Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#3331

Transparency: Everyone who interacts with the blockchain can have all of their transactional data seen, this forces everyone interacting with the blockchain to act in an accountable way.

Security: To hack and edit the blockchain requires the hacker to edit information on a significant amount of the participants adding security to the blockchain - this makes blockchains much more secure from hacks compared to regular databases.

Improved traceability: Every unit of currency on the blockchain leaves a trail that can be traced right back to inception - this makes achieving provenance on the blockchain very easy.

Increased efficiency and speed: Companies sharing information and building on the same information banks donā€™t have information silos. This means that overall, the two companies will work with more productivity as they have access to a larger bank of shared information compared to if everyone held the information to themselves. This leads to more efficient development of products that utilize blockchain.

Reduced cost: The blockchain IS the middle man for transactions, and this middle man doesnā€™t require anywhere near as much compensation for making a transaction as a human being does.

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#3332

1.Blockchain makes all the transactions visible to all the parties. So we can see all what happens
2.The blockchain uses math and protocol which cannot be attacked
3. You can see and verify all the transaction. It prevents fraud and enhance
4. It removes the need middleman, facilitates faster transaction times using P2P connection
5. There is no need for other parties or intermediaries, which means less cost on service fees

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#3333

Transparency

Every transaction ever made within the blockchain is saved on an audit trail and visible and traceable for every computer within the network. This provides accountability from every sector.

Security

Blockchain is highly secured through consensus. Participating computer communicate and verify transactions.

Improved traceability

Since every transaction, no matter if valuables or information, is recorded and can not be edited organisations can not alter or manipulate the origin of things or transactions to their advantage.

Increased efficiency

Blockchain transactions are P2P and cut out every middlemen, which allows transactions to be made in seconds.

Reduced costs

Every middemen requires wage or comission. If we cut out the middlemen we reduce costs.

Hi @alko89 I asked Mikolaj where to get professional feedback and your name popped up. Iā€™m not very confident if I understood everything 100% and would just like someone to criticize my answer. Would you mind ? :blush:

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#3334

Transparency: Because all the ledger data, and history of all transactions is open for public viewing.

Security: Entire network unanimously has to validate the network transaction being written in the block.

Improved traceability: All the new transaction data on the blocks is being encrypted and tied with previous ones.

Increased efficiency and speed: Itā€™s the p2p concept. Cuts out the middleman.

Reduced cost: Less time, no middleman, more efficiency equals less cost.

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#3335

Hello Karla :smile:

I am not Alko, but I am also one of the instructors here. Looks like you understood the subject perfectly, and your response shows that.

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#3336
  1. Transparency: is beneficial because all the data and transactions are opaque and easy to check
  2. Security: makes it safe from falsified information and possibility of being hacked
  3. Improved traceability: That helps to ensure the authenticity of the product
  4. Increased efficiency and speed: No need for the middle man and awaiting for days to authorize transaction
  5. Reduced cost: with the help of the above the need for auditor, middle man is eliminated
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#3337
  1. Transparency:
    All transactions are visible.
  2. Security:
    Because transactions are agreed upon and approved by relating to each other.
  3. Improved traceability:
    All transactions are traceable and every transaction can be tracked.
  4. Increased efficiency and speed:
    No middle-man is needed, everyone has access to the blockchain and can receive transactions directly.
  5. Reduced cost:
    No middle-man is needed.
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#3338

Hi

Hi Adam,
Marvellous! Thank you for your feedback, I really appreciate it! :+1:

#3339

Transparency: Blockchain is greatest characteristic stems from the fact that its transaction ledger for public addresses is open to viewing.

Security: Blockchain is more secure because each new transaction is encrypted and linked to the previous transaction makes it safe from falsified information.

Improve traceability: 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.

Increased efficiency and speed: Blockchain remove the need for middlemen in many processes. Blockchain facilitates faster transaction by allowing P2P cross-border transfer with a digital currency.

Reduced cost: Middleman are not needed so this reduces cost.

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#3340

Transparency:
Transparency is definitelly a benefit regarding the blockchain once the information in each block recorded on the chain (ledger) is public and immutable, everyone can access and see. One example of this benefit is the amazing change it can operate in countries government accounting, every citizen can access and see the public accounts, assets, transactions, etc. In that way, the governments will have to become more reliable and responsible. Blockchain is a great technology to erradicate or at keast to minimize corruption in the world, due to its transparency nature.

Security:
The security benefit is due to:

  • Encryption of each transaction,
  • Every teansactions are linked,
  • It is trustless, each block is confirmed by a network of computers, so it is decentralized, no single entity control.
  • The base of blockchain is complex mathematics.
    All this points makes blockchain incorruptible and immutable.

