Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#3030

these words (transparency, security, improved traceability, increased efficiency and speed, reduced cost.)

  1. transparency= transactions are uploaded in a realtime basis and everyone can see what was updated or added. There is no fog or confusion.
  2. the transactions are encrypted and stored which pretty much makes hacking highly improbable.
  3. the auditing functions are heightened in its ability , which makes it easy get back the origin of each transaction.
  4. There is no need for third party operators. which means the speed at which the computer is operating is much faster. there is no room for error in with this.
  5. third parties are taken out of the equation. documentation is extremely minimized and there is only one immutable ledger.
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#3031
  1. The nature of a blockchain allows audits of all transactions
  2. The distributed nature and encryption of the blocks provides security from tampering/fraud
  3. The ledger provides a block for every transaction, making it easy to trace the flow of assets
  4. Blockchain removes the need for 3rd parties in many cases
  5. Again, the need for 3rd parties is reduced
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#3032

Transparency: Having a transparent ledger requires accountability, which encourages integrity for the original application’s mission and vision.

Security: The unique quality of a trustless society is when trust is not needed. The blockchain algorithm is incorruptible and is verified by multiple nodes on the database, which allows for zero inconsistencies to be published.

Improved traceability: Allows information to be transparent and to see and verify all transactions, which helps prevent fraud.

Increased efficiency and speed: Blockchain removes the need for the middleman contributes to a higher processing time that can be cross-border transfered with unified systems that automatically deliver smart contracts

Reduced cost: Since all the middlemen are essentially cut out, so are their fees.

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#3033

Transparency: Allows for anyone to view the transactions which enables the act of integrity.

Security: Difficult to hack or falsify data as computers confirm blocks and is added to the chain. The transactions are encrypted and linked to previous transactions.

Improved traceability: Can trace where the asset or goods came from. This helps verify the authenticity of the assets or track proof of ownership.

Increased efficiency and speed: Faster transactions without the need of middlemen by allowing peer to peer transfers.

Reduced cost: The removal of third parties or middlemen allows for reduced costs.

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#3034

Transparency is a benefit because it ensures authenticity, integrity, legitimacy. Nothing is hidden which discourages activities such as bribery.

Security is a benefit because it enables users to participate in a global environment, and access new global markets via this database verifying mathematical protocols. A network of incentivized protectors enable such security, tracking and accountability.

Improved traceability is a benefit because it verifies authenticity of traded assets. Ensures all touchpoints along a supply chain/network share value sets/certifications for quality assurance.

Increased efficiency and speed is a benefit because a global economy is now mainstream, where instant gratification is the norm. 24/7, 365-day availability ensures business activities remain consistent and/or expanding.

Reduced cost is a benefit because it allows for greater profit margins, profit-sharing potential, funds to re-invest with, or to gain a competitive edge with.

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#3035

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

  1. Transparency:
    • Transactions are recorded in a open ledger, it can be seen in real time.
    • This also encourages Accountability, responsiblity and integrity of all parties.
  2. Security:
    • New transactions are encrypted and linked to the previous transaction
    • a network of indepent computers confirm a block and added to the ledger
    • The ledger is immutable, so protected against falsified information or dropping data.
    • Removes the need to trust (3rd party middlemen).
  3. Improved traceability:
    • Each exchange of goods is recored and provides a audit trail, that can be traced.
    • It can be used to verify ‘authenticity’ of a good.
    • It can show the full view of how a product is made by viewing suppliers, products and those suppliers sources of materials.
  4. Increased efficiency and speed:
    • Removes the need for middlemen increases automation
    • trustless exchange
    • digital transfer of currency even across borders
    • unified system of ownership and contract records
  5. Reduced cost:
    • Eliminate middlemen in the processes
    • Speed of exchanges/contracts
    • Audits can be done in realtime
    • Cross-border exchanges are currently slow, costly, painful.
    • Reduced costs of record keeping as it is already recorded and can be automated, especially as more adoption of blockchain occurs.
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#3036

1.On the blockchain every transaction is traceble and viewble for everybody which will be helpful for accountability in the finance sector.

2.The blockchain data is spread across many computers so it is extremely hard to be shutted down or hacked.

3.On the blockchain traceability is great, so you can track the origin of a product or an asset.

4.Blockchain removes all the middle man and is 24/7

  1. The transaction are much cheaper because it removes the middle man.
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#3037

Homework: Benefits of the Blockchain technology

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

  1. Transparency:

Accountability - The public ledger is transparent.

It takes away the need for trust in the supply chain… Users/sectors can have confidence a suppliers/departments information is correct as a ledger can be created from the seed of the supply chain to end user - complete transparency.

  1. Security.

Each new transaction is encrypted and linked to the previous transaction - A digital stone - information can only be added not taken away.

