Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#282

Transparency: Since there are multiple copies of the distributed ledger, there must be consensus and collusion of the entire network.

Security:Since the information is stored on multiple computers, it is harder to hack the data.

Improved traceability: Since everything is recorded on the blockchain, it creates an audit trail.

Increased efficiency and speed: Blockchain is streamlined and automated. Digital is more efficient than paper, and transactions are quicker.

Reduced cost: With blockchain, you donā€™t need as many third parties and middleman.

#283
  1. Transparency is a benefit because all partecipants in the network of data share the same copy of the data that were and are added to the blockchain through consensus. Once consensus is reached data cannot be altered or changed before reaching it once again. Data cannot be removed.
  2. Security: The network of the blockchain is more secure because there are many copies of the same data not just a single record. Once consensus is reached, data are encrypted and linked to the previous transaction. Because you cannot change or remove data without consensus you cannot alter them. The job for hackers has become diificult.
  3. Improve traceability: Because there are many records connected togeter, traceablity is enablead in a time period where you can verify what happened cronologically before the other. You can verify where the ingreadients for the food are produced/come from, if transactions have been executed (so you can ship goods), if a ship has left the port in China for example and you know when the goods will be delivered to you. So you have a whole overview.
  4. Increased efficiency and speed: Because math/protocols are used to verify data and there are many copies of the same record of the data, we can reach tangible data we can trust faster, without internediaries that are prone to human error. So to obtain data for our business results faster and more reliable, beacause many participants have access to the same data in real time.
  5. Reduce costs: We reduce costs because there is the need for less third parties needed (that are also prone to human error and slow the process). We do not need to cope with the capabilities of third parties to provide us the data we need, because data are recorded on the blockchain, we can access them and verify. Our nerves are also preserved because less errors occur during the process and there is not ā€˜so much effortā€™ needed.
#284

transparency - everyone can verify the ledger, limited supply and set of rules all seen and agreed by participants

security- each transaction becomes immutable over time and can be seen & verified by network

Traceability- Blockchain can be used for tracking and maintaining inventory using immutable ledgers easily and efficiently

Efficiency & speed - fast transactions, global network and everyone can trust they are viewing the correct ledger increasing markets effectiveness and eliminating barriers of trust

Cost - Eliminating costs of middlemen having decentralized agents to ensure fair rules

#285

There is only one ledger that all have access to.
The ledger cannot be changed and information can be encrypted.
The transactions are all in one ledger which means ease of tracing and increased speed etc and reduced costs

#286

No need for middleman, no need for extra cost regarding safety. You trust the protocol and the incentive of the participants to make the transaction fair and correct.

#287
  • Transparency:
  • all parties have access to the recorded transaction history, which cannot be changed
  • Security:
  • all parties uses the same data replicated through the block chain protocol for verifying the recorded data instead of separate copies that can by altered
  • Improved traceability:
  • all recorded transactions and current state in an ongoing transaction is available to all parties in the block chain
  • Increased efficiency and speed:
  • transactions between parties can be performed on the blockchain as a common document instead of transfer in a trusted way between the individual parties
  • all parties working with the same data set in the block chain reduces time for verification and risk for errors.
  • Reduced cost:
  • establishing trust between parties takes longer and requires more legal documents.
#288
  1. Transparency provides open access and visibility for everyone to see that no tampering has taken place.
  2. Security prevents tampering and falsifying the data.
  3. Improved traceability makes it easy for anyone to follow the supply trail.
  4. Increased efficiency and speed happens with the removal of non-value adding middlemen.
  5. Reduced cost come from automation where ever possible.
#289

Transparency: It has greater transparency because the original database is distributed with all participants, this information is immutable, the network protocol can only be updated by consensus of all parties involved.

Security: Blockchain records are more secure because they are not stored on a single server, but they are on all those that make up the network, and each transaction must be approved before it can be encrypted and linked to a previous transaction.