Improved traceability:
Its transparency makes blockchain technology highly traceable, be it in financial or goods transactions every single transaction between every single involved party is recorded, so it is auditable in a very precise and secure way.

Increased efficiency and speed:
Blockchain is decentralized, works on a huge network of computers, no one has authority on it, even if some computers stop working, others will maintain the system, and even new ones can integrate it. It is borderless, which makes it global, and once there is no intermediaries it allows transactions in incredible speed, in a very straightforward way.

Reduced cost:
Once there are no intermediaries, the cost of transactions are very low cost, the owners of the computers that maintain the blockchain are already incentivized by the own blockchain system.
If any entity wants to implement a blockchain application, there is no need to buy any infrastructure, the infrastructure is already available. Also, tremendous costs could be cutted with very expensive audit service suppliers.

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#3341
  1. Transparency:

Blockchains are public and each member in the network can verify and view transactions.

  1. Security:

Blockchains are immutable and therefore canā€™t be hacked or altered. Each transaction is encrypted and linked to the previous block on the ledger, forming a chain, and verified by the network, making it impossible to change.

  1. Improved traceability:

Blockchains can be audited so ownership of assets or ingredients in a supply chain, can be viewed at any point in the life of the asset or product.

  1. Increased efficiency and speed:

Middlemen are cut out, such as payment processors for overseas transactions or legal teams in real estate transactions. The protocol is trustless and the transfer of ownership is clear and public for all to see.

  1. Reduced cost:

The associated costs of the middlemen are removed from the process, making it cheaper for the parties transacting.

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#3342

Answers to reading assignment questions:

Transparency
Every transaction is stored on the blockchain.
So it is easy to see the transaction flows.

Security
Once written on the blockchain it canā€™t be changed.
So no data modifications are possible.
That makes it secure for fraud protection.

Improved traceability
To see the origin of some transactions needs to be a required in some fields like financial systems.

Increased efficiency and speed
Sending and receiving money to other part of the world became a lot easier with blockchain technology.

Reduced cost
No middleman needed will save money.
Complicated systems could be replaced with blockchain technology to reduce cost.

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#3343

Transparency: Blockchain is a public ledger which exists on multiple computers simultaneously. Each transaction is authenticated in real time by consensus of the network. Unlike traditional, centralized databases, there is no opportunity for data manipulation or exaggerated claims because every participant in every transaction is held accountable.

Security: Blockchain removes the need to trust another party because it is decentralized, and each of its transactions is encrypted and linked to the prior transaction. Once a transaction is entered into the chain, it is impossible to change or undo it, making it safe from falsified information and hacking.

Improved Traceability: Each transaction on the Blockchain leaves a trail that has been authenticated and may be audited from origin to end user.

Increased Efficiency and Speed: Blockchain removes the need for middlemen in many areas, allowing for faster transactions, and preserves records in a single, global infrastructure.

Reduced Cost: Blockchain eliminates many formerly necessary tasks in the world of business interaction. Due to consensus, no accountants are needed to check records. No investigators are needed to check a productā€™s origin, authenticity, or quality because it has already been done. No record keepers or data entry personnel are needed because all transactions are in real time. No financial institutions need to check exchange rates because crypto currencies cross borders with ease. There is no need for a company to retain a legal team because information cannot be falsified or changed. Also, without middlemen, every transaction is far less costly.

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#3344

Reading assignment:
1- Transparency: alll transactions in the chain are accesible by anyone. They are 100% public. Once the transaction is validated and put into the chain, anyone can check it out.
2- Security: in he chain all transactions are encrypted by the means of complex mathematics and algorrythms. Besides the requirement of ā€œvalidationā€ by a certain number of computers in the network makes it impossible to alter, forger or hacked.
3- Improved traceability: since all transactions in the chain are unalterable and pĆ¹blic they therefore are auditable. This is specially relevant when it comes to supply chain security and intergrity.
4- Increased efficiency and speed: descentrralization implies removal of middle men, higher cost effciency and trustlessness. Besides blockchain allows P2P transactions worldwide with low time requirements and fees.
5- Reduced cost: as already commented upon, the removal of intermediaries, the transparency and security of the chain and the fact that it works already with its own computer network, makes it a lot more efficient in many processes. Businesses only have to worry about finding the better way to integrate blockchain in their field and profit of all its potential.

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#3345

  1. Transparency:
    Its nature is an public ledger and this force the integrity of companies and community to act ethically and make every transaction accountable so this adds the greatest value ā€œTrustlessnessā€.

  2. Security: The blockchain allows a safer passage for the transactions as al are correlated and form part of the same block they are incorruptible and imposible to break, change or delete, this is what makes it Immutable.

