Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#2850

Transparency:
everyone can view all transactions on the public ledger

Security:
transactions are immutable and decentralized. consensus of many is required

Improved traceability:
blockchain transactions can be publicly traced back to their origin

Increased efficiency and speed:
absence of paper, third parties and multiple ledgers

Reduced cost:
minimal documentation sources and zero middlemen

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#2851

Transparency:
The ability of blockchain transactions to be recorded via consensus amoung a network of computer ledgers through uniquely created addresses allows for transparency.

Security:
The use of incentivized work and proof of stake and proof of work protocols allow for honest distribution onto the network. The finality of transactions and contracts provide a indisputable and irreturnable one way function.

Improved traceabliltiy:
All transactions and contracts contain every element and process along the supply chain in the utmost detail. This is possible because protocol allows for open communication along the supply chain to validate sourcing and quality amoung each seperate link or entity.

Increased efficiency and speed:
Transactions and contracts are validated once in a single network. There is no need to involve third parties or use muliple networks to inquire on availability of funds, goods, or information.

Reduced cost:
Fees are dependant on the desired speed of transaction and the amount of the transaction as well as network difficulty. There are no fees from third partys or central authorities to produce, manage, or execute transactions.

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#2852
  1. Transparency: All transactions are visible and accessible.
  2. Security: There is no way of pretending transaction didn’t happen or cancelling it. Incentives for miners help ensure that everything in the blockchain is true.
  3. Improved traceability: Everything is registered in the ledger
  4. Increased efficiency and speed: There is not multiple infrastructures, only one network
  5. Reduced cost: No third party to pay for example for data storage or agent commisions
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#2853

Transparency: All network users get a distributed ledger that is the same for everyone
Security: Transactions have to be agreed upon by both parties before it is confirmed and information is stored by a network of computer not just one main server
Improved traceability: With the blockchain there is an audit trail of ever stop the transaction made.
Increase efficiency and speed: There are no need for third party intermediaries which makes more efficient and have a single public ledger increases the speed as well.
Reduced cost: No need to trust just verify makes it more streamline thus reduced cost.

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#2854

Transparency:

All those with access to the network share the same information, that is immutable. To change a transaction, all subsequent transaction would also have to be changed. This makes the information on blockchain more accurate, consistent and transparent.

Enhanced Security:

Transaction have to be agreed upon across the network before being recorded. Once recorded, the transactions are encrypted and linked to all previous transactions. They are secured across the network instead in on one server, which makes if very difficult for the data to be hacked and altered.

Improved Traceability:

As goods are exchanged, blockchain records the track that these goods take and provides a trail that can be accessed by anyone with access to the network.

Increased Efficiency and Speed:

There is no need for multiple parties to verify that the information recorded on the ledger is accurate, as this had been done in order for the transaction to be recorded on the blockchain. The records are kept by a single digit ledger and do not need to rely on human intervention which is prone to error and requires third-party mediation.

Reduced Costs:

Less personnel are required to verify information on the blockchain because everyone has access to the same information that is immutable, therefore reducing costs as multiple third-parties are not required.

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#2855
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#2856

Transparency: Because it is trustless, you can view it yourself and don’t have to take anyone’s word for it.

Security: Because there is no central point that could get hacked.

Improved Traceability: Because of the immutability you can know what the supply chain origin of something is, for example. Also traceability of transactions, since transactions are linked and the blockchain keeps the history.

Increased efficiency and speed: Removes the need for a middle man.

Reduced cost: Removes the need for a middle man.

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#2857

Transparency:
All parties on the network have a copy of the same information. This can only be updated through consensus of all parties involved.

Security:
Transactions must be agreed by consensus before being recorded on the network. Once this is done, the transaction is encrypted and linked to the previous transaction.
As the information is stored across all computers part of the network, it is really hard for it to be hacked.

Improved traceability:
When using a blockchain network, every movement in the journey of a good being exchanged is recorded on it.
With this, we can verify the authenticity of assets and prevent fraud.

Increased efficiency and speed:
Record-keeping is done using a single digital ledger, which is shared among all participants in the network.
As they all have the same immutable information, we achieve trustlessness and remove unnecessary intermediaries. So, the processes are made much faster and efficient.

Reduced cost:
Not needing to trust the people or organizations we do business with, we don’t need third parties for guarantees.
As every party involved in a business trade has access to the immutable version of the information of it, we don’t have to waste time reviewing the information to complete such trade.
These two realities reduce greatly the costs of the business’ processes.

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#2858

Transparency:
Every transaction is recorded in the distributed ledger with information agreed by all participating nodes. Everyone could check and access them.

Security:
It’s not easy to attack the network as renewal has to go through consensus, agreement must be made by most of the full nodes.

Improved traceability:
Every new transaction are recorded upon previous transactions, people can easily trace the provenance of the supply chain (though data input by human may not be real).

Increased efficiency and speed:
Users no longer have to do heavy among of auditing and prevent any human-made errors in paperwork.

Reduced cost:
No middlemen and time for reconciling ledgers needed, thus reduces cost of using the network.

