Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#302
  1. Transparency:

The blockchain is a distributed network where all the computers on the network share the same version (copy) of the ledger. The network can only be updated by consensus and transaction histories are open to see for everyone.

  1. Security:

There must be consensus about the transactions before they are added to the blockchain. Every transaction is encrypted and every block is linked to the previous block on the ledger. The ledger is not stored on a single server but distributed on a network of computers and therefore much more difficult to hack.

  1. Improved traceability:

With blockchain it is possible to trace back the origin of the goods you purchased.

  1. Increased efficiency and speed:

By automating the traditional paper heavy processes, omitting a third party and only use one ledger you can save a lot of time.

  1. Reduced cost:

With blockchain you don’t need to trust you’re tradingpartner because you can trust on the data, therefore you won’t need a third party which will reduce the cost.

#303

  1. Transparency:
    Because there are many copies of a ledger on the blockchain network, each node has to
    agree on each transaction before it actually happens. In order to change an entry on the
    blockchain, all subsequent transactions after that entry would have to be replaced, which
    would be a major task.

  2. Security:
    Because all transaction are being recorded on multiple devices on the network, a hacker
    would have to manipulate that record on every copy of the ledger. Each transaction is
    linked to the previous, thus making each entry it’s own unique ‘fingerprint’ on the
    blockchain.

  3. Improved traceability:
    Because transactions happen in real-time without paper, an audit can be performed
    immediately after a transaction is on the blockchain. Also, suppliers can easily verify a
    product as either authentic or not.

  4. Increased efficiency and speed:
    With a paperless system, you eliminate any human error, transport time, and time to review
    documentation. All of this streamlines the entire process and purchases can be completed
    much quicker.

  5. Reduced cost:
    Because blockchain technology is a trustless system, you don’t need to rely on any human
    entity to confirm or deny any processes within a trade deal.

#304

Transparency: blockchain enables transparency by allowing to trace all steps a product goes through across the supply chain. Transparency is achieved by the fact that there is only one single and public distributed ledger which is available to all participants. Transparency is achieved by the fact that data can only be added to the ledger via consensus meaning that it is shared and vouched by the majority rather than discreetly modified or created by a single entity

Security: It is achieved by the fact that data is only created via consensus, the fact that data and/or transaction are encrypted as well as the fact that new transactions are linked to past transactions which makes it impossible for hackers to modify the data once it has been added to the blockchain.

Traceability: It is achieved by the fact that the blockchain can easily trace all steps a product has gone through throughout its value chain.

Efficiency and speed: Efficiency is achieved by the fact that there is only 1 single source of data (the distributed ledger) instead of various documents going through reviews through different hands, as well as the fact that intermediaries are no longer needed to mediate transactions. Speed is the result of these efficiencies and also enabled by the fat that many steps in the transactions can be automated.

Reduced cost: It is achieve by removing the cost of unnecessary 3rd party intermediaries throughout the value chain. It is also achieved by the automation of the process which remove human and error cost.

#305

  1. Transparency:Because Blockchain is a type of distributed ledger, all network participants share the same documentation and can only be updated through consensus, therefore data is more accurate, consistent and transparent

  2. Security: Information is stored across a network of computers instead of a single server, it makes it very difficult for hackers to compromise the transaction data

  3. Improved traceability: Complex supply chains are difficult to trace assets back to their origin. When they are recorded on the blockchain there is an audit trail that can show exactly where it came from to verify authenticity and prevent fraud.

  4. Increased efficiency and speed: By streamlining paper heavy processes with blockchain transactions can be completed faster and more efficiently you dont have to reconcile multiple ledgers. Clearing and settlement can occur much quicker.

  5. Reduced cost: Businesses reducing cost is a priority. With blockchain, you dont need Third parties or middlemen to make guarantees. You can trust the info on the blockchain and not review so much documentation.

#306

Transparency: is achieved by having all information on a public distributed ledger. Information is shared and is verified through consensus and mathematics.

Security: Information is decentralized and immutable, in order to change something all parties on the network must agree to the change. If part of the network is down it is quickly replaced through incentives which rises the hash rate of the network making the network more secure.

Improved traceability: Fraud is prevented by having a trail of each transaction done on the blockchain which is verified by the network.

