Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#3734

Transparency: It is easier to do business with strangers, large corporations or even govt agencies if everyone has the same information. Most companies make money based off of the ignorance of their clients. This alleviates that. If you don’t know its because you didn’t do your due diligence not because you were lied to.

Security:There is a record of ownership that secures everything. In a word…Provenance

Improved traceability: The security of the ledger is based on its ability to trace all of the actions of the players involved as it pertains to the business. Even human error is remedied here. Not everyone is trying to defraud, mistakes happen. Traceability is key.

Increased efficiency and speed: cutting out middlemen always makes things easier and faster. Less people have to be involved, less trees have to be cut down for a bunch of useless documents and everyone gets paid or gets what they paid for. No muss no fuss.

Reduced cost: Less over head with the brick and mortar, less paperwork, less unnecessary parties, all this equals reduced cost

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#3735

Transparency:
Having a public ledger that can’t be modified and is accessible by everyone, will lead to a safer and fairer business industry, where integrity and accountability will work hand-in-hand.

Security:
Security improvement lies precisely on the immutable and incorruptible nature of blockchain itself, due to the math and protocols that is based upon.
Decentralization also plays an important role, by removing the trust variant from transactions.

Improved traceability:
With blockchain each action that occurs within the business work chain is added to its ledger. By being on a public domain, it can be accessed and audited by everyone. This will prevent fraud, ensure product authenticity, or be used to track the entire supply chain record.

Increased efficiency and speed:
Due to its decentralized nature, blockchain removes the need for intermediaries and creates a unified system, which means less costs, less time and simplifies procedures.

Reduced cost:
Blockchain has the ability to unite the whole business infrastructure in the same place, removing intermediaries, simplifying procedures and reducing time consumption on each decision making processes. These are all cost related.

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#3736

Transparency:
All transactions made can be seen by everyone in the ledger. Transactions cannot be hidden.

Security:
The ledger which holds all transactions is stored in the vast network. The size of the network adds security by consensus.

Improved traceability:
Transactions can be traced within the blockchain. Ownership can be verified in every step of an items life time.

Increased efficiency and speed:
Middleman become obsolete, no possible for human errors or waiting periods for transactions being completed. The more blockchain is adopted the more efficient the process becomes.

Reduced cost
All the things I just wrote about help to cut costs. The money freed can be put to work in other areas.

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#3737

Transparency: Everyone can access the data on blockchain but no one can alter it

Security: Data in blockchain is encrypted to attach to blockchain and it is impossible to alter them or being hacked

Improved traceability: Data in blockchain is there forever to trace back

Increased efficiency and speed: Remove middleman to increase the efficiency and speed

Reduced cost: Remove middle man to reduce cost

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#3738

Transparency: All transactions on the blockchain are final. The transactions can be traced and open to viewing.

Security: The blockchain is decentralized and not run by an organization. All transactions, once verified, are written on the blockchain and cannot be modified or deleted.

Improved traceability: All transactions can be traced. In industry, everything in the supply chain can be traced.

Improved efficiency and speed: All transactions are peer to peer. There is no middle man.

Reduced Cost: There is no middlemen to pay. Using an existing, efficient, blockchain network, that is peer to peer, reduces costs.

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#3739

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

Transparency:
Its transaction ledger for public addresses is open to viewing. It adds unprecedented layer of accountability, each sector of the business holds responsible to act with integrity towards companys growth, its community and customers.

Security:
in blockchain each new transaction is encryptet and linked to the previous transaction.
a network of computers are coming to gether to confirm a block, then that block is added to a ledger, which forms a chain. its a complicated string of mathematical numbers and is impossible to alter once formed. therefor its immutable and incorruptible and safe from falsified information and hacks. need of trust is removed.

Improved traceability:
since the blockchain ledger on every exchange leaves an audit trail, you can benefit from
preventing of fraud in exchange business, and also help verify the authenticity of assets and
supply chain. aswell as proof of ownership in art industry.

Increased efficiency and speed:
Middlemen for payments and real estate among other, are not needed with blockchain.
Facilitates faster transactions by allowing p2p cross border transfer with digital currency.
Real estate etc get mor efficent by a unified system of ownership records, and smart contracts
that would automate tenant-landlord agreements.

Reduced cost:
Middlemen extracted.
More deals can be made due to trustlessness.

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#3740

Transparency: the public ledger is accessible by everyone who wants to track & audit transactions. Blockchain helps to bridge the accounting and transactional layer. Transparency allow for tustlessness

Security: Secuirity is enabled by the decentralization where the participants in the network need to be in agreement to verify a transaction, therefore, manimpulation and loss of data cannot occur. Immutability ensures that once locked in, the data can never be lost.

