Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#3070

Transparency: Blockchain is good for transparency as once a transaction has been verified it is on the blockchain forever and can be audited in real-time. Blockchain adds a layer of accountability.

Security: Blockchain has an enhanced level of security as transactions need to be verified on many copies of the database in a network. Each transaction is encrypted and listed to the previous transaction in the blockchain. Blockchain is a complicated string of mathematical numbers and is impossible to be changed or removed once confirmed. This also means that it is incorruptible due to the many databases on the network. When a computer goes off the network another joins to take its place.

Improved Traceability: Every time a transaction or data is recorded on the blockchain an audit trail is present to see where a transaction or data came from. Blockchain can also prevent fraud as it will only be confirmed on the blockchain after it has been verified. Blockchain can be used to track a supply chain for manufactured goods.

Increased Efficiency and speed: Blockchain doesn’t need middlemen to verify transactions as blockchain does this automatically over the network. Blockchain also allows cross border peer to peer transfers of digital currency without the need for banks or a single person to put a transaction manually through. Smart contracts can automate landlord and tenant agreements.

Reduced cost: Blockchain can reduce the cost for business as blockchain eliminates the need for staff to manually trace goods and also would drastically reduce the incidence of fraud.

1 Like
#3071

Transparency: no one business nor person can take advantage of blockchain because of its 100 % transparency forcing everyone to act with accountability and integrity or face scrutiny by the community

Security: Because each transaction is sent and verified to the ledger via Blocks of data that our confirmed by a network of computers that cannot be deleted nor altered, Blockchain technology carries Immutability that makes it impossible to falsify data or hack the network. this also provide the community with a trustless transaction method that can eliminate the need for trust in any other entity besides the network.

Improved Traceability: because each transaction is recorded to an open ledger and has an audited record, ownership and prof of exchanged can be easily verified

Increased efficiency and speed: Decentralization and smart contracts remove the need for middlemen to perform transactions and verification of ownership.

Reduced cost: because of decentralization, P2P transactions, increased efficiency and security, the need for costly middlemen such as Banks/credit unions etc… can be taken out of the equation for all parties involved therefore reducing costs for the entire community

1 Like
#3072

Transparency: everything on the block chain is open to everyone to read.

Security: every block has to come to a consensus that a transaction is valid, and once it is valid, and only then the transaction can be completed, and the transaction is copied to all blocks for public record.

Improved traceability: every block on the block chain has the same information for validation.

Increased efficiency and speed: removes middleman

Reduced cost: you don’t have to pay middleman.

1 Like
#3073

  1. Transparency: Blockchain allows all transactions to be seen in the ledger.

  2. Security: information is encrypted and cannot be reversed, hacked, or altered.

  3. Improved traceability: It allows for all transactions along the supply chain to be tracked and verified.

  4. Increased efficiency and speed: Transactions can be done electronically P2P with no need for a middle man.

  5. Reduced cost: no need for middle men and can test run betas or tests.

1 Like
#3074

(1) transparency: blockchain has got high levels of transparency because all transactions are made public and available for anyone to view.

(2) security:blockchain is a network of computers that must come together to form a block. Once a block has been accepted into the blockchain that block can not be changed by any means. This makes it impossible for hackers to break in to the blockchain. This as well as the incorruptible nature of blockchains makes it to be very secure.

(3) Traceability:in blockchain all transactions are made public and traceable, it is therefore easy to trace and track all transactions.

(4) Efficiency and Speed: blockchain is a decentralised peer to peer system and this helps to facilitate quicker and faster transactions.

(5) Reduced costs: blockchain get rid of the middle man thereby reducing costs.

1 Like
#3075

  1. Transparency: Blockchain is open source in nature, everyone in the network shares the same ledger record in real time, and every transaction can be viewed by any one at anytime.

  2. Security: Blockchain security is more solid than the central network system, because of it decentralized nature. every transaction in the network is verified by network of mines before it can be publish in the blockchain. once that is it can not altered by anyone.

3)Traceability: Blockchain traceability is improved such that anyone can trace the origin of a product how it’s made, where it has been, and it final destination etc. By that the information about a product is true and it can be trusted because it has been verified and recored in the blockchain which can not be altered or manipulated.
4)Reduce cost: Cost is reduce in the blockchain by removing the third party through decentralization in the network, that increase the speed of processing transaction in the network at a very limited cost.

I look forward for more input and corrections.
Thank you!

