Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#3231

TRANSPARENCY: Blockchain’s greatest attribute is the fact that it is accessible to the public; it’s an open ledger. This promotes accountability which, in turn, fosters an environment of integrity.

SECURITY: Because blocks are constructed of unalterable, encrypted mathematical equations, that are then linked to a chain of previous immutable blocks, the whole Blockchain becomes a secure open ledger free from falsifications, corruptions, and hacks.

IMPROVED TRACEABILITY: With each transaction entered on the Blockchain, a verifiable origin trail (audit) is made available. This open audit feature, of course, contributes to the overall security, but it also authenticates the source and supply lines of the goods and services being traded.

INCREASED EFFICIENCY AND SPEED: Middlemen are made obsolete due to Blockchain’s decentralized, distributed network. Consequently, transactions/contracts/record keeping/etc. being peer-to-peer make for faster dealings.

REDUCED COST: Blockchain’s transparent qualities which lead to added security, efficiency, authentication, as well as the elimination of all middlemen, result in reduced costs all around.

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#3232

Transparency: Anyone can verify any transaction at anytime in the blockchain.
Helps to create a trustless environment.

Security: Once its in the blockchain it becomes encrypted and linked with the previous transaction becoming impossible to be altered. It is safe from false information and hacks. It is Decentralized.

Improved traceability: There is a public ledger with real time auditing. Anyone can see when/where a product for example came from and the steps it went thru from beginning to end.

Increased efficiency and speed: It is decentralized. Functions via a mathematical protocol and by the miners. Its p2p. Getting rid of the middle man in many ways.

Reduced cost: With real-time auditing, not needing centralized authorities or middle man to verify/process transactions, and with the immutable nature of blockchain it will reduce the cost of infrastructure in business and finance.

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#3233

Transparency is so everyone can audit instead of a select few.
Security is necessary for anti hacking purposes
Improved traceability is beneficial for verifying where something came from and where it went
Increased efficiency and speed is the name of the game for any business. Every second a person or business saves the better. No waiting for a bank to open because the blockchain is 24/7
Reduced cost is always on a persons mind whether you’re rich or poor. The blockchain keeps middle-men out of the equation.

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#3234
  1. accountability is inherent in the public ledger of activity
  2. the ledger is safe from falsification and hacks
  3. streamlines record keeping and removes the need for middle entities
  4. 24/7/365 access, orderly, streamlined and encrypted
  5. increased efficiency = reduced costs
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#3235
  1. Transparency:

The benefit of transparency on blockchain ensures that every transaction open to see, which creates financial systems/businesses to act responsibly and with integrity.

  1. Security:

Because all transactions on blockchain are linked and encrypted this provides incredible security and deters/completely stopped the ability for hackers to disrupt a network.

  1. Improved traceability:

With blockchain you can track and audit any transaction IN REAL TIME.

  1. Increased efficiency and speed:

Removes middlemen, can be accessed/used 24/7/365 globally which opens the ability to transfer across the world in a matter of minutes.

  1. Reduced cost

The ability to quickly transfer large sums of crypto assets in minutes and for minuscule cost apposed to the centralised bank taking a larger processing fee.

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#3236

Transparency because transactions are final, irreversible and public for all to see.
Security because it is a decentralized, global network/ database of nodes and encrypted and irreversible transactions that are publicly accessible making it secure from hackers and fraud.
Improved traceability because an irreversible and public audit trail is created with each transaction.
Increased efficiency and speed because with it being decentralized it cuts out the middleman in many processes thus reducing time and money while also providing faster global transactions and smart contracts.
Reduced cost due to removing the middleman in many processes and faster peer 2 peer global transactions which saves both time and money.

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#3237

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

Transparency: With Blockchain, anyone (permissionless) has the ability to see all transactions on the block

Security: It is secured by a consensus versus one centralized authority

Improved traceability: It is a trustless system, so all transactions are verified and authenticated

Increased efficiency and speed: One transaction versus multiple increases efficacy

Reduced cost: By connecting financial information and processing information into one ledger, it reduces costs incurred for doing business by having one ledger versus multiple software systems running and connecting.

