Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#2950

Transparency: All contributors and nodes on the blockchain share the same info/transactions on the ledger and everyone can see the same things. The only way things can be changed in the network is if all participants agree and come to a consensus. To change a single transaction would be a collusion of the entire network.

Security: All transactions in the blockchain have to be verified by the participants in the network. Once a transaction is confirmed, all previous transactions are traced including future ones. Info is also stores across multiple networks of computers and makes it difficult for hackers.

Traceability: On the blockchain, every transaction is traced and encrypted, You can see every stop that an asset has made on its journey.

Efficiency and Speed: Since all computers on the blockchain network share the same record-keeping single digital ledger, you dont have to reconcile w multiple ledgers. Also reduces human error through automation.

Reduced costs: Dont need to ely on 3rd parties or middlemen to make guarantees bc you dont have to trust anybody in the system. Not as difficult bc everyone has access to a single immutable record.

1 Like
#2951

Transparency is the name of the game in blockchain, since the whole ledger is public, anyone can verify its authenticity against the consensus database.

Security is inherent in the blockchain since you don’t rely on trust with a human, it is only trust in the protocols. It is not inherently “trustless” but the trust is in something immutable and that everyone can agree on, which are mathematical protocols.

Improved traceability since no entry can be deleted on the database, it only continues to grow and the history is forever unchangeable. It only moves forward with the history of every previous transaction built on top of it.

Increased efficiency ironically because you don’t need as many people to verify and audit that the transactions were completed as verified, since the only thing is that the transaction itself is what is the verification.

Reduced cost is inherent since the network provides ~100% uptime and there are no other avenues needed to verify regulation, so long as the blockchain is set up correctly.

1 Like
#2952
  1. Transparency:
    Trustless system with every detail recorded on a common ledger accessible to all.
  2. Security:
    Transactions must have consensus before being recorded with the data encrypted and protected by a decentralized computer network.
  3. Improved traceability:
    With transparency comes traceability for each step of the transaction.
  4. Increased efficiency and speed:
    Less waste, Less Duplication, Less Error and Handling. Common data ledger for all transaction.
  5. Reduced cost:
    Point to Point transaction eliminate 3rd party fees. Higher efficiency equates to less waste, lowering cost.
1 Like
#2953

Transparency:
The ability to see transactions details on a ledger
Security:
Miners ensure security of the chain with hashing power
Improved traceability:
The ability to find easily information
Increased efficiency and speed:
Faster transactions than traditional alternatives
Reduced cost: Less fees by removing third parties

1 Like
#2954

Transparency is achieved because everyone can see clearly, there is nowhere to hide or be mistaken, all transactions are on the same blockchain/ledger and all participants have access to the same information. In traditional models for example there may be many copies of the same document distributed between parties and they may all be at different states or versions making it much harder to have one view of reality.

Security is enhanced by using blockchain because the features of blockchain include mathematically verifiable transactions and a decentralised network of computers that reach consensus on new transactions.

Traceability is achieved because of provenance, all records are immutable and final, meaning that history can not be altered once it is entered on the blockchain. This proves authenticity and provides an audit trail.

Efficiency and speed are advantages of blockchain technology because it removes many of the cumbersome middle processes and intermediaries traditionally needed to verify and mediate. It can reduce human error as it removes a lot of complexity for businesses that deal with many transactions.

All of the benefits described contribute to reduced costs, wherever security, traceability and efficiency is improved there will likely be a reduction in costs.

1 Like
#2955

Why these are benefits…

Transparency: Every participant in a supply network can view and verify transactions not just with their direct partners (suppliers and customers) and the suppliers of their suppliers and customers of their customers which helps ensure the entire network is working together in good faith and weeds out or prevents bad actors from taking advantage of downstream trust relationships.

Security: Stored data is distributed across every node so no one server can be attacked and the data can’t be lost. The data is verifiable and immutable - no bad actor can change it or unwind it and every participant can confirm the data’s integrity.

Improved traceability: Any asset tracked on blockchain can be followed back to it’s source or origin. And end consumer multiple steps removed from the asset’s origin can verify where it’s from and who has touched it before them.

Increased efficiency and speed: Transactions can be completed faster by eliminating paper-based processing steps. Working from a shared ledger eliminates the need to reconcile different record keeping systems.

Reduced cost: Fewer processing mistakes and less opportunity for fraud reduces friction and cost in transactions. Cutting out middlemen and extra 3rd party verification services drops costs even further.

2 Likes
#2956

transparency : every piece of info written on blockchain is permanent and accessible for every user
security : blockchain is backed by the whole network of computers
improved traceability: it can be used to trace all the components of a finished product
increased efficiency and speed : it doesn’t rely on a single server , the whole network is more powerfully
reduced cost: there is no middle man charging commissions

1 Like
#2957

Transparency: Details of the transaction are recorded on the blockchain network and it’s decentralized. It’s accessable to everyone with permissioned access. There is no one copy of the script, proof of transactions but all computers in the network possess the same information.