  3. Improved traceability: each transaction has a record and it is traceable, but more importantly it allow businesses to verify its authenticity. From its components, ingredients up to the every piece of detailed information contained in that exchange will be part of the block and will be 100% traceable.

  4. Increased efficiency and speed: Efficient = No middleman or intermediary, this is the best of the two worlds, there is not bureaucracy or paperwork involved, it is a simple transaction between traders, this gives the operation a direct outcome and disrupt the speed of traditional third party negotiation.

  5. Reduced cost:
    The fact of having no intermediary, means that you cut costs but also cut transaction fees in more than 95% or more.

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#3346

Benefits of.

1 Transparency

  • Transaction ledger is open to the public
  • Layers of accountability
  • Holds business sector responsible for integrity to company, community, and customers.

2 Security

  • each new transaction is encrypted and linked to the previous transaction.
  • is formed by a complicated string of mathematical numbers and is impossible to be altered once formed.
  • immutable and incorruptible nature of blockchain makes it safe from falsified information and hacks.
  • ā€˜trustlessā€™ ā€“ meaning that parties do not need trust to transact safely.
  • It has an immutable and incorruptible nature.

3 Improve traceability.

  • Any time an exchange is recorded an audit trail is present.
  • Prevents fraud in exchange-related business.
  • Allows verification of authenticity of the traded asset.

4 Increased efficiency and speed

  • Removes the need for middlemen.
  • It facilitates faster transaction.
  • Property management processes are made more efficient.

5 Reduced cost

  • Saves organizations money.
  • Improves and accelerates innovation.
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#3347

Transparency: Blockchain is decentralized therefore all network users have the same documentation from the public ledger. All transactions are agreed upon by consensus due to this.

Security: Information is not stored on a server but instead a network of computers. Transactions are agreed upon before theyā€™re recorded and after approval all transactions are encrypted and linked to their last transaction

Efficiency/speed: The blockchain is a public ledger therefore everyone has access to the same documentation, this allows for real time auditing and faster transactions

Traceability: Audit trails are available for every transaction, every transaction is encrypted and linked to their last transaction therefore every transaction on the blockchain is traceable, creating a system of trustlessness.

Reduced cost: No need for third parties because you can trust the math that blockchain is built on, there will also be less documentation as it is a public ledger.

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#3348

Transparency: Transparency is the ability have all information laid in front of you so that there are no questions that arise about the authenticity of the transaction. There are no hidden variables.

Security: Because of the nature of cryptography, it is near impossible to tamper with the information recorded on the blockchain. In order to change the blockchain, you would have to change every block all the way back to the genesis block. GOOD LUCK!

Improved Traceability: When information, such as a supply chain, is added to the blockchain, it is 100% visible to the public. Therefore, being traceable to the public.

Increased efficiency and speed: When using blockchain, transactions are peer to peer, so the middle man is not needed. Plus all activity happens purely on the internet, which operates at much much higher speeds than the physical world.

Reduced cost: The only fees involved with using a PoW blockchain are the miner fees, which are relatively small in comparison to the middle man you cut out whose entire income is based off of being the middle man. Miners work strictly off passive income. Plus the mining fees slowly become smaller and smaller after the halving process.

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#3349

  1. Transparency- The ledger of blockchain is available to the examine, this forces businesses to practice responsibility as their transaction history is fully transparent.

  2. Security- Since you are not able to alter the information on the ledger it helps create a trust-less system. Its complicated mathematical sequences allow for safety from hackers and fake information.

  3. Traceability- Due to blockchains transparent ledger, you are able to track a product and where it came from. It allows you to confirm the efficacy of a product and if it is authentic and what you want.

  4. Efficiency and Speed- Since blockchain gets rid of the middleman it allows for more efficient transactions. Real estate deals become easier due to smart contracts as one example.

  5. Reduced cost- Again, due to blockchains ability to get rid of the middlemen it will naturally reduce costs. From auditing costs to money transfer fees, blockchain has the verasility to reduce costs in many aspects.

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#3350
  1. Transparency means that blockchainā€™s transaction ledger for public addresses is open for anyone to check which makes the ones responsible to insert true data into it, knowing that false data may damage their reputation as a company.
  2. Security because the frauds are eliminated when each new transaction is encrypted and linked to the previous transaction and therefore the data cannot be rewritten in attempt to manipulate it.
  3. Improved traceablilty because everything in the supply chain can be accurately tracked at any moment by anyone.
  4. Increased efficiency and speed because there is a single digital ledger that everyone has access to so middlemans are not needed anymore.
  5. Reduced costs because the middlemans are not needed due to the fact that the blockchain is trusted.
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