Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#2990

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

Transparency: Data can only be added to the block chain, never removed. Everyone has access to the blockchain and everyone can see every transaction ever made. There is perfect transparency.

Security: Data isn’t stored on one computer, but rather a network of computers across the globe. Whereas one computer, and to a greater degree a few computers could be venerable to hackers, many, many computers arrayed in a network increases the security exponentially.

Improved traceability: The exchange of goods on a blockchain allows interested parties to see a clear audit trail of where an asset came from and every stop it made along the way.

Increased efficiency and speed: Because the transactional layer, security layer and the audit layer are one in the same this adds a measure of efficiency unapparelled in this space. This is a trustless system where any third party is unnecessary.

Reduced cost: Without any third parties or middlemen necessary, substantial cost savings can be divided between the parties involved in a transaction on the block chain.

1 Like
#2991

Transparency: Everyone uses a single source of information instead of individual copies which can become corrupted.

Security: Blockchain uses a consensus mechanism for security. Reduces the chance for a single source of failure.

Improved Traceability: Each block is tied to all previous blocks, making an audit trail easy to track.

Increase efficiency and speed: There is no need for multiple document reconciliation, the blockchain operates in real time. There is reduced chance of human error because the blockchain relies on math and computer technology.

Reduced cost: Blockchain reduces the need for third parties and outside intermediaries. This reduces cost significantly.

1 Like
#2992

Transparency: all participants can see, share and agree transactions presented in the network, which is achieved through consensus, this is key for transparency to become a reality
Security: transactions are approved by the entire network and stored across different servers in different locations, making the data very difficult being compromised or hacked.
Improved traceability: blockchain records every transaction and make it visible in the network, so participants can trace the chain of transactions involved in the process
Increased efficiency and speed:because a single ledger is shared among participants, by removing the intermediaries, the system become more efficient and faster.
Reduced cost: the trust in data removes third parties, therefore, the costs.

1 Like
#2993

Transparency: Very important component in a trustless system. When everyone can see every transaction, there is no opportunity to cheat the system.

Security: Transactions need to be secured in order to protect the integrity of the transaction and ensure that hackers cannot corrupt the transaction.

Improved traceability: Any potential dispute resolution in a trustless system requires complete traceability of the transactions. In a complex supply chain, for example, each component in the chain can be traced back to its origin.

Increased efficiency and speed: The blockchain acts as a single source of truth for complex transactions, that historically, required reconciling multiple sources of truth (or databases). A single source of truth is infinitely more efficient.

Reduced cost: Speed and efficiency are cost reduction accelerators. Additionally, because there is trustlessness, full transparency and higher level traceability, transaction validity can be optimized to eliminate complex auditing practices/requirements.

1 Like
#2994
  1. transparency is important because it is essential in a democratic system, where no central authority decides.
  2. security is improved because there is consensus in regards to the acceptance of truth based on time-stamped mathematical hashing functions
  3. traceability is important in order to eliminate double-spending and to establish the accepted truth by the majority
  4. increased efficiency and speed are benefits because the computing power of the blockchain is shared between miners and nodes and it is not relying on a central authority that could be compromised. Because everyone has agreed on the same version of the truth due to the rules of the blockchain, the speed of transactions increases.
  5. You reduce cost by having a fair competition on the blockchain that becomes a free market where miners decide which transactions to include first in the blocks they are mining, also wallet users decide how much fees they are willing to pay for each transaction. This is the democracy in the financial system.
1 Like
#2995

Homework on: Benefits Of The Blockchain Technology

  1. Transparency is a benefit of using blockchain because of the same documentation being shared by all participants of the distributed ledger. There are no individual copies. Therefore the shared version can only be updated by consensus, I.e; all participants must agree on the data making it more accurate, consistent, and transparent. Therefore to change a single transaction would require the alteration of all participating records, thus requiring the collusion of the entire network.

  2. Security is a benefit of using a blockchain because transactions must be agreed upon before they are recorded. Encryption follows the agreement, and the data is linked to previous transactions. This data is stored across multiple computers forming a network instead of being on a single server, making it very difficult for hackers to compromise transaction data.

  3. Improved Traceability comes as a benefit of using blockchain due to the audit trail showing where an asset has come from, and also every stop it has made on it’s journey. This historical transaction data can help to verify the authenticity of assets and to prevent fraud.