All nodes verify all transactions… Decentralised = Trustlessness : a decision has been made together / double checked / all decisions are made by consensus.

10,000 nodes verifying a decision that are incentivised = security.

  1. Improved traceability:

With each real time transaction on the blockchain this is added to the public ledger which leaves a audit trail publicly visible.

  1. Increased efficiency and speed:

Blockchain runs 24/7/365

Incentives - everyone wants to make money !

Nodes (global computer network) enable high availability because if one/numerous nodes go down (in a region for example) other nodes somewhere else in the globe have the full copy fo the ledger and can take over.

  1. Reduced cost:

No middlemen as the blockchain creates a trustless system where information / payments / exchanges can be mathematically verified.

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#3038
  1. Transparency

well with greater transparency we get better accountability for what we do. Everything is open for everyone to see on the blockchain and everything is stored permanently.

Also one gets a better trust for a company when everything is public to see…

  1. Security

The security is way better than the traditional security that is not stored on a blockchain. The name blockchain consists of the building blocks “Blocks” and “chain” where the blocks are when a network of computers come together and confirm a block, this block is then added to a ledger and creating the chain of blocks.
Blockchain is formed by complicated strings of math and is impossible to alter once its been formed. When you can’t change anything that’s confirmed it makes it more secure and makes it safe from falsifying and hacking.

  1. Traceability

well with the blockchain where everything is stored one cannot cheat the system. everything is recorded to the blockchain so for example a supplier of medicine can trace exactly where the origin of supply came from. it can also help against fraud in cases where for a example a wine merchant sells his wine and the bottle is recorded in blockchain at every delivery place for authenticity of realness

  1. increased effiency
    Blockchain removes the need for middlemen, therefore making it much faster than traditional systems. Everything can be coded to go automatically and there would be no need for a central authority to control anything.

  2. Reduced cost
    is honestly one of the best points to why use a blockchain for payments, everything is done transparent, effiecient and can be traced back if that’s a need. But overall one can send money to anywhere in the world and cost less than a penny for transactions bigger than any traditional market would allow for the same price. You can also solely decide for whom you will do business with without anyone telling you if that’s possible or not.

welcome to the future

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#3039

BENEFITS OF:
Transparency: transactions on public ledgers are open to viewing by anyone which enforces accountability;
Security: transactions are encrypted and connected to previous transaction activity in a chain of blocks. These transactions are confirmed by a network of decentralized computers using math and can not be altered once formed;
Improved Traceability: The chain of transaction blocks results in a complete audit trail of all activity that has occurred on the blockchain for all to see;
Efficiency -Speed: Blockchain decentralization removes the need for the traditional “middle-man” (i.e. such as a bank or broker) who can slow down and complicate transaction processing;
Reduced Costs: By reducing significant “middle-man” costs per above and creating automated processes with smart contracts, which eliminate costly manual (labour intensive) intervention (i.e. transaction processing).

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#3040

transparency: each transaction can be accessed and verified publicly.

Security: each transaction is verified and encrypted.

Improved traceability: each transaction can be traceable from beginning to end.

Increased efficiency and speed: eliminates middle man which makes it faster and more efficient to transact.

Reduced cost: by eliminating the middle man there is also less cost because not other institution or third party has to be paid in order to transact. It is a P2P network.

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#3041

Transparency: the blockchain ledger can be read and is a permanent record of each transaction, making each transaction transparent

Security: the distributed nature of blockchain makes it impossible or next to impossible to have a fraudulent transaction

Improved traceability: the blockchain being a permanent ledger and public, each transaction can be traced

Increased efficiency and speed: blockchain transactions are very quick due to that they don’t require a third party and each transaction is verified by default.

Reduced cost: to have similar benefits for either transfer of funds or tracking a supply chain done by people, it would cost much more, take much longer, and be prone to error and fraud.

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#3042

Transparency–with its open viewing allows access for all to see. Due to the fact that there is continual monitoring and updating of the ledger, it is almost impossible to hide the transactions as they occur.

Security–this network uses mathematical protocols that cannot be changed once it is entered into the chain. The system is designed so that the links from previous to future transactions are related and difficult to compromise.

Improved traceability–due to the recording of the date time stamp which can be verified and is encoded on the blockchain.

Increased efficiency and speed–with direct dealings between the two parties(peer to peer) cuts down on time spent not having to deal with the middle man. Therefore transactions can be competed much sooner.

Reduced cost–less people are needed to complete transactions so less output of finances are utilized.

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#3043

  1. Transparency:
    Transactions are viewable, for public addresses, as noted in Forbes article. You may use a piece of software, such as found on blockchain.com/explorer, to view the various the transactions. Having a transparent ledger increases the accountability as the chain of immutable transactions occur and grow.

