Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#3050

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

Transparency: Blockchain enables peer to peer transfer which allows for a public ledger to be publicly viewed by anybody who is in possession of a ledger. The risk is mitigated as the data is easily accessible.

Security: The fact everybody has a ledger ensures that there are multiple sources of the same record. Consensus is also a way in which a way that ensures that the database can not be tampered with. Hackers will not be able to penetrate the database and infiltrate the security protocols.

Improved traceability: As there is no need to request authorisation for access to view the blockchain due to the centralisation of the database the tracebillity of additions to the system is greatly improved from a traditional centralised model.

Increased efficiency and speed: The removal of the intermediary party ensures quick transfer and also a more streamlined way of working.

Reduced cost: The reduction of intermediaries in the system means that unnecessary costs are omitted. Streamlining and automation also make the process more efficient.

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#3051

  1. Transparency - nothing can hide and nothing can be removed and or altered

  2. Security - Secured by various entities, incentives have them abide by the rules

  3. Improved Traceability - aside from it being public, it is verified by a numerous amount of other computers

  4. Increased Efficiency / Speed - no need to ask for proof of anything as the network is publically available at any time of the day

  5. Reduced Cost - No need to take any time or energy to find or sort things out. It is almost in plain sight for anyone or anything.

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#3052

Transparency-
All transactions are recorded on a public distributed ledger. The transactions are recorded after consensus is reached & are permanently recorded for anyone to verify.

Security-
Transactions are verified through consensus by a network of nodes. All nodes must agree, so all nodes would have to be hacked at once. The more nodes on the network the more secure it will be.

Traceability-
The blockchain is up 24/7, 365 days per year, so it can always be viewed or audited at any time.

Increased efficiency & speed-
Blockchains are trust less & world wide, so cross border transactions can be sent & verified quickly. There is no need for a person to confirm these transactions which increases the speed.

Reduced cost-
A blockchain eliminates the need for a middleman, such as a bank. Since it eliminates the middleman, it also eliminates the high cost of using middlemen.

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#3053

Transparency: the transaction ledger for public addresses is open to viewing, adding a layer of accountability.

Security: Each transaction is encrypted and linked to the previous transaction. Decentralized nature of blockchain gives it a ā€˜trustlessā€™ quality.

Improved Traceability: Each time an exchange of goods is recorded on a Blockchain, an audit trail is present to trace where the goods came from.

Increased Efficiency and Speed: Removes the need for middlemen in many processes, thus facilitating faster transactions and more efficient process.

Reduced Cost: By increasing efficiency and speed through faster transactions and less hands in the pie, money is saved. Also it improves security while also preventing fraud, again saving money.

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#3054

Transparency: Public ledger makes people accountable

Security: Blockchain design makes it immutable. Back by science and math

Improved traceability: Provenance

Increased efficiency and speed: removes the middle man and therefore increase productivity

Reduced cost: cutting the middle saves on extra cost incurred by businesses. No need for investment bankers anymore, a smart contract is all we need.

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#3055
  1. Transparency: The Blockchain transaction ledger is open to all stakeholders. The transactions are not concealed, this layer of accountability ensures the integrity of each business transaction that each party acts responsibly.
  2. Security: Each transaction on the Blockchain is encrypted and linked to the previous transaction. A network of computers must confirm a ā€˜blockā€™, this block is then added to a ledger, which forms a ā€˜chainā€™. Once confirmed the blockchain cannot be changed or corrupted, making the data safe and impossible to falsify or hacked.
  3. Improved traceability: Each time a transaction is recorded on a Blockchain, a real-time audit trail is present to trace origin of the goods and services rendered. This helps improve security and prevent fraud in transactions.
  4. Increased efficiency and speed: The decentralized nature of blockchain removes the need for third party in many processes.
  5. Reduced cost: Blockchain facilitates faster transactions by allowing P2P cross-border transfers with a digital currency while reducing transaction fees.
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#3056

Transparency - public ledger can be audited real time transaction & accounting.
Security - Immutable transactions verified by math in a decentralized system that incentivizes security & creates a trust-less system.
Improved traceability - all transactions can be verified and tracked to the source.
Increased efficiency & speed - removes the middleman so the transaction can be verified and completed party to party without extra steps and processes.
Reduced cost - all of the above benefits improve the value proposition of blockchain vs traditional centralized system.