Increased efficiency and speed: Blockchain technology reduces human error. It also keeps a record of all transactions done on the network in one place, which can be shared by all parties at anytime.

Reduced cost: Third parties do not have to be involved when making a transaction on the blockchain reducing paperwork. Everyone involved in the transaction has permission to view immutable information.

#307

  1. Transparency, all participants have the same info and data making the validating of its data in the future consistent to all.

  2. Security, transactions are agreed upon first then encrypted before its recorded on all the computers of the network. Making the high jacking of the data or misuse of the network by hackers difficult.

  3. Improved traceability, when transactions are recorded on the blockchain it creates an immutable audit.

  4. Increased efficiency and speed, automating and the consolidating the data on one chain shared by all making the data accessible by the second eliminating intermediaries.

  5. Reduced cost, through stream lining the process by eliminating the need for trust parties.

#308

Transparency:
All transactions are visable.

Security:
Transactions are approved by everyone in the Blockchain.

Improved traceability:
Every transaction is recorded on the blockchain.

Increased efficiency and speed:
Everyone has same information → no middle man → faster

Reduced cost:
Everyone has same information → no middle man → cheaper

#309

Transparency:
A shared public ledger with copies held by each participant improves transparency.

Security:
New entries can only be made through consensus. Participants are incentivised to act honestly and only add valid entries. Entries are encrypted and linked in a chain to previous entries making it impossible to alter.

Improved traceability:
The blockchain provides an audit trail allowing the origin of items to be traced.

Increased efficiency and speed:
Processes can be automated and streamlined with blockchain. A single public ledger allows for faster agreement and settlement of transactions.

Reduced cost:
The trustless nature of blockchain can eliminate the need for third party intermediaries. Documentation does not have to be reviewed because there is one consensus version.

#310

Transparency: All records are easily verifiable and auditable.

Security: No central authority is responsible for maintaining the blockchain.

Improved traceability: We can easily audit and look up our transaction history.

Increased efficiency and speed: By not relying on middle-men, we can transact with anyone on the network in peer-to-peer fashion.

Reduced cost: We don’t need the services of middle-men to mediate transactions for us.

#311

  1. Transparency is a benefit of using the blockchain as everyone using it will be able to see exactly what products or money are being transacted, who is using them at that point and where they are going.

  2. Security is a benefit as sensitive data is secured on the blockchain and so people can trust that their information is safe and cannot be used against them.

  3. Improved traceability links in with the first point ‘transparency’ in that people can have provenance about the products they are using.

  4. Speed and efficiency are another benefit of using the blockchain as they have high availability as well as high scalability (when the technologies mature).

  5. Reduced costs will occur when using the blockchain by massive automation of manual tasks especially things like accounting (as they will be recorded when the transactions occur).

#312

Transparency is the distributed ledger that all can see and verify the transaction or documentation.

Security as all transactions are verified and agreed upon therefore eliminating the possibility of fraud.

Improved traceability as all transactions are recorded in real time and linked to previous transactions, so a trail can be followed to any specific point.

Increased efficiency and speed as transactions can be completed faster as all parties have same ledger and also eliminates errors that can hamper efficiency.

Reduced cost as there is no need for middleman.

#313

Transparency:
All parties having access to the same database means the system is very transparent.

Security:
Because the it is stored across a network of computers instead of a single computer.

Improved traceability:
Provides an audit trail down the supply chain.

Increased efficiency and speed:
Cuts out the intermediaries that slows the process down.

Reduced costs:
Cuts out the costs of intermediaries.

#314

Transparency: Because of transparency we don’t need to trust our business partner, we can trust the blockchain. That allows us to check and validate information at any moment that we need with no middleman involved. That’s faster and cheaper.

Security: Decentralization is more secure so we just don’t need to do much effort to secure our data. It is saving money again.

Improved traceability: In blockchain we can easily trace for example cash flows, supply chains and other data. All data is online so we don’t need to check paper documents that can easily be lost. Once again it’s cheaper and faster!

Increased efficiency and speed: Increasing efficiency and speed of doing things is the best way of reducing costs. The importance of that rising with complexity of what we doing.

