Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#3714

1. Transparency:
With Blockchain you will have a 100% transpareny. When you know the Wallet address you know all about transactions with detailed timestamps and so on.
Everything is transparent

2. Security:
With blockchain your transaction has to be approved by the nework. Which means thourgh all of us.
As example change the code in a global database and you are done. Changing the code in a transaction which is approved by the network.
Still impossible

3. Improved traceability:
As mentioned before, everything is public everythink is visible.

4. Increased efficiency and speed:
On the blockchain you do not have to wait until the bank counter opens. You send your transaction and seconds later the receiver got it.

5. Reduced cost:
In generally the costs are minimal. But at nowerdays when you look at the GAS fees of ethereum… phu… But nevertheless. It is much cheaper to use blockchain technology than using third or 4th parties …

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#3715

Benefits of using blockchain technology:

  1. Transparency of transactions via public ledger where all can see.

  2. Security in blockchain comes from all transactions are blocked and chained together containing all previous transactions. These transactions cannot be altered and are verified by many many persons, not just one authority.

  3. Single transactions link to larger networks of transactions which lets you see where information is coming from and going to next, each step of the way.

4.Blockchain allows you to cut out the middleman or potential multiple stepping stones along the way to complete a transaction. A.k.a. it provides a Peer2Peer transaction(which is instant)

  1. Costs of fees and services are taken out of these P2P transactions. No third party?middle-man is needed. Other cost reductions come from the costs of buildings and infastructure within these third parties.
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#3716

Transparency:

  • Every transaction is available for the public and goes into the blockchain upon consensus.

Security:

  • Due to the high number of nodes, it’s nearly impossible to hack the network. The data not kept on a single computer but on the network.

Improved traceability:

  • On the blockchain all data accessible from the beginning but can not be changed.

Increased efficiency and speed:

  • Human error is evadable, and no need to verify transactions by third parties.

Reduced cost:

  • No need for a middle man to check and authenticate the transfers/documents.
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#3717

Transparency:
Blockchains transaction ledger is publicly available for anyone to query

Security:
Each transaction is encrypted and linked to previous transactions; once finalised the can’t be altered keeping them safe from false information and hacks.
The infrastructure is standardised and the global network helps keep the network secure.

Improved traceability:
Each transaction is recorded and auditable – the provenance of a transaction can be proved. This can be used e.g. to verify the authenticity of traded assets e.g. medicines in supply chain, ownership of art

Increased efficiency and speed:
Transactions are completed p2p avoiding middle-men that can slow the process and relies on 3rd party solutions/infrastructure.

Reduced cost:
No middlemen cost (e.g. audits can be automated – no need for expensive 3rd party audits). Reduce paper-trails as all information is stored digitally, no storage costs as the db is stored decentrally.

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#3718

Transparency: Every transaction can be seen by everyone in the network

Security: It is not hackable. All nodes in a network have verified a bunch of transactions to create a block.

Improved traceability: within the blockhain database all previous transactions are stored. So you can trace transactions back to the source.

Increased efficiency and speed: it is peer to peer instead of using a middle man.

Reduced cost: no middle men cost.

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#3719

Transparency:
Transparency is a great characteristic benefit of the blockchain because it offers a public ledger which can give any business or an individual unprecedented layer of accountability ensuring that all sectors are acting with integrity towards business growth, communities and customers.

Security:
Security is better via the blockchain because each new transaction is encrypted and linked to the previous transaction. As the blockchain is formed by a network of computers which agree via a consensus through a complicated string of mathematical numbers that are impossible to alter once formed this makes the whole system safe from falsified information and hacks. Therefore due to its decentralised nature the blockchain offers a unique quality of trustless and removes the need for trust in order to transact safely.

Improved traceability:
As each transaction or the exchange of goods is recorded on the blockchain an audit trail is present on the public ledger to trace such transactions and where certain goods came from hence improving traceability. I believe improved traceability helps with security, verification and authenticity and prevents fraud in business exchanges and verifies the authenticity of assets.

Increased efficiency and speed:
As the blockchain is decentralised in nature it removes the need for middlemen and facilitates faster transactions from peer to peer much faster than traditional systems therefore offering the benefit of increased efficiency and speed.

Reduced cost:
As the the blockchain is trustless and offers greater transparency, increased efficiency, better security, improved traceability and the removal of middlemen all in one place automatically costs are reduced.

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#3720
  1. Transparency: This means that everyone can take a look at all the transactions that´s ever been made in real time.
  2. Security: Because of blockchain technology, it’s impossible to hack and change once formed. You can’t make fake transactions, delete a transaction or regret a transaction - you can only add information.
  3. Improved traceability: This technology makes it easy to track if the tradet asset is legit and that it is not a scam.
  4. Increased efficiency and speed: This means that there are no middlemen, which makes it a lot faster for the transactions to go through. The system is built on P2P which means that the system is connected together with no hierarchy.
  5. Reduced cost: That you don’t need any third party, you only need to trust the blockchain
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#3721

1.The database is public and can be traced by anyone to see and verify transactions.
So there’s no room for cheating.
2.Every transaction is encrypted and linked to the previous one, once done can’t be reversed.
All is public and traceable, no cheating not hackable.
3.Realtime auditing on the supply network, when a transaction or exchange of goods is recorded. so it will trace everything.
4.Faster transactions with p2p cross border transfer and smart contracts that automate agreements.
5.It takes away the need for 3rd parties so it will reduce the cost.

