Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#322

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

Transparency:
Every transaction is public, verified, immutable and freely accessible.
Security:
The ledger is distributed and constantly verified across the network by the miners, securing that it cannot be altered in an attack.
Improved traceability:
All validated transactions are recorded, they can be verified from their origin until their destination and every step in between.
Increased efficiency and speed:
Since everyone agrees on a common public ledger, there is no need for additional inputs and verification, it provides trust, it is faster on a harmonized protocol.
Reduced cost:
There is a reduction of intermediaries since the trust has to be put in the public shared data instead of a counterpart. No transaction can be reverted, there is no needs for additional insurance.

#323

[quote=“ivan, post:1, topic:8421, full:true”]
Explain with your own words, why these are the benefits of using a blockchain.

Transparency:
At this day and age, it is crucial to have proper and transparency ledgers even for governments, companies or any institutions. Blockchain technology is providing just that.

Security:
The irreversible technology in Blockchain increased the level of security.

Improved traceability:
Open ledgers and consensus work helps determines traceability.

Increased efficiency and speed:
Because with Blockchain, we are trying to get everyone to work on one global infrastructure. With this method, naturally speed and efficiency will increase.

Reduced cost:
*No middle man involved, labour and manpower will eventually decreased bringing down the cost *

#324

Transparency:
Blockchain is a distributed ledger that is open to anyone.

Security:
Any changes on the blockchain has to be agreed upon by the majority of the network operators. Since it is decentralized there is not one single entity that can make changes without everybody else knowing/agreeing.

Improved traceability:
Every asset on the blockchain can be traced back to its origin. Historical transaction data is openly available.

Increased efficiency and speed:
By removing intermediaries the whole process is speeded up and adds less clutter.

Reduced cost:
Removing third party mediation reduces cost .

#325

Transparency:
being distributed ledger tech everyone on the network share the same informations all the time. to change an information all the network need to agree (consensus).
therefore data is more transparent, always consistent and available to all permissioned participants all the time.
Security:
every transaction need to be agreed upon from all the network, after approval every transaction is encrypted and linked to the previous transaction on the chain and a copy of the last version of the chain is stored on every machine participating in the network.
Improved traceability:
the fact that every transaction and step are recorded on the blockchain create an audit trail and open the possibility to R.T.auditing
Increased efficiency and speed:
eliminating the possibility for human error and the need for third parties mediation transactions can be completed faster and more efficiently because kept on a single ledger.more over eliminating trust clearing and settlement are completed faster.
Reduced cost:
eliminating the need for third parties or middlemen because or r.t.auditing, reducing the amount of documentation reviewing to complete a trade.

#326
  1. Anyone can verify transactions for themselves as every transaction (and accompanied data) is open for anyone to audit). We don’t need a third party to audit these things for us, we can do it ourselves because the ledger that we all share that stores this information is open and transparent to anyone. We all have the same data to work with and it is all open to everyone, permissionlessly.
  2. Because every participant in the network holds a copy of the ledger, the ledger is immutable. This is then a highly secure form of data storage.
  3. As the history of all transactions is stored on the shared ledger, this can be audited efficiently by anyone. This is good thing for tracing supply chain transactions, where the history of goods and their ingredients can be traced back to their origins by anyone (not needing to trust a third party or the product provider on where the material is coming from or that it is produced fairly).
  4. The processes of documenting the steps in the supply chain is automated and streamlined by being recorded onto the blockchain of which every participants holds an up to date copy. There are less middle parties needed for auditing, and audits can be performed with a much higher speed.
  5. With less middle parties needed and less auditing resources needed, significant costs can be saved.
#327
  1. Transparency:

When a transaction is copied to the block-chain it is visible to all.

Each node on the block-chain has an identical copy of the ledger and every transaction

is viable to anyone with access to the block-chain

  1. Security:

One way security is maintained is that block producers must agree on transactions before they are placed on the block chain

Once a transaction is written to the block-chain it can not be altered without the consensus of all other block producers

Also, blocks are stored across multiple PCs on the network (eg. decentralized) and not on one server or server farm (eg centralized).

This takes away the likelihood of the system being taken down by having a single point of failure (ie. see iota).

  1. Improved traceability:

Provenance - is the tracking of the origin of an object from it’s creation to it’s is disposal. This term originated with works of art,

but can now be applied to computing as well, specifically block-chain technology. Through block-chain, you have a traceable and publicly visible record of

an any manufactured item. This allows you to verify its place o origin, the items ingredients and also verify it’s authenticity.