  4. Increased efficiency and speed also come as a benefit of using a blockchain because processes are automated and streamlined, therefore transactions can be completed faster and more efficiently. Record keeping performed using a single digital ledger that is shared by all participants, thereby meaning there’s no requirement for the reconciliation of multiple ledgers thereby reducing the amount of clutter. All participants have access to the same information which makes it easier to dispense with the need to trust each other or to trust each other without the need for intermediaries. As such clearing and settlements can occur very quickly.

  5. ‘Reduced Costs’ are a benefit of using a blockchain because there’s no requirement for 3rd parties or middlemen to make guarantees, again thereby meaning the element of trust is removed by the availability of data which provides the ability to verify. This means you can trust the data on the blockchain which has to be verified by each participant using the blockchain prior to the block being added to the previous block on the blockchain. Hence there’s no need to review copious amounts of documentation to complete a trade as everyone will have authorised access to a single immutable version.

1 Like
#2996

1)Transparency
Transaction history is available to everyone and there are no individual copies. Everyone must agree. To change something would need the entire network to collude which would be close to impossible.

  1. Security
    Before transactions can be recorded, they must be agreed upon. Once a transaction has been approved, it is encrypted and linked to the previous transaction. The fact that the information is stored accross a network of computers, it makes hacking almost impossible. A single server would be a lot easier to hack. In an organization, blockchain technology can virtually eliminate fraud and hacking.

  2. Improved traceability
    In an industry, for example aviation, it is very important, and difficult, to trace a part all the way back to its manufacture. Blockchain can track the entire path of a part and eliminate bogus parts entering the system.

  3. Increased efficiency and speed
    Paper systems are slow and prone to errors and often need external auditing. Blockchain can streamline and automate these processes to make them more efficient and faster. One ledger (blockchain) is far more efficient and it makes reconciling ledgers unnecessary. With everyone sharing the same ledger, people don’t need to trust each other and there can be no information hiding.

  4. Reduced cost
    Reducing cost for any business is a priority. Blockchain eliminates the middle man because external auditing is unnecessary. The cost in producing lots of individual documentation is drastically reduced because everyone will use the same, immutable copy.

1 Like
#2997

Transparency: all network participants use the same distributed ledger with no need to reconcile between multiple.

Security: In order for a transaction to be recorded on the blockchain it has to be agreed upon by the participants

Improved traceability: every asset carries with it a perfect audit trail

Increased efficiency and speed: no need to reconcile because there is only a single ledger

Reduced cost:because there is no need for middlemen, there are lower costs, no need to audit, no fraud

1 Like
#2998
  1. Transparency: all transactions visable to all that have permission.
  2. Security: the share Ledger on multiple computers and not possible to alter transactions.
  3. Improved traceability: all transactions stored. Can backtrack.
  4. Increased efficiency and speed: no need for intermediaries and only one copy existing no need to build trust etc.
  5. Reduced cost: same reasons less work and less time, fast transactions.
1 Like
#2999

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

Transparency: This is due to the fact that the common ledger can only be updated through consensus. That means, no individual player or central authority can introduce manipoulation. Also, any change introduced would require the update of all (already agreed) transactions that came after, thus requireing all network participants to collude.

Security: The same argument as above (necessity of network-wide collusion) also nehances security. Moreover, individual transactions can be encrypted.

Improved traceability: Because the ledger is public anyone can trace a transactino history. Because the ledger is immutable and a product of network consensus, the trace can be trusted.

Increased efficiency and speed: blockchain automates record keeping and eliminates the need for comparing separete, distinct, ledgers. Being digital it also eliminates the need to a paper-heavy process.

Reduced cost: The fact that auditing can be carried out in an efficient manner will reduce cost substantially. Moreover control of middlemen is reduced if the blockchain can be trusted instead.

1 Like
#3000

The blockchain is available to see the transactions. Things cannot be hidden.
It is secured by mathematics, not trusting people or corporations.
Everything is traceable and you can see the origin of every transaction
Available 24/7 at almost no delay
less middlemen, electronic transfers, so less expense to execute.

1 Like
#3001

Transparency : It is irrefutable since it is on multiple servers that cannot be hacked.

Security: Cannot be hacked

Improved traceability: The ledger has it for all to see and find quickly and easily, it is all in the math.
Increased efficiency and speed: Send funds anywhere in the world fast since there is no need for a back and forth paper trail to verify.
Reduced cost, since less efforts to transfer funds ,just quick proof of ownership.

1 Like
#3002

transparency, everyone see the same copy.
nothing can be changed to much to change
traceability again everyone can see the same thing and is trackable.
works a block at a time. much more efficiency
with no middle men block chain is more efficient.