Reduced cost: When we do something cheaper but as good than others we can earn more money. That is the holy grail of business in my opinion :sunglasses: .

#315
  1. Blockchain provides transparency because it is a distributed ledger that has the same documentation shared by everyone and available to all with permissioned access.
  2. Blockchain provides security because transactions must be agreed upon and approved before it is recorded, then it is encrypted and linked to the previous one and stored across a network of computers. This prevents fraud and unauthorized activity.
  3. The blockchain is a complete audit trail showing where an asset came from and every stop it made along it journey.
  4. There is a single digital ledger that everyone has access to so intermediaries are not needed which increases efficiency.
  5. Data on the blockchain is trusted and immutable which reduces cost because middle men are not needed.
#316

  1. Transparency: This Technology is a distributed ledger with every transaction recorded by independent nodes which in turn make it decentralized. Each node is independently storing the same information and can be viewed by all who have access to the blockchain and reach a consensus .

  2. Security: The protocol is set up so that the mathematical encryptions are based on consensus then approved and are linked to the the previous block and then recorded. So to alter an entry you would have to alter all previous blocks which is not impossible just not financially and time feasible.

  3. Improved traceability: Every transaction in the blockchain is traceable by design which removes the trust issue out the equation and authentication is apparent in all transactions.

  4. Increased efficiency and speed: Being an open and transparent ledger all transactions are in a way audited in an ongoing consensus of the Network. Thus eliminating third party audits and mediation which in turn is just more efficient and fast.

  5. Reduced cost: This is where the blockchain is going to impact business eliminating vast amounts of third parties, brokers, and middle men. They are no longer necessary because of it’s transparency and the trust less environment it creates.

#317

Transparency: The public ledger with its independent nodes make sure that every transaction will be recorded and can be seen by every participant of the network or entity that wants to have access.

Security: Only through consensus of the whole network data can be approved, encypted and recorded. Fraud is not feasible.

Improved traceability: Every step, in a supply chain for example, will be audited automatically and visible for everyone. If someone changes something the network knows.

Increased efficiency and speed: Without intermidiates to ensure trust in the system transaction can be made at the speed of light and without the possibilty of human error

Reduced cost: No middlemen are needed that need to be paid or calculated with so the price for a good or a service will go down.

#318

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

Transparency: Its harder to cheat when everyone can see what you’re doing and where you’ve been. All info on the blockchain is visible to the public.

Security: No risk of chargebacks, being denied access

Improved traceability: info is validated across an open distributed ledger

Increased efficiency and speed: hashes occur on a single digital ledger that is shared across the network instead of multiple ledgers

Reduced cost: disintermediation

#319

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

Transparency: All transactions are open to anyone who has access to the blockchain for review and scrutiny.

Security: All transactions are only completed if the nodes or miners reach consensus on the the data. This makes the blockchain transactions virtually foolproof and immutable.

Improved traceability: The completed transaction can be traced back to it’s precise origin with certainty

Increased efficiency and speed: The efficiency of blockchain enables many intermediary’s to be eliminated form the transactions thus streamlining transactions which in turn makes them faster and paperless

Reduced cost: With streamlining of transactions and less intermediating in the supply chain it naturally becomes more cost effective

#320
  1. Transparency: All transactions are recorded on the blockchain which is a ledger that everyone has a copy of. So everyone can see everything going on with full transparency
  2. Security: Because the blockchain is on a network of computers, there is no central database. So much more difficult to hack. Also is requires consensus for a transaction to be approved, so its much harder to “cheat”.
  3. Improved traceability: Again the ledger is public and you can see every transaction. So you know where every transaction started and where it ended up. This is great for global supply chain.
  4. Increased efficiency and speed: Paper heavy systems can be cumbersome and time consuming. With more transparency you can be much more efficient and therefore much faster.
  5. Reduced cost: You don’t need to trust or work with as many third parties if working on the block chain. So you don’t need to pay as many people and third parties.
#321

  1. the transactions is open for anyone to see.

  2. The systems on the network must confirm transaction in the blockchain and the database cannot be altered.

3 All transactions can be traced at anytime in real time.

  1. Transaction is fast to execute in real time.

  2. It saves time due to the technology. instead of spending money to acquire auditors, blockchain audits transactions in real time.