1 Like
#3076
  1. All the transactions are publicly accessible. Sensitive information can be encrypted.
  2. Due to the decentralised nature of the ecosystem, it is much more secure. If you want to hack the system, you have to hack more than half the ecosystem at the same time, which is considerably safer compared to centralised entity (even if very secure one).
  3. Due to transparency, all aspects of the product a company produces can be traced.
  4. In order to wire money from A to B, you have to fill out a form, wait for the opening hours of the bank, then the clerk has to go through it and all this takes up a lot of time. On blockchain you just declare who you are sending and how much and it will instantly get into the pool to be verified. You can alternitavely pay instantly with a credit/debit card if the business allows it, but you can also do that with crypto.
  5. It removes the need for banks as the middlemen. Transaction costs are smaller if you send a larger transactions. It makes it incredibly cheap to send payments accross the borders unlike Western Union which charges outrageous ammounts. Peers are rewarded for processing your transactions. If you want, you can become that kind of peer anytime.
1 Like
#3077

Transparency: The blockchain is public and accessible to anyone, including all the transactions and the owners of values.

Security: Due to mathematical encryptions and a strong protocol, the blockchain is immutable and can’t be altered, reversed or tampered with. All transactions are verified and final.

Traceability: All transactions since inception are recorded on the single unified system of record. As part of all transaction, an audit trail is invoked to validate the available funds.

Efficiency and speed: Available 24/7, processing high amount of transactions with speed, and single system of record prevents from losing time or causing friction by interactions across multiple databases.

Reduced cost: As there are no thrid party companies involved behind a blockchain, the cost of maintaining the network as well as processing transactions is much lower due to the middle man being removed.

1 Like
#3078
  1. Blockchain is a public ledger which shows a record of all transactions,
  2. Blockchain is more safe because new transactions are converted into a code and joined to the last recent transaction. Blockchain is made of a network of computers that come together to confirm a block(transaction), this block is added to a public ledger which makes a chain. It is safe from false info and hacks.
  3. Because Blockchain is a public ledger, it has the record of all transactions and is easy to track transactions and verifies its authenticity.
  4. Blockchain makes faster transactions by allowing peer to peer cross boarder transfers and don’t need middleman.
  5. Blockchain again doesn’t need middlemen, transaction on the blockchain cannot be altered and it is immutable it is trustless.
1 Like
#3079

Provides a great deal of accountability by allowing everyone to be able to view the public ledger and trace transactions easily.

Transactions are encrypted and chained to the previous transaction, which helps by not being able to duplicate, corrupt, or reverse said transaction.

Each time a transaction occurs a permanent trail is created which can be followed up the chain easily.

NO MORE MIDDLEMEN! Transactions do not have to occur through 3rd parties such as banks, paypal, western union, etc. where they take a cut for just handling your money.

Because there is no governing body, transactions are simple, direct and easily verifiable this reduces the cost of handling significantly.

1 Like
#3080

1.Transparency:
Every computer in a network has a copy of a ledger that is public. A transaction is validated only by the consensus of devices in a decentralized network. Blockchain adds an unprecedented layer of accountability therefore making various sectors of a business to act with integrity.

2.Security:
As the name suggests, blockchain is a chain of blocks. These blocks are created by the computers of a decentralized network and then added to the ledger to form a chain. Blocks contain transaction which is linked to the previous transaction. Therefore making it impossible to manipulate/ remove data.
Immutability and incorruptible nature make blockchain safe.

3.Improved traceability:
In the blockchain, every transaction is linked to a previous transaction. As every exchange of goods is recorded. Hence responsible for more security and prevention in frauds.

4.Incresed Efficiency and Speed:
The communication between two parties is direct, secure, trustless as there are no middlemen to intervene in the process. Therefore making the system more efficient.

5.Reduced Cost:

  • No middlemen
  • No central database, no maintenance cost.
1 Like
#3081

Transparency:

Being a public ledger all the transactions on the blockchain can be checked by everyone.

Security:

Every transaction is encrypted and the data is shared with every validator in the network. every block contains his own hash value and the value from the previous block. any attempt on changing a block will change totally the has value of every connected block. Since all the data is shared with every computer in the network the corrupted block will be discarded.

Improved traceability:

Every transaction is liked to the previous and the next one in the block and it is immutable.
All the data can be accessed from everyone. This is also useful to track every step in a supply or production chain.

Increased efficiency and speed:

The network is available and on 24/7 365 days a year. Every transaction can be checked and finalized at anytime and anywhere in the world.

Reduced cost:

The network is fully operative and transactions are validate without the need of a phisical person working on them. This will cut the middle man (third party) reducing costs.

1 Like
#3082

Transparency: Blockchain transactions can be audited by everyone so company´s will act with integrity to keep it growing and trustworthy.
Security: Once “block” is confirmed to the blockchain, there is no way to remove it or change it from there.
Improved traceability: Everything can be traced back to its origin.
Increased efficiency and speed: Because it is decentrailized, it does not need a middleman for everything. I can be automated through smart contracts.
Reduced cost: No need for thrid party services because everything can be done with smart contracts.

