Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#3171

Transparency: The benefit of this is that any person can go online and look at transactions happening on the block chain. These transactions are valid because the network verifies that transactions. this way no single power can control what you see.

Security: The main benefits with security is that information is stored on multiple networks making information hard to manipulate or hack.

Improved traceability: Blockchain helps traceability a significant amount because if information is stored on a public ledger, than that information has been verified, validated and added so the public can see what actually happened with said transaction.

Increased efficiency and speed: Since the block chain has high availability that means speed and efficiency comes hand and hand.

Reduced cost: Blockchain reduces the need for third parties that can charge their own fees and or costs.

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#3172

Transparency: Blockchain allows transperency because every transaction is visible within the network.

Security: Blockchain creates more security because of its decentralized nature and complex, unreachable data sets making it impossible to copy and manipulate.

Improved traceability: All public transactions can be traced creating more accountability then our current exchange of currency.

Increased efficiency and speed: Blockchain uses instant P2P transfers and can communicate across borders. it also cuts out the need for middlemen which improves its efficiency immensely.

Reduced cost: Blockchain cuts out the need for any middlemen which lowers consumer cost. it be integrated into any financial transaction cutting time spent waiting for pending transfers, reducing not only currency cost but also cost in time.

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#3173

transparency. all transactions are accounted for at all times which gives trust to the users that they can also view this at any time.
security. there is not one single entity controlling the network that can manipulate it. it is managed by everyone.
improved traceability. everything can be checked at all times
increased efficiency and speed. no need for intermediaries
reduced cost. no need for intermediaries because the network is trusted so no loss to middle men

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#3174

  1. open to view transaction ledger. Creating accountability.

  2. each transaction is encrypted and linked to the previous block. This creates an immutable trust less protocol.

  3. each transaction is verifiable from beginning to end.

  4. P2P transactions remove the need for a middleman and cleans up (organizes) records of ownership.

  5. again, it removes the need for a middleman. As well as the ability to integrate blockchain into a business model without any major disruption.

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#3175

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

Transparency: all transactions on a blockchain leave a clear audit trail, open to the public to view at any time. Anyone can check any transaction at any time, forcing honesty in dealings.

Security: each each transaction on a blockchain is encrypted and secured with an extremely complicated mathematical key. A copy of each Ledger is stored on multiple computers on a network, which makes it very difficult to hack, as you would have to hack each computer on the node simultaneously.

Improved traceability: as mentioned above, a visible public audit trail is produced with every transaction, allowing full traceability from start to finish on a good or service, instant, or part, for example.

Increased efficiency and speed:. Removing redundant processes and cutting out the middleman in transactions, I.E. the banks, efficiency and speed are increased significantly.

Reduced cost:. Removing redundancy and errors creates a cost efficiency, a well as removing the need for follow up and investigations into fraudulent activity.

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#3176

  1. Transparency: Every transaction that takes place in the network gets written on the blockchain and cannot be erased or altered.

  2. Security: Every transaction must be verified through consensus of all the nodes involved in the network.

  3. Improved traceability: Transaction data can be traced to its origin.

  4. Increased efficiency and speed: Blockchain is a faster technology because it removes the “middle man” between peer to peer.

  5. Reduced cost: Having no need for a third party, the cost is less than on the traditional financial system.

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#3177

-Transparency is a benefit in the block-chain because all transactions have been verified by different computers linked to each other and remain visible

-unprecedented accountability and ledger, there are no middlemen as it is a peer to peer system

  • permanent recorded transactions traceable from origin to destination

-no middle man makes it direct fast and efficient

-direct access without need of intermediaries , no need of addittional database or software, all this generates cost reduction.

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#3178

Blockchain technology leads to greater transparency because anyone/everyone can view the transactions on the ledger. A great example of the power of this is that governments must become accountable to their citizens as to where the taxes are spent. Conversely, citizens are also accountable to their gov’t. Another example of transparency is quality control in the food industry. Blockchain technology can track the movements and quality of raw materials in the production process, therefore, ensuring foods have the ingredients that they claim on the packaging.

Blockchain technology provides for greater security. The data, once on the blockchain, it can not be removed and is incorruptible. The shared resources of the network prevent a single point of failure in the network from attackers, power failures or loss of internet/network. A bad actor must compromise 51% of the network. This is a hard thing to accomplish as the distributed networks are large and worldwide.

