Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#3877

Transparency: all records on the blockchain are publically viewable & verifiable, which creates accountability between parties.
Security: backed by mathematics and encryption, with all nodes carrying the same immutable record.
Improved traceability: transactions can be tracked between nodes and blocks on the blockchain, guaranteeing authenticity & improving security.
Increased efficiency and speed: digital assets create faster, sometimes almost instant, p2p transactions.
Reduced cost: the legacy Swift system requires multiple parties to successfully perform a transaction. Blockchain removes the “middlemen” and facilitates processes through automation using smart contracts, for example.

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#3878

Transparency:
Blockchain is based on a public ledger. Everyone is able to read and verify the information on that ledger

Security:
The nature of the cryptography used in the blockchain makes it immutable and therefore secure in its context.

Improved traceability:
Since the information is publicly stored in a registry, it can be traced and is therefore auditable.

Increased efficiency and speed:
Blockchain eliminates layers of trust and thus reduces the complexity of processes, which impacts efficiency and speed.

Reduced cost:
In the context of decentralization, blockchain reduces layers of trust and complexity, which implies cost reduction.
In general, “databases” are faster and cheaper :slight_smile: - correct me if I am wrong

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#3879
  1. Transparency:

One of blockchains’s most important features is that its transaction ledger for public addresses can be viewed and verified without question; full transparency. All sectors with ties to financial systems and business transactions, will be more accountable towards their business practices. They will have to behave responsibly towards their community, customers, and overall company growth. No more smoke and mirrors.

  1. Security:

Blockchain security measures are far more secure than other forms of record keeping. Every new transaction is encrypted and linked to the previous transaction. Blockchain are created by a network of computers coming together to confirm the new block being added to the ledger. As these confirmed blocks come together they create a chain of information. These chains are formed by a complicated string of mathematical numbers. Once formed, they are impossible to alter. This make blockchain immutable and incorruptibl. It also makes it safe from falsified information and possible hacks. Blockchain’s decentralized nature gives makes it ‘trustless.” Trustless means that parties do not need trust each other to transact safely.

Real time audits.

  1. Improved traceability:

Each time an exchange of goods is recorded on a Blockchain, an audit trail is present to trace where the goods came from. Like the example given by Ivan with food, one can know exactly were things come from In the food supply chain. This help improve security and prevent fraud or misleading information with consumer products and exchange-related businesse. With traceability, it also helps verify the authenticity of the traded assets or food product. With medicine, it can be used to track the supply chain from manufacturer to distributer, that can help figure out where a tainted pharmaceutical or supplement may have occurred. With art industry it can provide an irrefutable proof of ownership and help protect the artists work.

  1. Increased efficiency and speed:

Because blockchain is decentralized, There is no need for middlemen in many processes for fields such as making payments and purchasing real estate. Compared to traditional financial services, blockchain technology supports faster transactions by giving Peer to peer cross-border transfers by using digital currency. A unified system of ownership records, and smart contracts automate tenant-landlord agreements which will make the property management process more practical.

  1. Reduced cost:

Although has fees are still considered high, eliminating the middleman will reduce costs greatly. No more commissions allocated towards real estate agents and other types of brokers, who although try to provide good customer service, are still looking to maximize their income and can become more expensive than they need to be.

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#3880

Transparency: A transaction ledger that is available for everyone to view removes a lot of trust issues.

Security: In blockchain the security of data is on a whole different level, because it is built to be immutable. Once a block is formed it is impossible to alter the data within it.

Improved traceability: Having a real time audit trail can greatly benefit many businesses and individuals that would like to verify the authenticity of products and many other things.

Increased efficiency and speed: If and when blockchain technology will become more widely adopted everyone will benefit from having access to a large unified network of data in most industries.

Reduced cost: Because there are no third parties or middlemen involved the cost of transactions is reduced significantly.

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#3881

Transparency is a benefit of using blockchain because being able to freely observe any transaction in a blockchain negates the ability for anyone to tamper with anything and holds every entity to the ultimate accountability.
Security is a benefit because when using a blockchain you can have the peace of mind that your data and transactions are secure by being decentralized and not reliant on a single entity for security.
Everything is openly traceable once in the blockchain and on the public ledger which can prove vital for multiple industries where keeping track of the origin of any given product is necessary.
Higher efficiency and speed come help facilitate payments faster and in many industries has the ability to take the place of many different middlemen which each brings another entity you are forced to trust.
This higher efficiency and speed will most often directly correlate to provided a similar if not better service at a lower cost to the individual.

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#3882

  1. A publicly available, decentralized, global digital ledger that is immutable and locally stored by all validators on the network and capable of live auditing can provide hitherto unprecedented accountability and tracking capabilities.

  2. Consensus confirmation incentivized through the financial reward for mining blocks aids in bolstering and securing the network from attack, additionally the immutability of transactions once confirmed on the blockchain removes the threat of fraud, chargebacks, etc. Decentralizing the ledger through all the nodes on the network also protects the veracity of the ledger by removing single points of failure present in central databases.

