Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#3131

Transparency: The nature of the ledger being publicly accessible means anyone can view what blocks have been added.

Security: The mathematical protocols involved in creating blocks that are chained to the previous one allow for immutability. Once a transaction is added it cannot be removed or changed.

Improved traceability: Blockchain allows for real time auditing. This can provide great value to supply chain businesses.

Increased efficiency and speed: The decentralized nature reduces or eliminates the need for middle men. Smart contracts can automate much of the work middle men would be responsible for.

Reduced cost: The reduction in need for middle men reduces the people needed to pay for executing those tasks.

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#3132

Transparency:
All information is stored on a blockchain and is distributed on a shared ledger that can be accessed by everyone.

Security:
Information once added to the blockchain cannot be altered. .

Improved traceability:
Every step of the process is verified by everyone on the network. n.

Increased efficiency and speed:
There is just one ledger that needs to be updated and it reduces time and increases speed because of this.

Reduced cost:
You donā€™t have to use middlemen.

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#3133

Transparency : the ability to view each transaction that is made on the the blockchain network. The allows anyone to see and verify the information is accurate, with no interference.

Security: This makes it impossible for hackers to get through; especially since there are multiply nodes that have to come to an agreement before any transaction is verified.

Traceability: This allows anyone to track the transactions, whether it is an indiviual or company . The information can then be verified.

Increased Efficiency and speed: removes the middleman and the process is much fastest.

Reduced cost: by not having to deal with the middleman or some other entity, you do not have to worry about having that extra charge or whatever it may be.

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#3134
  1. Transparency: Since the ledger transaction is public, it creates accountability for the one who executes it.
  2. Security: decentralized network that makes consensus based decisions on approving transactions and that is incentivized not to cheat, creates a secure network.
  3. Improved traceability: Global public network enables transaction tracking and go back in blockchain history for as much as needed.
  4. Increased efficiency and speed: transactions are auditable in real time.
  5. Reduced cost: the blockchain technology cuts off the middle man who serves as trust entity. Now the transactions can be made directly in between the parties that donā€™t know or trust each other. Trust not needed.
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#3135

Transparency: Benefit to people is the access to the transaction ledger to view and approve upon the already correct mathematical work that the systems have performed. Responsibility to maintain integrity and lead in ethical business practices will have to then be addressed by each company participating within the transaction.
Security: Each transaction is linked to the past transaction to approve and identify each blockchain activity within a network, leading to participants approving appropriate transactions and secure data management; which then leads to each transaction being safe and immutable.
Improved Traceability: Offers the ability to have an automatic audit trail of where the money has been and why it had been received in a sense. It offers a form of irrefutable proof of ownership.
Increased efficiency and speed: With having no middlemen within the transaction, the speed is improved greatly because transactions are P2P.
Reduced cost: I think that this matters for startups or current businesses more so, but blockchain offers the ability for a business idea and its layout to receive approval, funding and proof-of-concept to be validated and take off financially in less time than what otherwise would be afforded to said entity.

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#3136

Reading Assignment Benefits of Blockchain tech 1/14/21

  1. Transparency: All transactions are available to the public to view. Permanent, digital, global ledger.

  2. Security: Encryption via cryptology. Multiple global nodes guard and verify the transactions and the integrity of the network.

  3. Improved traceability: All transactions are permanently recorded and saved for anyone to view in real time or at a later date.

  4. Increased efficiency and speed: No need for middle men, 3rd parties, etc. Eliminates the need for additional resources. Straight to the point.

  5. Reduced cost: Its cheaper to use blockchain vs a centralized server and the additional resources it takes to operate said server and existing old-school protocols. Change is inevitable, rising costs donā€™t have to be.

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#3137

  1. Transparency:
    makes everyone a better person

  2. Security:
    Isnt what we all argue - ā€œa safer worldā€

  3. Improved traceability:
    Goes back to 1 - makes the world real - honest

  4. Increased efficiency and speed:
    people from anywgere in the world can communicate - trade and be more efficient

  5. Reduced cost:
    4-5 are together - in general when things are more efficient - work better. longevity will minimize cost

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#3138
  1. Transparency:

Everyone has a copy of public ledger.

  1. Security:

By decentralized trustless network system

By encrypted transection linked to the previous blockchain with no reversable transection

  1. Improved traceability:

You can see data and trace transections from producer to end user.

  1. Increased efficiency and speed:

By P2P

  1. Reduced cost:

No middleman and time efficiency

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#3139

Full trasparency with a public distribuited ledger in a decentralized network, that able you to a real time auditing, hypothetically every second.

