Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#3917

Transparency:
Increased accountability for business’ as the blockchain is a public ledger that can be seen and verified by anyone.

Security:
As the network is made up of many nodes it is much less vulnerable to attack

Improved traceability:
As every addition of data is a new block on the blockchain and each node has a copy of the agreed upon, up to date ledger data can be easily traced.

Increased efficiency and speed:
As the blockchain is built upon a peer-to-peer network the necessity of time consuming and potentially costly middle men is removed. This means that transactions are facilitated faster and more efficiently that traditional centralised methods.

Reduced cost:
By reducing the time taken and the need for a ‘middle man’ there is only a small cost incurred for each transaction which goes to the miners’. This cost is part of the incentive package offered to miners to ensure the integrity and continued support of the network. In addition this small cost/fee is the near enough the same regardless of the value of the transaction, for example the fee for sending 1 BTC would be the same as sending 100 BTC.

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#3918
  1. Transparency:
    Because the blockchain is public everybody can take a look at the transactions and every other move that has been made on the blockchain. Therefore the blockchain is transparant.
  2. Security:
    Because every transaction has to be validated by the blockchain and this information can’t be changed. Another reason is that the blockchain has high availability. The higher the availability is, the more secure the network is.
  3. Improved traceability: Every single transaction is stored on the blockchain and everybody can see that transaction and track it. Therefore the blockchain provides improved traceability
  4. Increased efficiency and speed: Because there is no middlemen the efficiency and speed is increased compared to networks which do have a middlemen. Because everyone can acces and use the blockchain it is very efficient.
  5. Reduced cost: the transactions are fast and because there is no middlemen the costs can be reduced.
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#3919

  1. Transparency: Blockchain has a public ledger that everyone can view. every transaction is verified and then added as a block to the blockchain; this information can’t be changed or removed and available for public view.

  2. Security:
    each new transaction is encrypted and linked to the previous transaction, and because of decentralization, multiple computers on the blockchain network work together to confirm a block which is represented as a complicated string of mathematical numbers.

  3. Improved traceability:
    Each transaction is stored and linked to the previous transaction, which helps trace the authenticity of the goods.

  4. Increased efficiency and speed: Transactions on the blockchain are verified by peers, even cross borders transactions, and payments are done swiftly as well as smart contracts can replace current contracts. This removes the need for auditing, central banks, and it results in data being available and trusted immediately.

  5. Reduced costs: Costs for middlemen like real estate agents, auditors, lawyers can be eliminated. Time and fees are reduced by eliminating all central authorities in between current traditional transactions.

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#3920

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

Transparency: There are no intermediaries in the transaction and all transactions are recorded on a public ledger for everyone to see.

Security: through the consensus mechanism there can only be one truth and therefore high security , no one can cheat the system

Improved traceability: All the transactions can be traced and all interactions with wallets then stored on a public ledger ,

Increased efficiency and speed:Through the network of nodes scattered all over the planet the information can be easily and fast propagated throughout the network.

Reduced cost: Since there are no middlemen only the miners are rewarded when they create a new block and complete transactions and therefore reduced expenses while transferring funds.

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#3921

  1. Transparency: The public ledger, it’s data blocks and the added transactions are visible to everyone and highly accessible.

  2. Security: First and foremost, the distributed ledger technology creates a trustless system, that is highly accessible. Information can not be lost, altered or manipulated. Once the data block is created and the transactions are added to the ledger, this process can not be undone. All new data blocks and transactions are added to the already existing data blocks, creating the so called blockchain.

  3. Improved traceability: The mentioned transparency creates improved traceability. Since all transactions are stored on the blockchain and can not be altered, deleted or manipulated, each transaction can be traced. The only way to hide something is to not give the information or use blockchain technology. Once the data block is created it is immutable.

  4. Increased efficiency and speed: No middlemen is needed. Transactions can be made peer to peer (p2p), no centralized institution required. A public database based on the distributed ledger technology creates a trustless tool to easily verify information, such as ownership and previous transactions. It is one public database instead of many databases all owned by different companies, inaccessible to the public.

  5. Reduced cost: All the information is available and visible, which reduces investigation and research. No middlemen is needed. One system and therefore it is easier to create interoperability. Validation through distributed ledger technology, hence a trustless process that does not require inhouse valisation.

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#3922

  1. Transparency:
    It gives to all transaction to be examined by the parties or anybody else which force parties to be accountable and act with integrity with each other.

  2. Security:
    Each time there is a transaction, its automatically encrypted and linked to the previous.
    At least 4 or more computers has to confirmed the transaction.
    Complicated mathematical make ALMOST IMPOSSIBLE to hack or modify.
    The parties can make all transactions without caring about trust to the other party.

  3. Improved traceability:
    Each transaction are encrypted to the blockchain and help to prevent fraud between the parties.
    Will search the authenticity of the trade and can be used also to follow the supply chain and provide an irrefutable proof of ownership.

