Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#3471

Transparency- anyone at any time can see every bit of recorded information on the blockchain.

Security- no central authority to hack. Also the decentralized network nodes reach consensus which in itself provides security.

Traceability- transparency enables the improved traceability.

Increased efficiency and speed- weeding out the middlemen and 24/7/365 HA

Reduced Cost- easier to audit, less middlemen involved, and providing the highest level of service should make it easier to increase profit margin. IMO :+1:

1 Like
#3472

Transparency - publicly distributed ledger - anyone can see all records in the ledger

Security - new transactions are encrypted and linked to previous transaction, through concesus where everyone agrees on the same information data are then added to block that no individual can change because the ledger is distributed between network of computers

Traceability - because of time stamp added to each transaction and thanks to public ledger its easy to trace any transactions origin

Increased Efficiency & Speed - by removing 3rd party, we are avoiding human error, and through digital currency we can make fast and secure cross-border transactions, also smart contracts plays big role as they are program to execute transaction exactly as they are programmed to do

Reduced Cost - by removing 3rd party, we are reducing need of constant verification of transaction, also removing ā€œpaper heavyā€ processes

1 Like
#3473

  1. The transaction ledger of the block chain is open to the public

  2. The blockchain is an immutable, trustless and decentralized network with thousands of ā€œblocksā€ verifying every transaction

  3. You can check the provenance of every product/transaction because the database is open to the public

  4. The block chain is a 24/7/365 open network where there are no third parties involved in the transaction

  5. The cost is reduced because there arenā€™t intermediaries (so no extra fees) in the transactions

1 Like
#3474

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

1.Transparency:
The ledger is available for public viewing so all parties are held accountable for their dealings.

2.Security:
A transaction is mathematically encrypted and this data is immutable once a transaction is completed. This network is based on verification rather than trust in an individual or company.

3.Improved traceability:
Every completed exchange has its own distinct trail. Those involved can trace and verify the authenticity of the goods they purchased.

  1. Increased efficiency and speed:
    Due to the elimination of middlemen and the implementation of smart contracts, agreements can be automated once the conditions of a smart contract have been met.

  2. Reduced cost:
    Without the intermediaries or middlemen costs are reduced for everyone involved.

1 Like
#3475

  1. Transparency : anyone can access the transaction ledger, it makes the financial system and businesses accountable to act in the best interest of all parties and their customers. People involved in doing business with each other have to be honest.

  2. Security: the nature of blockchain technology provides security by involving participants on the chain to confirm and verify all transaction and add it to the blockchain that cannot be altered or deleted once it was added, all information is encrypted and linked to the previous blocks it cannot be hacked. It all makes the system trustless, there is no need to worry about fraud.

  3. Improved traceability: all transaction is added to the blockchain ledger, each transaction is audited where its originated, it can prevent fraud and improve security in exchange related businesses, it can also help to verify authenticity of any traded asset.

    1. Increased efficiency and speed: taking out the middle man from doing business where possible make the process much quicker with all the related documents and data available on the blockchain to review. Payments are executed in a quick manner peer to peer without financial institutions involved. smart contract makes automated agreements super efficient with minimum human interaction involved in enjoying the end result for the customer.

  4. Reduced cost: using different payment services where all parties will take their cut of the transaction can be very expensive, by applying blockchain technology you can free up money from researching origin, hiring experts for many different field that can be done on one infrastructure.

1 Like
#3476
  1. Transparency:

All transactions are open to all nodes maintaining the blockchain and to anyone with access to the ledger. This can make accountability a matter of record than of trust.

  1. Security:

The distributed and immutable nature of the blockchain means that the records canā€™t be altered or false records introduced.

  1. Improved traceability:

The technologies built on the blockchain can create an immutable chain of records that each confirm part of the provenance of the end product.

  1. Increased efficiency and speed:

Due to the programmatic and distributed nature of the blockchain tech, by nature itā€™s borderless and low-complexity to integrate anywhere in the world. This also improves the efficiencies, as 3rd party intermediaries arenā€™t required to confirm or create transaction elements.

  1. Reduced cost:

Due to the efficiencies involved, the overall costs of a blockchain transaction or project are streamlined.

