Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#3431
  1. Transparency: a blockchain is decentralized ledger that is available for all parties included in a transaction.
  2. Security: blockchain security is ensured through a global protocol run by a network of computers that each verify each transaction made.
    3.Improved traceability: blockchain improves traceability through an audit of trail that is present each time a transaction on a blockchain happens. That is how we can trace data to its source.
    4.Increased efficiency and speed: the blockchain network removes the need of a midleman between 2 parties;it also enables P2P cross- border transfers with a digital currency vs traditional financial services.
    5.Reduced cost: no need for 3rd parties are needed to verify transactions and data
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#3432

Transparency:
The transparency of a blockchain offers an open ledger for any party to view and to verify the data. The blockchain also real audits transactions in real time ensuring business is conducted lawfully and as stated by all parties.

Security:
Blockchain is decentralized, removing the control, trust factor and ownership from any single party. This means that no single party can manipulate the data. Blockchain also encrypts data in a manner where it is unchangeable once a block of data is written to the blockchain.

Improved Traceability:
All transactions and exchanges are recorded on the blockchain and can be traced to ensure authenticity. This can be used to verify that products like medicine and food actually contain what their manufacturers claim to produce the products from.

Increased efficiency and speed
Blockchain removes the need for third parties to verify transactions and data, reducing the time needed for transactions to complete. The blockchain is also P2P and miners are incentivized to mine meaning that it will basically never be down.

Reduced Cost
Due to third parties being removed from processing transactions and exchanges, less money is spent on transaction fees and centralized parties.

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#3433

Transparency offers public visibility. Those with ulterior motive will not desire this format. Transparency contributes to “Trustlessness” in that it assures what you expect is what you get, more truly than ever before in human commerce, WYSIWIG, What You See IS What You Get. This transparency allows permitted public scrutiny as long as those scrutinizing do not or are not persuaded to offer a blind eye on what is transparently evident. Fortunately, blockchain technology has uncovered a system to assure such “blindness” is highly improbable.

Security is achieved by means of a system that is immutable and incorruptible by means of its verification processes. That also contributes to the willingness, which seems to be gathering momentum, to transfer trust to the blockchain away from human whimsy and its variables.

Traceability offers reassurance that claims made regarding a product or service may be traced from inception to creation to consumer in all its rudimentary elements such that a claim may be verified or even certified as true. No more wonderment! What does “organic”, “all natural ingredients”, etc. really mean? Less questions regarding labeling as blockchain is incorporated into the main stream. Information overload may become the next challenge!

Once deemed a necessary part of commerce and certainly for international commerce, the middleman has parlayed his role into an economic nightmare for the consumer such that affordability has become less and less attainable for common people. Elimination of a need for middle profiteers who exacerbate a price structure has simplified means for international commerce by means of a more singular tool for communicating trustworthiness on an international scale. Peer-to-peer transaction will become more natural and simple as a result. This has encouraged innovation for efficiency of operations. There is always a quality and speed factor in such determinations yet blockchain as it develops even more so will contribute to both of these needs in meaningful ways.

The resultant savings from these improvements will allow for increased profitability due to reduced costs associated with production of goods and services which offer benefits to all those utilizing this transactional methodology wherever or whatever they may be.

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#3434

Transparency: Public Ledger of Value Transactions

Security: Network of Transaction validators (nodes) that are incentivized to follow math-based protocols

Improved traceability: Ability to track all transactions ever done on the blockchain and their veracity/validity

Increased efficiency and speed: Peer-to-peer + Mathematics is faster than any middle man

Reduced cost: Middle men are damn expensive!

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#3435
  1. Transparency: Every tx on the BC is visible and holds ppl responsible.
  2. Security: The ledger is encrypted and is also stored as a immutable chain. The autenticity is verified in the BC.
  3. Improved traceability: tx are linked in a chain, so it is easy to track tx back to its origin.
  4. Increased efficiency and speed: Skipping the middleman makes the tx more efficient, automation of financial relationships.
  5. Reduced cost: the tx has an audit included, this saves cost on the accountant level.
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#3436

1 On blockchain youre able to track all the transactions. Everyone has access to the database.

2 There is no way to manipulate the system to edit or delete information. Its hard to hack the system.

3 Its possible to track information not only money transactions, also products like food, medicine and others, from the producer until the distributer, and more.

4 On blockchain there is no need to involve third parties and wait for them to make their transactions to complete yours. Everything is more direct and secure.

5 With the lack of third parties (that charge fees) involved on database or transactions, the company’s don’t need to spend money on technics or other company to complete transactions.