  4. Increased efficiency and speed:
    Because of blockchain decentralisation, it skipped the middleman to speed it up the process.
    The unification of the blockchain system make operations quick and safe.
    Smart contract are secure and fairly help regarding futures in case of a disagreement:

  5. Reduce cost:
    By skipping intermediaries.
    Don’t need to verify the other party.

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#3923

Transparency: The blockchain is open as a public ledger and all transactions that have ever happened can be viewed there. it is the epitome of transparence.

Security: Blockchain is secure because of the fact it is simultaneously stored on multiple (really really many) devices and no single actor can ‘‘lie’’, because the collective consensus will prove them wrong.

Improved traceability: All transactions can be seen on the blockchain, traceability in case of supply chains can be further augmented by RFID tags, timestamps, locations (GPS coordinates) and various other information that allows for traceability to improve significantly.

Increased efficiency and speed: It is one big ledger and it is updated all at once for everyone, so speed of getting everyone up to date is factually instant in this case. Speed being one of the prerequisites of efficiency, this makes sure that best technologies for managing date (blockchains definitely being one of them) will emerge to the top and engulf many other technologies that proceeded it.

Reduced cost: There is less or sometimes even NO NEED for middle men and at times it takes about 5 bucks to send someone else billions half way around the world.

’‘Consistency is the playground of a dull mind’'

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#3924

1.Transparency:

The blockchain network is very transparent due to being decentralized, as before a transaction is finalized, participants must verify and agree upon that everything is correct before it is added to the blockchain.
Once a transaction is finalized and added to the blockchain it can not be reversed or removed from the blockchain.

2.Security:

Blockchain is very secure due to everyone in the network having their own copy of the blockchain and once a block is added it can not be removed.
Every new block added to the blockchain has information of the previous blocks added to it.
Before a block is added to the blockchain multiple participants in the network must have mutual agreements that the block can be added to blockchain thus making it very hard to manipulate or hack the blockchain.

3.Improved traceability:

Everything on the blockchain happens in real-time.
When a block is added to the blockchain it also contains information of previous blocks on it.
making it possible to track any kind of data e.g a security camera records 24/7 and everything recorded is added to the blockchain and can be checked upon incase of an incident.

4.Increased efficiency and speed:

Due to the blockchain being decentralized e.g a transaction can be made and verified without a third party or middle man

5.Reduced cost:

You no longer need a trusted third party when a transaction is made, as it will be verified by the network the transaction is made on before being added to the blockchain.

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#3925
  1. Transparency: Public and verifiable ledger.
  2. Security: Immutable and High Availability give increased security.
  3. Improved traceability: all transactions are saved forever.
  4. Increased efficiency and speed: Realtime tracking and verification.
  5. Reduced cost: No need for an intermediary. 3rd party verification not required.
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#3926

Transparency:

  • The transactions noted in the ledger are open to everybody. So you can see where things come from or where they are going. And that’s live - and not after 5 years.

Security:

  • The transactions get encrypted to a complicated row of numbers, which can’t be faked or changed after. The proof of work is building a block, that block comes into a ledger and they build a chain - so all fits together and secures them. I get the picture of the Spartans of 300 in my mind.

you’re only as save as the shield of your neighbor is…

or something like that…

Improved traceability:

  • Every new transaction first gets checked, where the money came from and if that is correct. You can’t send 1 BTC if you never received one.

Increased efficiency and speed:

  • All are using a unified system, so there are less friction losses. In some cases you also can save the middlemen, because the ownership is proven and you don’t need to verify it through an expensive appraiser (well that one is increasing speed and reduce costs - time is money)

Reduced cost:

  • See above.
    If its secure - you don’t lose money and you don’t need to pay someone to protect your money. And if its fast you save time and in this way money.
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#3927

Transparency: With the open viewing of transaction ledger towards the public it adds an unprecedented layer of accountability for the businesses/entity using blockchain. It enables a trustless society and also further added integrity as it is mathematically designed to be.

Security: Each transaction/data in a blockchain is encrypted and linked to each other and thus it is impossible to alter/change once the blocks are mathematically formed by a string of numbers.

Improved traceability: It enables the verification of authenticity of traded assets.

Increased efficiency and speed: It removes the need of a middlemen. Assets can be traded without the help of any middle person even if it involves cross border agreements/payments simply by the use of blockchain.

Reduced Cost: Without the need of the middlemen, cost of transferring huge amount of money or even in Real Estate deals is reduced as there is not any need for any agents to be involved and the most of the percentage cut that was usually paid to the agent is received almost in full by the owner that is selling.

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#3928
  1. Transparency:

all participants have visibility of the transaction history.

  1. Security:

peer to peer decentralized networks are highly resilient and have the incentives for the community to act with integrity.

  1. Improved traceability:

the entire history is available to all to audit and audit in real-time. transaction and accounting functions are integrated in the ledger.

  1. Increased efficiency and speed:

settlements on blockchain are fast as compared to settlements with banks and financial services can take days or week.