1 Like
#3003

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

Transparency - Its possible check every transaction has occurred.

Security - A transaction cannot be changed or manipulated increasing the trust of the system

Improved traceability - We can track any transactions along the chain.

Increased efficiency and speed - No need to trust on a third party and now we can check everything on our own

Reduced cost - Improve the speed of transcations. Remove the third party turn it less bureaucratic.

2 Likes
#3004

Transparency: All network participants share the same documentation. Any shared version can only be updated through consensus. This results in a trustless system.

Security: All documentation are connected across a network of computers making it extremely hard for a hacker to hack.

Improved traceability: Blockchain provides live audit feed of an asset which verify the assets authenticity.

Increased efficiency and speed: Blockchain streamline and automates transactions which prevent companies to reconcile multiple ledgers. Thus, making the system run more efferent while cutting down the speed drastically.

Reduced cost: Blockchain makes it to where data doesn’t have to be reviewed as frequent. Also, blockchain cuts out the middle man and the third parties. Thus, reducing the amount of money that needs to be spent.

2 Likes
#3005
  1. Transparency: Users are able to view information on the blockchain. All information is traced and verified
  2. Security: Information is stored across multiple nodes making it more difficult for information to become compromised.
  3. Improved traceability: Tracing items through the supply chain all the way back to its origins verifies it’s authenticity.
  4. Increased efficiency and speed: Single record-keeping on the blockchain streamlines the process and reduces human error.
  5. Reduced cost: Blockchain can cut out third parties or middlemen for guarantees.
3 Likes
#3006
  1. Transparency: As all participants of a process share the same informational basis, misunderstandings, omissions, attempts to cheat are precluded.
  2. Security: Most data that are recorded and stored are important to the participants in a transaction in the sense that the data’s correctness can be life-saving or their flawedness can be life-worsening. Thus, in the pre-blockchain world, no efforts are spared to ensure the safety and correctness of sensitive data. Blockchain technology is ideally suited to provide relief.
  3. Improved traceability: Tracking the history of whatever people need to know often resembles detective work, sifting through volumes of paper, browsing through heaps of data trash before arriving at the information searched for. Blockchain provides the result with a few clicks.
  4. Increased efficiency and speed: As all participants to a trade or transaction agree upon and share one ledger, bookkeeping is reduced to a minimum and energy is set free to improve other aspects of the process.
  5. Reduced cost: There is a saying that “time is money”. Blockchain technology enables the economization of workflows that involve ledgers.
3 Likes
#3007

Transparency: Being accessible by everyone and not just 1 single centralized authority which also works with a consensus and provenance model - Verifiable trust based system that ensures there’s no reversible action and that it is visible to all in the infrastructure.

Security: Blockchain is secure because no reversible actions can be done. All trxns are verified by multiple digital ledgers. Secure because can’t be hacked and not 1 entity has control over the infrastructure, rather the p2p network monitors all transactions.

Improved traceability: Via easily accessible trxn lists and transparency. 24/7/365 network availability and no method of hiding anything. Also via provenance - Everything is tracked to the source.

Increased efficiency and speed: Always available and via the help of minors, trxns are being solved and verified ALL the time. This makes the blockchain efficient and not reliant on just 1 miner or 1 entity. If a miner leaves due to lower rewards, others come to replace. NO human error.

Reduced cost: No more 3rd parties or middle men. All the information is verified quickly and in a cost-effective method (P2P).

2 Likes
#3008

Transparency:
There is transparency because all participants of the blockchain have same data.

Security: there is more security because one person can’t change the documentation or transaction from one main server and also all transactions are verified before being recorded on the the blockchain

Improved traceability: all transactions can be digitally traced back to its origin.

Increased efficiency and speed: there is increased efficiency because there are less human errors and also all data is mainstreamed through the block chain and when everyone has the same data things move faster

Reduced Cost is reduced because you don’t need third party mediators.

2 Likes
#3009

Transparency: It is public to a certain degree, meaning that anybody with permission, can look at it at any time.
Security: Not being centralized makes this more secure because it is a network of computers which all have to agree with the data in order to add it to the blockchain.
Improved traceability: One can know exactly where something originated. Every vendor who has had their hand in a product can be verfied.
Increased efficiency and speed: This happens in real time and there are no “middle men”.
Reduced cost: Fewer people needed, ,no “middle men”, no paper supply (it’s “stone”)

2 Likes