Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#2870

  1. Once a transaction is made a new copy is made on every node on the blockchain which makes it transparent for all parties to follow the history of transactions.

  2. Incredibly safe system since all parties have to agree and verify a transaction before it is registered.

  3. An audit trail is available with every transaction making it possible to trace the history of each asset.

  4. No middlemen required as everyone have access to the same information on the ledger.

  5. No middlemen needed, trust in the code.

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#2871
  1. Transparency: Blockchain data is visible to anyone, which means everyone must agree on it, the data is not encrypted.
  2. Security: Data is redundant across all nodes on the network, it is decentralized which means not changes cheating is not possible.
  3. Improved traceability: all transactions are on an immutable, decentralized ledger that is public. Every single transaction can be checked and given a coin in an address all previous transactions that led to the current state can be traced.
  4. Increased efficiency and speed: Removal of 3rd parties and use of a shared ledger.
  5. Reduced cost: There is no intermediary or trusted party involved, thus reducing the cost.
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#2872
  1. all networks share the same information and to alter the information you have to alter all subsequent records wich are in consenus

2.information is stored in a network of many computers where transaction are aprroved, linked and stores
wich makes it safer from hackers and the risk for fraud

3.when the exchange of your asset is on a blockchain, you can trace it from the start and every stop it has made, wich ensures the authenticity of our asset.

4.with blockchain transactions goes faster and with only one ledger that is share with all participants you end upp with less clutter, it also creates more trust among the parties involved when everyone have access to the same ledger.

5.with blockchain you dont need extra minddlemen/third parties, wich saves you money.
it also means less documentation since everybody have access to the same version.

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#2873

Transparency

  • all transactions are recorded and can be traced back all the way to itā€™s origin. this data canā€™t be altered

Security

  • transaction info is encrypted

Improved Traceability:

  • same as transparency: because all transactions are recorded and can be traced back all the way to itā€™s origin. this data canā€™t be altered

Increased Efficiency of Speed:

  • transactions are validated by a network of computers rather than a bank employee or other traditional verification system. this is greatly reducing transaction completion times

Reduced cost:

  • no employee or third party is needed to verify a transaction
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#2874

Transparency: Blockchain database records transactions and they cannot be deleted or destroyed allowing a clean trail of audits
Security: Everyone owns acopy of the blockchain ledger and a concensus is needed to make changes. This inherintly creates a secure network.
Traceability: Since no block can be destroyed and information can be recorded on every block, you can easily trace transactions, this allows you to cut out paper processes and streamline everything. As such blockchain is faster and far more efficient than the former option.
As such this reduces the costs inherintly

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#2875

Transparency:
Blockchain transactions are transparent because the blockchain is a distributed ledger that is publically available to see. All participants share the same information instead of individual copies.

Security:
Blockchain is secure because all transactions must be agreed upon before they are recorded. Recorded transactions are linked to the previous transaction. It is very difficult for hackers to compromise the data also because the information is stored across a network of computers and not on a single server.

Improved traceability:
Blockchain can be used in supply chains because an audit trail can be made that shows where an asset came from and every stop its made on its journey.

Increased efficiency and speed:
Blockchain allows transactions to be completed faster with higher efficiency as it can streamline and automate processes and transactions as there is no traditional process which is prone to human error and often requires third-party mediation. There is less clutter because record-keeping happens on a single digital ledger. Everyone has access to the same information.

Reduced cost:
With blockchain a business can avoid involving many third parties or middlemen because it doesnt matter if you can trust your trading partner. You can instead trust the data on the blockchain.

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#2876
  1. Transparency:

Itā€™s an permanent public available record of all transactions, in which the transactions are immutable.

  1. Security:

Data is encrypted and stored decentralized around the world.

  1. Improved traceability:

The blockchain gives you an full record of all its transactions this allows you to trace every transaction back to itā€™s origin.

  1. Increased efficiency and speed:

All transactions are in real time and there is no human or other computer system needed to verify an transactions. The network himself verifies every transaction.

  1. Reduced cost:

It cuts out the middlemen there is no third party required to verify an transaction.

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#2877

Transparency is blockchains ability to be viewed by anyone with permissions. This creates an environment where trust is not required, because there must be consensus.

The blockchain is more secure because it cannot be altered and information cannot be omitted either.

Supply chains can be easily traced through the blockchain as everything is recorded and viewable.

Instead of multiple ledgers and mountains of paperwork prone to human error, there is one ledger viewable by all and always up to date, verified through consensus.

