Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#342
  1. everyone can see anytime any transaction on blockchain, from where to where is going,value,cost…

2.to transaction is be proccesd, “voters” must agree togheter to verify transaction.
easy to see provenance of transaction and they furter movment.

3.all data is wroten and saved forever on network,every step on network is visible and easy tracebile.

4.without a 3rd part envolve in transaction,they is automated and go in proggres immediatly

5.no third part,no fees ,no extra paying for makeing a transaction

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#343
  1. TRANSPARENCY:
    Blockchain provided great transparency since all the participants in the network can access and view the same data.

However, there’s more to it than that - not only do they all view identical information but the participants must also have a collective agreement i.e. a consensus before the transaction can be recorded on the blockchain. This then naturally has implications on security.

  1. SECURITY:
    Not only is the data on the blockchain consistent and transparent, every approved transaction is encrypted and linked to the previous chain. Changing any record in the chain would require altering data across subsequent chains - an impossibility since one would again need consensus across the entire network to make that change.

This immutability is specially important in industries where sensitive data is stored be it Medical, Financial, Supply Chain, Government…which must be immune to hacking.

  1. IMPROVED TRACEABILITY:
    This also ties into “Provenance” i.e., knowing the origin of everything that went into the transaction. One example would be the food supply chain where a consumer can know the exact origin and state of the raw materials that went into that product. Clothing would be another example where one could follow the audit trail.

  2. INCREASED EFFICIENCY & SPEED:
    Since all the information is stored on a single ledger [versus across different platforms such as say Azure or Amazon Cloud where they don’t talk to one another i.e. the data is silo’d], the advantage of putting all information on the single ledger is obvious. For examples, silos don’t have to reconciled, all the information is available to all the network participants at the same time and on a single ledger, trust is established, and transactions are recorded faster in a trustless fashion.

  3. REDUCED COSTS:
    Knowing that the data on the blockchain has been verified and recorded only after the consensus of the entire network means that middle men are not required. This not only eliminates 3rd. party costs, but also enables trading partners to work together knowing that data on the blockchain is trustworthy.

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#344

Transparency:

All nodes have a copy of the blockchain. For anything to be added or changed it must be agreed upon by the participants of the network. If somebody wanted to change just a single transaction, it would require all prior transactions to also be changed and there is a high probability that the participants of the network would not want to change all prior transactions.

Security:

Transactions must be approved by the participants of the network. Once a transaction is approved, it is put into the ledger and linked to the prior transaction. All transactions of the blockchain are stored across multiple computers within the network.

Improved traceability:

When a blockchain is for tracking items, it leaves behind a trail of crumbs showing every process along the way for that products life.

Increased efficiency and speed:

When using traditional processes for transmitting anything, it can be prone to human error since it is a centralized process. With blockchain, transactions can be executed swiftly and securely. Since the records are stored on a single ledger, records are more organized. When everyone has the same information, it is more trustworthy allowing greater speed and efficiency.

Reduced cost:

All businesses want reduced cost. With blockchain, you don’t need middle men and up-keepers. They can just trust the data on the blockchain. All these benefits work, because it is a singe immutable ledger.

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#345

  1. Transparency: as a public ledger and with a decentralized and immutable network that has to be in concentration, blockchain is thus guaranteed transparency
    as a public ledger and with a decentralized and immutable network that has to be in concentration, blockchain has guaranteed transparency

  2. security: a network that has immutability rules, works in consensus, records with cryptography and guarantees the security of this data with a decentralized network where everyone shares the same historical record of the data, thus eliminating the risk of someone changing these records.

  3. Improved tractability: the ability to perform real-time auditing, which you do not need to rely on, which has the ability to combine accounting and transaction on the same public ledger, thus allowing us to know the history of an asset since its origin.

  4. Increased efficiency and speed: technological advances, with rare exceptions, are something that improves / facilitates human life. in this case the efficiency comes from eliminating processes, heavy on paper that are often double checked to avoid errors.
    Speed ​​comes from eliminating the trust factor, which often requires a third party for there to be confidence in the data. All this is speed that will be eliminated in the business chains.