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#3238
  1. Transparency: eliminates unnecessary audits, eliminates counterfeit and corrupted transactions, creates integrity and trust within the organization
  2. Security - can’t be hacked, stolen, manipulated
  3. Traceability- creates good accounting, storage and proof of delivery/work, etc. all transactions can be seen and proven without trusting one another
    4.efficiency and speed- companies can save lots of money by improving their speed and efficiency
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#3239

T: The ledger that miners have is open to everyone, completely public therefore no way to cheat and disable the concept of trust in the human history.
S: The consensus creates a sort of raw democracy where only honesty can be rewarded. Meaning all the transactions in the protocol must be legit.
I. T. : The transactions in the blockchain cannot be reversed or deleted that give us a 1000% mathematical strength to check the history of the protocol.
I. E. S. : Sadly the blockchains world will reduce many jobs around the world by reducing human mistakes in any business area. It’s raw and solid nature leaves place for no mistakes or accidents in the transactions of data (assets). It’s global capacity will show us a speed still incomprehensible to our minds, to develop business and negotiations in almost any industry.
R.C.: Less human resources needed for the companies.

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#3240

1.Every user can tract transactions in real time on blockchain,you have a few confirmation points.
2.Transactions cant be changed.
3.the best thing about traceability is that all transaction are keep on blockchain.
4.Its working 365 day a year ,XRP have a fastest transaction around 1 minute,Ethereum have a high fees,and Bitcoin is very slow(more then 30 minuts).
5.Balance between mining and fees.

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#3241

Transparency : All transaction can be check and tracked there no way to change something or delate
Security :Since blockchain copies are stored across multiple networks its not easily hackable. Immutable nature and traceability ensures transactions are more secure.
Improved traceability: The normal supply chain is relay on trust and it very difficult to trace and exactly check the origin and originality of the products . With Blockchain the supply chain becomes trustless and very traceable
Increased efficiency and speed: A single point of reference, easily accessible, without the need for third parties increases efficiency.
There is no need for third parties for verification, not a single data centre, which reduces costs.

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#3242

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

Transparency: Transactions are public and viewable

Security: Transactions cannot be changed and decentralized nature makes it more secure

Improved traceability: All transactions are on the blockchain making auditing and tracing easier and faster

Increased efficiency and speed: More efficient and faster due to decentralized nature of blockchain and allowing peer-to-peer transactions

Reduced cost: Cost can be reduced as entities can cut out middle men and 3rd parties to handle and process transactions

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#3243

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

  1. Transparency:
    Because the blockchain ledger is publicly accessible, it can be reviewed, and effectively audited,
    by all parties, allowing any one party to verify the activities of another. In any given transaction,
    this should promote good behavior, and confidence, of both parties.

  2. Security:
    The mathematical properties and structure underlying the blockchain effectively make it computationally impossible to modify its history. This ensures the blockchain presents a faithful rendition of that history and so also instills further trust in the network.

  3. Improved traceability:
    The transparency and security of the blockchain renders it an effective tool for tracing the provenance and movement of assets. If one can review the whole history of some artifact, they can know where it’s been, how long it’s been there, through which hands it was exchanged, etc. This helps to obviate the need for subjective trust among the interacting parties.

  4. Increased efficiency and speed:
    The transparency, security and traceability discussed above make it possible to eliminate some traditional bottlenecks, especially when it comes to auditing. Faith in the network, and the transactional history it records, means I need not stop and verify assets, or the activities of some supply chain parties, at every step.

  5. Reduced cost:
    Third parties often used for auditing, inventory tracking, etc are obviously a cost any business must be happy to avoid, if the blockchain effectively meets those needs. But beyond that, any time such a bottleneck is removed, TIME is saved. Time is valuable, and so time lost is a cost / expense. Any improved efficiency, provided by the blockchain or otherwise, equates to a reduction in costs.

