Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#3837

Transparency:
All of the transaction in pulblic ledger will be there forever, it bring transparency to whole new level.
Security:
Blockchain once formed cannot be changed, each new trasaction is encrypted.
Improved traceability:
Each time exchange happened it can be tracked in public ledger.
Increased efficiency and speed:
Blockchain enables faster transaction in comparison to tradicional finance as there is no middleman involved.
Reduced cost:
Due to simplified processes, more unfied system.

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#3838

Transparency:

Every transaction is on the blockchain record and can be viewed by all stakeholders (in public ledgers, basically be literally anyone).

Security:

All nodes must validate the transaction before it is recorded on the ledger, thus no single malicious actor can manipulate the records. All transactions are part of the block, and each block has a hash, which is the output of all the hashes of all the previous blocks. This ensures security, since one small change will invalidate the entire blockchain.

Improved traceability:

All blocks in the blockchain are available, as well as the sequence by which they have been recorded. Thus one can back propagate to any instance in the whole chain and validate that a certain transaction has occurred.

Increased efficiency and speed:

The network is autonomous and highly available, which makes it highly efficient. The permissionless design of it also makes it faster than traditional record systems, which are dependent on intermediaries, although it can still be significantly improved.

Reduced cost:

The only cost is the network fees, which are necessary to incentivize the nodes to keep running and verifying the transactions, which is still much more cost efficient compared to conventional transactional systems. These fees go back to the network, since the miners are the actual network, so in a sense the users’ fees go back to the enhancement and maintenance of the network.

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#3839

Transparency - All users share the same information across a shared ledger
Security - All data is verified through the use of math and protocol
Improved Traceability - Information can be tracked from manufacture to distribution, or to validate ownership of goods.
Increased Efficiency and Speed - everything is stored on a decentralized ledger, across a global network. This eliminates network downtime due to technical issues, and simplifies transaction information.
Reduced Cost - Everything is on a trustless, decentralized ledger. This reduces the need for manpower and resources that would otherwise cost money.

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#3840

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

Transparency: An organization can go for a complete decentralized network where there is no need for a centralized authority, improving the system’s transparency.

Security: By utilizing consensus protocols across a network of nodes, to validate transactions and record data in a matter that is incorruptable.

Improved traceability: All transactions can be viewed in real-time. All transactions are linked together to previous transactions.

Increased efficiency and speed: By removing the middle man in a transaction, the blockchain can streamline and automate transactions. This will improve the speed and efficiency of transactions.

Reduced cost: Again, by eliminating the middleman that most centralized organizations use, you no longer have to pay a third party when doing a transaction on the blockchain.

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#3841

Transparency:

The records are open to view on the blockchain

Security:
Records are immutable and enable trustlessness

Improved traceability:
Records are stored and immutable on the blockchain

Increased efficiency and speed:
Middlemen are cut out because of trustlessness

Reduced cost:
Middle men are removed because of smart contracts.

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#3842

Transparency: Everyone can see all transactions and wallet balances, even if they don’t know who owns them.

Security: All private keys are mathematically protected by cryptography, which renders brute force guessing of public/private key pairs practically impossible with modern supercomputers. The distributed nature of blockchains also make them resistant to network hacks and outages.

Improved traceability: We can follow the money trail easier to know where it came from, and we can see all wallet balances.

Increased efficiency and speed: Leaving all transactions up to computers running all around the world at all hours of the day is much faster (a few minutes) than relying on SWIFT to transmit payments (several days).

Reduced cost: It is much cheaper for merchants to accept Bitcoin and crypto than it is to accept credit cards due to fees and chargebacks. Blockchains also have a way of maintaining themselves, as the people who maintain the network are the node operators who have a financial incentive to keep their nodes running, which takes cost responsibility away from centralized entities.

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#3843

Transparency:
All transactions on a public chain can be freely viewed making accountability unquestionable.

Security:
Transactions are encrypted and linked to previous transactions, they are immutable, incorruptible, and irreversible.

