Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#3371

Transparency: In an public blockchain, all records are available for consulting. All transaction can be traced, checked and we can verify what is happening real-time.

Security: As the blockchain name means, every block is written after another making a chain of information. Being a system that does not permit erasing or editing, this is what allow us to check the provenance of a transaction.

Improved traceability: Since all blocks are linked, with provenance we can trace back one transaction/item/information to it’s origin, quickly and with transparency.

Increased efficiency and speed: Blockchain it’s a decentralized system, being up and running 24/7/365, without intermediaries, but with a network of ledgers. Since all validation is made by computers, according to a protocol previously defined, it is quicker and the best of all, works worldwide.

Reduced cost: Even though it is still an high investment to start a blockchain by scratch, in the long-term it will pay itself out with time. Without needing an operator to validate the operations, since it is “trustless”, it will rely on the initial protocol and math to write the next blocks, and therefore being autonomous.

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#3372

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

1. Transparency: :woman_technologist:
The global shared network is open for all to view and verify. This adds accountability and integrity.

2. Security: :lock:
It’s secure because each transaction is encrypted, immutable, incorruptible, and it’s stored forever in the blockchain. It is impossible to be altered, hacked, replicated…It is trustless, which means no party needs to rely on trust.

3. Improved traceability: :mag:
There is provenance. Each time a transaction is recorded in the blockchain, a trail is recorded, and the whole history of transactions or contracts stays in the database forever. It can always be verified.

4. Increased efficiency and speed: :clock3:
Because it is a decentralized network, it removes the need for middlemen in many financial processes. It allows for a unified system of records and smart contracts that can automate transactions and agreements cross-border, peer to peer directly.

5. Reduced cost: :moneybag:
There is no need to pay a middle man because the financial processes and transactions are made through direct trustless digital transactions that can happen cross-border through smart contracts that can automate dealings, agreements and ownerships. The transaction is peer to peer. :+1:

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#3373
  1. Transparency:

Everyone can see into the blockchain, and all transactions are recorded.

  1. Security:
    Its decentralized, meaning no one entity can manipulate or destroy the information

  2. Improved traceability:
    You can verify the journey and history of a product at each stage of its movement.

  3. Increased efficiency and speed:
    It’s on all the time and the worldwide network allows for faster transactions.

  4. Reduced cost:
    By cutting out the middle man in many industries you cut out middle man fees.

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#3374

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

Transparency:
Transactions in a Block chain are immutable and all details about every part of the transaction are present, so nothing is hidden and more information than on any other type of database is viewable. This information can be viewed anywhere and at any time, because all computers show the same ledger and the Block chain is available 24/7 (as in: bit coin). This also means the personnel in every part of a company become more accountable, to act with integrity towards the company’s success.

Security:
Due to the decentralisation and consensus protocol, Block chain’s are much more difficult to attack (e.g. by hackers), the attempt would be rejected by the other nodes, whereas in a centralised database, the attack only need to compromise the central authority.
Confirmations are made through objective maths base protocol, so the legitimacy of the transactions are more secure than in a centralised database, where information can be subject to human error and deliberate manipulation. Immutability further secures the network as one can be sure what is inputted will last the test of time.

Improved traceability:
The Immutability, along with the thorough chronological ledger mean that tracing any aspect of transactions is possible and in real-time, unlike with centralised databases, where information must be requested, takes time and there will be less detail about transactions. This means auditing is much easier and can be done from anywhere in the network, unlike in centralised databases where an auditor with more than likely have totravel to specific premises. The whole supply chain would be viewable. Many industries e.g. in medicine, by enabling tracking from the manufacturer to distributor. This traceability will in turn make people in the business more accountable for the transactions they are part of, as there is more detail.

Increased efficiency and speed:
Block chains are much more efficient., The chronology will save time. The decentralisation means there is no need for middlemen in many industries, e.g. the P2P cross-border transactions, Property Management easier with a unified ledger of ownership in real estate and smart contracts can automate landlord-tenant agreements. There is no need for an auditor to be employed to travel to other premises, as all details are available anywhere in the network. Because Block chain have high usability, they are available at virtually any time e.g. bitcoin. This can help all sorts of industries to be more efficient.

Without the need for middlemen, automation should speed up processes and.

Reduced cost:
Always being active will ensure no opportunity cost is wasted. No need for middlemen, as described above, e.g. auditors reduces costs. There will be a reduction in costs of correspondence between departments, who without the Block chain would need to make far more enquiries to get details that would not be available on the central database.

Fully automated ledger means less need for documents, etc, traditional in centralised databases.

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#3375

Benefits of transparency means that it is easier to trust when the blockchain is immutable and open to the public; security means that you do not have to rely on a single centralized entity to verify or audit the data and that no one can change it; traceability means that in real time you can track anything from food to services to materials making it safer and more reliable; increased efficiency and speed makes it more reliable and means companies need less inventory on hand making business cheaper and more reliable; which all together reduces cost and wastage.