Improved traceability: transactions can be tracked which is a use case for a supply chain where goods can be tracked from their origin to the end destination

Increased efficiency and speed: No intermediaries = improved speed

Reduced cost: Similar to above, eliminating the middle mean cuts costs without compromising quality and with no risk exposure

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#3741

Transparency helps all users access to all the data and transactions in the blockchain. Offering transparency you will gain trust in the network from their users knowing they can trace any operation.
Security offered by the network is one of the main factors users appreciate this technology, knowing that data cannot be altered due to is immutability in the blockchain.
Thanks to the ability of blockchain to enhance users possibilities to check , track and trace information and data give users more assurance and security regarding operations, products and transactions.
Eliminating 3rd party from validating data improves speed and reduces cost of operations all operations being validated trough protocol and mathematical process.

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#3742

Transparency: Transaction ledger for public address is open for viewing which adds a layer of accountability and also holds sectors of the business to act with honesty

Security: More secure than other record keeping systems as each new transaction is encrypted and linked to previous transaction to prevent hack/fraud

Improved traceability: Every transaction is recorded on a blockchain and an audit trail is present to trace where the goods originally came from. Helps prevent fraud, improve security and verify authenticity.

Increased efficiency and speed: Blockchain removes need for middlemen which speeds up efficiency

Reduced cost: Blockchain reduces cost as you remove middlemen processes and you can also identify where your company is spending too much and have an accurate record of how you can reduce cost

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#3743

Transparency: The block chain being transparent and public takes the guess work out of wondering if a business or transaction is honest or not. Being able to verify the data truly allows for honest business that behoves both parties to uphold their end of business.

Security: The Consensus mechanism through witch the blockchain allows storage of data is one of the most efficient and secure systems ever created. Multiple nodes in the network verifying the data being input to the system allows for maximum trustability. Also the fact no transfer can not be reversed or canceled after being accepted into the chain makes it so information is tamper proof. Finally the open source public ledger allows users to see each transfer in real time. So there is no question if the data transfer was accepted into the blockchain.

Improved traceability: The blockchains nature of being public allows users to audit exactly when a transfer has occurred. Leaving no question as to who and where the transfer came from and went to. This also allows for clear owners ship to be tracked such as artists selling an NFT. This clear

Increased efficiency and speed: Blockchains secure and trust less nature allows for p2p transfers with out the need for third party checks and balances. The system seamlessly allows for trading encrypted data at a faster speeds due to the lack of third party intervention.

Reduced cost: Just as in allowing faster speed due to the lack of third party intrusion, blockchain also allows for cheaper cost per transfer(in theory) for the same reason. Usually users most pay a third party to facilitate the transfer of data or funds; because blockchain is trust less and p2p there is no need to pay an expensive transfer fee.

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#3744

Transparency:

All transactions can be seen or traced by anybody in the network. Transparent nature of the blockchain incentives its users to act toward the common good.

Security:

Blockchain is immutable that means once information’s placed it cannot be removed or modified.

Improved traceability:

All transactions can be viewed in real time. All transactions are stored and can’t be removed or modified.

Increased efficiency and speed:

In blockchain you don’t have to have any middleman to make any transaction. You trust in math and protocols so you don’t have to trust any authority or compare different ledgers for accuracy.

Reduced cost:

In blockchain all transactions are verified by protocols and math. There is no need to involve auditors or middlemen.

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#3745

Explain with own words:

  1. Transparency: All public addresses are available for viewing by anyone

  2. Security: All participants to the blockchain compute information into encrypted blocks that is added to the blockchain (ledger). A result of this is greater security and truly trust-less network.

  3. Improved traceability: A single exchange can be traced by following the audit trail.

  4. Increased efficiency and speed: Efficiency is achieved by not needing middlemen in transactions resulting in less time between transactions. Transactions are also already very fast.

  5. Reduced cost: Time is money, so therefore saving time saves money.

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#3746
  1. Transparency: the distributed ledger is open increasing the honesty
  2. Security: the block produced is a copmlicated set of codes that are not mutable or alterable because all the nodes certified them
  3. Improved traceability: each transaction is linked to the source leaving an audit trail that is not eresable
  4. Increased efficiency and speed: there is no ontermediary for the transaction and you can transfer value even cross border more quickly and paying less fees
  5. Reduced cost: see point 4
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#3747

The transparency of a blockchain is very usefull. Everybody can see whats inside a block. You dont had to trust people, because everyone can check if your transaction has arrived on the wallet of that guy where you send money.

The blockchain is very secured, there is an public ledger network where every ledger has a copy of the blockchain. When someone want to change something in the blockchain or maybe want to make a transaction with value he dont got, all ledgers would communicate and say thats fault. Another security feature is the network is protected by the miners.

The traceability is very good for checking if your transaction was sucessfull. You can also check where the money came from by receiving a payment. Everything in a blockchain is transparent and traceable. Every single transaction since the first genesis block is traceable.

Increased efficiency and speed is also a nice feature. You can easily made transactions 24/7/365. Its not like a bank system that is closed on weekend or closed when there is a software problem/update or shutdown. There is always a high power of hashrate from the miners who guarantee fast transactions, because when a network of computer systems shut down, very soon other computers will take their positions.

Reduced costs is also a nice thing of blockchain. There has to be no middlemans payed or third party services like in a bank. Because its a directly Person to Person transfer.