Improved traceability: Exchanges of goods or services can be registered on a blockchain, creating an auditable, indisputable record of origin.

Increased efficiency and speed:
Due to high network availability, cross-border transactions can be completed trustlessly between parties at any time, and without the need for middlemen.

Reduced cost:
No third parties or outside infrastructure are needed to complete transactions, ultimately reducing costs.

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#3844

1/transparency: any data stored on blockchain is fully available for consultation, at any time, by anyone with an internet connection, in real time.
2/ any data stored on blockchain is immutable.
3/ any party in a business using blockchain can find out any registered data quite quickly
4/ tracability in 3/ is improved; speed to recover data in this case is an added benefit, not in any use case.
5/ no need for intermediary third parties, for audits, …in an organization using blockchain

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#3845

1 - Transparency: Because blockchain is a public ledger spread across several nodes globally and stores and displays all the transaction information to those with the proper permissions. It also can not be altered or removed from the block it’s in.

2 - Security: Transparency is a large part of the security in blockchain but also requires the network to verify all transactions with consensus, it is also a decentralized network therefore it would be extremely difficult to launch an attack on all the connected nodes at once compared to one centralized database.

3 - Improved Traceability: Since data can’t be tampered or altered and strictly verified you can be assured that the information you see/receive is correct.

4 - Increased Efficiency and Speed: You no longer need third parties for verification or transactions and rely on consensus. The verifications and transactions can be achieved quicker on the same platform.

5 - Reduced Cost: Since Third Party verifications and transactions services have been removed and trust the network protocols these service fees are something you no longer need to account for.

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#3846
  1. Transparency:

Each transaction is recorded on the public ledger. This leads to increased accountability and incentivises integrity.

  1. Security:

There is no single weak point in the network due to the burden of validity and accuracy being shared over many points in the network.

Incentives are present for maintaining security.

  1. Improved traceability:

Again, accountability is a function of the blockchain.

Also, the increased ability to trace the history of parts/components/Ingredients etc helps establish product or transaction integrity. This could be vital in fields such as healthcare.

  1. Increased efficiency and speed:

Because of high network availability, transactions can occur at any time. This negates the need for work to be carried out within time constraints of intermediaries etc.

  1. Reduced cost:

Less cost associated with dealing with intermediaries etc.

Potential for reduced hardware infrastructure, fees etc.

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#3847
  1. Transparency:
    Allows for full view by anyone that has access to the internet and the blockchain 24/7
  2. Security:
    The security of Blockchain is maintained by math/code/consensus. No one entity controls the blockchain
  3. Improved traceability:
    All transactions are available to anyone 24/7
  4. Increased efficiency and speand ed:
    Due to the fact that no 3rd party entity is required to transact on the Blockchain… only need a crypto wallet and internet access
  5. Reduced cost:
    As the system is fully an automated protocol with no owner… creates less friction as POW… the inefficiency of current fin sys has nothing but friction… Humans-Banking needed to transact with $$ money… only friction in Blockchaion is the protocol code itself
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#3848
  1. Everybody sees the same information and uses the same ledger so it means the transactions are transparent.
  2. Transactions are secured because they must be agreed upon, and the information is stored amongst several computers instead of a single server.
  3. The historical transaction data creates an audit trail by default. This allows anyone with access to the blockchain to trace.
  4. By using a decentralized, open ledger all participants work off the same data instead of maintaining their own copy.
  5. There is no third party associated with the delivery of a transaction there is no need to add additional costs.
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#3849

  1. All transactions are automatically made visable on a public ledger.

  2. All transactions, when recorded, are encrypted and therefore cannot be altered or erased.

  3. A blockchain will list the full history of an item in question. This can eliminate the need for a third party to carry out an audit.

  4. Blokchain can allow two parties to conduct business with one another directly without relying on third parties to process or audit transactions.

  5. As i wrote for 4., the need for third parties is significantly reduced if not eliminated altogether.

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#3850 
Transparency:

The transaction ledger is public, which creates the need for accountability on all parties.