This contrasts to centralized systems whereby we must trust a central authority for security. This is dangerous because not only are we relying on the central authority to behave, but we are also relying on the central authority to have high security standards. Even with high security standards, an expert hacker could get into the system and there is now a single point of failure to exploit. Nonetheless, centralized systems are still vulnerable to natural disasters, power outages, loss of data or loss of internet/network connection.

The blockchain can be compared to that saying about Las Vegas, “What happens on the blockchain, stays on the blockchain.” This improves traceability. All transactions, once placed on the blockchain are there forever. This means the inventory and materials can be traced from their origins to their end products or end of use. Could this even lead to honesty and integrity in the media? Facts and Quotes could be traced to their origins. Even a more accurate version of history is possible, rather than history being edited and rewritten by the winners.

Blockchain increases efficiency in the financial sectors by removing middlemen in financial transactions. For example, sending money over seas used to be done through a bank with an international wire transfer to another bank or with a western union or another service. Now, I can just send funds to a digital wallet anywhere. Not to mention that the fees for an international bank transfer and Western Union and really high. Sending the funds to a digital wallet is just a small faction of the cost.

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#3179

  1. Transparency: - Creates accountability as every transaction is publicly viewable on a global ledger.

  2. Security: - Transactions are encrypted, immutable and verifiable therefor removing the need for trust. Security is incentivized and is retained on a global publicly accessible network.

  3. Improved traceability: - Every step of a transaction is recorded and verified. Auditing takes place in real time.

  4. Increased efficiency and speed: - Intermediaries are removed and P2P transactions are possible. Smart contracts enable automation on a global network where informational silos do not exist. Communication and transactions alike are immediate.

  5. Reduced cost: With less intermediaries there are less fees, with automated workflow there is more time, with a global infrastructure development is faster.

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#3180

Transparency : When data is added to a blockchain, it means that all devices of that blockchain have agreed on adding that data. It becomes available for everyone to see but it is impossible to edit. This means it’s more transparent because anyone can see and confirm that a certain information is correct.

Security : Blockchain is a distributed ledger, and therefore a decentralised database which makes it very hard to be digital attacked. The server, also, is up and running 24/7.

Improved traceability : The immutability of the Blockchain makes sure you can track and check the origin of a product or a transaction because data can not be manipulated once the block is in the chain.

Efficiency and speed / reduced cost : By removing the middle man between the two parties, we can save a lot of time and a lot of money.

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#3181

Transparency:
Open viewing of the ledger (database) for anyone to audit transactions. This adds accountability and removes fraudulent activity as it cannot be hidden.

Security:
As the ledger is based on a string of mathematical code, which is impossible to be altered once formed, it is immutable and incorruptible by nature. It is safe from false data/information and from being hacked.

Improved traceability:
As with transparency, all transactions are tracible at all times. This data can technically be accessed by anyone that needs to see it. For example if a company needs to be audited, all the transactions and data is hard-coded and cannot be changed or removed. This provide proof of ownership and complete accountability.

Increased efficiency and speed:
As the blockchain is decentralised, there is no middle man. All transactions are peer-2-peer. This speeds up the process, especially of cross-border transactions that can take days or weeks to complete using the current systems available.

Reduced cost:
As above, due to there being no middle man / 3rd parties, there are no additional hidden fees other than the network fees that are required to transact. These are required to incentivise the network to ensure it is running at all times but are far cheaper than current banking fees. For example if I want to send some money to Nigeria using Moneygram they may have a large fee which could be a % of the transaction. If I send £100k and they charge 10% it’s a £10k fee and probably take 10 days. With Bitcoin the network fee will be a fraction of this and will take minutes or hours depending on the network congestion.

