Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#3957

Transparency: Transactions written to the blockchain are publicly visible and thus auditable. This ensures accountability and therefore dis-incentivises bad behaviour.

Security: The requirement of consensus for new additions to the blockchain, in combination with subsequent immutability, makes it incorruptible and creates a trustless environment.

Improved traceability: Due to the immutability of the blockchain and the fact that all transactions are public, provenance can be established. This feature makes blockchains highly suitable for improving supply chain management.

Increased efficiency and speed: By removing the need for middlemen at various stages in a transaction, the whole process becomes quicker and more efficient. As such, I can send bitcoin to someone anywhere around the world in minutes, compared with days or even weeks for international bank transfers.

Reduced cost: With increased efficiency come cost savings, particularly by cutting out middlemen - salaries, office buildings, etc.

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#3958

Blockchainā€™s transactions ledger is open for public viewing

each new transaction is encrypted and linked to the previous transaction

audit trail for every transaction recorded on a Blockchain - proof of ownership, fraud prevention

removes the middlemen from transactions and makes cross border transfers easier/faster

cost is reduced by the reduced or eliminated loss of product due to fraud, by the reduction in services that once showcased as middlemen, and of course, now there will be no use in paying for those books to be cooked :slight_smile:

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#3959

  1. Transparency: Public ledger that is open to anyone

  2. Security: Each new transaction is encrypted and linked to the previous transaction. A network of computers approves these transactions. Once these transactions are completed, there is no possibility to reverse this. Since itā€™s based on Math/protocol, there is no need to trust any 3rd party, making it a trustless system.

  3. Improved traceability: All transactions are public and real-time. This gives anyone the ability to lookup an exchange/transaction and verify its authenticity.

  4. Increased efficiency and speed: There is no longer a need for a middleman. Faster transactions through p2p transfer with crypto, regardless of where people reside.

  5. Reduced cost: No fees from a middleman, you connect Buyer-seller, Tenant-landlord,ā€¦

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#3960

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

Transparency: Anything on the blockchain is fully visible and verifiable by anyone on the public ledger.

Security: Data on a blockchain is unable to be manipulated due to each transaction having to be verified by multiple parties before being linked to the previous one. A full copy of the data chain is stored by each of these parties, therefore the corruption of a single entity will not affect the entire system.

Improved traceability: The history of transactions is stored by each confirmation node of the entire network. Anyone go back and trace any transaction to its origin.

Increased efficiency and speed: The blockchain eliminates the need for middlemen, therefore increasing the speed and reducing cost of transactions. Auditing can be performed in real-time utilizing a reliable database rather than having to go back and collect data.

Reduced cost: The blockchain eliminates the need for middlemen, therefore increasing the speed and reducing cost of transactions.

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#3961

Transparency.
The ledger is open for viewing.
Accountability leads to integrety in operation.

Security.
Each transaction is crypted and linked in blockchain.
The immutable nature makes it immune to manipulation and hacks.
Trustlessā€¦

Improved traceability.
An audit trail way back to the origin.
Easy to track supply chain.

Increased efficiency and speed./Reduced cost.
No need of middle man, erormous saving potential.
Direct borderless P2P transactions.

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#3962

Transparency: All transactions are part of the common ledger

Security: All transactions are verified by consensus (miners are incentivized to report accurately)

Improved traceability: All transactions are public and completely transparent

Increased efficiency and speed: Reduces human error because of consensus and its available 24/7/365

Reduced Cost: Removes 3rd parties and allows for p2p

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#3963
  • Transparency: Every transaction on the blockchain is publicly viewable.
  • Security: Every transaction on the blockchain is encrypted. It is (almost) impossible to change the data, because several parties participate in the network and have to confirm the transactions.
  • Improved traceability: You can better track the transaction on the blockchain.
  • Increased efficiency and speed: Since the blockchain is decentralized, you no longer need a third party (middleman) for a transaction and you can send the transaction anywhere in the world in a few seconds.
  • Reduced cost:The decentralized nature of the system means that there is no need for a middleman, third party or exchange. This saves costs.
    In the future, a real estate transaction will not require a notary public.
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#3964

My thoughts on some of the benefits of using blockchain:
Transparency - Using blockchain we have the ability to provide transparency like never before allowing for true accountability, honesty and integrity.
Security - Utilizing a public ledger for transactions that is immutable and traceable provide a more secure environment.
Improved Traceability - there are multiple benefits from improved traceability including authenticity verification, security, ease of auditability/accountability.
Increased efficiency and speed - There is no need for a 3rd party to verify transactions allowing for ease of auditability and less room for error.
Reduced cost - eliminating 3rd parties, reduce possibility of error/fraud and provide better security and trust will all reduce the cost of utilizing blockchain technology.