  5. Reduced cost: The business world mainly competes for profits, and reducing costs is always one of the priorities for increasing those profits. So if with blockchain we can eliminate third parties among businesses, because it doesn’t matter if you can trust your trading partner. With transparency, security, efficiency and speed results are reduced costs and greater competitiveness

#346

Transparency is a benefit of using the blockchain because the data is available to all who have permissioned access, and the data is more accurate and consistent.

Security is a benefit to using blockchain. Fraud and unauthorized use is a dynamic because all transactions must be agreed upon before approval, and once approved said transaction is permanantly linked to the previous transaction.

Traceability is a benefit to using blockchain when dealing with complicated supply chain exchanges. A clear path is retraceable to the authentic origin of product, preventing fraud.

Speed and Efficiency are a benefit. Settlement and clearing occur quicker. Record keeping is performed using a single blockchain ledger rather than multiple ledgers and everyone involved has access to the leder without need for third party mediation.

Reduced cost are a benefit. Fewer middlemen are needed and you don’t need to trust your trading partner, just trust the data & reduces the cost of review to trade.

#347

Transparency: Ledger that is pulblic and distributed, viewed by all network users. To make a transaction change would require alteration of all subsequent transactions and collusion by all the entire network of users. Nearly impossible.

Security: All transactions have to be agreed upon by a consensus of users before posting, and then the chain is highly encrypted, plus the data is distributed across a network. A hacker would have to change each individual copy of the ledger on every network computer. Good luck with that!

Improved traceability: Blockchain transactions provide an audit trail of where the action starts and each stop along the way. Just follow the digital ledger transactions and you can see where it went. Gotcha!

Increased efficiency and speed: Copies of the same transactional record is shared among all the network participants who have access. No paper copies, no multiple copies, no errors, no intermediaries, and no bottlenecks to slow the system. Since the process is digital, speed is only limited by the computer processor speed.

Reduced cost: The records are shared and immutable so there are cost savings in the areas of manual labor, audits, transactional callbacks, redundancies and transfer of physical assets.

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#348

Benefits of the blockchain:

  1. Transparency: There is proof of transactions being done / value being added / services being delivered be referring back to the blockchain. This is commonly agreed upon by the whole network cq. every node. Every one can look into it (therefore the name public blockchain)
  2. Security: Every transaction has been agreed upon by the whole network before being added to the blockchain. In order to change / remove a certain block, the whole network has to be convinced. This becomes more difficult once the network grows. Therefore bigger network means higher security.
  3. Improved traceability: Everyone can retrace the origin of a product / Tx / service by looking back into the chain history. Since every block is being built upon the previous one, the latest output can be retraced to the first input. There is only 1 common backtrace instead of several pieces which you had to recover in order to get the whole history together.
  4. Increased efficiency and speed: There is only one commonly shared and agreed upon blockchain, instead of several parties having an (piece of) own administration. Therefore you only have to consult 1 true blockchain, which saves time and money.
  5. Reduced cost: You can basically cut out middlemen in order to get things done, because the blockchain makes sure true value is added and no one can manipulate the chain. Therefore money and time (which is also money) can be saved.
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#349

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

  1. Transparency: Because the blockchain is a distributed ledger, every authorized participant on the chain has a copy of all transactions. To alter transactions on the blockchain would require the cooperation and consent of all participants thereby decreasing the chances of inaccurate or false data on the blockchain.
  2. Security: Before a transaction can be recorded it has to be agreed upon by all parties and because it is recorded on many computers and servers there are many traces of all transaction thereby making it almost impossible to falsify the records of any transaction.
  3. Improved traceability: With a traditional supply chain products are traced over many different systems and companies/entities are involved in the process. On the blockchain, products are tracked, recorded and logged on one protocole that has, literally, world-wide consensus and is throughly immutable.
  4. Increased efficiency and speed: The blockchain is not “paper-heavy”, that is to say that the record keeping on the blockchain is simple and stream line since everyone is dealing with the same distributed electronic ledger. There is little, to no, error and transactions execute and are settled much faster and with greater efficiency.
  5. Reduced cost: On the blockchain you do not have as many intermediaries to support or documents to keep track of and verify. The efficiency to the blockchain mitigates and eleminates the need for excessive intermediaries and documents.
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#350

  1. Transparency:
    Everyone has access to a single, irreversible ledger. Everyone with access can verify information from a single copy as opposed to updating everyone’s personal copy.