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#3182
  1. Transparency allows people to look at where funds are sent. This could be very useful if a group of investors want to know where their money is going.
  2. With security, the users of a blockchain can expect the network to stay up thanks to redundant data.
  3. Improved traceability can help make the history of a product accessible.
  4. Increased efficiency and speed helps reduce the amount of error and can improve a business’s profitability by having transactions take minutes at most instead of the days it currently takes.
  5. Reduced cost means that more businesses, or any group of people, can be more productive with higher profits.
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#3183

Transparency - all transactions are available for everyone to see

Security - linking together of blocks provides anti-tampering measures

Improved traceability - all transactions are set in sequence that cannot be changed

Increased efficiency and speed - transactions do not have to go through a single authority, instead it can be agreed upon and verified by anyone, and it enables P2P transactions

Reduced cost - enabling P2P transactions reduces the amount of transactions needed and therefore the amount of transaction fees

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#3184

Transparency: All the data is attached to the Blockchain and its accessible to everyone

Security: Once the data is on the Blockchain cannot be changed or corrupted

Improved traceability: keeping record of transactions/products origins to destinatary. Also checkeable

Increased efficiency and speed: Less bureaucracy between parties. Allowing the access to the data on the global network of Blockchain

Reduced cost: by reducing intermediaries

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#3185

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

Transparency:

  • It oblige any business to be transparent by having a public ledger on which are stored all previous transactions updated with new ones without possibility of manipulating them.

Security:

  • Same as transparency, after verifying transaction and updating it to the ledger blockchains is formed which can’t be undone,once is up is up, it is immune to manipulations and hacks- only truth is the truth that is agreed upon by network

Improved traceability:

  • By creating a digital signature its easy to trace product from its origins

Increased efficiency and speed:

  • P2P transfers and smart contracts

Reduced cost:

  • There is no need for central authority to process payments . they go directly from one address to another
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#3186

  1. Transparency:
    The public ledger makes all transactions accessible and verifyable for the whole world. This makes Blockchain users accountible for their transactions on the Blockchain.

  2. Security:
    The immutable nature of the encrypted transactions ensure that the data is not tampered with. Thus creating trustlessnes.

  3. Improved traceability:
    Because each transaction is stored and immutable, it creates a verifiable history transactions and/or assets.

  4. Increased efficiency and speed:
    It eliminates the need for men in the middle and enables users to directly execute transactions globally peer to peer. Instead of P2B2B2B2P.

  5. Reduced cost:
    It eliminates the need for men in the middle and enables automation of agreements.

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#3187
  1. Transaction ledger is open per public viewing.
  2. Every new transaction is encrypted and linked to previous one.
  3. When exchange of goods is made - recorded on blockchain an audit trail is present to trace where goods come from.
  4. Unified system of ownership records and smart contracts. One sistem is faster transactions.
  5. Middle man is not needed.
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#3188

  1. The technology provides full transparency due to the distributed ledger and openness.

  2. Its finality increases the security, because its tamper proof and no one can change the transactions on the blockchain.

  3. Every transaction leaves a traceable tail, that can be audited and that will increase the traceability and also the security.

4/5. Because all of the actor are part of the same network, they can send information and valuable assets without a middlemen as a security. This will increase the efficiency and speed. But it will also reduce the cost due to the fact that you don´t need any outside actors or an agent to create security and trust.

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#3189
  1. Transparency: each node has public access to the info, so full transparency is easily achievable.
  2. Security: since each block is attached to both its siblings and replicated in every node, manipulation risk is 0%
  3. Improved traceability: because of both previous points, each transaction can be visible and immutable, so traceability is assured
  4. Increased efficiency and speed: there are no intermediaries. It’s p2p.
  5. Reduced cost: again, intermediaries not needed.
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#3190
  1. Transparency:
    If blockchain technology is integrated within a business, it presents a way of accountability for all involved departments, because it is fully transparent and therefore tracable. P2P transactions delete the need of a middle-man and even international transactions are no problem at all.
  2. Security:
    First of all it is trustless. Participants do not need to trust each other to send money safely, because all transactions are being verified by all computers in the network - consensus. Second - once a transaction is verified it is linked to the previous transaction and cannot be altered/deleted/reverted.
  3. Improved traceability:
    Provenance - it is transparent where (f.e.)goods came from and it can be looked up. This excludes the possibility for fraud. Another use-case could be to verify the ownership of art.
  4. Increased efficiency and speed:
    F.e. because of the exclusion of the middle man it is cheaper and faster to send money with blockchain-technology. This fact alone saves a lot of money and time.
  5. Reduced cost:
    There are various “ready made” blockchain-in-a-box starter kits, which reduce the need to invest large sums into development.
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