Improved traceability: The tracking of goods that have an immutable record from the source and each stop of the process, so you have an immutable history where the entire supply chain can be verified and tracking with total transparency and truth.

Increased efficiency and speed: In the absence of intermediaries, paperwork, human errors, in addition to the records are in a single ledger distributed; processes are streamlined

Reduced cost: There are no costs or commissions paid to third parties, since no one is needed to validate transactions or records.

#290

Transparency: refers to the joint/shared access to a common ledger whereby all participants are able to extract the same level of data from the entire history contained in that ledger easily and efficiently.

Security: refers to the difficulty of altering data contained in the blockchain ledger. It is improbable that a consensus will be reached that compromises the integrity/security of any widely dispersed/used blockchain ledger and even more improbable that there would be enough hash power to force a roll back of that blockchain itself.

Improved traceability: refers to the immutable history of all transactions that have taken place on a blockchain ledger. Also this can be publicly accessed by all participants in that system at any time to view/trace any transaction.

Increased efficiency and speed: given that a blockchain exists in the public digital realm it greatly surpasses the clunkiness/inaccessibility of paper/in house data storage. The data contained within the network is processed quickly and concisely whereby it is instantly accessible to all participants.

Reduced cost: refers to the time/labor savings realised by the ability to access data any where any time in high accuracy and efficiency. Systems of data processing i.e.payment settlements, auditing, and traceability become standardised and freely accessible to all network participants.

:slight_smile:

#291

Transparency:

The blockchain is an open distrubuted ledger that everyone share or use and network transactions can only be confirmed through a consensus.

Security:

Transactions must be agreed upon through a series of network and thereā€™s no single authority. Reducing the chances of fraud or manipulation.

Improved traceability:

Every transcation can be traced and tracked by a tail from start to end, which can help to authenticate all transcations.

Increased efficiency and speed:

Since blockchains are an open ledger, transcations are transparent and tracable, therefore elimanating the need of paperwork and third party mediation. Speed and efficiency is obtained.

Reduced cost:

The blockchain provides a single open ledger that cannot be changed reducing the need for third parties and paperwork reducing cost

#292

Transparency: All participants share the same documentation. That shared version can only be updated through consensus, which means everyone must agree on it.
Security: After a transaction is approved, it is encrypted and linked to the previous transaction. The information is stored across a network of computers instead of a single server that could be manipulated afterwards.
Improved traceability: In a supply chain it is hard to trace an item back to itā€™s origin. But when the exchange of goods is recorded on a blockchain, you end up with an audit trail from where an asset came from and every stop it made on the journey.
Increased efficiency and speed: Because record-keeping is performed using a single digital ledger that is shared among participants, you donā€™t have to reconcile multiple ledgers and end up with less clutter.
Reduced cost: With blockchain you donā€™t need as many third parties or middlemen to make guarantees,because it doesnā€™t matter if you can trust your trading partner. -> You trust the data on the blockchain.

  • Everyone will have permissioned access to a single, immutable version -> Not much documentation is needed.
#293

  1. Transparency
    All transaction and information uploaded to the blockchain is transparent and open source. Once it been uploaded it is there forever.

  2. Security
    Not possible to manipulate or reverse transactions. It is decentralized and therefor the community; miners and nodes rely on each other because it is not possible to cheat - then the other nodes will not accept the transaction.

  3. Improved traceability
    Follow the supply chain in the blockchain. The inicentives to fake something isnā€™t there when everyone else can se the real thing on the blockchain. All transactions is depended on the previous transactions and therefor it is not possible to change a transaction without changing the whole blockchain - and that will other nodes stop.

  4. Increased efficiency and speed:
    One open ledger instead of many different system that is run by separate owners speeds it up and make transactions more efficient.

  5. Reduced cost
    Fewer third parts have to be used. Cut costs for verifying and also bank costs. Donā€™t have to trust anything but the math.