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#3376

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

  1. Transparency: once data is entered and there is consensus it is final and cannot be reversed. Because blockchain is a decentralized network and publicly available 24/7/365 days a year, all transactions/data is visible for auditing purposes.

  2. Security: each transaction via blockchain is encrypted and once consensus is achieved for each transaction is immutable. Therefore, data cannot be manipulated. Furthermore, the data on blockchain is available to view 24/7/365 days a year which means it is a highly secure network.

  3. Improved traceability: the data entered via the blockchain network is immutable which means it cannot be reversed. Each ‘node’ or ‘block’ on the network is linked to the previous transaction/data which provides improved traceability for auditing purposes.

  4. Increased efficiency and speed: the blockchain network is available 24/7/365 days a year. Because it is a decentralized network it removes the need for third parties which creates increased efficiency and speed.

  5. Reduced cost: because blockchain is a decentralized network there is no need for a third party to verify the data, thus reducing costs.

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#3377

Transparency: All transactions are viewable and verifiable at any time.
Security: The network is global and all transactions are confirmed by the network before being added to the blockchain.
Improved traceability: All transactions are recorded in the blockchain so the need for trust between parties is removed.
Increased efficiency and speed: Removes 3rd parties and allows for global transactions with a digital currency.
Reduced cost: Since the need for middle men is eliminated this helps reduce costs

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#3378

  1. Transparency: The public ledgers create accountability for anyone to see. It creates another level of accountability to its users.

  2. Security: Because of blockchain there is no need for trust to perform transactions. By having a network of computers collectively agree on ledgers, the transactions are all protected by protocol making it immutable.

  3. Improved traceability: When a transaction is performed, the public ledger leaves a trail that can be audited by anyone, it can be traced back. This form of verification enhances security and transparency of anything performed with blockchain.

  4. Increased efficiency and speed:
    There is no need for fees and procedures done by middlemen. Since blockchain is a global financial entity it is much quicker than conventional centralized transactions.

  5. Reduced cost:
    There is no need for the middleman entities that require people to perform any more.

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#3379

  1. Transparency: Since it’s a public ledger, all transactions are visible which leads to greater accountability.

  2. Security: It is a reliable and trustless network having immutable data which is incorruptible.

  3. Improved traceability: A secure and verifiable audit trail can be used to track movement of goods in a supply chain.

  4. Increased efficiency and speed: Peer-to-peer transactions over an efficient network eliminate middlemen.

  5. Reduced cost: Peer-to-peer transactions plus automation eliminate many fees.

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#3380

Transparency
The ledger is open to the public and so the public give greater level of trust and confidence in the business. Nothing can be hidden or changed information can be accessed by all. The key to a business is earning the customers trust and this is a great way forward for keeping the customer long term. Businesses that will not integrate this system will be questioned by customers.

Security
Each transaction is linked to the previous one and is uniquely encrypted. Blockchain technology is complicated string of mathematical numbers which makes it impossible to hack or change. It provides the ultimate security system that no one can tamper with.

Improved traceability

Every exchange is recorded down to the very last detail. From the Manufacture and the Distributor. This can be used to track down true ownership, source of products and proof of exchanges. Reducing the amount of fraud by people also giving the customer or business pinpoint accurate information at all times.

Increased efficiency and speed

This knocks out the centralized middleman and increases efficiency for payments. For example, when I worked for the bank, payments could be blocked by the intermediary banks and sent back. With Block chain the payment would go directly to you without any intervention from a centralized authority. This would make transactions between business’s very quick.

Reduced cost

The Decentralized nature of blockchain will make intermediary banks(Middleman) obsolete when sending payments anywhere in the world or for any other business deals . All these current processes put in place cost a lot money for the companies plus maintaining them as well, its not cost effect. I can’t imagine the money they would save.

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#3381

1.Transparency: Every one can participate in network or check the incentive of transactions.
2.Security: Network is spread around the world and uses consensus to validate the transactions.
3.Improved traceability: The transactions can be tracked and audited in real time.
4.Increased efficiency and speed: You save time and do more.
5.Reduced cost: You save money and invest it.

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#3382

Transparency is a benefit that makes sure that nobody can cheat or lie. users, clients or partners can follow a supply chain or a transaction and proof facts for themselves.

Blockchain gives security in different ways, one of it is given by the transparency, another by the fact that nobody can delete data from the block and the network has tho approve every transaction.

Blockchain is very efficient because its available 24/7 and people are motivated to be part of it because they earn with it.

The fact that you don´t have middlemans reduces the cost of transaction and other traclable matters.

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#3383

Transparency - Blockchain is an authentic public distributed ledger. Stored information cannot be altered and it is open to everyone.
Security - FANILITY ensures IMMUTABILITY. IMMUTABILITY ensures SECURITY. All information is stored permanently and cannot be altered.
Improved traceability - It is an Authentic Public Network or System, that is based on majority verification.
Increased efficiency and speed - It is a decentralized system, so authorization is limited or non. Creates direct access to information.
Reduced Cost - The system eliminates bottlenecks and creates open, fair and equal playing ground for all. Additional Cost and reliance on third party is removed.