This helps to reduce counterfeiting thereby saving a company money lost to fraud, which can be pasted on to the customer in lower prices.

  1. Increased efficiency and speed:

In traditional financial services a third party is needed to verify transactions, leading to increased wait times and introduces the possibility for errors. Block-chain technology eliminates that by taking away the need for third party verification - all transactions are copied to a shared public ledger and can be verified. This cuts down the transaction times considerably.

  1. Reduced costs:

The transparency, increased security, traceability, speed and efficiency all lead to reduced costs.

By taking away the need for third party verification and the digital nature the the block-chain the need for costly paper trails is eliminated, potentially saving an organization millions to 10s of millions of dollars.

#328

TRANSPARENCY
The nature of the decentralised distributed ledger means that all share the same information. This is opposed to the usual case of each participant having their own individual copy of the information. The blockchain can only be updated through consensus making the data more accurate and transparent.

SECURITY
Due to the ‘ledger’ being stored across the network instead of a single server, it makes it very difficult for hackers to try and corrupt the transaction data. All transactions must be agreed upon as a consensus before it is recorded.

IMPROVED TRACEABILITY
Blockchain provides an audit trail that can show where a transaction/asset has come from and where it has been on it’s journey. This empowers individuals/organisations to have full oversight.

INCREASED EFFICIENCY AND SPEED
Information is stored on one ledger that is shared amongst all participants - removing the need to update separate ledgers. This also allows for the removal of third parties due to not having to trust your trading partner.

REDUCED COSTS
Due to the ability of removing the need for various third parties or ‘middlemen’ - you reduce the amount of paperwork or processes needed and thus enable a more efficient and streamlined workflow. This can help eliminate or reduce costs in multiple sectors.

#329
  1. Its public and verifiable.
  2. Its incentives are designed to increase the cost of attacks.
  3. Provenance is inherent in blockchain.
  4. Less paperwork and choke points of assets.
  5. Efficiency achieved by less human labor and resource intensive.
#330

Transparency: The block chain is open and transparent thus every transaction can be traced back to it’s origin.

Security: Once a transaction is registered on the decentralized network it can not be altered or deleted as it is recorded on a multitude of machines.

Improved trace-ability: As every transaction or action is recorded on the block chain and is irrefutable and immutable what is recorded is what it is, verified and certain.

Increased efficiency and speed: Throughout technological improvements this will continue to increase.

Reduced cost: As this peer to peer technology of sharing and storing value continues to evolve, the ease and adoption of this technology will continue to increase as the cost is already significantly lower than traditional methods of transferring value, not to mention other factors of immutability and transparency as already mentioned.

#331

Transparency: The Transparency benefits are that the blockchain can only change past transactions if the majority of those securing the network, (the miners) agree to undo the transaction. Since Bitcoin is an open ledger everyone would see a 51% attack. Bitcoin is only Psudo anonymous. It is a public ledger. If you were a plumber who did work on my house and I payed you in Bitcoin you could check the address I sent it to you from and see how much BTC I have in my account.

Security: The benefits to Blockchain security are that a malicious hack of funds or information on the blockchain is nearly impossible because you would have to hack a majority of all the bitcoin mining computers around the world simultaneously in order to change the past transaction.

Improved Traceability: The blockchain can keep records and trace products back to their origins for a company that ends up with the final product.

Increased efficiency and speed: Having one ledger shared by everyone cuts out the need for an intermediary. You don’t need paper products to record transactions and you don’t need escrow companies with the implementation of smart contracts to boost efficiency.

Reduced cost: You don’t have to have so many third parties/middlemen because trust is not required with the person you are doing business with. All parties involved are sharing the same immutable ledger.

#332

Transparency: All transactions are visible for everyone to see on the ledger. All transactions also have to be approved by the network of miners instead of for example just one person in a centralised network who can be a crook. On the blockchain being good is being incentivised.

Security: Blockchain is stored on many networks rather than just one centralised network which makes it more secure and harder to hack.

Improved traceability: All transactions are linked to each other and everything can be traced from the very first transaction to the last. No transaction is reversible.

Increased efficiency and speed: There are no documents needed which means transactions can be made faster. A more old school system also leaves room for human error. Blockchain relies on math and protocol which makes it both faster, more efficient and more secure.

Reduced costs: Since trust is not needed but everything can be verified by the miners this leaves out many additional costs in the form of additional steps that is needed for trust in a centralised system but since trust is not needed on the blockchain those additional steps can be left out which reduces costs.