Imagine the cost savings of eliminating middle men, mediators, auditors and paper pushers?!?

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#2878

Transparency:
Allows everyone to see the transactions that are made in the block chain. not only one person has access to these records, everyone has access therefore making it honest and transparent.

Security:
the information whether sensitive or not is not just on a single server but is found across multiple, making hard for hackers to pin point one location where they can do damage.

Improved traceability:
once an item is put into the blockchain it is recorded for ever, whether its an item or food, the origin is forever in the system, it can be tracked to verify where its been and if its authentic.

Increased efficiency and speed:
eliminates the paper trail, the need for multiple people to get their hands on a approval of a trade, eliminates the possibility of human error

Reduced cost: you donā€™t need to pay as many 3rd parties, the information is transparent to see, and eliminates it having to go thru multiple hands.

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#2879

1 its very importint because it allows people and companies to work with each other and verify transactions
2 because the transactions are done over more then one computer so it makes it hard for scammers mess up a transaction
3 all transactions leave a rail of its travel
4 record-keeping is performed using a single digital ledger that is shared among everyone so it makes a lot easier on everyone
5 you dont have to trust anyone you just trust the data

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#2880

  1. Transparency: as transactions are recorded on a single ledger that is publicly available, no one can cheat the system by recording false information

  2. Security: as transactions are immutable and required consensus, information that has already been recorded are permanent. All computers in network have to agree on each transaction or it they will not be processed. Immutability means that you canā€™t change information or delete it once itā€™s on the blockchain.

  3. Improved traceability: as transactions are recorded on a distributed ledger available publicly, it is easier to trace a transaction to its origin on the blockchain. It is also trustless meaning that the information on the blockchain is verified mathematically - eliminating the need for third parties to provide information.

  4. Increased efficiency and speed: using blockchain eliminates the need on relying on third parties - automating processes and eliminating human intervention. Meaning that transactions can happen faster at reduced costs. For example sending money across to another country can take days to process.

  5. Reduced cost: reducing human intervention and the use of third parties to verify transactions will reduce cost by not having to pay other companies or staff which is often required for auditing

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#2881

Transparency: all network participants has the same information and itā€™s imposible to modify it because theā€™ll need the consensus of everyone. Thatā€™s why, datat on blockchain is accurate and transparent.

Security: Data on blockchain is stored across a network of computers, not only in one server. Itā€™s less probable to be hacked.

Improved traceability: it is useful to trace every transaction we made because we can verify the authenticity and prevent fraud.

Increased efficiency and speed: Everyone has access to the same information, it makes easier to trust each other.

Reduced cost: Every transaction we made is direct, we donā€™t need third parties so itā€™s easier to trust in the partner trading because both have a single and immutable version.

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#2882
  1. Open source network, so you donā€™t need to trust anyone, you can just see yourself if something is true or false.
  2. The database is spread out across many computers geographically making it hard for hackers to break through. And also because of this, if one system was to shut down due to a fault in the electrics or so, there are many more mining pools around the world that work 24/7 on keeping the whole network active.
  3. In blockchain, everything is set in stone. Once you validate a transaction, a block is added to the previous block, meaning that you can trace it all the way back to its origin, and nothing can be changed.
  4. By removing any third parties and intermediaries, you speed up the system and it becomes extremely fast. Time is the most precious asset we all have.
  5. Every business wants to make money and save money. Basically increase their own profits. And as mentioned previously, by removing the middle man, your removing extra cost, so technically, you are not paying TWICE for your transactions, etc.
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#2883

1. Transparency:
The blockchain ledger is publicly available so anyone can always see what happened.

2. Security:
We trust in maths, protocols, consensus and high availability. This means we are 100% sure about the truth written in the blockchain and can rely heavily upon the availability of it.

3. Improved traceability:
Because the ledger is publicly available, there is no need for bureaucracy. No paperwork or man-in-the-middle we need to go through in order to see what happened and what went where. We can simple read it from the blockchain.

4. Increased efficiency and speed:
Because of the lack of need for peripheral matters around the actual transactions we can transact very fast. There no need for an accountant, bank, administration, etc.

5. Reduced cost:
The combination of speed, high availability, traceability and absence of middle-steps we can get rid of a lot of costly peripheral matters.

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#2884

Transparency:
Transparency is a benefit of blockchain because it creates adds to the trustless nature of the network. Each copy of the public ledger is the same. To achieve this, each node must come to a consensus. Therefore, a transaction cannot be changed without taking over or colluding with the entire network. This is too difficult to do because of the financial incentive of keeping the network true. Additionally, anyone can see transaction history, not just a central authority. This transparency means that transactions can always be verified to be accurate.