Increase security with high availability of the network. All the data can only be updated with full consensus.
All this is made possible by economic incentives to the miners.

All the block of the blockchain cannot be modified or delete in any part. Here we can reach provenance anytime in any point of the network.

The blockcahain with a global decentralized network of computers allow and ensure faster transaction, replacing paper-heavy process and any other security process, remove the need of any kind of middleman/authority and also remove the human error through protocol.

The cost of transaction is only influenced by the miners fee thank to the blockchain protocol, no more middle man to pay and trust. The networks pay for itself to be always up, with the mining process.

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#3140 
Transparency:

There is transparency with blockchain since everyone has the ability to see the transaction ledger at any time.
Security:
The way blockchain is formed using a network of computers has the benefit of making it impossible to hack or manipulate.
Improved traceability:
Auditing is happening in real time and is always visible on the ledger which allows improved traceability for businesses.
Increased efficiency and speed:
The benefit of increased efficiency and speed in blockchain technology comes from the fact that it is decentralized cutting out the middle man and transactions can be validated much faster.
Reduced cost:
Processing transactions faster, cutting out unnecessary middle parties, real time auditing, and even reducing things like physical paperwork can all help reduce cost.

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#3141
  1. Blockchain may be th most secure publoc network on the planet. Its transparency and traceability are absolute. The network os always on and the security is top notch. The only thing that is stopping it is the fact that its not widely accepted. 1 day there will be legit nationally acknowledged certifications in block chain and at that time everyone will know of these qualities
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#3142

Transparency:
All the transactions are open to viewing.

Security:
Blockchain has better security, because of transactions being encrypted to the previous transactions, it canā€™t be changed and removed. This feature ensure the ā€˜trustlessā€™ transactions, which mean we can do transactions with strangers and donā€™t be afraid of scam.

Improved traceability:
We can check the history transaction from the very beginning. It can prevent fraud. It also gives a chance to a customer to ensure where the goods are coming from.

Increased efficiency and speed:
Blockchain technology do not need any third party to verify the transactions. They go straight form peer to peer which means they are super fast. Efficiency is also improved as the contracts between two sides are more transparent and automated.

Reduced cost:
Blockchain do not need any 3rd party people involved such as accountants for recording and verifying transactions.

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#3143

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

Transparency: The greatest thing in Blockchain is transparency, because all the informations and transactions ledger can seen in public.

Security: The security in blockchain is totally trusted, first of all there is no transactions or information can access to the group only with the approval from all sides, second is decentralised, third is transparent to the public, all the information can be seen and verified which cannot be cheated or hacked.

Improved traceability: Every transaction made in blockchain is recorded on blockchain, this can prevent fraud and help improve security.

Increased efficiency and speed: The benefit of efficiency in blockchain is to remove the third party, since the blockchain is decentralised and secure, there is no necessity of a middleman in many activities, the blockchain is more efficient which facilitate faster transactions at any time and anywhere.

Reduced cost: The Blockchain is very efficient which is able of making fast transaction without any middleman, which will reduce cost because the third party is not needed, the transaction will be direct and easy.

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#3144 
1. Transparency:  anyone can view what is going on within the company 
   
2. Security:   the information about the transaction is encrypted and linked to the previous transaction, you can get access to it anytime and it can not be modified.
    
3. Improved traceability: every transaction that has been made can be traced back to where It came from
   
4. Increased efficiency and speed: transaction goes faster because blockchain is 24/7 and everything happens in realtime and the information everybody gets is the same therefore settlement can happen much faster
   
5. Reduced cost: 
   middlemen are not needed
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#3145

Blockchainā€™s greatest characteristic stems from the fact that its transaction ledger for public addresses is open to viewing. In financial systems and businesses, this adds an unprecedented layer of accountability, holding each sector of the business responsible to act with integrity towards the companyā€™s growth, its community and customers.

Blockchain is a global database based on Maths and Protocols, where the information cannot be deleted, manipulated or hacked. Blockchain is far more secure than other record keeping systems because each new transaction is encrypted and linked to the previous transaction.

With the blockchain ledger, each time an exchange of goods is recorded on a Blockchain, an audit trail is present to trace where the goods came from. As the transactions in the blockchain cannot be modified or deleted, the network is able to verify the source and tracked it back to the origin.

Because Blockchain is a global network and it needs to cover all time zones, it allows transactions to happen 24/7/365. This is based on an incentive system which assures that the network operated correctly. Due to its decentralized nature, Blockchain removes the need for middlemen in many processes facilitates faster transactions by allowing P2P cross-border transfers with a digital currency.