Security:

Every new transaction on the blockchain is encrypted and linked to the previous transaction. It’s decentralized nature means it is not necessary to trust in any specific authority.
Improved traceability:
The nature of the blockchain ledger is such that with each transaction comes a linked audit trail showing the provenance of the goods involved, previous transactions, etc.
Increased efficiency and speed:
Decentralization allows the elimination of many middlemen. Smart contracts can automate many processes.

Reduced cost:

Since the above advantages are automatically built in, many of these lead to reduced costs.

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#3851
  1. Any body can trace the transactions.
  2. high availability 24/7, anytime can be used.
  3. los of ledgers(participants) involve. you can rely on the network.
  4. it is trustless., peer to peer.
  5. don’t need for the middle man.
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#3852

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

Transparency:The transaction ledger for public viewing adds a layer of accountability, holding each sector of business responsible to act with integrity and ethically towards growth, it’s community, and customers.

Security: A network of computers come together to confirm a ‘block’, this block is then added to a ledger, which forms a ‘chain’. A blockchain is created by a complicated string of mathematical numbers and is impossible to alter once formed. This immutable and incorruptible nature of blockchain makes it safe from falsified information and hacks.

Improved traceability:With the blockchain ledger, each time there is an exchange of goods it is recorded on a Blockchain, an audit trail is created and is now traceable. This can improve security and prevent fraud in exchange-related businesses, this also can help verify the authenticity of traded assets.

Increased efficiency and speed: Blockchain facilitates faster transactions by allowing P2P cross-border transfers with a digital currency

Reduced cost:Due to its decentralized nature, Blockchain removes the need for middlemen in many processes for fields such as payments and real estate.
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#3853

Transparency: transactions are publicly visible in the transaction ledger, which creates accountability and holds parties accountable for to act after common values.

Security: Better security through encryption and link of transactions to previous ones. Blockchain data cannot be changed once on the chain -> trusless through decentralization

Improved traceability: Each transaction and its origin is recorded on the blockchain, which makes everything traceable

increased efficiency and speed: Middlemen are excluded. Fully digital cross border P2P transactions are possible

Reduced costs: Middlemen are cut, which removes parties that need to be paid in the process

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#3854

  1. Blockchain facilitates transparency through its attribute of being a public ledger. The benefit of blockchain being a public ledger is that all transactions can be seen and verified thus forcing people to act with integrity.

  2. The blockchain as the name implies, is a chain of blocks created by multiple computers during transactions. These blocks are not susceptible to manipulation.

  3. Provenance. There is a trail left behind for all services and transactions done on the blockchain. This allows consumers to track all the “ingredients” from start to end.

  4. Blockchain eliminates the use of middlemen thus speeding up transactions and agreements (contracts) between vendor and consumer.

  5. Eliminating the middle men and equipment needed in the long term would save everyone involved in the blockchain a substantial amount of money. Even if at the beginning it may seem costly to hire a team with the technical knowledge to implement a blockchain in your company, it pays off. Alternatively there are “low cost” blockchain solutions currently for any company looking to adapt.

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#3855

Transparency and security are both provided on the blockchain via the public ledger of transactions and incentive for miners to be paid in order to keep the network secure. All transactions are publicly available and can be traced all the way back to the genesis block. The blockchain allows for international transfers to peers in different nations within seconds at low cost with regards to transaction fees.

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#3856

Transparency: Blockchain technology allows all network participants to view information on that network. Information can only be updated through consensus which means everyone must agree on it.

Security: Each transaction is encrypted and linked to the previous transaction. It is very difficult to change a transaction once it is recorded, because any alteration will require the alteration of all subsequent records, this prevents manipulation and hacking.

Increased efficiency and speed: Blockchain technology solves time-consuming processes by streamlining and automating these processes.

Improved traceability: All transactions stored in the blockchain are transparent and hence, easy to track.

Reduced cost: Blockchain eliminates the need for third-party verification and, therefore reduces the costs associated with it.

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