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#3722

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

Transparency:
All transactions that occur on the blockchain are viewable on the block explorer. If you wish to see all the transactions and balances of an account you can see the entire history. This goes for the entire blockchain and makes it so the whole history of events to ever take place on the network transparent and visible for the world to see. This proves reliability and has benefits when looking to prove transactions.

Security:
Blockchains are secure because they are created by a very large network of independent computer nodes all running the code and working together to process transactions and maintaining the data of all previous historical transactions of the blockchain. This is all done with consensus agreed upon by the nodes and it makes the blockchain’s history very difficult to change or delete because all of the nodes have their own copy of the blockchain and they are all in communication about its truth.

Improved traceability:
As discussed in transparency, all transactions in the history of the blockchain are visible on the block explorer. This allows for accounting to become much more efficient. This also creates amazing use cases for tracking supplies and transactions for businesses that are operating with many different moving parts and divisions. The traceability provided by blockchain is very useful for these reasons.

Increased efficiency and speed:
Accounting, tracking, tracing, and sending information around the world are all improved by efficiency and speed using blockchain. Blockchains allow people located everywhere and anywhere in the world to communicate and transact 24/7/365. This is incredible to consider only a few hundred years ago we were dependent entirely on physical transactions only.

Reduced cost:
Blockchains allow us to transact very cost-efficiently across the world because there is no shipping cost, weight, or need to actually send something other than code. This reduces the cost for many use cases when it comes to sending value or information. Blockchain technology also can drastically reduce costs in areas such as automation, accounting, and tracking.

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#3723

Transparency:
All transactions in a blockchain are available to the public and can therefore be viewed and verified by anyone.

Security:
Blockchain is one of the most secure systems, because ever transaction in the blockchain is connected to the previous one. Also, all nodes in the network need to agree on a transaction in order to approve or reject it. And the approved transactions can’t be undone.

Improved traceability:
Traceability is especially important in supply chains where it is vital to know the origin of the goods. With blockchain, origin can easily be tracked, because every exchange of goods is recorded and includes an audit trail which can be traceable.

Increased efficiency and speed:
In terms of efficiency and speed, there is no need for a middleman to handle the transactions. Every transaction can be made P2P, which is more efficient and faster.

Reduced cost:
Same as goes for efficiency. No need for a middleman reduces cost of the transactions. Transaction costs on a blockchain network are quite low and there are constant improvements which reduce costs even more.

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#3724
  1. Transparency:

It is public database that no one can change or interfere with. Transactions are shared and can be viewed in real time. Transactions are agreed by consensus. It adds accountability for businesses.

  1. Security:

There is no need to trust any third party. Transactions cannot be reversed. It is decentralised database that cannot be hacked or tempered with. It is a secure network with trustless nature. We only trust math and protocol

  1. Improved traceability:

It helps to remove fraud from exchange businesses and it is known where the goods came from. It helps to track supply chain and verify authenticity of goods, assets etc

  1. Increased efficiency and speed:

Transactions are faster because P2P system, no middlemad is involved which makes the system more efficient.

  1. Reduced cost:

Business owners don’t have to invest huge sums of money in developing and implementing technologies which are disruptive and insecure. Implementing blockchain technology shows benefits in saving/income from avoiding frauds/hacks etc.

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#3725

Transparency:
Public transaction ledger can be viewed by anyone = more accountability, more integrity.

Security:
Block chain is formed through a network of computers using complicated string of mathematical numbers. All computers acting in sync 24/7/365 for heightened security, it’s impossible for hackers to hack into thousands of computers globally, whereas much easier for a hacker to hack into a company or government with a centralized network.

Improved traceability:
Audit trail is created through each transaction. This improves security and prevents fraud in exchange-related businesses, but it can also help verify the authenticity of the traded assets.

Increased efficiency and speed:
Removes middle man during transactions. Removes banks, PayPal, Shopify, etc. Bitcoin is a digital global coin not tied to a country’s economy can be exchanged across borders.

Reduced cost:
Companies don’t need to purchases licenses for databases, build their network of operations platform and they can also reduce in house or 3rd party accounting and book-keeping costs.

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#3726

Transparency adds a layer of accountability by having an open ledger on the blockchain. This translates to integrity in each transaction on the blockchain.

Security on the blockchain creates an unhackable trustless network. Each transaction is attached to the previous transaction creating a blockchain.

Improved traceability can improve security, prevent fraud and verify authenticity. It can also help track products and goods. Seed to table.

Increased efficiency and speed by removing the middle man. Transactions are handled P2P.

Reduced cost is a huge benefit to using a blockchain because transparency and security eliminate the need for trusted, centralized governance and a closed ledger network. This allows for P2P transactions and eliminates middlemen which reduce costs and increases efficiency and speed.

