Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#2930

Transparency: All transactions are public, agreed upon by a network of computers, can be viewed at any time, and are traceable. There is transparency in the fact that people can trace the quality of their product to the original source to verify their purchase.

Security: Resistant to hacking because it’s a decentralized network consisting of a network of computers verifying transactions. It is trustless and allows people to not have to trust the party they are doing business with. Transactions are also final and cannot be cancelled. Miners are incentivized to work and be truthful, creating and powering a secure network.

Improved traceability: The ability to trace back and verify all aspects of the transaction you are making, from the quality to the just the verification.

Increased efficiency and speed: Lack of middle man/third party, permission, and trust allows for fast and efficient transactions anywhere in the world.

Reduced cost: Lack of middle man/third party

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#2931

  1. Transparency: Because blockchain is a type of distributed ledger all participants share the same documentations. This shared version can only be updated through agreement by everyone.

  2. Security: Every transaction must be agreed upon before they are recorded . After a transaction is approved it is encrypted and linked to the previous transaction and stored across a network of computers making it very difficult for hackers to change the transaction data .

  3. Improved traceability: When goods are exchanged they are recorded on a blockchain which leaves a trail that shows where an asset came from and every destination it makes across the network .

  4. Increased efficiency and speed: When we trade anything using paper to process transactions it is a slow process that is prone to human error and usually requires third party mediation making it less efficient. When using blockchain it is a single digital ledger that is shared among users so when everyone has access to the same information it becomes easier to trust each other without using intermediaries .

  5. Reduced cost: Using blockchain you dont need middlemen to make guarantees because you can trust the data on the blockchain making it cost efficient . Users wont need to review documentation to complete a transaction because everyone will have open access to the shared ledger .

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#2932
  1. All network participants share the same documentation and it can only be updated if everyone agrees to it.
  2. Transactions are agreed upon before being recorded. Then they are encrypted and linked to the previous transaction. The information is then stored across a network of computers rather than on a single server.
  3. Exchanges of goods recorded on a blockchain come with an audit trail showing its origin and every stop it made along the way.
  4. Processes are automated which eliminates human error and increases speed. Information is shared among many people so reconciliation of multiple ledgers among people is unnecessary.
  5. There is no need for middlemen because the blockchain creates verification through data. There is also less documentation to review.
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#2933

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

Transparency: Because anyone participating is seeing the same thing on a distributed ledger and transactions need to have consensus to be changed, there is ultimate transparency.

Security: Transactions are not recorded until they have been approved. They are also linked to previous transactions. Because of the consensus aspect of changing any transaction and the distribution of information (instead of having a central server) the blockchain is much more secure than traditional methods.

Improved traceability: With blockchain you can trace back every aspect of a supply chain as every transaction would be added to the chain along the way and cannot be changed without consensus.

Increased efficiency and speed: As blockchain is trustless, you do not have to waste time reconciling multiple ledgers and falling victim to human error. Much of the hassle of dealing with paper heavy processes is taken away as a result streamlining everything.

Reduced cost: By taking out the middle man and not having to verify human transactions, you reduce costs and increase efficiency.

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#2934

Transparency: All parties involved in a transaction share the same information, and can verify all parts of the transaction publically and easily. There is no centralized authority to grant permission, transparency is inherent in the network.

Security: Hacks are mitigated by consensus and the redundancy of the network.

Improved traceability: One source of truth, there are not multiple copies that different parties hold locally. Because of this tracing transactions is easy and public.

Increased efficiency and speed: Third parties are no longer needed to act as intermediaries. Paper and record keeping, comparing records, discrepancy of records, human error is eliminated by using blockchain technology.

Reduced cost: Because there is one source of truth, and because many processes which require intermediaries are eliminated or automated, less parties/points of failure need to be involved and less errors are possible.

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#2935

Transparency: Every transaction is transparent to a particular level and to the parties with access. No hidden transfers. Unless privacy is enabled and requested in the complete blockchain.

Security: All given transactions are verified, encrypted and linked to previous transactions so they cannot be modified afterwards.

Improved traceability: As every transaction is recorded, and each patch in the supply chain, tracing is significantly simplified.

Increased efficiency and speed: With blockchain having all of the data needed and the ability to support contracts, or any automatization efficiency and speed are greatly improved.

Reduced costs are essentially a consequence of all the points mentioned above, and especially contributing from increased efficiency and speed.

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#2936

Transparency: All network participants share the same ledger instead of individual copies. The ledger can only be updated through consensus. To change a single transaction or entry, you would need alteration of subsequent records & the collusion of the network.