#294

Transparency:
All nodes on the blockchain use the same version of the ledger. This cannot be updated without consensus between all nodes.

Security:
Before a transaction is confirmed, all nodes in the network need to approve that this transaction is correct. Also because the ledger is stored on nodes worldwide, it makes it very hard to be hacked.

Improved traceability:
Because every transaction on the blockchain is stored forever you can keep track of all hystorical data. This helps you to determine the authenticity of and asset and prevent fraude.

Increased efficiency and speed:
Because all nodes on the blockchain share the same unique ledger which is always correct and verifyable, human errors and time consuming mediation processes are eliminated.

Reduced cost:
Because you trust the protocol and the data on the blockchain, there is no need to trust other parties to verify this.

#295

There are some definitive and novel properties that make the use of blockchain technology beneficial - especially when it comes to business considerations.

  • Transparency
    Blockchain makes verification of information easier and clearer. What has happened along the length of a supply chain could be recorded, for example - actions can be captured indelibly onto the publicly available ledger - and because this ledger is distributed across a network that anyone with the correct hardware may join, there is no centralised authority.

  • Security
    Blockchain fortifies security by ensuring that all records are valid and true, by a mathematical process known as Mining - this incentivised process ensures the integrity of data at all times, and once it has been verified in this way, it is not subsequently susceptible to loss, corruption, or alteration. Once itā€™s there, itā€™s there forever. Loss or falsification of this data becomes impossible, removing significant levels of opacity, and increasing accountability, and therefore authenticity.

  • Traceablity

This accountability of the blockchain system is far superior to a traditional database.

Blockchain records can be verified, once they are accepted via the consensus mechanism, and it is possible to attain far deeper levels of granularity of data when implemented in, say, a process of tracking elements of a food product - because provenance of goods can be demonstrated and shown to be authentic and genuinely true as stated on the final packaging. In this way, third parties in a supply chain can be checked for quality and provenance, and recording of ā€˜best beforeā€™ information using time stamps available from a blockchain transaction - enabling more reliable guarantees of quality control in ingredients, for example.

  • Efficiency & Speed

Because the blockchain network is distributed over a huge amount of independent nodes, and because of the incentivised reward system for miners, the network is always available - blockchain never sleeps. Because of this, as well as itā€™s ability to carry more information than previous databases, a huge amount of efficiency can be gained by folding legacy systems into a blockchain solution - record keeping is immediately cheaper to both enter and recall - over a totally robust network, none of which can be lost or altered. Any transaction can be verified with no intermediate third party - thus many disparate processes can have vastly increased efficiency.

  • Reduced Cost
    Because the technology is already fully deployed and has already been stress tested beyond any reasonable doubt, and because it is an open source and distributed software program, there is a very low entry cost to implementing blockchain technology - considering the quantum leap in efficiency that it brings. Because the system is maintained by a reward mechanism, and because of itā€™s unique ways of solving certain problems, blockchain brings incredible potential for very low initial outlay as well as extremely low costs for ongoing operational usage.
#296

Transparency:
Blockchain is a distributed ledger that all participants can view as apposed to several individual copies. Any change must be made through consensus making it more accurate, consistent, and transparent.

Security:
Helps to prevent fraud and unauthorised activity because transactions must be agreed by consensus before being recorded. Once approved it is encrypted and linked to the previous transaction and stored on a network of computers. Every block would have to be hacked in order to syncronise all changes to all blocks.

Improved traceability:
Complex supply chains are recorded from beginning to end including any stops inbetween, making audits ā€˜liveā€™ and less time consuming. An assets historical journey is authenticated also helping to prevent fraud.

Increased effeciency and speed:
Traditional third part or paper based ledger consolidation is removed, along with increased human error. Blockchain shares a single electronic ledger with all involved, creating better trust and faster settlements.

Reduced costs:
You dont need third parties or middlemen to be involved to ensure the transaction is made. You can rely on the blockchain to provide the validated data, so less documentation is needed to complete the trade. One immutable version replaces all that.