#333

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

Transparency:
Anyone can check the blockchain in order to check any historical transaction

Security:
Safe as no single point of attack. No central governments or regime can access and change the data

Improved traceability:
In order to manipulate something on the blockchain you would have to collectively undo and rewrite in its entirety thus breaking the time stamps. Excellent use case for tracing ingredients in food or origins of precious items, personal health data etc

Increased efficiency and speed:
Faster and cheaper than traditional methods of for example banking. No middle man as peer to peer technology. No need to audit changing the way some of the largest organisations operate using costly companies to audit such as E&Y KPMG etc

Reduced cost:
[/quote]

#334

Transparency: It allows all transaction to be visible on the record. Moreover, they have to be agreed upon through consensus in order to be completed.
Security: Through keeping transaction on a distributed ledger, there is no single point for hackers to attack. In addition to that, transactions must be agreed upon before they can be completed.
Improved traceability: By keeping an audit trail on blockchain one can trace back to the beginning of each transaction and verify its authenticity.
Increased efficiency and speed: Transactions on the blockchain can be streamlined and automated thus making them faster and more efficient.
Reduced cost: The blockchain reduces dependency on third parties or middlemen to verify all transactions. Moreover, there is no need for record keeping company, since all of records is visible on the network.

#335

Transparency.- Because anyone can’t change or modify the información in between the sender and reciper.

Security. - The information is distributed and everyone has a copy of it, so there’s no central point to atack. To the change or modify data gotta be a consensus.

Imrpoved traceability. - Every transaction get recorded on a public ledger so you can see where it come from and when someone is interacting.

Increased efficiency and speed.- The fact that you are not realing on someone’s work instead you have a sistem that anyone can interact with let you with much less work and countertimes.

Reduced cost. - Without intermediaries, technical, political, or trusted you save a lot.

#336

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

Transparency: By having a distributed ledger there is no need to trust the person you’re doing business with because the network will verify if the transaction is true. Since everyone has a copy of the same ledger. This means that the data is more secure, reliable, and consistent because it’s the same ledger shared across the network.

Security: Since there is a need for consensus for each transaction to be recorded on the blockchain elevates the need for paper trails for record keeping. It removes the need of middlemen and auditors of the data to maintain accuracy. With a historic trail of data to look back on this can prevent fraud and unsanctioned activity with sensitive data like personal records medical records, history of deeds.

Improved traceability: Again, no need for paper trails. No need for auditors to trace and calculate accuracy of the ledger’s records. The consensus mechanism of the blockchain allows for accurate record keeping asset movement. This also prevents fraud and lack of trust in network participants.

Increased efficiency and speed: With consensus there are no need for 3rd party auditors or bookkeepers. Banks and financial authorities can eliminate many workers who handle the settlement portion of finance. This would save money on overhead. It would increase the speed of settlement. For example, The Xrapid protocol with XRP is much faster and cheaper for banks to use for Nostro accounts rather than the Swift system which takes weeks to settle and cost much more than using XRP.

Reduced cost: Using blockchain having transparent record keeping removes the need for auditors which is a cost saver. The transaction fees on a blockchain is cheaper than using traditional methods to transfer value. With the transparency of blockchain there is no need for a paper trail which is cost effective to all business. Errors in bookkeeping would end because of the consensus mechanism which also helps save money. Settlement will be faster increasing productivity which will increase profits.

#337

[quote=“ivan, post:1, topic:8421, full:true”]
Explain with your own words, why these are the benefits of using a blockchain.

Transparency: In order to have trust in a system such as blockchain or DLT distributed ledger technology, all participants allowed to have access to the information and verify themselves as opposed to the traditional way of documentations.The shared version is upgrade when consensus is achieved and all transaction are clearly link on chain for actors to double check . In this case everyone can see the triple entry on distributed ledger very clearly, consistent and accurate for all parties involved to audit. Therefore, its very hard for bad actors to cheat and collude the network because it will require a lot of work to alter all subsequent records.

Security: The security of blockchain is unbreakable due to the fact that transactions must agree upon before recorded and after approved, then will be linked to previous transactions so that the information will stored on network of computers around the world. Unlike the traditional database that host on one server which is vulnerable to hacks and attacks by bad actors, blockchain is very difficult for hackers to compromise sensitive informations.