  1. Reduced cost:

eliminate many middleman intermediaries.

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#3929
  1. Transparency:

Blockchain’s transaction ledger of addresses is public and allows for the tracking of all transactions that have taken place.

  1. Security:

For security, Blockchain uses a combination of hashed encryption (to authenticate the owner) and the blockchain network to mathematically verify new transactions and only when the network has successfully verified can it be added to the blockchain.

  1. Improved traceability:

The Blockchain maintains a list of digital signatures associated with all current and previous ownership involved in transactions. Hence, it is easy to follow the trail of transactions that have occurred.

  1. Increased efficiency and speed:

Since the blockchain is decentralized, it will continue to function even when certain nodes fail. Furthermore, it removes the need for a middleman since the transactions are transmitted from peer to peer.

  1. Reduced cost:

All the above benefits should reduce the overall operational costs of maintaining a digital network allowing more resources to be focused on improving the customer experiencing and giving them cost savings.

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#3930
  1. Transparency: Transparency makes it extremely difficult for organizations or people to hide transactions and makes it easier for others to verify those actions.
  2. Security: Information written to and verified on the blockchain cannot be changed or destroyed, and with the high amount of entities verifying the transactions, the network cannot easily be shutdown.
  3. Improved traceability: The transactions on the blockchain cannot be changed or destroyed and can be audited back to origination.
  4. Increased efficiency and speed: By cutting out the “middleman”, information can be sent, verified, recorded, and audited much faster than traditional means.
  5. Reduced cost: Transparency, Security, Improved traceability, and increased efficiency/speed helps organizations to save a lot of money in logistics/quality assurance and opens the door for more business.
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#3931

Transparency:
blockchain is a distribution ledger and can shared among the participant

Security:
information cannot be revert/alter/amend/deleted/hacked etc.

Improved traceability:
can be viewed by the network, easily can verify the trueness of the historical data

Increased efficiency and speed:
-increase the efficiency by reducing human error, regardless how good the human is

Reduced cost:
-eliminate 3rd party trust cost

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#3932
  1. Everybody can have a look and see whats on blockchain, track history back since beginning
  2. Removing middlemen there is decentralised trustless enviroment which is backed by code and protocol, once finalised it is immutable. Incentivised by miners to keep network secure and be in consesus
  3. With blockchain it is easy to trace and audit whats on the ledger, everything ever added on blockchain stays there forever.
  4. Due to the peer to peer network it is more efficient and faster, no middlemen. It is cross border and can be transacted everywhere in the world for a low fee cost
  5. Due the decentralisiation and peer to peer it is way cheaper and faster sending transactions broad, without middlemen who usually take their cut aswell
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#3933

Transparency:
Public ledger is open to viewing by anyone, which gives a great accountability and prevents fraud or hacks.

Security:
Each transaction is recorded and linked to previous transaction, which cannot be altered. Transactions are verified by network so there’s no trust needed for a safe transaction.

Improved traceability:
All transactions are recorded on a blockchain, which allows greater traceability.

Increased efficiency and speed:
Blockchain is decentralized, eliminating the need for a middlemen or an authority to oversee the transactions.

Reduced cost:
Without a central authority or a middlemen, each transactions can be processed much more efficiently.

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#3934
  1. Transparency: Blockchain is transparent bacause it os on a public ledger which everyone can see all transcations.
  2. Security: it is secure as it is impossible to be hacked. it is verified by miners ( computers) therefore no chance of human error.
  3. Improved traceability: It provides an audit trail as all the blocks are linked together
  4. Increased efficiency and speed: Yes as transactions can be done all over the world, just need the miners to verify it. it is 24/7/365
  5. Reduced cost - No transaction fee to pay. miners are incentized financially for verifying transcations
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#3935

Transparency:
Blockchain is transparent due to its decentralised and trustless nature. All transactions are peer to peer and recorded, openly on the public ledger.

Security:
Blockchain is very secure due to its immutable and incorruptible nature. It is decentralised and peer to peer, based on verification and maths not trust between parties. It is therefore safe from false information and hacks, this is further compounded by the financial reward that the miners (computers in network) receive for ensuring this security.

Improved traceability:
Every transaction is recorded and on the ledger, this is very beneficial in supply chain management as it can be used in many industries. From field to fork or from manufacture to consumer the audit trail is easily and openly recorded.

Increased efficiency and speed:
No need to for middlemen the peer to peer nature of blockchain makes it more efficient. It is a high availability protocol which means its 24/7/365, faster and more efficient than centralised databases.

Reduced cost:
As discussed, no 3rd parties will lead to higher efficiency and a reduced cost.

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#3936

This is a classic debate.
How do I handle transactions in a way that can be scalable.

Here an article where Ethereum problems and its candidate solutions are explained:
Making Sense of Ethereum’s Layer 2 Scaling Solutions: State Channels, Plasma, and Truebit