Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#2890

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

  1. Transparency:

It is a public ledger so everyone mining can see the transaction.

  1. Security:

It’s more secure because the only way there could be fraud is if every miner did collision or basically several people decided to lie within the network which is very unlikely.
3. Improved traceability:

Because the transactions are recorded in the code and published in the node or the block you don’t have to wonder if everything went through correctly like you do now when sending money through a wire transfer because it settles almost immediately in real time instead of several days later. It’s also a public level and it’s in the code so tracing it is easy.
4. Increased efficiency and speed:

There are not any third parties which makes it more efficient and quicker organically.
5. Reduced cost:

There are no third party fees and the transactions and the money both being in the code keeps the cost down.

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#2891

Transparency: You are able to see the transaction’s history. Also if anyone one person changes something it requires a consensus from the network.

Security: Difficult for hackers to hack a network of computers versus a central point. It also keeps the data on all historical transactions.

Improved traceability: Exchanges and transactions on the blockchain show the entire life of the transaction. Very good for companies involved in a long transaction chain.

Increased efficiency and speed: With blockchain a single transaction can be added to one ledger and automatically updated to all the ledgers. Allows everyone to have access to the same info quicker.

Reduced cost: Reduces the need for third party intermediaries, reducing the overall cost and speed.

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#2892

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

1. Transparency:
The blockchain’s ledger of transactions is duplicated and checkable wherever there is a node and thus visible to all. Also every transaction on it has been verified by consensus, thus is understood and accepted by all network participants.
2. Security:
The duplicated ledger ensures that even if one or more of the network participants suffers downtime the network itself remains robust and available. Additionally encryption can ensure that elements in the ledger are only accessible to those with appropriate access authorisations even as the whole network ensures the data integrity of all inputs.
3. Improved traceability:
The provenance aspect of blockchain means that all items on the blockchain are traceable throughout their lives on the blockchain, through every state modification or transaction that occurs in relation to them. This would previously have been very difficult to achieve especially in very complex context such as global supply chains.
4. Increased efficiency and speed:
The disintermediating power of blockchain, and its trustlessness, empowers participants to automate much that previously needed human participants (or complex programming) and trust. The example IBM cites is clearing and settlements which is typically an entire division of each of the Big 4(5?) accounting firms.
5. Reduced cost:
This disintermediation also removes the commission dues for numerous middlemen present in traditional transactional and other operations.

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#2893

Transparency is a benefit of blockchain because every transaction is verifiably recorded on the blockchain.
Security is a benefit of blockchain because miners are incentivized to verify each transaction with the prospect of profit.

Improved traceability is a benefit of blockchain because each transaction is recorded publicly on the ledger chained to the previous transaction.

Increased efficiency and speed is a benefit of the blockchain because transactions are verified quickly through node consensus, there are less parties involved in facilitating transactions, and transactions are immediately verifiable by all parties.

Reduced cost is a benefit of blockchain because transactions are digitally initiated, secured, and verified on an open distributed network, unencumbered by individual and organizational overhead.

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#2894

Transparency: Blockchain technology benefits transparency by operating on a distributed network with each computer having access to the same data. Before the data can be stored on the ledger, it must be agreed upon with all nodes.

Security: Blockchain improves security by having a 24/7 network that incentives miners for verifying and confirming data. Addtionally, the network is not centralized, thus; hackers could not crash the entire system by attacking one computer

Improved traceability: Blockchain improves traceability by knowing exactly where a transaction was added to the ledger, this information is vital for supply chains and ensuring the quality of a product

Increased efficiency and speed: Blockchain does not require a third party to confirm data, rather high speed computers are able to quickly confirm data and add it to the ledger. Additionally humans become more inefficient as fatigue increases–the network has unlimited computing energy

Reduced cost: A company could rely on the 'free" network of blockchain ledgers for data verification rather than paying for human labor.

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#2895

  1. Transparency: The distributed ledger can be viewed by the public. Because so many are watching and immutable transparency is drastically increased;

  2. Enhance Security: After a transaction is agreed, it then encrypted, linked to the previous transaction, and then written on to the Block. These three features enhance the security.

  3. Improved Traceability: Following the transactions, it is possible to go towards the source of the transaction.

  4. Increased and Speed. : In a traditional system there is heavy paperwork &
    processes, Blockchain streamlines the processes and combines this with automation without the need for intermediaries.

  5. Reduced Cost: As intermediaries like Banks, lawyers are not required there is a significant reduction in time and cost.