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#3727

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

  1. Transparency: All txns can be publicly verified in the ledger. Icreases accountability
  2. Security: Each txn is encrypted and linked to the previous txn in a block being added to the chain.
  3. Improved traceability: Each txn leaves an audit trail. This makes it secure and prevents fraud; or depending on the industry supply chains can be verified or proof of ownerships for assets.
  4. Increased efficiency and speed: No need for 3rd parties facilities faster txns.
  5. Reduced cost: Faster integration into biz processes w/o disruption.
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#3728

Transparency is a benefit of blockchain because any transaction can be seen from anywhere in the ledger. Everyone (Computers) knows where every transaction has been.
Security is the largest benefit of blockchain because once a transaction is made it can not be reversed. And because all nodes in the network are incentivized to keep track of all the blocks, nearly half of the nodes would have to verify the same transaction to make it true. Good luck finding the money to buy all of that computer power. Improved traceability is a benefit to blockchain by keeping track of movement of products or services without any room for false or removable info. Reduced costs and increased efficiency play directly hand in hand. We can say combine accounting and providence at the same time without middle men to pay or services to pay.

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#3729

**Transparency: **
Because transactions on the blockchain are recorded on a public ledger, this adds a layer of accountability that forces users to be honest and open about their information. This is a benefit to consumers, because we know that the product being transacted is genuine.
**Security: **
The complex coding that the blockchain is built on cannot be altered or destroyed, and is therefore protected from hacking. There is also increased security because the data lives on a decentralized network of computers rather than a single database.
**Improved traceability: **
All transactions are public and can be traced back to their origin, which reduces fraud and proves authenticity.
**Increased efficiency and speed: **
By removing the need for a 3rd party and transacting peer to peer, these increases the speed by which transactions take place and removes the element of human error.
Reduced cost:
Because the transactions are peer to peer and recorded on the blockchain, there is no need to pay for services of the middle man or an external auditor.

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#3730
  1. Public ledgers allow for complete transparency
  2. Decentralized nature creates higher security
  3. Blockchain eliminates the need for intermediaries thus making transactions and processes faster
  4. Blockchain in a box allows for concepts to be built and tested prior to initiating complete in-depth development.
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#3731

Benefits of Using Blockchain

  1. Transparency: Blockchain raises the bar of integrity and excellence for companies to provide better service to customers and those who work within those companies, due to the visibility of all transactions which are tamper-proof.

  2. Security: Blockchain deters malicious behavior and human error because every transaction that is recorded has to be verified. It is impossible to falsify. Every transaction on the ledger is immutable and incorruptible.

  3. Improved traceability: Assets can be verified and proof of ownership confirmed as the blockchain ledger shows a consistent trail of information without a break in it. It cannot be tampered with; thus increasing security and preventing fraud.

  4. Increased efficiency and speed: Blockchain as a global protocol has all users of the system working in a unified way. This removes barriers of misunderstanding and simplifies the amount of steps required to fulfill transactions, agreements and contracts.

  5. Reduced cost: Blockchain-in-a-Box provides businesses an opportunity to test run their business idea without having to make a large investment to see if it has a feasible and viable use for them.

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#3732

Transparency - Blockchain technology allows businesses a level of accountability and responsibility to their clients, society and their own corporate members that has never before hereto been available.

Security - Foundational to every blockchain is a network of individual computers that each of which are responsible to both confirm each new block of data to enter the chain as well as maintain the ledger-chain that the network creates. This consensus of the network is highly resistant to the compromise of data and corruption of records. The fact that the blockchain is immutable, incorruptible, unfalsifiable, and allows individual to transact without trust in each other but in the system.

Improved Traceability -The very nature of a blockchain affords itself to be used to track the activities within any supply chain system. From suppliers providing chemicals to laboratories manufacturing drug that end up in your medicine cabinet, the blockchain can be used to verify that each step in the process is meets the contractual requirements of the all people involved. It can also be used to securely maintain the record of ownership of real and virtual property.

Increased Efficiency and Speed - Blockchains offer individuals and business the ability to transact faster and more cost effectively by removing several commercial layers of friction. Without ‘middlemen’ in the process, one can send even large sums of value instantly to someone in another country for pennies. You can enter into an agreement to rent or purchase an item for specified exchange of value while recording and permanently storing the ownership details with in the transaction block. Encrypting any of the data that you wish to remain private. And Again…for pennies per transaction.

Reduced Costs - The unprecedented increase in efficiency and speed directly translates into a tremendous decrease in costs to any business fit to employ a blockchain. Near frictionless payments, data storage, auditing and much more will disrupt many slumbering industries and companies. Replacing outdated systems and infrastructure with modern blockchain solutions.

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#3733
  1. Transparency: Due to ledgers for accuracy
  2. Security: Is secured due to the difficult mathematical strain that forms the chain.
  3. Improved traceability: Better audits to prevent fraud
  4. Increased efficiency and speed: Due to the no need of middle men in many processes in certain industries such as financial medical and art.
  5. Reduced cost: If the information is transparent and accurate for any company, the risks of loosing money decreases.
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