1 Like
#3477
  1. Transparency: The fact that the ledger is open to viewing adds more worth to the blockchain reflecting on businesses becoming more responsible towards their own.
  2. Security: Blockchain is far more secure. Each new transaction is encrypted and linked to the previous transaction. Its immutable and incorruptible nature makes it safe from falsified information and hacks. Itā€™s decentralized nature removes the trust. People donā€™t have to trust to transact.
  3. Improved traceability: The exchange of goods is recorded creating an audit trail as to where they came from. This also helps to verify the authenticity or irrefutable proof of ownership for the traded products and/or assets.
  4. Increased efficiency and speed: its decentralized nature removes the need for middlemen in many processes. It facilitates faster transactions by allowing P2P cross-border transfers with a digital currency.
  5. Reduced cost: There are starter kits like Blockchain-in-a-Box that allow modern businesses to test the waters to confirm blockchainā€™s viability and feasibility for their business before going all out and spending a lot more money. Investors are more likely going to finance a project they can see, rather than just a conceptual idea.
1 Like
#3478

Transparency: Every transaction is recorded on an open ledger that anyone can view or audit.

Security: Transactions are encrypted in computer code before being recorded onto the network. These code cannot be changed or modified and they must be validated by all other nodes on the network.

Improved Traceability: Because each transaction is recorded on an open ledger, they can be traced back to their origin.

Increased efficiency and speed: With blockchain, there is no middle man in the way to slow things down.

Reduced cost: Because there is no middle man, there is no extra cost in doing business.

1 Like
#3479

The following is an explanation of the benefits of using a blockchain.

  1. Transparency: A blockchains transaction ledger is open to viewing by absolutely anyone which ensures accountability by all to the highest degree. A blockchains level of transparency is unmatched by any centralised record keeping system.

  2. Secuirity: Blockchains are impossible to alter or corrupt and therefore will give all parties involved in a transaction total of peace of mind that the information is completely true. The decentralization aspect of a blockchain takes away the need to trust another individual or company involved in the business model.

  3. Improved traceability: All parties involved in a business transaction are held accountable by the audit trail that is present for each exchange of goods.

  4. Increased efficiency and speed: Blockchain allows transactions to occur between 2 parties instantaneously without any middlemen involved to help verify the transaction due to blockchains being decentralised in nature. This results in faster transactions around the globe.

  5. Reduced cost: Blockchain technology significantly reduces transaction costs by avoiding merchant processing fees.

1 Like
#3480

  1. Transparency:
    Every transaction is in the public ledger so everyone can audit it.

  2. Security:
    A transaction is encrypted, immutable and has the information about the previous transaction.
    So it can not be manipulated.

  3. Improved traceability:
    Each transaction is in the ledger and knows about the previous transaction. This helps to audit where the goods/amount is coming from.

  4. Increased efficiency and speed:
    The man in the middle is no longer required.
    With the blockchain it is a relation between 2 parties, which is my nature more efficient.

  5. Reduced cost:
    In the blockchain a transaction fee is much cheaper than processing/extra cost fees from the other parties in the traditional finance system.

1 Like
#3481

Transparency: available to be traced by anybody but the confidentiality can be achieved by encryption.

Security:Network participants have their own private keys that are assigned to the transactions they make and act as a personal digital signature.

Improved traceability: Blockchain based traceability system increases efficientcy and reduces manual labour for all companies in the manufacturing or food manufacturing supply chain network.

Increased efficiency and speed: is Improved. For example , if blockchain is used as a ledger, it requires only one master list, eliminating the need to merge multiple lists.

Reduced cost: "By removing the need for third parties to manage transactions and keep records, blockchain technology can massively reduce transaction costs

1 Like
#3482

[quote=ā€œivan, post:1, topic:8421, full:trueā€]
Explain with your own words, why these are the benefits of using a blockchain.

Transparency: Transparency eliminates the need for trust. Completed transactions on the network would have to be changed through consensus.

Security: Security encourages the use of blockchain. The network is secure because it is not centralized.

Improved traceability: Improved traceability eliminates the need for trust and improves efficiency. Blockchain makes the transaction history available.

Increased efficiency and speed: Increased efficiency and speed make the network more reliable and lowers costs.

Reduced cost: Reduced cost will always be a benefit. For business, this may happen through elimination of multiple transactions to complete the same process.

1 Like
#3483

Transparency: The transaction layer and public addresses is open for anyone to look at and verify. There is really no way to commit financial auditing schemes or other shenanigans on the blockchain. Every transaction must be validated by network consensus and cannot be changed after the fact.