Improved traceability: This is very useful for companies in tracking items/products information on the blockchain to verify its authenticity through historical records on chain to prevent any fraud or misunderstanding.

Increased efficiency and speed: When everyone has access on the same information it will be easier to trust each other and move forward while automating the process without trusting any intermediaries for settlements. This will eliminate human error and slow process of man handling paper works used by traditional system.

Reduced cost: This will help companies and end user to lower cost and fees tremendously because now everyone have access to data on the blockchain and no need to go through many middlemen or third parties because everyone will have permissioned access to a single immutable version.

#338

Transparency:
the ledger can be observed by all the participants, everyone that is allowed to see the data can see all the data. makes that you have less paper heavy work to do and less mistakes can be made because of this

Security:
because the legder is immutable it can’t be edited without redoing the entire chain again.
You need consensus to make somthing valid.

Improved traceability:
because everyone has their own unique keys it is not possible to fake where things have been. the supplier of the best bio corn is the only one that can proof that the pigs of his costumers farm are fed with the best bio corn. It’s not possible for a low quality corn supplier to pretend to be the best bio corn supplier because he doesn’t have the keys to proof he is.

Increased efficiency and speed:
Because their is only 1 protocol connecting the 2 parties, their is no need for a 3rd party to check if everything counts up and processing the transaction. you only need to trust the protocol

Reduced cost:
The lack of a 3rd party makes it that you don’t have to pay them either.
plus the time saved by using the blockchain is time that can be spend on money making activities.
time=money

#339

  1. One mechanism in blockchain is the public ledger for anyone to take a look at and find out what is true and what is not (mathematicly).

  2. Blockchain is a per to per network including thousends of nodes/computers that cooperates. Every node has a copy of the ledger and it’s more or less an unbreakable system. It’s also a trustless system beacuse of it’s consensus mechanism, you don’t have to relay on any third party.

  3. Because blockchain is trustless you know for sure that every single transaction in a blockchain is true. In a supply chain you can trace every single component to its origin which are incleded in a complete product .

  4. I can choose to send money abroad, ex Sweden - China, thru blockchain instead of doing it thru the normal banksystem (thir party). Doing that I save money (transaction fee, extra high exchange rates) and I save time.

  5. Companys need to do book-keeping and have to engage an external auditor to review the book-keeping annualy which is a manually work. If you can automate that work instead companys will save a lot.

#340

Transparency: This is a benefit because everyone has the same copy of the ledger so there is a consensus that everyone agrees on.

Security: This is a benefit because transactions have to be verified before they are recorded, and once they are verified they are encrypted and stored on all of the computers of the network so a hacker cannot compromise the data. This is a good benefit for any data that is sensitive and needs to be protected.

Improved traceability: This is a benefit because it can be very hard to trace products through complex supply chains, but with blockchain you will be able to trace back where the product has been back to its origin. This will help prevent fraud.

Increased efficiency and speed: This is a benefit because it eliminates the need for paperwork so transactions are faster.

Reduced cost: This is a benefit because you don’t need a middle man for transactions, which reduces the cost.

#341

Transparency:

all transactions are placed on a decentralised blockchain, after consensus is reached and available to see for all permissioned parties. The transaction can not be changed or reversed, without the consensus of the whole blockchain, which is pragmatically and mathematically almost impossible.
Trust in the network of blockchain in stead of persons, companies and organisations.

Security:

transactions must be 1) agreed, 2) approved, 3) encrypted and 4) stored on the blockchain, in that order. The blockchain consists of a worldwide network of computers where all the transactions/data are stored, since they all share the same information it becomes very difficult to compromise the output.
This system prevents fraud and unauthorized access, which makes it daunting voor hackers and at the same time convenient for certain businesses, organisations where sensitive data is crucial.

Improved traceability:

Blockchain can be the answer for companies with a large supply chain. Every part of the journey, before the endproduct, whether it is goods or ingredients can be placed on the blockchain, so that every step is accounted for, when and where an trackable by permissioned parties, that also creates historical data, which cannot be tampered with.

Increased efficiency and speed:

Every authorized person has access to the same data in the same time, this will reduce the need and costs for certain intermediaries. And makes the information flow efficient and fast. No need to send information over the transaction because it is immediately available on the blockchain for all concerned parties.

Reduced cost:

Due to the transparency, and immutable data on the blockchain every permissioned person for that specific data and or transaction can have access in realtime to the exact same information needed, no need to trust the other party. So therefore no need for extra costs for intermediaries. And no mail costs or -problems.

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