  2. Security:
    The irreversible ledger and multiple nodes that are required for verification would make it tough to create fraudulent data on the blockchain.

  3. Improved traceability:
    Every step of the transaction or trade process is documented and irreversible.

  4. Increased efficiency and speed:
    With blockchain there is no need for data to be verified by multiple people, with multiple copies of the (potentially) same information. The network is up 24/7 so everyone can verify information at any given time.

  5. Reduced cost:
    There would be less need for positions in the company that spend all day crunching these numbers. Less time would be spent on meetings and communication due to all the data being available.

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#351

Transparency:
Blockchain is a Distributed Ledger where all Network Computers share the same Documentation and it can only be updated through Consensus, everyone has to agree on it. That means that the data on a Blockchain are Transparent, Accurate, Consistent and Available to everyone that has permission to access. Thus, to hack or change the data of a single transaction on Blockchain is not possible because it would require the alteration of all subquent records and the entire Network to agree on it.

Security:
To add a new transaction on the Blockchain, first has to be approved by the Computer Network, where information is stored, then encrypted and linked to the previous transactions. therefore it’s very difficult to be hacked or compromised, as can easily happen when stored in a single or central database.

Improved Traceability:
Because the Blockchain Network is a Public Ledger, we can Verify data of the supply chain by tracing and tracking back for the origins, the ingredients, the destination and every stop in its way.

Increase Efficiency and Speed:
Because of the Consensus Feature of the Network implemented by Blockchain removes the need for Intermediaries and the need of Trust, the Efficiency and Speed are increased.

Reduce Cost:
Due of the Blockchain, no middlemen or third parties are needed to the equation. This Reduces the Cost.

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#352
  1. Transparency in the ledger is one of the keys to verifying truth in the data. With full transparency anyone can see the blockchain and tell exactly where specific events or conditions took place in the blockchain.
  2. Security is a benefit in how each transaction must be agreed upon by the network. The network comprises of an ever growing amount of nodes/miners and they must encrypt and link current transactions to transaction history. It’s decentralized. Without one point of failure, blockchain is way more secure than any centralized system.
  3. We can utilize the transparency of blockchain to trace events in the ledger. Traceability can aid in supply chain or account management.
  4. Due to its concensus alogorithm, all actors must reach concensus so each of these will have access to the exact same ledger of data. This in turn will make reconciling statements, invoices etc a service that is automated.
  5. Audits and even other programmable ledger based activities can promote a lower cost to services like accounting; not only finances but also products etc.
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#353

  1. everyone in the world can equally access the data in a distributed ledger without any permission

  2. it is small probability for the hacker to track down the system because it must be approved by the network before they got recorded

  3. the blockchain can track any data about the origin without being manipulated

  4. blockchain can remove an inefficient middle man that did not bring any value to the business by having a record keeping system that would also speed the process

  5. ineficient middle man often requires difficulty adjustment to bring values. therefore, by removing it, it could reduce a lot of cost and directly

#354
  1. Transparency - transactions are available to be seen by all authorised users of the blockchain, who share the same documentation.
  2. Security - encrypted transactions are agreed upon by consensus before they are immutably stored on the blockchain, where they are highly unlikely to be compromised.
  3. Improved traceability - transactions are recorded at every step so it is easy to audit the provenance of any product.
  4. Increased efficiency and speed - users of the network share the same digital records thereby removing the inefficiencies associated with reconciling more traditional systems.
  5. Reduced cost - sharing the same immutable data removes various business processes that are necessary to form trust between different parties.
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#355

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

Transparency: Its a open source all can see it.

Security: You cant change anything that ben written. When something is written it has to be approved from the miners in the network, the blockchain.

Improved traceability: You can trace all transactions on the blockchain.

Increased efficiency and speed: Its peer to peer so its faster no other person, companies are involved.

Reduced cost: Its peer to peer there is no need for any 3 party to be involved. No middle men needed.

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#356

  1. Transparency: if a transaction happen it happen and cant´t be chnaged. In a blockchain we have a network of coputers who have a copy of the the blockchain.

