Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#2970

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

Transparency:
Public ledger or public to the authorized person, allow transparency as everyone receive the same information as the same time and no one can modified it afterward.

Security:
Any transaction is reviewed by the network and only after the network approve it, it can be released and recorded,
Data can’t be modified and erased afterward which is key to peace of mind

Improved traceability:
Every transaction being recorded on the network, we have full traceability on which we can truly rely.

Increased efficiency and speed:
There is no need to review again and again every transaction as it’s has been done already and can’t be modified afterward so the data you have are always correct which allow to save a lot of time.

Reduced cost:
It allows to cut of the middle man and improve the speed and validation of any processes as all the data are already in a blockchain that you can rely on

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#2971

  • Everyone in the blockchain share the same records, and anything else must be verified before being added to the blockchain, through consensus. Thus, everything is accurate and clear to any participants that has a copy of the ledger.

  • By using mathematical protocols, you don’t have to trust anyone in the network. Everything has to be verified beforehand to get added to the blockchain. Also, as the blockchain is shared across multiple participants from all over the world, it is difficult for the hackers to change anything in blockchain.

  • In blockchain, you can know the source of the data you are adding/receiving, everything is linked to each other and you can see from where it went and where it stopped.

  • In blockchain, you don’t worry about human errors, instead everything is automated, and transactions are completed faster and efficiently than traditional databases. You only have to add the transaction to one ledger to have it streamlined to all the other participant’s ledgers, so less cluster. Everyone trusts each other when they have access to the same information.

  • Blockchain eliminates third parties and middlemen, thus you only have to trust the data, and there’s no need to review any documentation to complete a transaction, everyone has the same version of ledger.

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#2972

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

Transparency:

All transactions are recorded in a public pedger hence every interested party can verify them

Security:

The network is always working protecting the transactions and each participant in the network is incentivized to do so, hence securing the network

Improved traceability:

You can trace, using the ledger, the origin and destination of all transactions.

Increased efficiency and speed:

Many processes can be automated, reducing time

Reduced cost:

Many task can be performed by fewer individuals, reducing cost

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#2973 
1. Transparency: It's a distributed ledger, where all participants share the same information instead of certain people having individual copies of it that may be outdated. The distributed ledger can also only be updated through consensus and is also immutable, meaning that the transactions records cannot be altered or reversed.
2. Security: Transactions have to be agreed upon before they are recorded in the ledger. All transactions are also encrypted and linked to previous transactions. In addition, all the transaction details are shared in a network, so it is difficult to alter.
3. Improved traceability: Every transaction adds to an audit trail that can be easily traced back, you can see each and every step it has made along the journey. This is very difficult to maintain with a standard procedure used nowadays.
4. Increased efficiency and speed: You can eliminate paper-heavy processes and human error by using a shared digital ledger. Everyone has the same information and you won't have to connect the dots with different documentation.

Reduced cost: You can minimize the amount of middle men and third party actors by using blockchain. This in turn eliminates the need building trust with 3rd parties and instead have everything run through a public network that provides all the required information.

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#2974

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

Transparency: All transactions can be seen on the ledger by all network users making the system transparent. In order to update the ledger all users must agree on the updates (consensus) before they are able to update the ledger. For any changes to be made all users on the network would need to agree and then all subsequent records will need to changed just to make this amendment.

Security: All transactions need to be agreed upon before they are recorded, once a transaction has been approved it will be linked to the previous one. In addition to this, the information is stored across a network of computers rather than a single server making it more difficult to hack the transaction data.

Improved traceability: If you have products that travel through a supply chain, blockchain can show where an asset has originated from and show you every step the asset takes trough it’s journey. Blockchain will use the historical data to verify the journey the asset has taken and helps prevent fraud because of the traceability.

Increased efficiency and speed: By using a single ledger that is shared throughout the network users/participants there is a huge increase in efficiency and speed when compared to using a time consuming paper system which would also require third party mediators to verify the transactions. This allows transactions to be completed much faster with more accuracy and the system is far more trustworthy as all participants are working from a single ledger.

Reduced cost: Costs are reduced because there is no need for outside parties to get involved to offer guarantees, there is also no need to trust trading partners because all you need to do is to trust in the data on the blockchain. As a result of having access to a singe immutable version of the transactions, the time to process and complete documents is greatly reduced therefore reducing costs too.

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#2975

Info on network shared between participants for transparency, immutability to ensure security, ability for real-time audit to improve traceability and authenticity. Network seamlessly integrated and permanently mined for maximum efficiency and speed.
Finally, intermediaries are cut as one will trust the info on the blockchain. Steps on approval of a trade can also happen faster as info is shared, consequently reducing costs.