Security: All transactions are encrypted and linked to the previous transactions in a mathematical way that is impossible to change once it is on the ledger. This makes the data on the blockchain immutable and safe from hacks or data corruption.

Improved traceability: Blocks added to the ledger create a real-time audit trail so that transactions, supply chain events, ownership records etc. can be trustlessly verified.

Increased efficiency and speed: Middlemen and many slow processes are eliminated by the blockchain. This is especially the case in industries like payments and real estate. P2P cross-border transfers can happen instantly without any central authority involved in any way.

Reduced cost: Greater efficiency means reduced costs. Additionally, it is expensive to prop up, maintain and secure centralized servers and databases. By leveraging the power of a decentralized global ledger there are big opportunities to drive down infrastructure costs over time.

1 Like
#3484
  1. Transparency:

Blockchain provides a public transaction ledger. This gives communities, businesses and individuals the ability to audit the transactions of financial systems and businesses.

  1. Security:

With blockchain, each new trasation is enctypted and connected to the previous transaction. Once the transaction is included in the block it is impossible to alter the transaction in anyway. This makes the blockchain uncorruptible and safe from hackers. This makes it possible for two parties to complete a transaction without having to involve a third party.

  1. Improved traceability:

Blockchain ledgers make it easy to audit transactions and the exchange of goods in real time. To do this without blockchain you may be required to access multiple information silos controlled by multiple central organizations. This can be timely, costly and slow.

  1. Increased efficiency and speed:

Blockchain eliminated the need for third parties to facilitate transactions, this makes things faster and more efficient.

  1. Reduced cost:

Blockchain is more efficient, more security and more transparent than other database technologies. Efficiency reduces cost by eliminating the need for third parties and eliminating data silos. Fewer moving parts means fewer cost. Having a database that is more secure reduces makes fraud virtually impossible. Eliminating different types of fraud in economically beneficial for both businesses and consumers. The transparency of the blockchain ledger allows transactions to be audited in real time. This provides trust and makes auditing more efficient, saving users money.

1 Like
#3485

Transparency: the ledger is public, for everybody to see.

Security: there is no central system that you need to trust

Improved traceability: in the blockchain, the source of a transaction can be easily found.

Increased efficiency and speed: transactions on blockchain are faster than classical ones

Reduced cost: since there is no central system that costs money, the cost is reduced.

1 Like
#3486

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

Transparency: Blockchain allows the public to view every transaction ever made which eliminates the need for trust knowing the information has been verified across a network of systems.

Security: Blockchain employs a network that relies on multiple systems to verify information. This introduces a redundancy and eliminates the need for trust. Blockchain is also a data structure in which information may only be added, never removed or altered.

Improved traceability: Provenance allows information to be tracked and traced in real time. This increases the speed and efficiency in which a project may be completed.

Increased efficiency and speed: By allowing everyone to use the same standards and infrastructure, blockchain increases the efficiency and speed of transactions.

Reduced cost:

1 Like
#3487
  1. transparency - means that everyone can see al transaction all the time.
  2. security - decentralized sistem, or tecjnology rely on math and not on people.
  3. improve traceability - every transaction is written on block and easy to trace. you cn trace easily transaction along the chain (any chain).
  4. Increased efficiency and speed - no one in the middle. peer to peer.
  5. Reduced cost - no paiment to middleman.
1 Like
#3488

Transparency: allows for more integrity

Security: Better than other record keeping because each transaction is encrypted.

Improved traceability: transaction ledgers are public

Increased efficiency and speed: facilitated faster transactions with real estate and financial transactions.

Reduced cost: Eliminates a middleman

1 Like
#3489

Transparency: You can verify every transaction

Security: impossible to hack

Improved traceability: because of the Provenance

Increased efficiency and speed: is always available and less men involved in transactions

1 Like
#3490

Transparency: The transaction ledger is public for viewing. Which is incentive for all participants to act with integrity.

Security: Each new transaction is encrypted and linked to the previous transaction. A blockchain cannot be altered once formed. This protects it from falsified data and hacks.

Improved traceability: The authenticity of the traded asset is verified by the ledger of previous blockchains created.

Increased efficiency and speed: blockchain allows for faster transactions by allowing P2P cross-border transfers with a digital currency. Eliminating the need for the middleman.

reduced cost:By eliminating the need for the middleman, the cost of 3rd party services are removed from the transaction. Saving the overhead that would typically be needed to complete transactions.

1 Like