cuts out a lot of the human or paper interactions that can and usually do delay things…

5. Reduced cost: blockchain just cuts through and limits the time consuming red tape & middle men, ie the merchant services, card fees, percentages, escrow services, the cost of servers, the cost to run them, you can simply trust without time consuming review, the immutable data, written already, that everyone in the process has access to, and can see.

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#2797

this graphic says it all

#2798

All recorded on the block chain and a distributed ledger which is basically unhackable. can cut out need for middle person is fast as the process is automated which reduces need for human interaction and therefore reduces costs.

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#2799

Transparency: Blockchain is a distributed ledger that provides the same data to all participants.

Security: blockchain data is redundant across the network, distributed consensus ensures data validity, and historical data verifies data authenticity.

Improved traceability: because of blockchain provenance (“place of source or origin”), there is a total and complete audit trail of the origin of any data, and the transaction of any data.

Increased efficiency and speed: blockchain automations removes human slowness and error, replaces “paper-heavy” processes, and data is quick to validate via hash.

Reduced cost: blockchain removes third-party trust brokers, and paper management overhead.

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#2800

Transparency: Transparency on the blockchain creates higher level of trust in the network because it allows everyone to see what transactions are occurring on the network they now are verified by the blockchain.
Security: Security allows people using the blockchain to trust that there actions on the blockchain are not going to be altered during their execution.
Improved traceability: Improved traceability allows people to see a series of transactions that take place over time that can be trusted to be true. This is particularly useful in supply chains.
Increased efficiency and speed: More efficiency and speed improved the overall use of resources in the world compared to traditional systems performing functions of blockchain technology.
Reduced cost: Besides the intuitive reduced costs associated with blockchain technology eliminating the need for third parties in most cases, it frees up humans to put less effort into things the blockchain does for them and more effort into doing other tasks like being a better father or developing new skills for their job.

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#2801

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

Transparency: Transparency in the blockchain allows everyone to view and participate in the validation and processing of transactions. You can view all the transaction history since the blockchains inception.

Security: In blockchain security is greatly increased due to a number of factors. Two of which are included in this list (transparency & traceability). The other major contributing factor to blockchains improved security is decentralisation.

Improved traceability: I don’t think there is anything else in the world that offers such a high degree of traceability. Your ability to authenticate goods, services, financials and interactions etc makes blockchain a really asset to the world.

Increased efficiency and speed: Increased efficiency and speed is achieved through minimising human handling, the opportunity for human error and the singular distributed ledger.

Reduced cost: The ability to reduce cost through the implementation of blockchain is huge. Minimising the number of parties involved through to the amount of paperwork/book keeping required. Plus many more I’m forgetting.

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#2802

  1. Businesses can access information quick without having to go through different processes.There is no chance of data being manipulated or changed because the computer networks operate together by achieving consensus to determine accurate data.

  2. Security in a blockchain operate on different computer networks which makes the blockchain highly secure compared to on a central authority database where the database can get hacked or data can be manipulated by the authority.

  3. The benefits of improved traceability on a blockchain corresponds with a lot of timesaving.

  4. Using blockchain technology increases the efficiency and speed because processes become automated and transactions completed much quicker. The need of trusting intermediaries for gathering and forwarding data is not needed since everybody now trust math and value protocols for efficiency.

  5. No need for third parties or intermediaries because now the trust is in data on the blockchain.

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#2803
  1. Blockchain has a great transparency because this is a “public ledger”. Everyone in the network has the same information in real time and cannot change it without confirming of other participants.
  2. every record is getting plowed by other participants of blockchain, who is incentivised in its own benefits so if someone sees strange record in blockchain - it’s a threat for him and it will be declined. Once the block was produced is forever, you cannot change the protocol.
  3. every next block is connected to previous and cannot be changed, so using the blockchain to make a record about every step of producing, delivering or whatever is creating a clear trail in blochail and cant be changed.
  4. Distributed ledger means that everyone sees the same information in real time and in this case you don’t need 3d party intermediaries. Decisions are made without intermediares because you dot nedd to incluse trust and validation, protocol gives you only one right information.
  5. you don’t have to bring middleman’s, do you reduce cost and time
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#2804

Transparency: Decentralized ledger where all parties have the same copy of the information.The ledger could be public with extreme transparency to everyone on the internet or access based inside a company.

Security:
Decentrilized ledgers means there is no single point of failure for hacks etc. If one node is hacked and tries to mess with either a previous transaction or a transaction about to be made the other nodes will not allow it.