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#2859

In My Own Words

Transparency: Transparency is a great benefit for those utilizing the blockchain protocol. With all parties able to see every aspect of the network you can trust any deal you and another party can conceive even from a complete stranger.

Security: The incentivized consensus mechanism is more than a benefit it’s what makes this miracle happen, keeping all parties honest, removing all centralized power, and ensuring that the network will always run if there is an incentive to do so.

Improved traceability: Blockchains permeance properties allow for a fully traceable supply or custodial chain. To efficiently, quickly, and accurately identify any mishappens along the route.

Increased efficiency and speed: Everyone has access to the same information in the global ledger making for a more efficient and faster process while also creating trust.

Reduced cost: With the blockchain, there is no third party all sticking their hands in the honey pot as they perform their function there is one single immutable ledger shared by all allowing you to trust in the data and pay low fees and no middle man.

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#2860

Transparency: As we learnt, Blockchain is a network of computers sharing the same public ledger and transactions can only be added with consensus mechanism instead of one entity agreeing to the truthfulness of the information. This provides transparency and creates a trustful network.

Security: The very nature of decentralized and distributed ledger makes it difficult for hackers to bring down the entire system and steal the information. Centralized databases are more prone to security vulnerability. All transactions on the blockchain are encrypted with cryptography thus makes it more secure to protect the data.

Improved traceability: as we learnt, data on the blockchain cannot be erased, removed or changed thus it provides immutability to the entered transaction in the system. it creates an audit trail of all the data entered in the blockchain, so we can understand the origin of the information.

Increased efficiency and speed: Single ledger is distributed among network of computers and hence when the transaction is entered in the ledger with the consensus mechanism then the same information is available for every single computer within the blockchain network. It saves time since we don’t have to reconcile the information.

Reduced cost: Since transactions are continuously audited by following a standard protocol to accept or reject transaction based on mathematical equation and consensus. We do not need a Third party to do the audit and check the authenticity of the information entered in the blockchain.

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#2861

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

Transparency: whatever reaches Consensus is record3eed as immutable n the blockchain for everyone to have and to trust, stays on the blockchain, exactly for all the rest that need or want to know can see.

Security: verify and then trust, rely on math and blockchain protocol

Improved traceability: nothing to hide; perpetually verifiable provenance

Increased efficiency and speed: removal of middleman, custody proven, always variably true and up to the Current/now

Reduced cost: Current cost reductions can be targeted, yes! yet, can Blockchains Development and integration be armed with the Truest moral character + greatest ‘intent’ to successfully slice away cost w/Hubris’s double edge of consequence to also generate true & quality-value without something or someone else joining on a journey to self discovery and something going wrong and replacing a new ‘cost’ nemesis to supplant or exceed the intended benefits. .

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#2862
  1. Data spread across entire network instead on one copy. Transactions need to be agreed upon before update performed. Alteration, after the fact, would take network collusion.
  2. Transaction after approval, as above, is added to previous transaction producing the chain.
  3. Every transaction has a travel history thus is traceable.
  4. No middlemen, one ledger (although copies shared network wide) faster validation.
  5. As above no middleman costs and no multiple “paperwork” needed. One ledger.
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#2863
  1. Transparency
    Blockchain is a type of distributed ledger, so all participants share the same documents, as opposed to individual documents.
    These documents can only be changed by concensus… meaning it must be agreed to by everyone.
    To change a single transactional record requires the altercation of all related records and collusion of the network entirely.
    Data on the blockchain is more transparent , accurate and consistent than that of traditional means.
    This really cuts down on costs, is so much more efficient and transparent.
    2.Enhanced security
    All transactions must be agreed upon before being recorded.
    When a transaction has been approved, it is then encrypted and linked to the previous transactions. So this process along with the way blockchain is run over and shared by many servers worldwide makes it very difficult to be hacked and compromised.
    Blockchain technology is really going to change how sensitive data is stored and shared, and is going to take over from other methods… it’s already happening now across government, banking, security, healthcare sectors, cutting down on criminal, fraudulent and cheating.
    3.improved traceability
    When a company’s products come through a large complex supply chain it can be difficult to trace back to it’s sources. When thse products are put through the blockchain they can be audit traced to where and when they where sourced every step along the way.
    This traceable transaction of data helps to verify how authentic a product is and prevents fraudulent transactions.
  2. Increased efficiency and speed.
    When traditional processes are used, human error can occur, it is also more time consuming than using blockchain and more often than not requires 3rd party mediation.
    With blockchain transactions are completed more efficiently and quicker.
    All documents have been agreed upon before being recorded on blockchain, so everyone has access to the exact information. This equals more trust/transparency in transactions, also making the whole process way less cluttersome, making transactions much faster…
    5.Reducing costs.
    Reducing costs is a main priority for most businesses.
    Third parties aren’t required with blockchain, as all data/transactions are verified.
    This cuts down on reviewing documentation after a business transaction, as all parties will have access to immutable agreed version.
    Less time to pay staff, as this process cuts down on man hours.
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#2864

Benefits of Blockchain Technology – Module 13 – Homework

Reading Assignment – Article: Top 5 Blockchain Benefits – Questions

Explain in your own words why the following are benefits for Blockchain:

