Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#2830

quoting cathy

  1. Transparency means it is a distributed ledger that has the same documentation shared by everyone and available to all with permissioned access.
  2. Security because transactions are agreed upon and approved, then linked to the previous one and stored across a network of computers, not just one. This prevents fraud.
  3. Improved traceablilty meaning everything in the supply chain can be accurately tracked.
  4. There is a single digital ledger that everyone has access to so intermediaries are not needed which increases efficiency.
  5. Data on the blockchain is trusted and immutable which reduces cost because middle men are not needed.
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#2831

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

  1. Transparency:
    blockchain has total transparency which is a great benefit because everyone shares the same ledger and fake transactions get exposed fast.
  2. Security:
    transactions must be agreed with consensus before they are recorded. it’s also hard for hackers to compromise data because the information is stored on a network of computers all over the world instead of just 1 server.
  3. Improved traceability:
    tracability is a big benefit for the supply chain, because with the use of the blockchain network you could trace a good back to its origin
  4. Increased efficiency and speed:
    a company could benefit with using the blockchain instead of traditional methods. because all payments are registered in just one ledger. Because only one public ledger is being used it’s easy to get a clear view of your payments and it’s less time consuming than traditional methods
  5. Reduced cost:
    because there is no such thing as trust in the blockchain, third parties are not required and that’s where the reducement of costs come in
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#2832
  1. Transparency:

Actors that participate and use a blockchains network understand its core principles, that trust is not necessarily required, moreover, every transaction can be viewed on that blockchains ledger, which is open and can be verified mathematically. In addition, it’s almost, if not impossible to alter an executed transaction. Firstly, all transactions are permanently recorded - immutable. And, if an actor wanted to modify a transaction, that would require the collusion of various actors on the network, these actors could be scattered across the globe, you would have time zones, and potential language barriers to overcome - so a lot of coordination and effort for starters. As mentioned early, the transparency of the end to end process of how transactions are executed is one of its many strengths. .

  1. Security:

In order for a transaction to be accepted, various nodes will first review it, decide whether it makes sense, then reach a consensus. If all of this is achieved in favour of that transaction, then it will be successfully executed. After, that transaction is immutable, and stored on that blockchains ledger which is now on the various nodes across its network. Thus, making it difficult for hackers to manipulate, and compromise the data, one of the enhanced security strengths of blockchain.

  1. Improved traceability:

Another benefit of the use of blockchain, is that it improves the accuracy and speed of the information you are tracing. A clothes manufacturer, or food provider for example can view their whole supply chain and see the journey of that particular product, from source to shop, to shelf and everything in between. For example, this feature can be used by food providers to verify mathematically, and assure their customers of the integrity of the product they are purchasing.

  1. Increased efficiency and speed:

The application of blockchain can remove unnecessary steps in traditional processes, reduce human error, and improve the accuracy, efficiency, and speed of the information presented. In addition, it provides a single version of the truth which end users don’t need to trust, because they know it can be verified. .

  1. Reduced cost:

As just mentioned, blockchain can reduce the amount of processes that you would usually have to take, saving time and money through reducing the various steps, and data that you would normally have to sort through. Thus, allowing you to analyse the final information in a shorter time.

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#2833

  1. Transparency:- Blockchain ensures that everyone with access permission to specific information has the same kind of information. The fact that agreement is required from all participants before any changes can be made to blockchain information means the information, not the people, can be trusted.

  2. Security: - That information is not stored on a single server eliminates the vulnerability that comes with having a potential point of attack that is characteristic of traditional servers.

  3. Improved traceability: - The permanence of blockchain records ensures that goods and products recorded on the blockchain leave a permanent trail that can be followed back to source and every step of the way. Anything that needs to be known about a product can be recorded and be viewed by those authorized to view the records.

  4. Increased efficiency and speed: - Blockchain reduces human interaction with business information, bringing speed to processes. This reduces rooms for mistakes that are common where with human involvement.

  5. Reduced cost: - Eliminating traditional paper-based processes also reduces business costs and waste. Automation also means human costs can be reduced. Blockchain based business processes eliminate a lot of the labour intensity that comes with traditional business processes.

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#2834

Benefits of using a blockchain

  • Transparency:
    All permissioned participants share the same documentation and in order to update said documentation a consensus has to agree upon it.