Security: Transactions must be agreed upon before they are recorded. After it is approved, it is encrypted and linked to the previous transaction. This makes it difficult for hackers because the information is stored on a network of computers instead of a single database. This helps prevent fraud and unauthorized activity.

Improved traceability: Supply chain products are difficult to trace to the origin. With blockchain, you end up with an audit trail which shows where the asset came from & every stop it made on the way. This helps verify authenticity of assets & prevent fraud.

Increased efficiency & speed: Traditional processes are time-consuming, prone to human error, and often requires a 3rd party. Using the blockchain makes transactions quicker & more efficient by skipping the middleman. Record-keeping is recorded using a single ledger that is shared amongst participants - this means everyone has access to the same information. There is no need for intermediaries.

Reduced cost: No need for third parties or middlemen - you trust the data on the blockchain. Everyone will have permissioned access to a single, immutable version.

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#2937
  1. blockchain is a distributed ledger and all network participants share same documentation vs individual ones which can be manipulated.
  2. transactions must be agreed upon before they can be executed.
  3. the journey of products is able to be easily followed and proven
  4. it is more efficient and streamlined.
  5. for business it is great it allows the ability to eliminate many 3rd party costs
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#2938

Transparency:
As the blockchain is a public and distributed ledger where transactions are recorded post consensus amongst the entities, the data/transaction record is accessible to all the participants of the network. No single entity or individual has a master copy of the records. Also to update a record, you need to verify all the underlying transactions and hence easier sanity of the record is achieved.

Security:
Entities on the network are fully aware of the source/origin of transaction. It is distributed across the network. They need to agree to the record and once agreed, the record cannot be updated without updating the succeeding/dependent records. Hence the data is more homogenous, consistent and secure.

Improved traceability:
All entities are aware of the source of transaction for the preceding and succeeding blocks in the chain. Hence once can easily track the transaction as you have complete audit of the records

Increased efficiency and speed:
With ledger being distributed, there is no single point of failure. Multiple participants ensure data integrity and immutability ensures that the data can be verified easily there by increasing the speed for completion of transaction

Reduced cost:
For transaction to be completed in a traditional setup, you need multiple third parties to verify the details. In block chain, the data is already verifiable and hence reduces the overall maintenance overhead

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#2939
  1. through a distributed ledger all users have the same access to information
  2. All transactions need to be agreed on before recorded, all nodes computers store that information, no single database
  3. With blockchain it is possible to trace the origins / source of the asset
  4. It takes out the 3rd party / middle man
  5. By streamlining and automating processes with blockchain, transactions can be completed faster and more efficiently
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#2940

Transparency: blockchain is a public database that shows you all transactions made within the blockchain, fully transparent.

Security: since blockchain is a network of computers that al need to agree upon aan transaction before it is executed, it is more secure. this network protects more agains hackers than the paper system on a single server.

Improved traceability:
within projects that are open source (public ledger) transaction can fully be traced from source to destination.
Increased efficiency and speed: removel of the middle man

Reduced cost: the inherent cost of blockchain transactions are much cheaper that traditional transactions and the chain of command that a transactions needs to complete

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#2941

Transparency: Without it we could not verify that the blockchain could be trusted.

Security: In order to change a block they would have to change all of the blocks making it next to impossible. After a transaction is complete it is encrypted and tagged to the last chain, making it easily verifiable. This information is stored on many computers across the globe, not one centralized database making it much harder for hackers to infiltrate.

Improved traceability: When looking at supply chains the amount of data can be difficult to follow because of the complexities of said chains. The blockchain enables users to check the transaction history quickly and see an audit trail of each stop along the way preventing fraud.

Increased efficiency and speed: Because there is only one ledger it makes finding the info much faster and easier. You are not looking at multiple paper trails but one big database. It is much easier to solve problems in the network this way then if you were using a centralized source who does not allow you to see their ledger.

Reduced cost: With everyone having access to the same information, no middle men are required in order to verify the transaction. Math does that for you, therefor reducing costs to companies that are looking to transact with one another. If there is an issue, everyone has a copy of the same ledger and can be figured out much quicker.

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#2942

Transparency
Blockchain provides a shared single truth that can be accessed by everyone who is permitted.

Security
Once a transaction is approved, it cannot be changed anymore. Because of the distributed nature, it is almost impossible for hackers to make any changes in the transaction history.

Improved traceability
All transactions in a block chain form an audit trail.

Increased efficiency and speed
Everyone has access to the same information, less need for intermediaries and paper.

Reduced cost
It is easier to do trade, without the need for intermediaries, and without investigating your trading partner, because you can trust the blockchain.

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#2943

  1. Transparency:
    All transactions are transparent as all network participants share the same documentation. Consensus is required for every other participant if a change is to be made. This makes the data more accurate and consistent.