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#3437

  1. Transparency: All transactions are on a public ledger which means anyone can see all transactions to verify.

  2. Security: After transactions are confirmed, they can not be undone and are permanent. Nodes verify transactions against each other.

  3. Improved traceability: You can see on the chain which transactions have been fulfilled and at what time. Can trace all transactions.

  4. Increased efficiency and speed: Since there are no middlemen, blockchain is much more fast and efficient.

  5. Reduced cost: No third parties mean less fees to pay

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#3438
  1. Transparency means it is a distributed ledger that has the same documentation shared by everyone and available to all with permissioned access.
  2. Security because transactions are agreed upon and approved, then linked to the previous one and stored across a network of computers, not just one. This prevents fraud.
  3. Improved traceablilty meaning everything in the supply chain can be accurately tracked.
  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.
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#3439

  1. Transparency is beneficial for business because it creates clarity when it comes to transactions and or supply chains. Everyone is able to see and audit all transactions thus creating transparency. with blockchain everyone is now aware of where their goods came from, how they are made, or which transactions have been made.

  2. Security is incredibly beneficial for businesses because this prevents hacks and secures all important information. with blockchain all information is formed in blocks which cannot be hacked or changed after they have been formed. once a transaction has taken place it is immutable meaning it cannot be changed or erased

  3. Improved Traceability gives customers, business partners and the company itself the all the information they need when making a transaction, purchase or business decision. With blockchain every single transaction is available for audit. you can see where your goods are from, what was used to make them, or which transactions have taken place in the past with each business. Every transaction is recorded on the blockchain network. Making every transaction traceable.

  4. Increased efficiency and speed are important for business because it allows them to be more productive. With blockchain there is no need for an auditor to go to your business to audit all your transactions. because everything is written in the blockchain. Blockchain also gets rid of the middleman by using just the network for transactions or record keeping. As far as speed, payments can be processed much faster with blockchain compared to checks, ACH, or credit cards.

  5. Blockchain reduces the cost for business because all payments no longer need to go through a middleman, this will help all business keep more of their profits in their own pockets.

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#3440

Transparency:

Transparency keeps everyone honest, not by choice. Recently a large financial institution purchased ~ $500 m in Bitcoin and prior to the purchase was stating that they predicted Bitcoin to reach a certain amount. This announcement pumped Bitcoin similar to the incorrect Signal stock going up when Elon Musk tweeted “Use Signal.” After their purchase, which is transparent, the company recreated the narrative of the prediction of Bitcoin to be significantly higher. Since you can see when large financial institutions are purchasing this forces these large institutions to have accountability and integrity for the community and benefits everyone including the customers.

Security:

Blockchain is secure because each block is created by a network of computers coming together which is linked to the previous transaction. The block is added to the ledger which forms a chain, which can’t be altered. The blockchain is immutable and trustless.

Improved traceability:

In the art world tracking ownership records is traceable and more efficient with the blockchain ledger because the audit trail is traceable. This will help prevent forged art pieces from being sold because proof of ownership will be transparent.

Increased efficiency and speed:

Blockchain removes the middleman with the decentralized/trustless nature. Blockchain improved efficiency and makes financial transactions instant.

Reduced cost:

My parents can now send money to relatives in the Philippines with merely a cell phone, instantly, where in the past they would have to pay a high percentage fee with a service such as money gram. The transaction would also take a long time and not be instantaneous. With the trustless system, this eliminates middlemen and extra fees that would go to the centralized businesses.

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#3441
  1. Transparency: it is a distributed ledger that has same documentation by all.
  2. Security: Transactions are agreed upon by a consensus and stored across the network. Fraud isn’t possible.
  3. Improved traceability: Everything can be traced.
  4. Increased efficiency and speed: No need for a middle man/entity, peer to peer.
  5. Reduced cost: Middlemen/entities not needed, cuts labor and time.
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#3442

Transparency : It’s public to see the information in the blockchain.

Security: Everything is encrypted in it and you need a network to say if it’s good information or not.

Improved Traceability : You know what comes in and comes out.

Increased efficiency and speed : No middle man to wait for information that can be wrong.

Reduced cost : everything is digital.

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#3443

Transparency

Blockchain promotes transparency because it is a decentralized network that is open to the public for live auditing as transactions occur.

Security

Blockchain increases security in several different ways. First, transactions can’t be changed after they occur, which means they always have an unalterable digital record. Furthermore, since this record is public, anyone can check the transaction records of an entity to make sure their claims are true and correct. Blockchain is also a decentralized network, which means that multiple computers have to verify that a transaction makes sense mathematically before it is recorded. This transfers trust from the entities involved in a transaction to the mathematics of blockchain.