Because of its transparency, blockchain eliminated the need for expensive audits provided by 3rd parties, as well as the fees charged from the middle-men when transactions are recorded.

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#3146

Transparency: What you is what you get, if its confirmed on the blockchain, you cant trust it 100%, it is legit, or not counterfeit.
Security: Every transaction is verified by thousands maybe millions decentralised miner around the world. so it can"t be compromised or removed or recalled.
Improved traceability: Every single part of a final product is treceable , verified and is 100% truth.
Increased efficiency and speed: thers no opening hours, public ledger is available 24/7/365 on thousansds and thousands of computers around the world.
Reduced Cost: Blockchain transation are direct person to person, business to business, ther no other partys involved, such as banks, so its cheaper and also much much more faster.

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#3147

Hello,

  1. Transparency:

Every transaction added to the blockchain is visible to everyone. Anyone can potentially download the whole blockchain. In order to add a new transaction to the blockchain, a consensus needs to be reached making it a decentralized agreement. So, there is no central authority or 3rd party involved.

  1. Security:

Each transaction is encrypted and linked to the previous transaction and will be linked to the following transactions. There is no way of modifying an added transaction without the need of modifying the following blocks. This makes manipulating information almost impossible.

Adding a transaction to the blockchain is a decision made by a group of computers which makes it a decentralized agreement making the transaction 100% safe.

  1. Improved traceability:

Each and every transaction is recorded in the blockchain without being able to modify it. Improved traceability refers to provenance which is tracking something to its origin. This makes verification and auditing of data possible and simple.

  1. Increased efficiency and speed:

P2P communication allows for transactions to happen in a matter of seconds. This is possible due to the huge global network of nodes working 24/7/365. This network never sleeps and no middleman is needed.

  1. Reduced cost:

Most transactions processed through a 3rd party incur high fees for the users. With blockchain transactions, fees do exist, but they are minimal and the transaction is verified in a matter of seconds.

R

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#3148

  1. Transparency:
    Being able to verify all data within a transaction or movement of goods will change the way that businesses today are able to get away with things. How governments could needlessly spend money that should be spent somewhere else, and the ability for the public to hold everyone accountable.

  2. Security:
    Since blockchain gives us a trustless exchange, we are able to verify when transactions are made on a the public blockchain and have the information to trace the transactions previous back to origin. No extra data can be added or removed from past events. This gives us peace of mind when dealing with strangers since we have security in knowing that charges could not be reversed without authorization.

  3. Improved traceability:
    Being able to account for goods through the supply chain network will help end consumers know more about where their products originated from.

  4. Increased efficiency and speed:
    Making changes on the blockchain is quick, easy, secure and reliable. No longer will we have to rely on traditional methods of exchanging value through archaic practices.

  5. Reduced cost:
    By taking out the middle man in finance, we are able to reduce cost by directly changing the blockchain by ourselves rather than relying on old ways of doing things. Since it is relatively inexpensive to send crypto through the blockchain, using traditional methods would amount in hefty fees.

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#3149

Transparency: Blockchain greatest advantage is the fact that transaction ledger are open for public, which makes it transparent and creates adds that are accountability and to act with integrity.

Security: Blockchain is harder to hack compare to other networks because it is made out of ā€œstring of mathematical numbersā€. This create ā€œtrustlessā€ which means that people would feel safer to do transaction and business with other people whom they donā€™t know.

Improved Traceability: In our database right now we donā€™t know if the product that we get really is 100% truth we have to trust the seller and everything that we read, but with blockchain we can trace each step of how the product is made.

Increased Efficiency and Speed: Blockchain increased its efficiency and speed by removing the middleman of all the transaction which allows person to person to do digital transaction anytime anywhere.

Reduced Cost: As I said that blockchain removes the middleman of all the transaction which saves company a lot of money.

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#3150

All the data in a blockchain network is transparant and for everyone to see. Unlike traditional centralized networks data is out in the open and completely tight onto the blockchain. These data and transactions are being verified 24/7/365 by nodes all over the world. Due to the fact this happens, there is a high level of security involved. It makes it almost impossible to fraud the blockchain system. Just because blockchain is completely open source, it improves traceability. Transactions are immutable and always retraceble.
The blockchain network never stops, so in comparison to centralized systems itā€™s increased efficiency and speed of transactions. There is no third party involved which means there are no feeā€™s directly flooding into third party. Each transaction pays a small fee to miners, but it is sustainably lower than feeā€™s regarding centralized transactions.

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