  2. Security:
    Security is maintained through consensus,once a transaction is placed in the record, it is forever linked and cannot be modified or removed as it would require modifying or removing the transaction on all copies of the held by other participants in the system.

  3. Improved traceability:
    Any transactions that are recorded on the blockchain are linked to it leaving an audit trail that can be traced right back to the transaction. This verifies the authenticity of the transaction and prevents any possible fraud.

  4. Increased efficiency and speed:
    Transactions are automated and streamlined through the blockchain. This phases out the need of third-party mediation, and reduced human error increasing both speed and efficiency.

  5. Reduced cost:
    Because there is no third party or middle man between you and your partner, money is saved.

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#2944

transparency: All transactions are visible to everyone everwhere.

Security: All transactions are recorded in blocks which are always crytographic related to one another. to change something on the blockchain database you would need an amount of energy that is impossible to obtain.

Improved Traceability: All transactions are recorded on blockchain and can always be traced.

Increased Efficiency and Speed: Once a transaction is sent to the ledger and the blockchain database everyone can see or receive this immediately and directly.

Reduced cost: Not everyone has a network of computers to sanely keep a central database for their own in the air

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#2945
  1. A distributed ledger that has the same documentation shared by everyone and available to all with permissioned access.
  2. Transactions are agreed upon and approved, then linked to the pervious one and stored across a network of computers, not just one. This prevents fraud do to high security.
  3. Improved traceability meaning everything is the supply chain can be accurately tracked.
  4. Intermediaries are not needed because there is a single digital ledger that everyone has access to, 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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#2946

Transparency : blockchain is a database that only add with no privilege to remove the transaction. This lead to consensus which everyone must agree. Through this we make sure the transparency.

Security: blockchain use distributed and encryption method. This make the security more safe than the current system which use a server as a data store…

Traceability : Through a collaborative blockchan network set up between manufacturers and distributors, information such as traceability details about product origin and quality.

Increase efficiency and speed: by allowing peer to peer using distribution it remove the middlemen which lead to better efficiency.

Reduced cost: Blockchain minimize the cost by removing brokers or administratively using record-keeping and transaction matching.

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#2947

Transparency – All transactions are stored across the network, and are visible.

Security – Information is encrypted and permanently stored

Traceability - There is a full audit trail of transactions

Increased efficiency – There is a single ledger entry, rather than having multiple ledgers that need to be reconciled.

Reduced Cost – The blockchain cuts out the middleman, and layers of bureaucracy

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#2948

Transparency:

  • All network participants with granted acces share the same data/information, which is distributary and permanently available throughout the entire group of network members.

Security:

  • In a blockchain all transactions are mathematically approved prior validating the record. The result represents the encrypted chain-link between the last transaction and the next one to come. A proven record cannot be altered or deleted by outsiders because it is simultaneously available across multiple computers throughout the network, unlike on a centralized server. Any upcoming additional data record is possible through consensus only.

Improved traceability:

  • This is provided by the provenance as a characteristic key of blockchain technology, where all recorded data is easily traceable and trusted through immutability.

Increased efficiency and speed:

  • Because all network participants have access to the same information in real time inside a blockchain, the trading process becomes way much faster due to complete elimination of various intermediary entities or persons as guarantees. This significantly increases the speed and brings maximum efficiency.

Reduced cost:

  • By trusting the blockchain mechanism, the traditional third parties with their time consuming guaranties are no longer required, thus significantly reducing the trading cost.
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#2949

Transparency: Transparency is a benefit because with blockchain anyone can easily see all the transactions which will not allow anyone to commit fraud or thievery as the entire network has to come to a consensus on every single transaction that happens on the ledger.

Security: Security is a benefit because you remove the trust factor applied to traditional systems. With blockchain technology, every transaction is encrypted and stored on the last computer that has uploaded to the blockchain ledger. Which makes it extremely difficult or almost impossible for any sort of hacking attempts to be successful. This in turn protects all the precious data uploaded on the blockchain network!

Improved Traceability: The benefit of improved traceability is defined by the supply chain on the blockchain. Everything is recorded through an audit trail that is uploaded to the blockchain with every transaction. This allows you to see every stop an asset has made through its journey from wallet to wallet.

Increased efficiency and speed: The benefit of increased efficiency and speed can be defined by the fact that blockchain is one single network with all transactions publically available to everyone. Older systems have multiple supply chains and can take a lot more time to verify. This can create mistakes that can be made along the way by human error. Also, blockchain is also fully automated so it makes everything quicker to process and also automatic.

Reduced Cost: Blockchain provides the benefit of reduced cost by getting rid of any third party’s. It achieves this by being able to review any transaction on the blockchain.

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