  • Security:
    All transactions have to be agreed upon before they are recorded. In the blockchain, approved transactions are then encrypted and linked to the previous transaction. Also, all information is stored on the network instead of a singular server making it extremely difficult for hackers to compromise.

  • Improved traceability:
    With every transaction an audit trail follows, showing where an asset came from and every stop it made along the way.

  • Increased efficiency and speed:
    The removal of third parties and need for intermediaries. Transactions can be recorded on a single digital ledger and then shared amongst all participants.

  • Reduced cost:
    Like efficiency and speed, the removal/need for third parties and intermediaries creates a “trustless” process. All the trust is reliant on the math protocol rather than a stranger prone to human error.

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#2835
  1. Transparency:

Blockchain technology makes storing information much more transparent through its use of a disturbed ledger which acts as a shared record among the entire network that is unable to be modified or updated unless there is a unified consensus among all the participants of the network.

  1. Security:

Security is the staple of blockchain technology through its use of encryption and distribution. The chain boosts safety by closely linking all of the encrypted information making it difficult for a particular section to be a target without the entire network preventing any unwanted changes.

  1. Improved traceability:

The entire chain being linked using this technology allows for a concise record of the journey of data within it ultimately ensuring that the origin of information or value can be holistically traced or monitored. Additionally, this data is unable to be arbitrarily or strategically hidden due to all points of the process being documented throughout the chain, hurting the chance of fraudulent transactions.

  1. Increased efficiency and speed:

The amount of steps or moderators needed within the documentation process is drastically cut through this technology by simplifying the process into the bare essentials necessary for conducting/ recording smooth & accurate transactions. Cutting out any extra factors or components involved in this process speeds it up and boosts its efficiency, even removing some uncertainty surrounding transaction timing and cost.

  1. Reduced cost:

Simplifying the documentation process of businesses and industries reduces costs through boosted efficiency. All the extra time gained and money saved from streamlining transactions, information storage, and data authentication effectively lead to additional resources left over that can be dedicated to other critical aspects of the overall business process and health.

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#2836

Transparency:
All parties to the transaction can see and agree on contract before finalizing.

Security:
Once transaction finalized there is no modifying without all parties agreeing to update contract. All parties in the transaction/contract can view it.

Improved traceability:
For example all aspects of product ingredients, manufacture, transport are viewable by all parties involved in the transaction.

Increased efficiency and speed:
All unnecessary middle men are moot allowing for speedier movement

Reduced cost:
Every added step in a transaction or shipment cost money. Reducing steps saves time and money

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#2837

  1. Transparency: Bitcoin is a public ledger where all users of the blockchain can verify the transaction that occurs.

  2. Security: The removal of the centralized server improves the security of blockchain technology immensely.

  3. Improved traceability: Blockchain’s finality allows the supply chain to be trace much more effectively due to transactions being irreversible.

  4. Increased efficiency and speed: Blockchain removal of costly and slow intermediaries allows the supply chain to process faster since everyone can verify the information they need without a middle man.

  5. Reduced cost: Third parties are not necessary to validate transactions on the blockchain reducing cost for all users of the protocol.

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#2838

1: everyone hss access to the blockchain, no one can hide anything. Ledger open to all

2: because its distributed through the network. Its not in one place so thst makes it harder for a hacker.

3: all transactions are recorded so anyone can see them. Time stamped etc. Easier for authenticating

4: reduces the need for auditing and removes the middle man and a whole bunch of paperwork.

5: transactions are simplified thus reducing the middle men. Since its verified before its approved