Security:
Thanks to consensus and the distributed ledger, the network is more secure than traditional networks and databases. Consensus proves that the transaction is legitimate while the distributed ledger property means that is not just one or few points of vulnerability. Instead, there is always another backup of the true ledger (meaning that transactions cannot be changed or reversed.) There are no centralized networks that can compete with an open blockchain network.

Improved traceability:
Blockchain can provide a huge benefit to any supply chain thanks to it creating a real-time audit in a trust-less, immutable manner. Transactions (such as the exchange of supplies across a supply chain) leave a trail on the blockchain that can be verified.

Increased efficiency and speed:
By having a single ledger that everyone in the network has access to, there is no need to reconcile multiple ledgers or have third parties verify transactions/conduct audits. Automation can further improve this by removing the factor of human error.

Reduced cost:
Because blockchain is a trustless network, parties do not need middlemen to make transactions with one another. By cutting out the middleman, these parties can reduce their costs. Additionally, because every transaction can be verified on the blockchain, there is a reduced cost of removing documentation.

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#2885

Transparency is a benefit of using the blood chain because it is a database - public or private ledger that is made possible through consensus.Thus, there is no way to cheat.

Security is a benefit because it works across the network of computers and not on a single server.Also , immutability means that transactions cannot be removed or messed with.

Improved traceability is a benefit because you can see the whole supply chain -providing you with an audit trail.

Increased efficiency and speed is a benefit because the traditional ways are time consuming. Blockchain is quick and everyone gets the same information quickly.

Reduced cost is a benefit of using a blockchain because less time is spent reviewing documentation and because now you trust your trading partner. Also you donā€™t need as many middlemen.

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#2886

Transparency means we can all see the same base information; the same data.

Security means the records can not be changed. Each transaction, once validated in the network, is unalterable and secure.

With all transactions recorded in the blockchain, how an item has moved is traceable.

Having everyone working off a single, secure data set is far more efficient because far fewer data differences have to be reconciled.

All of this reduces cost because we donā€™t have to run third party programs for security and reconciliation. If taxation is built into a national currency, we donā€™t need the IRSā€‹:grinning::+1:t2:

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#2887
  1. Transparency: Important information can found out about a transaction, sender, receiver, and amount. This is accomplished by allowing everyone access to a full ledger. Nothing can be done without allowing full access to anyone who wants the information.
  2. Security: Everything is double and triple checked by the public ledger. Nothing gets through that isnā€™t verified.
  3. Improved traceability: If something happened in the blockchain, you can see it. If a object claims to have certain ingredients you can check that.
  4. Increased efficiency and speed: Blockchain removes the need for multiple ledgers to be consulted to get the job done. It also eliminates human error from the equation.
  5. Reduced cost: Everyone wants to make money, in business there are two simple ways to increase profit, Increase net income and decrease costs. Reduced cost makes everyone happy.
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#2888

Transparency: Data that is once on the blockchain is very hard to be changed as the majority of the network has to agree to change it. Thus, only verified data can actually make its way into the blockchain which leads to more accurate, consistent and transparent information.

Security: To have an entry written into the blockchain, it is necessary for the majority of the network to confirm it first. After that, it is very hard to change the entry or to hack the blockchain. Itā€™s the power of consensus and encryption.

Improved traceability: Blockchain can act as a live audit system where every step of a supply chain is recorded and verified. This way you can know for sure where things come from or if something has been dealt with legitimately.

Increased efficiency and speed: Blockchain is not prone to human error and human working time as it relies on a protocol and maths. Also if everyone has one place to store the information and to validate it, this makes things a lot easier than dealing with a thousand copies at different locations in different hands.

Reduced cost: You can cut out the middle man for a lot of things and because of the trustlessness you need a lot less money spending on verification something or someone as itā€™s all based on the same information of the blockchain.

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#2889
  1. Every ledger in the block change is a copy that is updated with consensus. So everyone can see all transactions made.
  2. Mining and proof of work secures finality and immutability and is very hard for hacker to alter the transactions
  3. The same mechanism can be used to trace all steps of a manufactoring product, starting from the source of every supply chain.
  4. The trustless nature of blockchain and the underlying math and algorithms ensures that there will be no human mistakes and no delays.
  5. Trustless means that you need less middlemen too, thats reduced cost. You also dont have to check everything because you know than in every step everything is confirmed from the consensus so is valid.
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