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#2976

Transparency:
Everybody knows all about everyone in this global blockchain village. There are no private accountant books. Numerous copies of transparent ledgers exist and all transactions ever made are in there. Privacy is nonexistent.

Security:
Blockchain technology is very hacker resistant because every new block has to be verified by multiple nodes on the network. That makes very difficult for single hacker to implement maleficent data into the blockchain.

Improved traceability:
Its easy to trace an asset on the blockchain, as provenance shows its origin and all the stops that it made.

Increased efficiency and speed:
Absence of multiple ledgers and automation of processes makes transactions simple, efficient, secure and fast.

Reduced cost:
Middlemen to who you have to trust in traditional finance are getting replaced by protocols. Absence of third parties and less documentation needed, enables blockchain to be more cost efficient.

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#2977 
1. Transparency:

The ledger is available to everyone.

3. Security:

Very difficult to hack.

3. Improved traceability:

The ledger is available to everyone.

4. Increased efficiency and speed:

No middlemen.

5. Reduced cost:
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#2978
  1. Transparency: Anyone can see the information, so blockchain is fully transparent.
  2. Security: There are many ledgers and all the info are on several ledgers, so it becomes really hard for hackers to attack, and information is added only by consensus.
  3. Improved traceability: With blockchain, it is possible easily and verifiably to trace all the supply chains.
  4. Increased efficiency and speed: Blockchain is faster than normal paperwork.
  5. Reduced cost: Companies can save money by using blockchain because they do not have to use third parties to do for example audits.
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#2979

  1. Transparency:
    In using blockchain, you can see everything that is done, there is proof of work and math that verify what is on there is correct

  2. Security:
    Transactions must be agreed upon by different blocks

  3. improved traceability
    blockchain leaves a great audit trail that can be traced very easily

Increased efficiency and speed
With the use of paper, paper can be lost, misplaced, then entering it into data base can be time consuming and slow

  1. Reduce cost
    Less time involved on all level, all the way to the audits and tracking capabilities.
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#2980

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

Transparency: Benefit comes in accuracy of the information and that is available for all.

Security: Information is store accross the nerwork, the information cannot be compromise.

Improved traceability: All processes can be audited from an historical data preventing errors

Increased efficiency and speed: Transactions can be done quicker and trustly. Reconciliation of the ledgers is not neccesarily due to everybody has all the information available to can be verifying and audited very easy.

Reduce Cost: Avoid to invest in a third parties to review the accuracy of the information, with this process of the blockchain you can verify in a quickest way the integrity of the data.

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#2981

Blockchain is a improve record keeping system clear for everyone to see.
Secure because of already approved data can not be changed. That’s why it is fraud proof.
Easy to trace all supply chain.
No paper work no many middle men. Makes processe fast and easy.
Reduced middle men reduced cost keep companies happy

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#2982

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

Transparency: Data is immutable and final. Every network participant have access to the same data, and, in order to add a transaction to the blockchain, the ledger should approve it via consensus. If you want to change a record, you should also change the following ones, in the complete network, which is almost impossible.

Security: As the transactions added to the blockchain were agreed by the ledger, are encrypted and bound to the previous transaction, stored in a network of computers, and cannot be modified, it is almost impossible for hackers to have access or alter the data in the blockchain. Then, data is trustable.

Improved traceability: It’s provenance. You can see easily the whole supply chain of a product.

Increased efficiency and speed: Trading become easier, as all the information you need is in the same database, accessible to all participants in real time (blockchain removes information silos). This way, you remove slow paperwork and third parties from the process.

Reduced cost: In a trustless approach, you won’t need to pay expensive audits to know if you can trust your partner. You can simply verify the data that is in the blockchain. So, your database is, at the same time, your audit team.

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#2983

  1. Everything is transparent as each transaction is recorded on the blockchain and can no longer be modified or deleted. Everyone can see the authenticity of transactions once they are confirmed on the network.

  2. all transactions are recorded in the network and not in a centralised server. it is therefore very difficult to try to tamper with or remove transactions. Once a transaction is approved then will encrypted and linked to the previous transaction.

  3. In a supply chain goods can be traced back to their origin and all the way to the consumer can be verified. producer to consumer. in this way the authenticity of the goods can be verified.

  4. smart contracts remove the third party - intermediaty- and therefore increase efficiency and speed.

  5. without intermediary there is a big reduction of costs beaucase you dont need to pay someone that provide to you his service. Smart contracts replace the intermediaries themselves

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#2984

Transparency: Tgecdata is public and available. It can be audited live at any moment.

Security: This is provided by the network available on global scale 24/7/365.

Improved traceability: Every transaction is traceable based on previous transactions. Everything is digital, no paper required. Fast and secure

Increased efficiency and speed: This is digital record, no paper backed needed. Every transaction happens fastest possible.