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#2839
  1. Transparency: With blockchain greater transparency can be achieved. Blockchain is built up with many different computers who all need to be in an agreement before adding information about a transaction for example. This agreement that is needed makes it a lot harder for someone to remove data because that recuries the whole network to agree on the removal of that particular information. This makes blockchain more accurate and more trustworthy than keeping logs on paper where a single person or company can change the history. Thus, creating more transparency for someone looking in the data records in the blockchain.
  2. Security: Because a blockchain isn’t a single computer or one person storing information it’s much harder for example hackers to get a hold of information. If for example a transaction is to be added to the blockchain the whole network needs to be in an agreement, if the transaction is agreed upon by the network the transaction is then encrypted and linked with the previous transaction. This makes the transactions more auditible and makes it harder for hackers at the same time as protecting critical information in industries as healthcare and even the government
  3. Improved traceability: With blockchain the traceability becomes much easier. Using blockchain a company’s supply chain can be carefully monitored whilst also making it much easier to find the origin of a particular supply. Using blockchain, products every stop is being recorded and added to the network making it easy to follow the product back and simply verifying what companies are saying is true or false. Also, because it’s impossible to remove information this makes it harder for companies to lie.
  4. Increased efficiency and speed: The traditional way of doing it is using paper heavy-processes where human-errors are prone to happen due to many different factors. With blockchain these processes can be automated and actually become more efficient and be completed much faster. Blockchain is shared between many people in a network making it more trustworthy than a single ledger. Because everybody got access to the same information this will create a brother trust between parties.
  5. Reduced cost: Using blockchain can actually reduce cost for many companies because third-parties can be removed. Accounting for example is no longer needed when all the information needed is already in the blockchain, so companies using blockchain can actually save money.
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#2840

Transparency: Blockchain technology allows for transparency in viewing financial transactions, provided that the protocol permits it to be observed by other parties. For example, Bitcoin allows third parties to view transactions whereas Monero doesn’t.

Security: Blockchain technology generally provides security in terms data preservation, which allows for fraud prevention, increased consensus and increased provenance.

Improved Traceability: Blockchain technology allows for financial transactions and supply chain/supply network agreements to be traceable, through the means of recording data that is immutable.

Increased Efficiency and Speed: Blockchain technology allows for more efficient methods of auditing and recording data to be preserved. In terms of financial transactions, depending on which coins/protocols are used, users are able to exchange funds without the need of a third party to verify and uphold the transaction. It is automatically done via the nodes within the network.

Reduced Cost: Costs are reduced through obsoleting the need of third parties. Businesses wouldn’t need to pay teams of lawyers to verify or create contracts. Smart-contracts already do this automatically.

Again, any feedback is appreciated! :grinning:

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#2841

  1. Transparency: Transaction information is shared with all parties at the same time. Their needs to be a consensus within all parties for the transaction to be approved. All transactions follow the same protocol and are available for everyone to see.

  2. Security: All transactions must be evaluated and verified across a large network of computers and all computers must have the same information once the transaction has been approved.

  3. Improved traceability: All transactions are recorded and can be viewed, which provide an easy way to check for authenticity and can be audited at anytime. This is a special feature specially if working with multiple supply chain.

  4. Increased efficiency and speed: The process is faster because instead of heavy paperwork and physically trading paperwork between businesses, everything is streamlined and an automatic process. Also no third party is involved which saves time and money.

  5. Reduced cost: No third party involved which means money saved.

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#2842

Transparency:
Every transaction can be traced and verified in the blockchain globally.

Security:
Multiple computers maintaining the network. It would be hard for hackers to attack it.

Improved traceability:
Every transaction can be traced and verified in the blockchain globally.

Increased efficiency and speed:
Thru the protocol, every process is automated and always audited. You just have to trust the network.

Reduced cost:
With less paid third-party centralized entity that requires TRUST, the blockchain still does what each 3rd party provider would do, BUT with increased efficiency (speed), security and transaparency.

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#2843
  1. Transparency: Blockchain allows all parties involved to view the same confirmed transactions.
  2. Security: There is 24/7 confirmations and availability to the blockchain.
  3. Improved traceability: Every transaction will have to be confirmed by multiple nodes as well as built in security features of blockchain.
  4. Increased efficiency and speed: Over internet and always live could not only open the door to more international business but also make transactions only take seconds at most.
  5. Reduced cost: By using less paper and also removing the need for middle men and accountants. Once transactions are made they will be easily found by companies and customers alike.
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#2844

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

Transparency: Because it is a permanent, immutable, public record of a transaction(at least in a decentralized network).

Security: Because the data is not controlled/alterable by a central authority(again, speaking of decentralized blockchain) and transactions are agreed upon using proof of work consensus and stored on nodes throughout the globe.

Improved traceability: Because data can be entered at any number of desired points along the supply chain and is now permanent and immutable and viewable by all parties.

Increased efficiency and speed: Eliminates the need for paper entries which are more error prone as well as the fact that different systems not needing to be reconciled as all the data exists and is accessible on only one network.

Reduced cost: Eliminates the need for many intermediaries to verify/audit the data as well as less labour hours spent poring over various paper documents as all the data is in one network.