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#2896

Transparency: all transactions/changes in blockchain are visible to all users granting total transparency of the data.
Security: consensus is needed for transaction to be written into blockchaing granting secure and corrent entries.
Improved traceability: as all nodes hold all the transactions from the begining of the blockchain, each entry can be easily traced down to the begining.
Increased efficiency and speed: even though blockchain isn’t fast database, it can speed up and increase efficiency of the business by automating processes and storing the data which will available to all participants of the business. (no need for numerous intermediaries for syncing data)
Reduced cost: by increasing speed and efficiency you get reduced cost naturally :slight_smile:

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#2897

  1. Hacking really becomes impossible with consensus, too great of a task to perform. But also no centralized points makes the data 100% reliable thru the distributed ledger.

  2. making the data public and with finality being unable to change this information makes the security extremely high for any bad actors looking to corrupt information. There are industries that need data to be reliable for decades, without being compromised lost or stolen.blockchain makes it possible

  3. with every step in a supply chain their is an opportunity for a problem to happen. I’ve had Amazon goods lost and no one knew where it went. Blockchain audit trail is the digital cement footprint that you see every step of the way and can trace back all paths taken

  4. no human errors and everyone has access to the same information. No need to pass out paper copies of the same information and hand them out to everyone, everyone can load the same information real time at once

  5. less parties involved means less work which means someone less to pay the process is trust less which means all data is verified amongst the network before being proven so we don’t need a middle man recounting/checking someone’s work

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#2898

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

Transparency:
Data on the blockchain is up to date (current) and immutable.

Security:
Data cannot be altered on the blockchain and data “eggs” aren’t all in one centralized “basket”.

Improved traceability:
Previous transactions are sent along with the most recent transaction, this is accountability built within the system!

Increased efficiency and speed:
The public ledger allows for all eyes to look at the unbiased data, this speeds transactions up because no middleman has to use time and resources to verify.

Reduced cost:
Due to increased efficiency and speed, costs are reduced.

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#2899

. Transparency : consensus on the BC is achieved by sharing a common and updated “version of the truth”. This means the information (the “truth”) is fully accessible by any participant.

. Security : since the information is duplicated accross the network participants, this information is way harder to manipulated. And the only way to manipulate this information is through cryptographic mecanisms that are agreed by all participants. This mecanism is linked to what we call “mining”.

. Improved traceability : the information on the BC is transparent. But it is not only the current version of the information that is accessible, but it’s history. Thus, it is possible to trace back the history of the inputs (ie : the Bitcoin transactions).

.Increased efficiency and speed : book keeping is a time consuming process in which are involved many different standards and practices. The BC simplifies book keeping by offering a common way to keep data. Plus, BC reduces the intermediaries needed for book keeping activities.

. Reduced cost : BC being public and accessible without too any intermediaries, it reduces the normal costs associated with auditing and book keeping.

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#2900

Everyone can check txs, not just miners. :slight_smile:

#2901

[quote=“ivan, post:1, topic:8421, full:true”]
Explain with your own words, why these are the benefits of using a blockchain.

Transparency: The blockchain achieves consensus whenever information is added because all of the network or ledger agrees and accepts the information before it is added making it transparent or public.

Security: The blockchains consensus and finality makes it more secure than other infrastructures because the entire network of nodes has to agree before accepting information and it cannot be reversed which is completely secure.

Improved traceability: Blockchain using consensus and finality produces historical data that can be very easily traced if needed and gives you a step by step history that’s easy to follow in even the most complicated supply chain networks.

Increased efficiency and speed: Without blockchain many supply chains rely on a tedious and often unreliable trail of processes and service providers that take time to trace and record accurately. With blockchain transactions and verification is achieved in real time which is not only extremely efficient but traceable as well.

Reduced cost: Most business’s that involve many third parties and middlemen would benefit financially from removing most or all of those middlemen to get to their end product. Blockchain eliminates all of those middlemen.

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#2902

  1. Transparency: The data is more accurate and the history of the data cannot be changed. It is easy to go back and look at things.

  2. Security: Data is spread across multiple nodes which makes it harder to take over the information and transactions must be agreed upon before they are recorded.

  3. Improved traceability: Easier to audit and trace back the origin of a product.

  4. Increased efficiency and speed: No paper and every body has access to the same information.

  5. Reduced cost: You don’t need the middle man anymore to help you verify you transactions with a third party anymore.

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#2903

  1. Transparency:
    Blockchain technology makes all transactions available to be looked at and can only happen when there is consensus in the network. no transaction can ever be changed as it would have to be changed on the whole network which would be difficult.

  2. Security:
    Blockchain is very secure record keeping system because all transactions must be agreed before they can be approved, once approved it can’t be removed from the system. The information stored on a network of computers or nodes which make it incredibly hard to hack into.

  3. Improved traceability:
    Blockchain gives good traceability of products recorded on it because it leaves a trail that can be traced back to source. It can also be used to track assets which helps prevent fraud.