Improved traceability:
All decentralized nodes a copy of the history of the entire chain. This history is easier to reach and the history on-chain is not like history books where it is hard to separate historical facts from fiction.

Increased efficiency and speed:
The ledger is digital and decentralized meaning that is easily accessable through automation and you could be certain you wouldn’t have issues when cross checking that the ledgers make sense.

Reduced cost:
A blockchain could allow a company to reduce the use of third party suppliers. The trustless network need you only to trust the protocol. I would imagine you wouldn’t need as many lawyers since disputes are less likely than in the current world.

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#2805

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

Transparency: All permissioned users are agreed on the same data once it has been approved and recorded in the blockchain after consensus has been achieved.

Security: Fraud is prevented because data in the blockchain was recorded AFTER it was agreed on via consensus.

Improved traceability: Data in the blockchain has provenance, i.e., it can be traced back to its origins which maintains authenticity.

Increased efficiency and speed: Fewer, if any, intermediaries are used which promotes a more efficient flow of data. This makes for more rapid transaction settlement.

Reduced cost: Each intermediary carries a cost in terms of time and funds. Elimination of each middleman takes cost out of the process.

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#2806

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

1. Transparency:
Blockchain technology creates a great form of transparency because all the information that flows in can’t go out and will be publicly stored in the ledger. This way all authorized parties in the world can get access.

2. Security:
Blockchain technology increases security in the network by creating blocks out of many transactions. This way every new transaction is linked to the previous transaction and every new block will be linked to the previous block. Besides this all transactions must be verified by different blocks to reach consensus before they get approved. This makes it very difficult for hackers to breach the security of the network and almost impossible for scammers to send fraudulent transactions.

3. Improved traceability:
Blockchain technology improves the traceability of the network because all information what is stored on the public ledger can’t be removed. Every transaction can be traced to it’s origin.

4. Increased efficiency and speed:
Because of all involved parties on the blockchain are communicating with each other the efficiency will go up which all will lead to speeding up all processes.

5. Reduced cost:
Because blockchain technology provides a trustless network all parties involved need less third parties to control the network. This will save a lot of work and will reduce cost significantly.

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#2807 
1. Transparency: 
	all network participants share the same documentation as 
            opposed to individual copies. That shared version can only be 
            updated through consensus
	
2. Security:
	Transactions must be agreed upon before they are recorded. After a transaction is approved,
    it is encrypted and linked to the previous transaction. 
    This, along with the fact that information is stored across a network of computers.
	
3. Improved traceability: 
	When exchanges of goods are recorded on a blockchain, you end up with an 
    audit trail that shows where an asset came from and every stop it made on its journey.
	
4. Increased efficiency and speed: 
	Blockchain streamlines the and automates and eliminates the paper heavy process, 
	transactions can be completed faster and more efficiently. 
    Since record-keeping is performed using a single digital ledger that is shared 
    among participants, 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. Reduced cost: 
       In reducing the middlemen or third parties, due to the 
       trustlessness of the data in the blockchain, which guarantees the data, 
       you also won’t have to review so much documentation to complete a trade 
       because everyone will have permissioned access to a single, 
       immutable version.
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#2808

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

Transparency:
The transparency of blockchain is beneficial for all parties involved in the transaction because they share the same information on a public ledger instead of individual ledgers. If a transaction needs to be changed or updated there must first be consensus from all parties.

Security:
A transaction first has to be verified by all parties. If everybody has verified the transaction it will be encrypted. The information of the transaction is now being stored at several computers across the globe which makes it very difficult for hackers to change this data.

Improved traceability:
When information about a product is recorded on a blockchain it is easy to trace a product back to where it came from. Including all stops it has made on its way to you.

Increased efficiency and speed:
The benefit of blockchain on efficiency and speed is that transactions can be made without making use of third parties. Everybody has the same information which is stored on one ledger accessible for all parties involved.

Reduced cost:
The cost for third parties is no longer needed in order to finalize a transaction.

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#2809

Transparency:
Everything that was ever added and confirmed by a consensus is now visible on the blockchain and can be visible(transparent) to everybody to see. (unless it is a privacy blockchain like monero?)
Security:
Consensus and decentralization gives us elevated security
Improved traceability:
Data that goes on the blockchain stays there and gives us the opportunity to check all the info in a trustless way
Increased efficiency and speed:
Blockchain is faster than human beings and more efficient in a way that that it removes the possibility of a human error(unless wrong data was given to the blockchain)
Reduced Cost:
Blockchain can replace a lot of middleman

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