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#2845

Benefits of using a blockchain…

Transparency- Cheating is eliminated and greed is exposed.

Security- Consensus protects truth aswell as PID.

Improved traceability- Realtime auditing. Integrity of companies is shown. Or not.

Increased efficiency and speed- One ledger shared with all parties. Mitigates or even eliminates errors.

Reduced cost- In a trustless network, you dont need third parties taking a cut of your profits.

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#2846

Transparency is a benefit of using blockchain because it is built around the principle that all the network participants share and view the same exact copy of the ledger. Everybody’s agreement can only determine this ledger. All the history of transactions is there for everybody to see. Manipulating the ledger is practically impossible to achieve. And therefore, it is certain that what is recorded has happened.

Security is a benefit because the blockchain is better secured than any other system. A consensus is needed for transactions to be recorded. Once recorded, the transactions are encrypted and linked to previous transactions, thus creating a block. Al of this makes altering the data in the blockchain impossible and so more secure.

Improved traceability is a benefit because the blockchain system enables us to view and track any chain of transactions and exactly know where it started and what happened at each stop along the chain.

Increased efficiency and speed is a great benefit because the blockchain is digital. There is no paperwork involved and no place for human error. A single larger reduces the need to compare and approve transactions across different systems and have agreement on disputes much faster.

Reduced cost is a benefit for sure. It actually derived from all the above. There are fewer parties that need to handle transactions. The automation of the blockchain system enables everything to be performed faster and more efficiently, thus reducing costs.

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#2847

Transparency: Is a benefit of using blockchain because all the transactions made on the network are stored in chronological order on the ledger
witch is available for auditing/visualization.

Security: All new transactions must be agreed upon by all nodes on the blockchain (reach consensus) to be added to the ledger. Blockchain does not have a single point of fail,
since it is not hosted in a centralized server. Instead, it’s hosted in a network of distributed computers around the world, this makes it incredibly difficult
for data to be tempered with.

Improved traceability: Since all data is chronologically stored on the blockchain it can be audited for traceability, fraud prevention.
Once it has this historical transaction data that can´t be tampered with.

Increased efficiency and speed: Since all data is chronologically stored on the blockchain and available to all on the ledger.
This means that everyone on the network has access to the same untempered data which makes a trustless environment that is quicker and more efficient

Reduced cost: With data on the ledger it’s easier to reduce cost because you don’t need to trust your trading partner lowering the number of middlemen on the trade, thus
lowering the price. This is achieved because you are on a trustless network where everyone has access to immutable data on the blockchain.

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#2848

  1. Transparency is achieved by means of a distributed ledger in which many individuals share the record of transactions and must reach consensus for further transactions to be added, thus allowing public scrutiny of the record.

  2. Any falsification of the data would require collusion of the entire network, making hacking of the data virtually impossible. The data is encrypted and linked to previous transactions so that alteration of a record would require alteration of all subsequent records. These features result in greatly enhanced security of data.

  3. Improved traceability is a result of the recording of data on a blockchain with its distributed ledger, and its open and secure network. This allows for an audit trail to be established at every step in a supply chain, so that the origin and authenticity of each asset can be verified.

  4. Increased efficiency and speed is achieved by a blockchain because it eliminates the need for third-parties to verify transactions and because its distributed nature means there is no need for many ledgers to be reconciled. Transactions are verified and settled automatically.

  5. With a blockchain transaction, the parties only need to trust the protocol rather than their trading partner. This allows a blockchain to do away with the need for intermediaries and to reduce documentation, resulting in costs being reduced.

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#2849

Transparency: Data on the blockchain can be seen and understood by all participants which creates trustlessness in the information sharing. Updates to the transaction record must be done through concensus (agreeing on the update)

Security: Transactions must be agreed upon, approved, encrypted, linked to the previous transaction and stored on a network of servers which makes it very hard for hackers to compromise.

Tracability: Through the use of the blockchain exchanges of goods can be done through an audit trail giving supperior clarity on its geographical journey. This is is better than modern complex supply chain solutions.

Increased efficiency and speed: Streamling and automating processes so that transactions can be completed faster on a single shared ledger. This creates trustlessness for quicker settlement.

Reduced costs: Cutting down third parties and middleman as the data on the blockchain is the only part you have to trust on the trade

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