  2. Security: a) information are stored across the network not on a singel server
    b) transations are encrypted
    c) a transation muss be verifey from the network (consensus), we dont need to trust a 3rd
    parties

  3. Improved traceability: we have a supplay network, where everyone talks to everyone. The historical transaction verify the authenticity of a supplay. Again we dont need to trust we verifey.

  4. Increased efficiency and speed: we dont have a 3rd parties in which we trust, also we have no mittelmen and no multiple ledgers. Everything is on a singel ledger where everyone has accsess to it.

  5. Reduced cost: we dont have any mittelmen and third parties. We can do business with strangers, because we dont need to trust them.

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#357

Transparency:
all network participents share the same documention and can only be updated through consensus, which minimizes risk for manipulation.

Security:
encrypted data thats stored across the network of nodes makes it hard, if tried to compromise or alter transaction data. Every transaction must reach consesus before recored.

Improved traceability:
Helps with tracking origins of assets and its authenticity, minimizes the risk of fruad or any human rights violation.

Increased efficiency and speed:
Eliminates costly and heavy paperwork process, Automates the paperwork in a way. Creates mutual trust and quicker settelments.

Reduced cost:
Eliminates third parties and middlemen and helps to optimize businesses economic efficiency

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#358

Transparency: - data on the blockchain is accurate, transactions are agreed and verified through consensus on the network, when all agree only then is the transaction added. meaning you can have a trustless society because many people/computers agree the math is correct. the ledger is public and available to everyone

Security: - transactions must be agreed by the network before being added to the blockchain database and the blockchain is a public ledger spread across many computers. transactions cannot be changed, or reversed. transactions on the blockchain are linked to the previous data making it more difficult for the system to be hacked

Improved traceability: - everyone in the supply chain can be tracked, for example can track origin of ingredients in a product, eg if a business claims to sell organic coffee, the supplier (farmer) of the coffee beans can verify if it is true. this can be verified on the blockchain.

Increased efficiency and speed: 24/7/365 availability, trustless society means no need for third parties

Reduced cost: don’t need third parties to verify the data, the data base removes the middle man allowing peer to peer transactions that are verified by the math,

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#359

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

  1. Transparency: Transparency is a benefit of using a blockchain because all network participants continuously have the same copy of data that other network participants have.

  2. Security: Security is a benefit of using a blockchain because all transactions must be approved by a consensus of network participants, all transactions are cryptographically signed and linked to previous transactions, and all information is distributed across multiple computers as opposed to a centralized server.

  3. Improved traceability: Traceability is a benefit of using a blockchain because the provenance and authenticity of an event, transaction or item can be verified by any actor with access to the blockchain without inherently trusting other actors on the blockchain.

  4. Increased efficiency and speed: Increased efficiency and speed are benefits of using a blockchain because data and accounting can be aggregated into a common decentralized digital ledger. This is in contrast to legacy processes where data and accounting are distributed across multiple varying centralized ledgers that often require human intervention and third party auditing to ensure accurate reconciliation and settlement.

  5. Reduced cost: Reduced costs are a benefit of using a blockchain because it reduces the need for paper heavy processes, middlemen and third parties. Reliance is shifted away from centralized ledgers that have to be reconciled with one another towards a common decentralized ledger that all parties have permissioned access to.

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#360

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

Transparency:
Each data transaction cannot be altered from anyone and it’s completely public.
Trusting only the blockchain for it’s own efficiency, would be cutting lots of middleman and bureaucracy acquiring real data and no cheating.

Security: Hackers cannot sabotage the entire wide network of worldwide nodes.

Improved traceability:
The origin of a products can be traced very easily and instantly in the blockchain.

Increased efficiency and speed:
Peer to peer resolution, eliminating the various middleman to accomplish a more profitable transaction, reducing intensively the costs.

Reduced cost: Cut many passages to conclude a business deal

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#361
  1. All transactions are immutable and public
  2. People are incentivized to act correctly
  3. Because the transparency blockchain provides, traceability is more efficient
  4. Increase efficiency and speed because the nework works 24/7
  5. Get rid of 3rd parties
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