Reduced cost: No paper required, no paid people need to check validity of transaction.

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#2985

Transparency: Blockchain technology is not operated by a single authority instead, there are multiple network participants within the blockchain network. Every participant shares the same documentation which is stored on a distributed ledger. This documentation is only updated through consensus in which all participants agree on it. Also, because the information is stored on blocks that are linked to one another, changing a single transaction record will require changing every subsequent record. As well as collusion of the entire network.

Security: Blockchain technology is a trustless system that operates on mathematics and protocols. Before a transaction can be added to the blockchain network, all nodes must verify it. After the transaction is verified, it becomes encrypted and linked to the previous transaction. This transaction is stored across a network of computers making it very difficult for hackers to gain access. Therefore, security is a major benefit of blockchain as it can help prevent fraud and unauthorized activity.

Improved traceability: Historical records stored on the blockchain technology can readily improve traceability for a complex supply chain. Because, once a verified transaction is recorded on the blockchain, it becomes finalized and remains immutable. This record can then be traced throughout the network to find relevant details regarding its authenticity. Since blockchain is a public decentralized network, this information requires no permission to access it therefore making it easier to authenticate data.

Increased efficiency and speed: When records are stored on a single digital ledger, the same information is shared amongst all participants. Having access to the same information can increase efficiency and bring trust between the participants.

Reduced costs: Blockchain does not require middlemen or third parties to verify the data. Instead, it is verified based on the consensus of all nodes within the network. Without the need to trust middlemen or third parties, associated costs are significantly reduced. This is highly beneficial for majority of the businesses as reducing costs is their top priority.

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#2986

Transparency:
Its more accurate and consistent because to make a single change would require consensus or all nodes to agree to said change. A paper heavy process or paper ledger can be modified by whoever has control of it.

Security:
Transactions have to be agreed upon before they get added to the blockchain. The data is stored across multiple computers and not in a central database, so it is much harder for a hacker to compromise the transaction data.

Improved Traceability:
When exchanges of goods are recorded on a blockchain, you get a perfectly accurate audit log that you can use to verify every where every asset came from and any stop that it made before getting to you. This helps verify authenticity and prevent fraud.

Increased efficiency and speed:
Blockchain transactions can be done instantly and without the need for any sort of intermediary. Normally transactions would have to be recorded in a ledger by hand, which adds a human error risk to all transactions made, and also adds a lot of time required to process. Blockchains can be seen by all and are recorded automatically so its much quicker while also a lot more trustworthy.

Reduced cost:
With blockchain you can remove all costs you would normally have to spend on intermediaries because it doesn’t matter if you can trust your trading partner. All you have to do is verify the data recorded on the blockchain. You wont have to review documentation because all parties will have access to the same immutable version.

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#2987

Transparency: it’s open ledger, all transactions can be seen

Security: No central authority. A network itself validating transactions

Improved traceability: every new transaction is linked to the previous one, or for example, if you are manufacturer it’s much easier to trace back your materials or goods, where they came from or how many hands they changed

Increased efficiency and speed: no need of middleman or third parties, everything can be settled much faster, all parties can see a validated data on the same ledger

Reduced cost: no need to pay some third parties or middleman for the transaction, and in general - transactions are much much much cheaper

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#2988

Transparency:
Blockchain, through a consensus based network, makes transactions accurate and consistent.

Security:
Because a transaction must be agreed upon before it is recorded. This prevents fraud and unauthorized activity.

Improved traceability:
Blockchain tremendously reduces complexity and difficulty of tracing exchanges of goods in a supply chain.

Increased efficiency and speed:
Automation makes the transaction process faster and more efficient. One shared ledger removes third party involvement.

Reduced cost:
No more middlemen and less documentation revision

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#2989

Transparency:
Every transaction on the blockchain can be seen by all who have access to the blockchain - the data contained can only be amended with the consensus of the whole network which is unlikely to happen.

Security:
Blockchain’s are stored in multiple places all over the world and each copy of the blockchain is the same, this makes it far more difficult, if not impossible for a hacker or malicious actor to amend the data seen as the would need to amend the data in every copy of the blockchain.

Improved traceability:
Because of the transparency blockchain provides this also acts as an audit trail for goods or even services provided via blockchain, this can be easily verified to ensure the goods you brought came from where you were told they did.

Increased efficiency and speed:
With just one ledger and no third parties to be concerned with all transactions are settled faster and in many cases cheaper too.

Reduced cost:
Because the system is trustless you don’t need middlemen to be involved reducing costs all around, there are also reduced costs to be had from not having to review as much documentation as everyone has access to the same immutable version of the blockchain.

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