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#3057

Transparency: Historical data and events are all listed and shared by everyone and are publicly viewed

Security: No one entity can change and alter the historical data

Improved traceability: It is easy to follow the history of a particular transaction

Increased efficiency and speed: no additional third party verifier

Reduced cost: since there is no third party associated with the delivery of a transaction there is no need to add additional costs

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#3058

What is the benefits of Blockchain and why?

Transparency: Blockchain is is public ledger which is accessible by anyone. The reason why blockchain can be trusted is because all the transactions on the blockchain is verified by all the users of the network. BTW they get incentivized for telling the truth, and who doesnā€™t want to make money?

Security. Blockchain is the most secured network. It relies on protocol and math. You cannot alter previous data because all new blocks is based on the previous blocks plus the new info which is added. You also donā€™t need to trust a third party with your info, which makes it even more safe.

Improved Traceability. Blockchain made it possible for us to trace where things came from. Making it easier to determine the authenticity of thing and the quality of a thing for example medicine.

Increased efficiency and speed: because of the large network blockchain is. It makes it much much faster to process like for instance payment. The network is large therefore the validating process of the transaction is much faster sometimes instant.

Reduced cost: Blockchain significantly reduce business cost due to the fact that you cut out a lot of the middle men. It also increase in revenue cost it makes it much faster to process transactions and increase productivity.

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#3059

  1. Transparency: The blockchain is a public ledger which all data is shared threw the entire network. The data can be trace by all users. The ledger can only be updated through consensus.

  2. Security: All transaction entering in the blockchain are made by previous consensus.Once inside the blockchain they are stored and all computers in the network which makes very difficult to be compromised by hackers.

  3. Improved traceability: Since alll transaction are recorded in the blockchain, they are auditable, inmutable and eveybody can verify or trace the authencity of the data. Creating a system tustlessness.

  4. Increased efficiency and speed: Its a P2P transaction. no third party is involved making efficiency and fast.

  5. Reduced cost: No third party are involved needed to add a fee. Itā€™s a P2P transaction

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#3060

Transparency:
Blockchain has increased transparency over centralised networs because of its decentralised nature where transactions are stored on a ledger which is open for public to see. All transactions that are present on the blockchain will have to have been verified by the majority of the nodes on the network; nodes are rewarded for their honesty through financial incentives, this ensures that the rewards for attempting to corrupt the network will always be lower than the cost of securing the network.

Improved traceability:
Every time a transaction is made on the blockchain an audit is performed in real-time to trace the journey of the good have been transacted. For example, in the NFT industry, items that are sold will be able to be traced back to the creator and also to whoever currently owns the item, this ensures authenticity and proof of ownership.

Increased efficiency & speed:
Blockchains are decentralised in nature removing the need for a central authority and instead handing responsibility over to the protocol, this removes the need for third parties for auditing transactions, which can be done in real-time. Monetary transactions are way more efficient using blockchain technology due to its borderless nature allowing for cross-border transactions to occur at a faster rate and with a significantly lower set of fees associated with sending money abroad.

Reduce costs:
Blockchain allows for peer-to-peer transactions to occur without the need for middlemen such as a lawyer, this can be done through the use of smart contracts which cost a fraction of what it would cost to hire a middleman to oversee a transaction.

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#3061

Transparency

Blockchain ledgers are open to viewing thus requiring institutions to up their game in the integrity of their products and practices. It holds every sector, every hand in the supply chain to accountability.

Security

Due to its decentralized, open nature, it is impossible to manipulate. Data can be added to the ledger, but cannot be altered or removed. Every transaction is encrypted and linked to the previous transaction, so there is a history to every ledger. The blockchain is immutable and incorruptible.

Improved traceability

Every transaction is recorded on the blockchain, linked to the previous data entry in that blockchain. This ledger provides a trail of data in the supply chain. Also enables real time auditing.

Increased efficiency and speed

Automation of contracts, logistics, financial transactions. Blockchain removes the middle man in all these processes.

Reduced cost

By simplifying and removing the middle man in a lot of these work processes, blockchain technology would save institutions and people a lot of $$$$.