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#3244

Transparency: Every transaction on a blockchain can be viewed and history of transactions can be traced back as much as needed.

Security: Transactions are immutable and for security it means that none can alter data on a blockchain once transaction has been confirmed.

Improved traceability: Since all transactions are recorded in a ledger and transactions cannot be altered, it enables trustless auditing of operations on a blockchain. Every transaction can be traced and tracked in real-time. Whale Alert is a good example :grinning:

Increasing efficiency and speed: Blockchain eliminates the need for intermediaries in many aspects of business operations.

Reduced cost: Reduced cost enables individuals and businesses to start using/adopt trustless services at a faster pace

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#3245

Transparency - transactions are on the blockchain easy to verify
Security - network is validated by nodes which when agree add up a block to the blockchain
Improved traceability - transaction can be traced on blockchain cannot be hidden
Increased efficiency and speed - due to incentives more mining power and dealing directly with the leader removes all unnecessary layers
Reduced cost - removes trust layer which can be expensive

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#3246

Transparency: exchange of value can be verified independently on a public ledger
Security: you can’t change history, which seems to be a sport these days.
Improved traceability: exhaustive forensics possible for those so inclined
Increased efficiency and speed: fiat systems are a nightmare and badly abused
Reduced cost: blockchains disintermediate, the fewer hands handling the better

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#3247

The ledger system is completely transparent and it is easily verifiable through the blockchain.
2. The Ledger system is also secure through consensus, whereby, all nodes agree that the information written on the ledger is the same which can then be written onto a block and added to the chain.
3. The ledger system is public and if all nodes agree on the information presented, transaction and the information presented within the transaction is easily traceable.
4. Because the ledger system is trustless, the efficiency and speed are increased because there is no 3rd party needed to verify the information.
5. The cost of transactions can be reduced due to a 3rd party no longer being a necessity

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#3248

1)Transparency means that anyone can examine the public ledger.
2) Security comes from the encryption and linking of the blocks that once set, cannot be broken.
3) Improved traceability - any transaction on the block chain can be seen and traced back to its source. That includes tracking of any information exchanged or transferred on the blockchain. This reduces fraud.
4) Blockchain removes all of the layers and middlemen that add to the time needed for global transactions. Every layer also requires “approvals” as well, further slowing the process. Blockchain is peer to peer. Once a transaction is decided, it can go through.
5} This same lack of layers and middlemen reduces cost of transactions as there is nobody taking “their cut”.

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#3249

Transperancy: “Pics or it didn’t happen”. Being able to verify for yourself the state of any/all transactions allows you to prove it is correct.
Security: Trusting the technology means that it needs to withstand the hacking attempts from actors on the internet. A robust and secure design is necessary for this.
Improved traceability: see answer one. This also enables easy auditing
Increased efficiency and speed: Using a digital currency worldwide also requires the network speed / transaction speed to scale to support world wide transaction rates. Making transactions more efficient reduces cost and wasted time.
Reduced cost: less wasted cost means more capital which can go toward meaningful projects, and away Form just enriching banks.

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#3250
  1. As a consumer I don’t want to be fooled that are all the ingredients are on the label and so is it it’s absolute value or is the components that created this is worth its price. Now in blockchain you can see all the information of the product its common data because of the supply chain.

2 For me blockchain is the future for the world and it has to be implemented quickly in everything it is the most secured because of the consensus always find the truth and validates only the true data of a product and in transaction each transaction is encrypted and linked to the previous one so in order to change certain information every participants need to agree with that new information.

3 Each time an exchange of goods is recorded on a Blockchain, an audit trail is present to trace where the goods came from. It also improve the authenticity of the trade asset.

  1. Because blockchain is a global network it is high availability which means it is open everyday so any where you are in the world you can access the network and it is quick and easy to validate because of hash.

  2. It removes any 3rd party trust brokers and will only need the validators to validate the transaction and you won’t need any paper in the process.

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