  2. Security:

The encryption of each transaction by hashing and use of a nonce. The hashing uses an algorithm (math function) to represent the string of characters in a transaction a value that is much shorter form that cannot be reverse engineered to retrieve the original transaction. The nonce is a one time number that is used only once (nonce) and added to the hash for additional security.

  1. Improved traceability:

Each transaction in the ledger creates an audit trail. The audit is the trace of where the transaction or goods came from. Since each block is immutable, a trace-back is available to follow the chain as it grows, thus you may see each step by looking at all the blocks.

  1. Increased efficiency and speed:

The speed is realized since a peer to peer network is utilized which spreads the computing across a web of CPU(s) and not just a central CPU or small group of central CPU(s). The ability of the distributed CPU(s) to function as some drop out of the web and others are added allows efficiency and speed to be realized.

  1. Reduced cost:
    Costs are absorbed by all the miners via the distributed network. No central authority is responsible for the infrastructure costs.

https://www.forbes.com/sites/ilkerkoksal/2019/10/23/the-benefits-of-applying-blockchain-technology-in-any-industry/

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#3044

TRANSPARENCY: every one can see all transations in data base.
SECURITY: Each node in network stores complete copy of blockchain network, is decentralized and immposeble to change once transaction is confirmd.
IMPROVED TRACEABILITAY: every one can check where the goods come from by looking in to a public blockchain ledger.
INCREASED EFFICEINCY AND SPEED: No need for a midlleman, faster transactions due to P2P.
REDUCED COST: Transaction costs are lower, than tradicional systems.

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#3045

It’s transparent because it’s one network for everyone to see

It’s secure because it’s encrypted and linked to the previous transaction

Everything can be traced because all transactions are linked

It’s more efficient because there’s no middle man
Reduced cost because there’s no middleman

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#3046

Stan:

Transparency: When data or transactions are on a ledger. Data in this ledger cannot be removed and is stacked on top of old data.

Security: Transactions are confirmed with multiple legers and documented in each ledger across the world. This way it’s not controlled by a central authority. The information in a ledger cannot be taken out like a normal database. The ledger with the longest set of data input is the trusted ledger everyone uses.

Improved traceability: Many ledgers are proving transactions and the one with the longest set of transactions is the trusted ledger used by everyone.

Improved efficiency and speed: Transactions are much faster due to there not being a third party. transactions are approved instantly and then the transaction occurs.

Reduced Cost: With blockchain comes reduced cost. There is no need to put money into a suitcase and fly it across the sea if you want to make a transaction over seas.

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#3047

Transparency: every single transaction done on and by the network is registered to the blockchain. This database is publicly available (and required to be downloaded if participating as miner) meaning that everybody can see what is transferred where.

Security: If universally used, a blockchain functions as a common protocol used by parties to validate and register transactions. Because it functions as a protocol it means that blockchain technology, in theory, doesn’t have to be controlled by one authority. This removes the dependency on one party for ensure a network is secure and stable, instead it realized by the protocol itself when used.

Improved traceability: Each transaction is linked to the previous one. Combined with the transparency of the blockchain it enables one to trace back to the origin of these funds. It even enables real time auditing since both the accounting side and transactional side are now linked instead of segregated into different systems.

Increased efficiency and speed: Transactions are done between two parties through the network. This means there is no need for a/any third party to be involved. Removing the need for third parties this increases the efficiency and speeds.

Reduced cost: No third parties insinuates no extra costs. Though I do think this depends on perspective. On transaction level? Agreed, especially international transactions. YOU reduce costs related to YOU.

I do not agree on the fact that reduced costs is a distinct benefit of blockchain technology. Since every transaction is part of a whole decentralized network, it means that in order for the network to work a lot of nodes are involved. Depending on the type of transaction the “reduced costs” is to be considered. Even the simplest of transactions needs the rest of the related blockchain to be up and running.

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#3048

  1. Transaction ledger is open for for viewing providing accountability

  2. All transactions have to have consensus from all in the network. Once that is met, a complicated stream of mathematical numbers is created and cannot be altered. Because of this, one does not have to put their trust in another entity. One can trust the math and protocol which is the ultimate security.

  3. every time an exchange of goods is recorded on the blockchain, you can trace the transactions AND where the goods came from.

  4. because blockchain is decentralized, it allows for p2p transactions meaning, no 3rd party or middlemen needed.

  5. without the need for middlemen or 3rd parties, there is reduced cost.

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#3049

Transparency: public addresses of visible to everybody on the blockchain

Security: Every transaction is encrypted and linked to the previous transaction and can not be manipulated in anyway

Improved traceability: Each time an exchange is recorded an audit trail exists to trace.

Increased efficiency and speed: the middle-man is removed from the process and cross-border transactions can be done digitally in seconds

Reduced cost: replaces third party trust brokers as well as allowing paperless transactions

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