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#3384

Transparency:
All transactions are visable on the public ledger.

Security:
Transactions are recorded in blocks which are cryptograhic related to each other.

Improved traceability:
All transactions are recorded on a blockchain.

Increased efficiency and speed:
Ones a transaction is sent to the blockchain, everyone can see it anytime and from anywhere.

Reduced cost:
Cost and reliance from third party is removed. No more middlemans necessary.

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#3385

Transparency: helps to keep everyone honest. Left-hand knows what the right hand is doing. Nothing is hidden from the transactors

Security: is important as all transactions or contracts are secure as they cannot be manipulated once they gave been added to the blockchain

Improved traceability: allows all transactions or contracts to be audited easily. There is never a question of whether a certain part of the contract was performed

Increased efficiency and speed is a benefit because there is no middleman involved. This allows for speedy transactions between all parties involved

Reduced cost is beneficial as there is no expensive database software that is needed. There are no third party moderatores needed

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#3386

Transparency: the blockchain is public so that anyone can see and trace the transactions

Security: the global network exists and works to verify all transactions by consensus. each transaction in the blockchain is based on previous transactions

Improved traceability: global and public transactions allow all transactions to be traced and audited by anyone at any time. no one can lock you out. no one can change a transaction

Increased efficiency and speed: no middleman involved so transactions can happen quicker and with fewer steps that have to be verified

Reduced cost: reducing middleman, reduced time verifying, trustless,

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#3387

Transparency: In the blockchain it is possible to see all transactions done which enables everyone to see what persons, companies and institutions are actually doing, as long as you can connect the transactions to the source.

Security: There is no way to falsify any information/data since each block needs to be verified by the network. You can alwasy trust the data you get.

Improved traceability: All transactions are taking place within a very short time fram after issuing them, not in real time though, and can be traced as soon as they are confirmed.

Increased efficiency and speed: Using a blockchain as the base of an echo-system would make it much easier to interact between systems and as the blockchain never can go down or slow down due to overload the speed of the system will be constant. There are no central nodes in the network that can halt the communication.

Reduced cost: A common standard will decrease the work for integrating different systems from different suppliers on different networks. As you will not need to have the same computer power, the cost for servers and facilities would also decrease.

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#3388
  1. Transparency- all businesses are responsible to be honest towards the company’s growth it’s community and customers.
    2.Security- once the transaction is formed there is no way to get it back and this also creates trustlessness so that all parties can transact safely without trusting each other.
    3.Improved traceability- each time when exchange is recorded an a blockchain an audit ir present to trace where the goods came from so this prevents fraud and helps verify authenticity of traded assets.
  2. increased efficiency and speed- Everyone has access to the same information so this creates trustlessnes and transactions can happen without third party interference.
    5.Reduced cost- no need for the middleman
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#3389
  1. Everyone can see all the transactions which can be traced
  2. Trust based on protocols and math, all the processes are verified
  3. Real-time audit is possible on all the transactions
  4. no intermediator, P2P transactions can be realized quicker.
  5. No trusted 3rd party/intermediator involved, which frees much of the costs.
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#3390

1). Transparency is a benefit of using a blockchain because it makes it possible for transaction ledger to be open to viewing by the public. Owing to the fact that people tend to act more responsibly with integrity when they know they’re been watched or their actions are seen by others, they’ll naturally do things that promote the growth of the company, it’s community and customers which in turn guarantees accountability in financial systems and businesses.

2). The security of blockchain gives people more confidence using the technology because it is safe from falsification and hacks. Each transaction, or block, is encrypted and linked to the previous transaction forming a chain of transactions, or blocks. Blockchain as the name implies comprises of a network of computers coming together to confirm a block which is in turn added to a ledger forming a chain known as Blockchain,which is formed by a complicated strings of mathematical numbers. Hence, it is immutable and incorruptible and hence , cannot be falsified or hacked, therefore making it safe.
Also, it’s decentralized nature makes it trustless. In other words, parties don’t have to rely on trust for safe transaction but they rely on maths and protocols which cannot be bribed or influenced negatively in any way.

3). Improved traceability of blockchain does not only add an extra layer to security of blockchain , but it aids in verifying the authenticity of traded items. Hence, no party in a transaction can lay claim to a transaction that never happened because such a transaction will not be traceable to previous transactions it originated from and hence will be ignored.

4). Increased Efficiency and Speed: Owing to the decentralized nature of blockchain and allowing P2P across-border transfers, blockchain eliminates the need for intermediaries. This in turn makes transactions more efficient and faster. And, as we all know, time is a very important asset and everybody always appreciates its efficient use. This consequently will encourage more people to use blockchain technology.

5). Using blockchain would help reducing cost as intermediaries are not required. Therefore cost of hiring middlemen is saved. Also, in the aspect of audit, blockchain enables real time audit which would help save the cost of hiring auditors.

Note: Any addition or correction will be appreciated and welcomed , thanks .

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