  4. Increased efficiency and speed:
    Blockchain keeps all records on a single digital ledger that is stored across a network that everyone has access to. This is much faster than using paper records and also reduces the need for trust so can make it happen quicker.

  5. Reduced costs:
    Blockchain can reduce costs for businesses by removing the need for third parties to settle trust issues as all information is available for both parties to see and are not changeable.

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#2904

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

  1. Transparency: Open and accessible to all.
  2. Security: Safe to use, consistently so and therefore reliable and trustworthy.
  3. Improved traceability: Every detail in the transaction process is transparent and can be traced.
  4. Increased efficiency and speed: Eliminating third parties in Peer-to-peer transactions make the process cheaper and more efficient.
  5. Reduced cost: Eliminating third parties in Peer-to-peer transactions make the process cheaper and more efficient
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#2905

Transparency: Everything is publicly visible and auditable on the blockchain. If a transaction happened, everybody can see it, and nobody can revert it.

Security: Nobody can compromise the data that is already written in the blockchain. Private blockchains can utilize some form of permission if they want to restrict access. only to certain parties

Improved traceability: What happens on the blockchain, stays there forever. There is no possibility of changing the past, therefore the history should be saved on the blockchain exactly as it was happening in the past.

Increased efficiency and speed: Getting rid of intermediaries and automating a lot of processes like settlement can make transactions cheaper and quicker.

Reduced costs: Same as above, without intermediaries, the interaction between parties can be quicker and cheaper.

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#2906

Transparency: Blockchain technology enables a database that can be viewed by anyone. It is transparent and funds can be traced back in time (provenance), which creates a history of its owners.

Security: Data on a blockchain is very hard for hackers to compromise. A transaction is accepted to the database if all participants agree on it. The transaction is then cryptographically encrypted and added to the existing state of the database, referencing its predecessor.

Improved traceability: Goods which have been tokenized on a blockchain can be traced back every step of the supply chain. It is recorded where a certain good is at the moment, where it was and where it originally came from.

Increased efficiency and speed: A shared open database increases efficiency and speed because it eliminates the traditional paperwork. Everything is recorded on a database and everyone can access this database for viewing.

Reduced cost: Blockchain technology eliminates the need for third party intermediaries with the task to create trust. On the blockchain, it does not matter if your business partner is trustworthy or not because you have the ability to verify.

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#2907

Transparency:

All the transactions are shared around the protocol creating exact copies once verified. The consensus model agrees to all these transactions so they are all verified as part of the model. The protocol makes the decentralised ledger available to query any transaction.

Security:

The cryptographic nature of the blockchain makes it hard to attack and by having the same version of truth around the world makes it immutable. The mining network spends time, energy or money to secure the network meaning they have incentives to maintain its security.

Improved traceability:

Having a transaction event recorded on the Blockchain gives it a history that can be evidenced without the need to trust third party entities. Given its traceable nature, it lends its self to high security or value asset recording in many mission critical systems.

Increased efficiency and speed:

The Blockchain uses code and maths to run the systems and does not need to rely and an entire admin based system removing human error and incorrect working practise. The reliance of code can be automated to run 24/7 with little to no oversight. The same network can include both traceability and financial in one Blockchain.

Reduced cost:

The automated nature of the Blockchain reduces the need for intervention from manual processes, duplication and validation. It can be all done within the Blockchain simplifying contracts and payment workflows from automated events.

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#2908

Transparency : Blockchain is a distributed ledger. The data / information on it is the same across multiple nodes keeping all participants on the same page.

Security : It is decentralized and as such data cannot be hacked or manipulated by an individual or a central authority.

Improved Traceability : Data on blockchain is immutable and public. Therefore, transaction trails can easily be tracked.

Increased Efficiency and Speed : It eliminates ‘ heavy paper ‘ processes that are time consuming and reduces the probability of human error that arises from that.

Reduces Cost : Blockchain is transparent and trustless… This makes transactions fast and eliminates middlemen .

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#2909

Transparency is increased by using blockchain because of its public, distributed ledger. All computers/nodes can access it. They access have access to the same information. Common data can only be updated via consensus of other nodes which share that data.

Security is increased because all nodes must form consensus to agree that an addition/ transaction is valid. This information is shared with all distributed ledger allowing access to everyone. It’s distributed nature also makes it resistant to attacks and a safer store of sensitive data… There is no central centralised point to attack/hack.

Traceability is increased through its historical list of transactional data. This recorded data is like a library that can be browsed. This would be perfect to verify the authenticity of a supply chain.

Speed and efficiency is increased because blockchain can streamline processes and remove third parties. No third parties, auditors, no human error or disputed.

Cost is reduced by this streamlining process. No third parties, auditors etc. Many functions that would previously have been costly are not needed.

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