1 Like
#3083

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

Transparency:

All points of transaction can be traced and seen to keep the system honest and effective.

Security:
Blockchain transactions are carried out in blocks of multiple network computers. This creates a complex array of intertwined security measures the are very difficult to hack air disrupt.

Improved traceability:
Because all network nodes are their transactions are visible and transparent, it is easy to trace each step in the supply.

Increased efficiency and speed:
Middlemen are no longer needed which make the process quicker and more efficient.
Reduced cost:
The blockchain network eliminates the need for middle men services, this cheaper.

1 Like
#3084

  1. The information is open for everyone

  2. It is not possible to cheat using this technology

  3. All completed transactions are stored in the blockchain

  4. The transaction takes place directly

  5. The need someone to complete a transaction is no longer present

1 Like
#3085
  1. Transparency: Everyone can see the histories of transactions and every participants have the same copy of the data which means that there is no delays
  2. Security: Its almost imposible to hack true the system and theft the values and then sell it because every connected computer will instantly get alerted and will ignore that transaction and data
  3. Improved traceability: Everey transaction is stored in digital database and verified to the public. Information are safe from being damaged, changed or deleted
  4. Improved efficiency and speed: Blockchain process is being done automaticly so it makes everything way faster than humans, and there is no mistakes
  5. Reduced cost: The lack of need for the middle man or the theird parties, and by that there is less cost
1 Like
#3086

Transparency: Blockchain is a public ledger, that can viewed by anyone. It removed the need for trust in a system as it is not created by a centralised entity.

Security: Blockchain is a system that doesn’t have a middle man, the protocol and the math are what we put our trust in. Each block in the ledger is confirmed by a multitude of computers in the network making it almost impossible to hack.

Improved traceability: similar to its transparency, being a public ledger that is immutable means that when a block has been created it cannot be removed. This allows records to be easily traced and supply chains to trace the origin of any product.

Increased efficiency and speed: Blockchain is a global infrastructure that allows companies to share information and value with one another through one set of rules and protocol. This breaks down information silos and creates a much more streamlined system.

Reduced cost: This increased efficiency in nature reduces overall costs for businesses as it gives them one central immutable data point, streamlining communication. This also removes the need for external solutions from third party companies selling their cloud data offerings.

1 Like
#3087
  1. Transparency:

The ledger is open to everyone. Everyone can scrutinize the records in the ledger and can make assessments if a company’s activities are consistent with their mission and the way they move in society.

  1. Security:

Each transaction is encrypted, or sealed and protected, but more importantly linked to the previous transaction which has been verified in a decentralized manner. Once is verified or formed it cannot be changed. Therefore it is the truth, free from hacks, and trustless.

  1. Improved traceability:

The ledger is a real time audit. As such it provides proof of an exchange and therefore who owns what.

  1. Increased efficiency and speed:

No middle men or third parties having facilitating or hindering transactions on their own time frames and practices. Its peer to peer so it can happen 24/7/365. This means its faster especially if processes are uniform.

  1. Reduced cost:

No middle men collecting expensive transaction fees. Not having to trust somebody or a company reduces costs.

1 Like
#3088

transparency:
Companies which invest into blockchain as a service will be more transparent and maybe more attractive to investors. Transparency also increases the efficiency of controlling departments.

security:
Blockchain ledgers are trustless decentralized global networks and therefore the most safe networks in the world. As long as the smart contract does not get hacked.

improved traceability:
Blockchain enables not only supply chains but supply networks which improves traceability a lot. A third party simply cannot provide trustless immutable information.

increased efficiency and speed:
Blockchain does not know borders and can provide P2P transactions without one or more middlemen.
It is also a good opportunity to establish global standards for a lot of processes.

reduced cost:
Blockchain-as-a-service will help companies reduce their costs by automation and the removal of middlemen.

1 Like
#3089
  1. What was a proposed alternative to SegWit?

The proposed alternative to SegWit was to increase the block size limit of 1MB to a greater capacity and let the miners choose.

  1. What did SegWit solve more than just the scaling issue?

Besides favoring the development of second layer solutions meant to solve the transaction volume issue with Bitcoin, SegWit also favors the development of other features such as MAST, Schnorr Signatures and TumbleBit.

  1. How is SegWit and the Lightning network connected?

By solving the transaction malleability bug, SegWit enables the appropriate circumstances for the lightning network to work less risky and more efficiently.

  1. Are people, wallets and other services forced to use SegWit?

Taking into account the nature of the update (soft fork) no one is required to update in order to achieve consensus.

1 Like