  1. Greater Transparency
  • All Participants in a blockchain transaction share the same documentation about the
    transaction history, making the transaction more transparent.
  • Updates to records can only be made when all participants agree (= consensus)
  • Data kept in the public blockchain ledger is therefore accurate, consistent and
    transparent (= Immutability).
  1. Enhanced Security
  • Transactions are agreed upon before being permanently recorded (= Consensus).
  • Approved transactions are encrypted and linked to previous transactions and stored
    in the public blockchain ledger on a decentralised network of computers, making it
    impossible to corrupt, delete, change or hack data (= Immutability).
  1. Improved Traceability

An audit trail of all transactions recorded on the blockchain shows the origin (=
Provenance) of these records through consensus between all parties, giving each
party the possibility to track, trace and verify transactions in real time to show
authenticity and prevent fraud.

  1. Increase Efficiency and Speed

All transactions are recorded in one public digital ledger, which is approved and
shared by all participants, giving them permanent access to the same verified
information, without having to trust the individual parties involved in the transaction
(= Trustlessness).

  1. Reduced Cost

Because blockchain transactions leave a real time verified (=consensus) audit trail, there is no need for third party verification (i.e. accountants). In addition, all parties have now access to one single permanent record, removing the need for review of many different documents pertaining to the transaction. This saves money on accountants fees, reduces paperwork and saves money on time spend reviewing documents.

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#2865

  1. Blockchain is a “distributed ledger” which must be verified at multiple public nodes. Each node must verify a cope of the ledger. Greater transparency is gained through this process as the data being added to the network requires more then one source of verification. By removing the trust of one institution or individual and replacing it with consensus blockchain allows for greater public transparency.

  2. Because blockchain requires copies to be made at multiple points along the chain the overall security is increased. I cant add date to the ledger without incentivised public nodes each copying and confirming that data through consensus. The data can never be changed without each public node confirming it.

  3. With blockchain every step of the transactions process can be traced. Each step in the process can be seen in the data and has been verified by the blockchain. This also removes trust as the sender is no longer the only party holding the transaction data.

  4. Because there is only one digital ledger in the transaction process the data is always on the ledger and never only in the hands of one party. It does not need to make stops along the way. It only needs to be verified.

  5. Blockchain removes the profits to the middle man.

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#2866

Transparency:
The transaction history is stored on the publicly available blockchain - it can be seen by anyone

Security:
The distributed nature of the system makes it less vulnerable to hackers because there is no one trusted source, many nodes must agree on the transaction history (consensus) so in order to hack the system a majority of the nodes would need to be compromised, instead of just a single entity (like in a centralized system)

Improved traceability:
The blockchain is completely traceable because it stores the entire transaction history, which is public information to anyone

Increased efficiency and speed:
Because there are no middle men, no human actors needed to complete transactions - this makes it more efficient no need to pay humans to review, approve and mediate transactions. Computers dont take vacations, get sick, make typos or input errors, etc.

Reduced cost:
Direct result of increased efficiency and speed (same reasons - no middlemen)

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#2867
  1. Transparency: Information issuing agreed upon collectively and transparent
  2. Security: Everyone has access to same information not centralised so it is impossible for hackers to change data. They must change the data in the entire geographic region. Not just one data in a single computer.
  3. Improved traceability: You can track anything from its origin to last destination
  4. Increased efficiency and speed: no room for paper work thus human errors… Since its pure science blockchain leaves no room for mistakes
  5. Reduced cost: No middleman, no need for intermediaries
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#2868

Transparency: Transparency occurs when all network participants utilize the identical data in their decision making process. The data is available to all network participants with access, and their decision will form a consensus.

Security: Security occurs because data is not stored with a centralized server, but is stored across a network and cannot be deleted, and difficult to hack.

Improved Traceability: This is where data in the network can be historically traced and verified. Traceability eliminates the need to trust.

Increased efficiency and speed: On the blockchain, transactions are audited and recorded in real time because the network is reviewing data and coming to consensus before redecoration. So there is no need for 3rd party to review or certify because the network audits in real time.

Reduced cost: Cost is reduced because 3d party professionals, such as accountants and lawyers are not needed, because the network authenticates the data.

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#2869

Transparency: Blockchain is very transparent due to his consensus nature where everyone has to agree on something to proceed it through blockchain.

Security: Blockchain security is high as blocks are made with transactions and each transaction is recorded on blockchain with keeping the record of all previous transactions, which makes it very difficult for anyone to hack it.

Improved traceability: Blockchain is like public ledger and anyone can trace all the transactions record. All the transaction will be on history and no one can remove it.

Increased efficiency and speed: Blockchain has made it more efficient by removing any third party from all kind of transaction or deals on blockchain. You just need to trust the platform of blockchain and it will save all your time of involving any paper work or human interaction.

Reduced cost: In normal worldly dealings companies or people need third party for drafting contracts and agreements, which can cost too much. On other hand, in blockchain you just need to trust the blockchain and proceed with your transaction, plus the fees on blockchain is way cheaper than normal dealing fees or charges.

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