Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#3111

Transparency:
The distrubuted ledgers allow everybody to access the data in a blockchain without classic database roles and permissions

Security:
Security is achieved through consensus of the whole network rather than decisons by a centralized authority

Improved traceability:
All transactions can be retraced. Eg a cup of coffee can be tracked to the bean at the farmer if a supply chain blockchain was used

Increased efficiency and speed:
Blockchain allows for peer-2-peer transactions wich can be done globally and without centralized intermediary

Reduced cost:
Is achieved through the elimination of middlemen/agents/third-parties in general

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#3112

Benefits of the Blockchain Technology

  1. Transparency:

Since every aspect and transaction are available and open to the parties involved. The Blockchain is transparent and maintains all parties accountable and there for honest.

  1. Security:

Blockchain cannot be hacked or falsified and there for provides parties to take action in environments or with people they don’t need to trust since they trust the Blockchain itself.

  1. Improved traceability:

The blockchain provides the understanding that any transaction in any discipline can be traced from its finality to its inception and all that was in between. All is transparent and all is irrefutable.

  1. Increased efficiency and speed:

Blockchain eliminates middleman and allows direct contact between relevant parties. Digital transactions are instantaneous. Auditing is easy and can take place anywhere any time.

  1. Reduced cost:

Blockchain eliminates many aspects of the known business world. It eliminates the need for physicality, borders, and tangible assets.

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#3113

  1. Transparency: Data cannot be altered or changed without consensus among all parties, which calls for more accuracy and consistency among transactions.

  2. Security: Data cannot be compromised due to consensus and encryption, which prevents fraud and deters hackers.

  3. Improved traceability: The ability to track products through a supply chain, verifying authenticity and preventing fraud.

  4. Increased efficiency and speed: Blockchain ensure trustlessness by reducing third party intermediaries, reducing paperwork and clutter and streamlining transactions/settlements.

  5. Reduced cost: By trusting in the network, you cut out the need for a middleman because your information is stores and encrypted on an immutable, finalized network.

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#3114

  1. Transparency
    Every transaction stored on the blockchain is exposed to the public. Companies that use such blockchains become more transparent and this is a benefit for the stakeholders of the companies.

  2. Security:
    Security is provided as nodes have to confirm every transaction which are written to unchangeable blocks added to the chain. Mathematical concepts make it impossible to alter the blocks or the chain once it is written. As there is no central entity, the chain is trust less.

  3. Improved traceability:
    Every transaction written to the blockchain is traceable
    from the beginning to the end. This can be e.g. used to provide traceability in many businesses where the authenticity of goods or a supply chain has to be verified.

  4. Increased efficiency and speed:
    Transactions can be made without the need of middlemen. E.g. financial transactions can be executed directly between the participants (peer to peer) and it doesn’t matter in which country they are.

  5. Reduced cost:
    Companies willing to introduce blockchain technology can choose a Blockchain as a service offering to reduce costs for development and integration in their business.

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#3115

1.The blockchain is publicly available for everyone to view. This adds an extra level of accountability. Making each sector of the business act with integrity towards the company’s growth, community, and customers.
2. Each new transaction is encrypted and linked to the previous one. The blockchain is formed by a string of complicated mathematical numbers and is impossible to be altered or formed. Making it immune to falsification and hacks.
3. Each time exchange of goods takes place, it is recorded on the public ledger, an audit trail is present to track where the goods came from. This could be useful in industries where proof of ownership is required, or where you need to track the intermediate components of a product.
4.The process of audit and transaction is baked in one place. B to B transactions of any amount could be done in a matter of seconds.
5.By making the business more efficient, the need for third parties will disappear, therefore saving more money.

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#3116
  1. Transparency: Keep cheaters out of the game
  2. Security: Many incentives for miners to stay honest, or not act maliciously.
  3. Improved traceability: Keeping cheaters and the dishonest out of the game.
  4. Increased efficiency and speed: How many middleman are required? As few as possible because it speeds up the process and keeps greedy people out of the loop.
  5. Reduced cost:Get rid of the middle man is one big improvement to reducing cost. a scaling solution is important though, due to more participants operating inside each island/network/blockchain.
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#3117

Complete public records of every transaction on the blockchain, anything can be traced. Nothing can be changed.