  3. Traceability can for instance be used to cut costs associated with authenticating supply chains or removing corruption and fraud by tracking the allocation and distribution of taxpayer money within a nation.

  4. By combining accounting and transaction layers to a globally available single point of reference, intermediaries are removed thereby increasing efficiency and speed.

  5. The removal of third-party verifiers and guarantors, as well as a lack of centralized databases which must be paid for aids in reducing costs.

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#3883

Transparency:

  • All transactions in and out of the company is recorded and publicly made available for everyone to review.

Security:

  • No 3rd party or middleman will be handling any transactions hence transactions cannot be tempered hence all transactions will be as honest as it can be.

Improved traceability:

  • Due to the finality, immutability, and consensus concept of blockchain, all transactions made are final and recorded. Provenance of blockchain means that real-time audit can be carried out hence traceability is much easier and faster.

Increased efficiency and speed:

  • Transactions can be made and completed within the same day without going through the approval of a middleman or a 3rd party organization. So long as there is internet connection, there is no need for anyone to physically bring documents or cash to the bank in order to perform the transaction. This in turn eliminates the need to go to different banks based on which bank as different organizations may prefer to use different banks.

Reduced cost:

  • By eliminating the middleman, the cost using their services to transfer money is eliminated. This can also further reduce the cost due to the currency exchange rate which is charged by the bank or a money exchanger.
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#3884

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

  1. Transparency: An OPEN, PUBLIC, DISTRIBUTED LEDGER scattered all over the world ensures transparency
  2. Security: The inbuilt encryption within blockchain based on mathematics ensures robust security. The network of computers that are connected within the network forms a block for confirming all transactions.
  3. Improved traceability: The finality feature within block chain ensures transparency because nothin can be changed or altered after it has been confirmed.
  4. Increased efficiency and speed: The elimination of beaurecracies and middle layers in blockchain transactions ensures speed and efficiency. Due to its openness and consensus in confirming transactions, the network runs optimally.
  5. Reduced cost: Elimination of added layers of complexities helps to reduce the cost of running and maintaining the network.
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#3885

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

Transparency:

The blockchain is a public ledger that can be view by anyone and thus makes true transparency really possible

Security:

Because of the decentralised nature there is not a single point of failure and also due to each node having the have consensus on each transaction it makes it un-hackable BAR a quantum computer.

Improved traceability:

As each transaction is on the blockchain every single change is traceable .

Increased efficiency and speed:

Middlemen are removed and certain thing that would require a third party to verify can now be done on-chain in seconds/minutes.

Reduced cost:

Due to the decentralised nature no big infrastructure is needed to run the system on and it can scale easily form small to be. The removable of middlemen also removes unnecessary costs.

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#3886

Transparency: Due to the ledger all transcations and aforementioned actions are recorded in real time, and are available in the public domain
Security: Transactions must be agreed upon prior to being completed, as there is no centralized silo these are more secure as the info is stored across a wide range of networks rather than a solo computer
Improved Traceability: Can do a real time audit trail meaning there is full transparency in a trustless system
Increased efficiency& reduced cost: Due to the lack of middlemen the processes are sped up, but also allow for there to be a reduction in cost due to the lack of a 3rd party. This is the benefit of having everyone work off the same copy of a ledger

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#3887

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

Transparency:

Is one of the most important topics, because, this ledger will force the financial systems to transact all responsibly, integrity and accountability.

Security:
Since every transaction will be approved by referees before getting confirmed, this will increase security. Plus the NON-reverse and modification in it.

Improved traceability:
Is an audit trail that will improve security, prevent frauds and help to verify the traded assets.
Using BaaS the companies will have safety in their assets transactions.

Increased efficiency and speed: because it will be all under the same networks so, this will affect directly to the efficiency and speed

Reduced cost:
It won’t be third parties between the transaction and it will be only P-2-P

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#3888

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

  1. Transparency: Transaction ledger for public access to view.
  2. Security: Each transaction is encrypted and linked to the previous transaction.
  3. Improved traceability: Each time a blockchain ledger records an exchange of goods there is an audit trail to trace where the goods come from.
  4. Increased efficiency and speed: Due to its decentralized paradigm it removes the middlemen.
  5. Reduced cost: No need to pay an auditor to do your books.
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#3889

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

Transparency:
there is no central authority and no information silos, every single user has an entire copy of the ledger. It makes the flow of information to get on the global scale.

Security:
do not have to trust the central authority which makes blockchain a trustless system. It means you do not have to trust anyone, but the mathematics and computational principles the blockchain is built upon. And everyone is incentivised to be honest and say the truth.

Improved traceability:
this ledger is open for everyone and every action can be traced. We can trace for example financial transactions and it happens in real time (real-time auditing). And we can put together for example accounting with transactions (in one place). It brings also efficiency.