Improved Traceability

When it comes to supply chains, blockchain technology improves the traceability of products by making the complete journey of a product to the customer publicly available. Anyone can check to see exactly where all the components of a product originated and this chain of records can’t be altered or erased.

Increased Efficiency and Speed

Blockchain technology offers increased efficiency and speed to a business because of its decentralization. By being decentralized, entities can operate on a peer-to-peer level and this allows a business to eliminate various steps from their day to day transactions.

Reduced Cost

Blockchain technology reduces business costs by eliminating different steps from transaction processes along with the various fees and costs associated with them.

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#3444

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

  1. Transparency:

All is public and transparent for public view - customers and community, big trust for each other

  1. Security:

Because each new transaction is encrypted and linked to previous transaction, and once it is formed it can not be copied or doubled. Parties do not need to trust each other - they trust the same system.

  1. Improved traceability:

Each time transaction is recorded in blockchain, it helps to verify authenticity.

  1. Increased efficiency and speed:

Middle man removed, less steps.

  1. Reduced cost:
    No intermediates in transaction (for example card provider/bank of sender/bank of receiver fees) they are eliminated
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#3445
  1. Since the blockchain transactions are open for viewing, it makes it more or less impossible for misleading.
  2. Once transactions or information are written on the blockchain, it is impossible to alter or change that information. This makes it trustless.
  3. With the use of blockchain, you are able to view the journey of a product, where it was produced and where it ends up. Once it is recorded on the blockchain, it can not be falsified and it leaves a trail for traceability.
  4. By eliminating the need of middlemen, it greatly reduces the journey between consumer and supplier.
  5. It will allow institutions to cut down costs immensely by letting them operate a lot quicker in a cheap and low error way.
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#3446

Transparency is another side of openness and immutability.
Security of blockchain is based on decentralization, no a single person who can verify a truth of data, no one can remove a transaction or change it after approval.
Blockchain ledger is open. Therefore all transactions are easily traceable.
Efficiency stems from access to the all data to make a fast decision.
Blockchain is the P2P network. Potentially it will kill in between men and reduce costs.

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#3447
  1. Transparency: public ledger or stone ensures records are permanent and retrievable, thus incentivizing accountability
  2. Security: each block is linked and encrypted by mathematical hash, hence more secure and impossible to change. Trustless
  3. Improved traceability: permanent record enables perfect audit
  4. Increased efficiency and speed: removes inefficient “middlemen”, fast p2p transactions, unified records
  5. Reduced cost: removed useless middlemen admin type roles
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#3448
  1. Transparency: Blockchain is a single decentralised database consisting of millions of transactions verified with unique timestamps with real-time availability.
  2. Security: All the data is verified by the miners after reaching consensus, making this data secure as each information is linked to the previous block.
  3. Improved traceability: We understand the supply chain is complicated, but with the implementation of blockchain it’s possible to trace the origin of the products by bringing all the actors like suppliers, manufactures, retailers on the same database or ledger to form the source of truth.
  4. Increased efficiency and speed: Blockchain is available 24/7, which increases efficiency by no downtimes, and its incentivisation model creates fast finality.
  5. Reduced cost: Blockchain is a trustless way to conduct business with no intermediaries which removes multiple parties that could hinder the decision making process.
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#3449

Transparency: Date/time stamps assure timeliness for any contractual demands. Public ledgers allow any interested parties to see IRT actionable transactions and updates.

Security: By being time and hacker tested the network can increase worldwide security knowing the the base layer features offer the best security the world has to offer.

Improved traceability: Oracles allow for real world inputs of a growing pool of relevant information that can allow any amount of needed date/time/custodial qualities needed for contract fulfillment, as well as interested outside inquisitors that might arise from clients/customers.

Increased efficiency and speed: Are achieved by the design of the contract system itself. Scalable designs as well as unwanted inefficiencies are largely bypassed by the needs stated in the briefest of terms by the smart contracts where items can be clearly stated as opposed to lengthy business conversations where clients and providers can get away with unclear language later reinterpreted dishonestly or as a matter of last minute whim.

Reduced cost: As already alluded to… the clearness of smart contracts reduce costs by being concise, clear, and efficiently stated. Also many middlemen or additional suppliers are not needed when direct suppliers can find ways to provide the products and services needed by clearly stated objectives employed by contracting originators.

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#3450

Transparency : removes the need of trust. Power tool for retail buisnesss.
Security : you dont have third parties in your private informations
Improved traceability : Everything is onchain and there for us to verify
Increased efficiency and speed : Peer to peer can make this simpler and faster
Reduce cost : No middle man. Man.

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