The most secure blockchain in the world is the BTC network, and its due to the amount of hashrate / aka computing power. About 100x more than the fasted super computer in the world.

Everyone is on the same protocol, so everyone sees the same information. Also an immutable network makes it so bad actors can’t hide or sneak in incorrect information.

There is only one protocol, cuts out the need of middle men or other protocols. Would make most supply chains much more efficient.

blockchain technology removes the middle man or most intermediate companies from the supply chain or need for them.

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#3118

Transparency: All transactions are on a public ledger, open to view by everybody. Making everybody an auditer.

Security: There is not one point of weakness, it’s a network. Every transaction is encrypted and is connected to the previous one.
You trust in math, so it’s immutable and uncorruptable.

Improved traceability: Because everything is kept on a ledger, everything is traceable. And auditing is always possible. It increases security and prevents fraud.

Increased efficiency and speed: Decentralised, so no need for middleman. p2p transactions. Unified system.

Reduced cost: By eliminating the middle man, and having a global unified system. The cost of transaction is less.

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#3119

everyone is abel to verify the data and origin himself. there is no need to trust any one person or entity to provide accurate information, thus incentivizing everyone to play by the rules.
because it is of the decentralization of the blockchain everyone invested in it is incentivized to keep it alive and financially motivated to provide accurate data, making it the most reliable network there currently is. it is a chain network without any missing links recording everything happening in the network. making it a incorruptable and immutable ledger of consensus.
because of the accurate data the blockchain provides everyone is able to trace and verify the given information, which increases the efficency and ineroperability of diffrent ecosystems and automation of administative and regulatory work.

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#3120
  1. Transparency: every transaction can be viewed/audited by everybody, which increases the accountability.
  2. Security: due to encryption and that every transaction is immutable and linked to the previous transaction which is added to a block and then added to a chain you raise security levels unprecedented to current standards
  3. Improved traceability: in supplychain you are able to track from manufacturer to distributer this i sgreat to improve traceability
  4. Increased efficiency and speed: due to the decentralized nature of the blockchain you remove the middle man and it is possible to use a unified system that can automate all kinds of processes.
  5. Reduced cost:eliminating third parties and cutting out the middle man can reduce cost, because of the decentralized nature you are able to establish high availability which can save costs
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#3121
  1. Transparency:

On blockchain anyone can read all transactions that occur. There are some use cases where this is a benefit, for example if you want to see that all players in a network that are responsible for supply chain of a product agree that the product is organic and non-gmo you can use blockchain to see this.

  1. Security:

Blockchain is impossible to alter once formed. So any transaction that goes through is secured.

  1. Improved traceability:

Supply chain is a good example again, if there is a log of information every time a product or supply for a product, then it can easily be traced to verify everything that has happened for the product.

  1. Increased efficiency and speed:

Blockchain can make transactions inside of the time it takes to create one additional block, this may be a lot faster than what is being used in some current business process.

  1. Reduced cost:

Blockchain has blockchain fees which may be lower than current fees of business process.

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#3122

Unlike the typical systems of today, the blockchain doesn’t have errors such as fraud in its system. Since blockchain is unable to do a withdrawal it makes it clear what previous transactions are and prevent the company from forging or removing information. This is also what makes it such a secure network. It also increases the effectiveness by giving real time information rather than having everything ran through a system. These cuts in steps also allow for there to be a cut in the price of the overall system.

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#3123

Transparency is an integral benefit of blockchain because all entries/transactions are added to a decentralized ledger, accessible to anyone, anytime.

Security is improved over centralized deployments because the transparency of a decentralized ledger prevents fraud and helps to create a trustless system, meaning that only possible transactions are able to be confirmed and entered into the blockchain and once entered, cannot be walked back or undone.

Traceability is improved because inventory or provenance implemented on a blockchain makes an easily auditable system. Items cannot be double-spent, and the history of each item is available on the blockchain ledger.

Efficiency and speed are improved because blockchain removes middle-men. Contracts are automated in implementation.

Cost is reduced because of all these above benefits. Transparency precludes fraud and expedites audits, creates a trustless environment that can facilitate fast and easy trade, with known risks.