#297

Reasons for the following being of benefit using blockchain

  1. Transparency - It is a distributed ledger with all transaction histories recorded, therefore its virtually impossible to fraudulently change an entry at a single node. Each node has the same copy of the blockchain transactions and it can be seen by anyone who has access to the blockchain
  2. Security - This is increased because transactions must be agreed by all nodes before being confirmed. No possibility of charge backs. A single database that replaces traditional papper book keeping and other software databases that are prone to human input error, fraud
  3. Traceability - The blockchain provides a verifiable record/audit of all transactions. The real-world case value comes from complex supply chains where we wish to verify the origin and authenticity of each process in supply chain e.g. origin of food products in supply chain
  4. Increased efficiency and speed - Traditional trading involves heavy use of paper intensive record keeping which is time consuming, prone to human error and may need 3rd parties in clearing and settlement. Blockchain can essentially automate much of this processing and transactions can be completed quicker. Each party in the supply chain will have access to the same ledger and reduces distrust in others.
  5. Reduce costs - Reducing costs is a priority for businesses. Blockchain increases trust between parties , reduces paperwork, and probably reduced need for staff because everyone will have access to a single trustless database of the supply chain transactions.
#298

transparency: Every one can see what is going on in the open ledger. And to add something it has to go thorugh consensus - everybody needs to say yes to the changes , it is not enough with one or two statements, is has to go through the network and ge validated.

Security: It is so much harder to hack if something is on the blockchain. Instead of hacking just one server they need to hack into almost the whole network and do the changes at the same time, which is ver very hard to do and in most cases not profitible. If you want to store data or finance in a safe way blockchain can be the answer for you.

Improved traceability: If you as a customer want to know everthing how a product is being made from the factory all the way to the store it is really hard to trust what the label is saying because it is easy to just write something down without a network to confirm it. With blockchain its get a lot easier and the same time it is trustless. From the start and to a product it will be possible to follow its journey on the blockchain and prevent fraud.

Increased efficiency and speed- You dont need a third party to take care of papers or to follow up that everything is being done correctly, now every one has its own ledger and everybody can see what the blockchain is saying. you save time and money at the same time

Reduced cost - You now can work with company B directly with the help of blockchain instead of having Company C to help you with that, You save a lot of time and money if you can cut down on third parties.

#299
  1. Is beneficial as it takes away the need to trust ,nothing hidden.
  2. As the data on the blockchain is spread out all over the globe therefore no central target to hack into.
  3. So much easier to verify and record source of produce.
    4.Speed and efficiency from paperless business.
    5.No 3rd parties.
#300

Transparency: Blockchain is a distributed ledger, which means that everyone shares the exact same copy of the information, and it cannot be changed without complete consensus.

Security: Each transaction must be agreed upon before it is confirmed, and everything is shared across a network of computers instead of a database. This makes hacking extremely difficult.

Increased traceability: Every transaction is linked to each previous one, and is completely traceable from start to end. In contrast to the current system where each transaction is a stand alone event that is not easily tracked from transaction to transaction.

Increased efficiency and speed: Blockchain vastly reduces the need for human input and intermediaries, greatly reducing the chances for human error. This also has the effect of vastly increasing the speed at which trades can be settled.

Reduced cost: The fact that all the information is stored on a single immutable ledger makes it where there is little to no need for trusted third parties to be involved. This reduces paperwork, documentation and costs.

#301

1.whit consesus pure transparency is created becuse all the nodes has an live ledger
2.and becuse of the sheer amount of nodes no hacker can attack them all
3.happens when all the raw materials for any product is registreted on the blockchain so you can trace what ever you consum to make sure it is health or etical
4.by eleminating a third party exage or bank you will be abale to to peer to peer transaction elemineting ever bump in the road that dont need to be there
5.whit no third party middelman to take a cut of every transaction you reduced the cost just to the upkeep of the network itself