Security: Any fraudulent transaction will not be accepted by the Network. The transactions which settled cannot be reversed. You cannot modify the transaction. The data is stored and shared by the whole network and before any new ‘entry’ can be made, they need to reach consensus and validate it.

Improved traceability: For aspects like supply-chain it’s much easier right now to verify where the ingredients are coming from. It’s no longer trust-based but verification based aspect.

Increased efficiency and speed: The transaction is happening real time, there is no need to wait couple of days for international transfer of cash between two counterparties. It saves time and increase efficiency

Reduced cost: Additionally, you remove no longer necessary intermediaries for the process and for the transaction as such you pay much lower fees than for the banks who currently process your transactions.

1 Like
#2958

Transparency: Everyone has the same document that is updated when something changes. In order for a change to occur, everyone has to agree to it and the change would be recorded on all the documents. There are no mistakes or scams to fall for on this technology.

Security: Everything is connected and each change is connected to each other and stored on all computer network’s and this protects it from security threats.

Improved traceability:
Any transaction can be traced back to its origin and any stops it has made. The transactional data can show or prove if a claim made by a person is true.

Increased efficiency and speed:
The transaction process is quicker, easier, and can be recorded by blockchain. There is only one ledger instead of multiple ledgers so finding something is easy and you don’t need to look through different places or contact anyone else to find the information you need and makes trusting easier.

Reduced cost:
Since there is only one ledger and not multiple ledgers and everything is on one network there is no need for other parties to be involved in transactions, and this makes everything easier to understand.

1 Like
#2959

Transparency:
Anyone can view or audit the record of transactions at any time, but no one can modify the record after it is entered. We don’t need to trust a central authority that may or may not already be corrupt, and much more easily hacked.

Security:
Superior to traditional networks in that blockchains are decentralized, immutable and trustless.

Improved traceability:
Increases trust in the system. Companies can make informed decisions in real-time when they have data from the blockchain for supply chains.

Increased efficiency and speed:
Ain’t nobody got 2-3 business days to sit around waiting for a domestic wire transfer to go through in this day and age. Why not send it much faster and way cheaper with crypto currency? Its 2020 for god’s sake! Screw the banks.

Reduced cost
Who doesn’t like saving money?

1 Like
#2960

Transparency:
All participants in the network share the same version of the blockchain. Everyone can see all the transactions and consensus is needed to add new transactions. If someone wants to add something to the blockchain all participants need to agree on the transactions. This makes the blockchain very transparent.

Security:
There’s no single server but a network of computers. Furthermore, all transactions need to be approved before they can be added to the blockchain. after approval they’re encrypted and linked to previous transcations. These 2 characteristics make it extremely hard for hackers to compromise the data.

Improved traceability:
Since all transactions are on the blockchain and can’t be changed, you can trace back the origin of a specific transaction. The blockchain provides an audit trail for all data on the blockchain.

Increased efficiency and speed:
The use of 1 ledger increases the efficiency and speed, because there’s no need to compare data from different ledgers. Furthermore, everyone can see the data and can trust it’s correct. This removes the need for intermediaries

Reduced cost:
Since you can trust the blockchain you can remove the cost of third parties and intermediaries (their main purpose was to create trust, but this is no longer necessary). Also since everyone shares the same ledger, there’s less need for the creation and review of documentation.

1 Like
#2961

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

  1. Transparency:
    Blockchain is a distributed ledger shared by all network participants compared to
    a single copy of a spreadsheet. Agreement by all is necessary to approve changes.
  2. Security:
    Transactions are encrypted before linking to previous transactions.
  3. Improved traceability:
    Blockchains produce audited trails of transactions to prevent fraud and verify authenticity.
  4. Increased efficiency and speed:
    Blockchains eliminate the need for a paper trail which is slow.
  5. Reduced cost:
    Blockchains reduce the need for middlemen which are costly.
1 Like
#2962

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

Transparency: everyone shares the same copy. all participants in transaction can see

Security: encrypted and transactions must be agreed on before they are recorded

Improved traceability: ability to audit supply chains in real time

Increased efficiency and speed: one single ledger network makes for quicker settlements

Reduced cost: less documentation and middle men that have to be paid and trusted to verify and audit that information.

1 Like
#2963

  1. Blockchains are transparent. This because the data added within each block is available for all to see within the public ledger. At any point and time within the chain blocks can be queried and their contents read. This benefits the end user in that all information is readily available for anyone to verify.

  2. Blockchains are secure. Consensus must be reached for each block that is added to the chain. Once a block is confirmed by a majority of nodes it is then added to the chain and connected to the previous block (which is connected to the precious block…etc.). These blocks are hashed using information from the prior block such that if at any point in the chain data is changed, it invalidates the hash of future blocks. This is much more secure than a traditional centralized database.

  3. Blockchains offer superior traceability. Within systems that require accountability and traceability, blockchains shine by acting as a persistent document in which every entity acting in the system can be held accountable and their role and actions in the system can be verified rather than trusted.

  4. Blockchains are faster and more efficient than traditional systems. Blockchains remove the need for middlemen in many systems making the processes they touch faster and more efficient. This happens by allowing more entities within a system (ex. Business) to communicate and transact on chain trustlessly and securely.