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#3124

Transparency - blockchain simplifies this by VERIFYING the information amongst the digital databases.
Security - because it’s not contained by 1 individual, it allows you to become trustless of the current systems we have.
Improved Traceability - ingredients are just ingredients, fortunately now you can have that pin pointed precisely with no errors or guessing :wink:
Increased Efficiency and Speed - the faster the digital ledger can VERIFY what the inputs are, the faster they will be confirmed. Along with cutting out a third-party/person makes it even easier.
Reduced Cost - by eliminating the third-party/person and remaining TRUSTLESS the limits are endless!

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#3125

  1. Transparency: Since everything transacted is immutable and final, trustlessness is inevitable making transparency a priority in business dealings as one cannot get away with scams, reversing transactions, etc. Traceability increases this transparency.

  2. Security: Math and protocol manage the transactions vs. single authorities with security systems that despite being very strong can still be open to hacks. Transactions are encrypted and cannot be altered because of the complex string of math that links them.

  3. Improved traceability: Everything transacted on the blockchain can be traced back to any point and any supply from a company can also be traced back to its origins making business dealings immutable and extremely transparent mitigating the risk of bad business dealings.

  4. Increased efficiency and speed: To cut out the middle man to transact something reduces time to transact and having a universally trustless ecosystem will enable a speedier transaction as well.

  5. Reduced cost: Verification across nodes can help reduce the cost of transactions as one example because the middle man is cut out.

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#3126

1: Everyone can see all transactions on an open ledger.
2: data on the blockchain can’t be modified once write to the blockchain.
3: The blockchain gives us an auditable trail that can be tracked on the blockchain.
4: peer to peer transactions without the need for a middle-man to process transactions increases efficiency and speed for payment systems.
5: no middle-man to wait on to or pay to process transaction.

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#3127

Transparency - With an immutable record of all previous transactions a blockchain can show the complete history without fear that parts have been altered or changed to benefit an actor.
Security- The consensus protocol makes it nearly impossible for a bad actor to gain control of the network and or alter previous transactions.
Traceability- The immutable record allows not only transactions to be tracked but also the movement and creation of goods, services, artwork and physical items as well.
Efficiency- Etherium takes 3ish minutes and Bitcoin about 10 minutes to reach finality for a transaction. Those speeds are liteyears ahead of credit cards which take days. Intermediaries can be removed from the system as the blockchain can verify transactions and participants at much lower costs.
Cost- Reduced costs for all involved as time is saved verifying a transaction and transaction fees are greatly reduced as the middleman is cut out.

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#3128
  1. Transparency:
    A blockchain is a globally shared identical database in which all transactions are visible and can viewed and verified by a digital consensus (self-auditing).
  2. Security:
    Transactions on a blockchain are encrypted and linked to the previous transaction, making it impossible to change. They are also verified by a network of decentralised computers that create a trustless environment, free from central control and manipulation.
  3. Improved traceability:
    All transactions are viewable and unchangeable allowing assets to be tracked all the way to the banking entity needed to withdraw the funds. This also enables tracing the movement of products, medicine and any other physical products.
  4. Increased efficiency and speed:
    Blockchains remove the need for manual processes that need human interaction, autonomizing many systems to become faster and more accurate.
  5. Reduced cost:
    The decentralised nature of blockchains cuts out the middle man allowing transactions to be completed with minimum fees.
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#3129

Transparency: The blockchain is a distributed ledger, which means all that have it have a copy of the full database and can view all its transactions.
Security: It´s stored in a shared database, meaning that there is no single point of failure, nobody can change what was previously registered.
Improved traceability: Everything is trackable, all transactions are public, all data is easily validated.
Increased efficiency and speed: Everything is automated, no need to trust in third party humans and their limitations.
Reduced cost: Again no need to trust third party humans, you pay the fees to get the transactions mined and that’s it.

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#3130

1.its will be more efficient to use the blockchain that improves global transparency
2.a safer decentralized validated global connection system that’s backed by everyone using the blockchain
3.the trust is removed as the blockchain acts as a self running programme to maintain any discrepancies and flaws in a centralized database could be compromised and corrupted
4.the effects are astronomical, you remove any middle men and have a P2P system which will run faster
5. keeping products that have value to capitalise

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