Increased efficiency and speed:
there is no a third part of action, there is no intermediaries and no information silos. Users can communicate on a global scale. This ledger enables also a high availability and it runs 24/7/365.

Reduced cost:
there is no a third part of transaction, there is no intermediaries so no addition costs. Everyone is incentivised to be honest and say the truth. Also it replaces paper processes.

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#3890

The transparency of blockchains makes them auditable and ensures trust. The multiple node feature of blockchains increases the security of transactional data. Since all transactions are recorded in the blockchain, traceability is improved in comparison to non-blockchain environments. The ability to remove “middlemen” and operate “peer to peer” increases the transactional efficiency and speed. The above features allow for reduced cost in business operations.

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#3891

Transparency: Since the ledger is public, there is complete transparency when it comes to transactions on the blockchain.

Security: Since the blockchain is made up of mathematical strings that cannot be altered. Due to the complexity of the blockchain nature and the immutability, it is merely impossible to hack.

Improved traceability: On the blockchain, every single aspect of a transaction can be traced from point A to point B. An audit trail follows every single transaction making it extremely easy to trace.

Increased efficiency and speed: Due to the decentralized nature and elimination of the middle man, using a blockchain is much more efficient than your typical financial institution. For example, at a bank, a lot of time you need to make an appointment with somebody which could take days or weeks. With blockchain, you can perform tasks and track activity in real-time.

Reduced cost: Due to eliminating the middle man which in some cases could be a financial advisor (for investments), a real estate agent (for real estate transactions), or even a bank (with bank fees), blockchain allows peer to peer transactions which can be much more cost-effective.

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#3892

Transparency:
Everyone can see the transactions made on the public ledger in the blockchain. It is transparent.

Security:
Transactions cannot be changed, and all information is stored in the blockchain. This provides security in that it can’t be falsified.

Improved traceability:
The public ledger provides a way to trace where transactions from.

Increased efficiency and speed:
The blockchain removes the middleman which increases efficiency and speed of transactions.

Reduced cost:
Proof-of-concept for businesses (Blockchain-in-a-box) can be created without needing to spend huge sums of money to verify viability and feasibility of their business.

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#3893

  1. Transparency: Every transaction on the blockchain is public. This leads to accountability, where data cannot be hidden or altered.

  2. Security: A network of computers runs the blockchain, using complex computing power to solve cryptography. Every time a block is solved, it is added to the chain and cannot be altered. This makes it safe from hacks or inaccurate data.

  3. Improved traceability: Each transaction or exchange of goods is recorded into the blockchain ledger. This allows full traceability from the beginning of the process to the final destination, where each exchange can be seen or verified.

  4. Increased efficiency and speed: Without the need for middlemen, business processes can be instantaneous. Trustlessness in the protocol leads to a more efficient workflow that requires less money, less time, and fewer interactions.

  5. Reduced cost: Again, without the need for middlemen, business processes can be expedited through smart contracts and save the need to allocate capital to various third parties.

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#3894
  1. Transparency:

Blockcahin transparency is through a public ledger where all can see complete history of transactions. The accountability for users verifying and adding to the ledger is seen an confirmed by all these pints give the block chain a sense of integrity by all users.

  1. Security:

The bockchain is an encrypted chain of stored information in order of transaction. Groups of network miners verify and add the transaction to the ledger as a group consensus. No intermediaries are needed outside of the network. The protocol is mathematically based and there is not room for error or fraud.

  1. Improved traceability:

The blockchain ledger contains the authenticity of goods, users and where it came from. The transaction information can easily be historically audited.

  1. Increased efficiency and speed:

Blockchain also removes the need for intermediaries and 3rdparties to complte work within timeframes, as the blockchain is open 24/7/365 and is on a unified system across the internet.

  1. Reduced cost:

The reduced cost of the blockchain is longer term. It is mainly based on the internet and would no longer need 3rd party application and or systems that do not integrate with competitors by using the internet network that is already set up.

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#3895
  1. Transparency: provenance, a public ledger from origin to latest transaction is fully viewable by all
  2. Security: network of independent validators ensures data is incorruptible
  3. Improved traceability: all transactions from origin to latest are viewable by the public, accessible by anyone with access to global internet
  4. Increased efficiency and speed: no need for third party audit and verification that slows transactions down
  5. Reduced cost: p2p transactions, w/ no need for middlemen or third party lowers cost.
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#3896
  1. Transparency: a history of transactions is publicly available
  2. Security: the network is decentralized and immutable, nodes are financially rewarded for securing the network.
  3. Improved traceability: all transactions are immutable and traceable. Blockchain provides superior provenance of transactions
  4. Increased efficiency and speed: blockchain facilitates faster transactions by allowing P2P cross-border transfers of value
  5. Reduced cost: Blockchain removes the need for middlemen
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