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#3748

Transparency:

In a public blockchain all transactions/actions are visible on the blockchain and there are multiple websites that can be used to visualize the block data. With this public data more information can be derived for other products such as a credit/trust score to help with lending out credit. I know one project bird.money is using analytics from the on chain data to come up with one such score.

Another way to think about this is that transparency doesn’t require your money to be moved into a bank… you just need a wallet address and you can receive funds. This can also help people who are unbanked provide a way to gain wealth.

Security:

The decentralized network of computers that solve math problems by consensus methods such as proof of work and proof of stake methods help verify the transactions. To prevent bad actors from moving funds the network would require more than 51% of the network resources but this is very difficult to achieve due to the incentives the miners or validators have to keep being a good actor.

Improved traceability:

On a public block chain multiple parties can audit every transaction / action without having to keep track of their own siloed data.

Increased efficiency and speed:

Currently when I send money from one bank account to another in the same country (ie checking to savings) it can take almost 2-3 business days (the bank doesn’t work on weekends) where money can be sent and verified in under an hour. I know the credit card transactions are not fully completed until a few days later. A credit card transaction seems fast because the POS system gets a ok signal from Visa/Mastercard/etc

Reduced cost:

Public blockchain technology can eliminate redundancy that is required today due to the silos created between each party. For currency I have used apps like PayPal and Venmo to send money which has the redundancy of PayPal, my bank, the receivers bank and possibly VISA/Mastercard/Discover network has to be involved (if using a credit card/debit card). In this example there are at least 4 companies (Visa,Paypal,Mybank,receiver’s bank) involved in the transaction causing delays and possible charge backs when something happens due to the lag in time between all the redundant parties. Charge backs – https://en.wikipedia.org/wiki/Chargeback

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#3749

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

Transparency: Blockchain shows all transactions for anyone to see making companies unable to cheat the system and adhere to complete integrity. Word is bond.

Security: Blockchain enhances security by the network keeping all transactions in one place in a trustless system verifying it via mathematical protocol.

Improved traceability: All transactions are shown as well as where the transactions come from, also in which can never be removed from the blockchain improving traceability.

Increased efficiency and speed: Transactions are audited in real time and verified by the network increasing the speed and efficiency.

Reduced cost: Blockchain cuts out the middleman in transactions reducing costs and increasing speed.

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#3750

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

Transparency:

As blockchains are shared and everyone can see what is on the blockchain, this allows the system to be transparent. As a result, trust is established.

Security:

The ledger is “cryptographically secure,” which means that cryptography has been used to provide security within the ledger by performing complex mathematical calculations that add another block to the blockchain that cannot be altered and that makes the ledger secure against tampering and misuse. This includes non-repudiation, data integrity, and data origin authentication.

Improved traceability:

When there is a transaction on the blockchain ledger it is recorded allowing for an audit trail of the transaction or to track an item within the supply chain, so people can see where it came from.

Increased efficiency and speed:

As the information recorded on the ledger can be considered accurate it eliminates the need for third party intermediaries this can reduce inefficiency and increase speeds in many walks of life such as supply chains, financial transactions, the collection of taxes, benefits management and disbursement, land ownership record management, life event registration (marriages, births), motor vehicle registration, and licenses and property management services and legal and accounting products.

Reduced cost:

As there is a significant benefit of decentralization here, because if no middleman are required, then it immediately leads to cost savings, faster transaction speeds, and more trust and reduces human error.

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#3751

Transparency: companies act with more integrity knowing that transactions are open for viewings which benefits customers and business growth

Security: once you add transaction you cannot alter it which makes blockchain incorruptible which benefits everyone by eliminating need to trust central authority

Improved traceability: is a benefit because it is helping provide and verify source of trading assets

Increased efficiency and speed: removal of middle man benefits everyone by making transactions faster and cheaper

Reduced cost: by removing unnecessary processes and middle man companies can save money that can be reinvested and further support growth of the business

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#3752

Transparency: The ledger in the blockcahin is public. All nodes have a copy of it and public access to viewing.
Security: Security is promoted by transperancy, tracebility and immutability.
In the blockchain each data in the ‘block’ is encrypted and linked to the previous data in his ‘block’. The nodes/computers in the network making consensus to confirm a ‘block’ then his new data is added to the ledger. All nodes have the copy of it and all changes done to it.
Improved traceability: Every block and operation can be tracked back to the origin by the public.
Increased efficiency and speed: peer to peer, without need of aproval operations, being checked or having a third party make it to be faster
Reduced cost: No need for third parties, which reduce expenses

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#3753

Transparency: everything on the blockchain is found on a public ledger and allows for greater levels of transparency and accountability regarding financial transactions.

Security: because of the decentralized nature of blockchain, the security of the network in ensured by not relying upon a single point of failure.

Improved traceability: each time an exchange for items occur, this is recorded on the blockchain and allows for an audit trail.

Increased efficiency: by eliminating the need for middlemen, blockchain technology can increase the efficiency and speed of the network and supply chain.

Reduced cost: again by eliminating the need for middlemen, inefficiency is reduced and costs will go down.

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