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#3062
  1. Transparency: Once a transaction is confirmed onto the blockchain, it leaves an audit trail behind it, which is visible for everybody to see.
  2. Security: By removing from a centralised to a decentralised authority, you are also eliminating the risks of a hack, data leak or sale by the person(s) in charge. In order to be accepted onto the Blockchain, a transaction needs to be confirmed by a consensus of computers on the network. This network is also impenetrable to hackers.
  3. Improved traceability: Once the transaction is accepted on to the blockchain, it is visible for all. You are able to track the transactions from its origins to the very end.
  4. Increased efficiency and speed: The blockchain operates all the time, so there are no delays over the weekend, for example. Additionally, you are removing the need for a middle man.
  5. Reduced cost: It allows institutions or individuals to operate in a lot more efficient, and quicker way, with less risks. Because it is decentralised it also means you do not need to pay feeā€™s for any centralised authority.
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#3063

1- Transparency - All transactions are visible to everyone on the network

2- Security - All copies of data have to be modified in order to affect the integrity of the data on the network. It also has to be done faster than other copies being created, which is nearly impossible to do

3- Improved Traceability - All new transactions are linked to all previous transactions

4- Increased Efficiency and Speed - Thereā€™s no need for intermediaries and thereā€™s a single ledger to verify transactions. No need to compare several ledgers to validate or confirm transactions. Thatā€™s done real-time and itā€™s final. You have to also consider a lot of inefficiencies and time wasted in dispute that canā€™t even be initiated on the network.

5- Reduce cost - No need for middlemen, each of which takes a cut

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#3064

Transparency: Is beneficial because everyone has the same information regarding the blockchain. Everyone can see the time and address of the transaction.

Security: Its all stored on various computers not just one, its decentralized making harder to fraud and thus being more secure.

Improved traceability: Everything can be traced regarding the financial data, this is because everything is timestamped with the address the money goes to, meaning you can always go back to the source.

Increased efficiency and speed: You donā€™t have middlemen you just have you and the buyer/seller so with a single transaction its done instead of 2 or 3

Reduced cost: Due to middlemen / services being removed this will cause the costs to go down.

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#3065

  1. Transparency means every transactions are visible and accountable for everyone to see.

  2. Security every transaction is link and encrypted to the previous one which mean data or transaction cannot be altered.

  3. Improved traceability means everything in the supply chain can be track and verified if anything were to go wrong.

  4. Increased efficiency and speed means cutting out the middleman, and with a ledger all parties have access to the same information required.

  5. Reduced cost, not all business need to have a blockchain in the first place, maybe all they need is a better strategy and if they still want to setup a blockchain they can still do it.

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#3066

Transparency: itā€™s a public ledger, open for everybody
Security: trustless, imposible to hack
Improved traceability: each transaction is recorded and canā€™t be removed, this gives posibility to track the chain
Increased efficiency and speed: itā€™s working 24/7/365, ones transaction is confirmed everybody can see it
Reduced cost: there is no third part

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#3067

Transparency: The entire ledger is public, therefore, anything that blockchain is applied to can be held accountable. Finances, supply chains, artworks etc.

Security: Since the blockchain is immutable and has no single point of failure, the ledger can never be falsified, hacked or destroyed.

Improved traceability: Users are protected against fraud since everything on the chain can be traced.

Increased efficiency and speed: Blockchain removes the need for third parties in transactions which makes them go smoother. There is also no need for spending time on auditing since this is an intrinsic part of the blockchain system.

Reduced cost: Blockchain is peer-to-peer so there are no costs other than those of the network.

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#3068

  1. The activities on the blockchain are agreed upon by everyone on the network and for everyone to view, hence it is transparent.

  2. As the blockchain is global, there is no single entity. So is it hard to hack it. Hence making it secure.

  3. The blockchain has the factor of finality. No information can be erased once it is confirmed. Which in turn, makes all activity traceable.

  4. The blockchain is highly efficient as many users support the network. So the blockchain is always up and running. It is a trustless environment. Hence is is reliable and highly efficient.

  5. There is no need for a middle man in a blockchain transfer or activity, hence reducing the cost.

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#3069

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

Transparency:

Transactions on Blockchain are open to the public which means that everyone can see it. They do not have ā€œhiddenā€ features and cannot be manipulated.

Security:

Blockchain is decentralized system and information could not be manipulated as on centralized database. Blockchain is made of complicated protocols that are impossible to change once they are formed.

Improved traceability:

Each time an exchange of gods is made on Blockchain, it has a trail that helps to determine the origin of good. So Blockchain can prevent frauds.

Increased efficiency and speed:

Blockchain removes need for a third party so the whole process is simple and faster.

Reduced cost:

There is no need for a middle man.

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