  5. Blockchains reduce costs. Blockchains reduce costs by being faster, more efficicient, more transparent and more secure. Businesses can utilize existing blockchains and gain all of these benefits without the need of complex infrastructure and complex partnerships with middlemen.

1 Like
#2964

Transparency: Enables anyone to have access to the exact same data set as anyone else in the network (a “distributed ledger”), and that through consensus, have all information being accurately verified.

Security: Transactions he to be agreed upon before they are added to the blockchain. Information is encrypted into a global network of computers as apposed to a single server, thereby making it difficult for hackers to compromise or corrupt data.

Improved traceability: Recorded transactions that have been stored on the blockchain create a history of transactions hat can easily be audited to show the origin of an asset.

Increased efficiency and speed: Without the need of a their party intermediary, and with financial incentives to miners to add blocks to the chain, transactions can be assured of their accuracy and efficiency. The system is automated and verified.

Reduced cost: With middlemen out of the picture to facilitate transactions and collect fees for services, transactions can happen directly between participants.

1 Like
#2965

TRANSPARENCY: All network participants share the same documentation and can only be

updated through consensus. The data is also available to all participants who have

permissioned access and to change a single transaction record would require the alteration of

all subsequent records and the collusion of the entire network.

SECURITY: After the transaction is agreed upon and approved, it’s encrypted and linked to the

previous transaction across a network of computers.

TRACEABILITY: The record on a blockchain reveal an audit trail that shows where an asset

came from and every stop it has made.

EFFICIENCY & SPEED: By streamlining and automating processes, transactions are

completed faster and more efficient.

COST: You don’t need many middlemen to trust your trading partner.

1 Like
#2966

Transparency because blockchain is a public ledger available to anyone. This provides the benefit of complete accuracy and digital provenance.

Security because each transaction is verifiable on the blockchain, there is no means to alter or exploit the end user of a blockchain network.

Improved traceability because blockchain can easily be used to record any information about a product during it’s production or change of ownership.

Increased efficiency, speed and reduced cost; these are all benefits that blockchain can offer by seamlessly storing information on the blockchain itself, it eliminates the need for a human mediator to process this information manually. This increases speed and reduces cost because the information can be processed electronically during a transaction.

1 Like
#2967
  1. transparency helps where when it comes to information and how it is stored and recorded for you and whomever is who have permission to view, eliminates chances of any information getting misplaced or lost. instead its in a network where it cannot be removed and if you want to change anything you and both parties have to agree to start from scratch.
  2. security benefits is that with blockchain after transaction is approved its encrypted and linked to the last transaction before. the info is saved on a network of computers which is multiple rather centralized which is singular where things can happen attacks to the server from a hacker that can compromise the entire database because they are in complete control of the system. it also helps secure other sensitive information government related, healthcare and even finance.
  3. instead of an organization that is so called nationwide or worldwide determine whats in your food for example when you are buying and selling over the market, to give you the exact ingredients to the spice. blockchain has it where everything is recorded where the item shows where it goes and stops along the blockchain and whomever suppliers may be cannot lie and its in their own interest to tell the truth.
  4. its must faster and eliminates human errors or manipulation in the system. one record keeping ledger that provides all info to participants and with out having other people step in to mediate deals instead its already in the blockchain system not a group of people who have to help verify anything.
  5. no need to trust/hire an accountant anymore because it brings both transactional and accounting layer together, for you to see the blockchain saves the cost of you paying the accountant to do the work for you because old normal way those two are both separate when doing taxes etc.
1 Like
#2968

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

Transparency: Since every transaction is recorded on the blockchain once verified it is easily auditable by anyone who knowns how to or otherwise has capability to read the blockchain information.

Security: Because there is no central point of failure it is much more difficult for malicious actors to change a transaction retroactively as they would need consensus of all network operators

Improved traceability: Each stop of a product in supply chain would be registered by the blockchain so you could instantly and confidently audit where the supplies came from and how the product was sourced/produced.

Increased efficiency and speed: Because you have-a distributed public ledger it would make private record keeping and paperwork much more simple and less of a headache

Reduced cost: Blockchain technology removes middle men which only increase fees so it would provide the most efficient way to transact by eliminating this

1 Like
#2969

1.Transparency
• Increased transparency because each nodes has a copy of the ledger and the ledger is accessible for everybody to check
• Increased transparency because to add a piece of information to the blockchain, there must be a consensus.
2. Enhanced security
• Increased security because information are recorded only by consensus
• Increased security because transaction are encrypted & linked to the previous ones
• Increased protection against hacks because the information is stored on multiple computers instead of only one server
3. Improved traceability
• Every steps the item has gone through is recorded in the blockchain which provides an audit trail
4. Increased Efficiency & speed
• Improved efficiency because all the information are recorded on one single ledger. There is no need to reconcile information from different ledgers
5. Reduced costs
• Reduced costs because there is no more middlemen needed for the guarantees
• Reduced Documentation because everybody will have access to an immutable version of the ledger

1 Like