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#3965

Transparency:
It is extremely important for transparency of a business or financial sector as the customers can see exactly what has happened in the transaction and know that there was no transaction mailability that could of tampered the deal. It is now stored, immutable and public to everyone of what happened and it is recorded on the blockchain.

Security:
All the transaction are linked to each other and are immutable, canā€™t be hacked and public unlike a centralized ledger which is prone to centralized point of failure or bad actor scam.

Improved traceability:
You can view the supply chain of goods or authenticity of a product therefore it is available for everyone on the blockchain. Basically blockchain leaves audit trails.

Increased efficiency and speed:
The transactions can be global and used for assets such as real estate which can the be confirmed via a smart contract that proves ownership. Also the blockchain removes the middleman.

Reduced cost:
The transactions are P2P therefore much more cheaper than having a third party verification.

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#3966

Transparency:
Transparency leads to accountability, which we need more of in our politicians, for example, so by providing a ledger that is public, we would see where their nefarious payments came from and went to.

Security:
Because the chain is only ever added to, due to the immutability factor and it canā€™t be changed by one individual without the consensus of the network, youā€™ve got greater control of the security.

Improved traceability:
Authenticity and ownership are important when tracking goods/value. When a blockchain is the foundation of this, the network confirms transactions and tracking of goods in a way that canā€™t be corrupted.

Increased efficiency and speed:
By removing 3rd parties, thereā€™s less hands and interference in many processes, improving the speed of transfer of assets and/or contracts.

Reduced cost:
With direct P2P interactions, thereā€™s no need for middlemen charging fees for services that are redundant under blockchain. Less players, less fee, reduced costs.

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#3967

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

  1. Transparency: Because the blockchain can be available for anyone to view at any given time and this allows for consumer, as well as partners to view the entire process. This allows for a trustless system which in turn creates more honesty.

  2. Security: Because blockchain is a consensus system, it doesnā€™t allow for any one entity to make any unverified changes or tamper with information. Therefore, you are much less vulnerable to hacks or any one entity that can be corrupted.

  3. Improved traceability: Keeping track of information on the blockchain creates accountability for everyone in the system. This makes in theory should make everyone work to provide accurate and honest information as it will all be traceable.

  4. Increased efficiency and speed: By adding increased efficiency and speed a business should in turn be able to create additional revenue by lowering their cost while also providing additional time for more transactions.

  5. Reduced cost: A few benefits of reduced cost that provide a competitive edge;
    -Scale your company larger
    -Provide the service/product at a lower cost and therefore procure more clients/sales
    -Increase your income
    -Create more value for customers by offering the product at a lower cost
    -Allow you to upgrade the materials used to create a better product

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#3968

Everything has a record and its public
Every transaction is validated by a vast network of computers
Every movement can be traced backwards
Uses computers all around the world and not just a cluster of servers
Costs depends on economics basics, supply and demand

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#3969

  1. A blockchain offers greater transparency because it is a public ledger that can be accessed by anybody. All of the transactions, that are stored within the public ledger, are open to viewing by all those who join the network.

  2. A blockchain provides better security because it is decentralized. Control is dispersed across a network of computers so there is no single point of failure. This makes it much more difficult to hack.

  3. Whenever a transaction is recorded on a blockchain, an audit trail is created. This makes it very easy to trace where things have come from. The immutability of the data, that is stored within the blockchain, is what really enables traceability.

  4. All participants have access to the same digital ledger. This removes the need for middlemen and allows for Peer-to-Peer payments. It saves time and therefore increases efficiency.

  5. Since thereā€™s no third parties involved, thereā€™s less money being spent.

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#3970

Transparency: adds an unprecedented layer of accountability, holding each sector of the business responsible to act with integrity towards the companyā€™s growth, its community and customers.

security:because each new transaction is encrypted and linked to the previous transaction. Blockchain, as the name suggests, is formed by a network of computers coming together to confirm a ā€˜blockā€™, this block is then added to a ledger, which forms a chain

improved traceability: help improve security and prevent fraud in exchange-related businesses, but it can also help verify the authenticity of the traded assets

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

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#3971

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

Transparency:
The transaction ledger for public addresses is open for viewing. Therefore everyone can have an eye on everyone.

Security:
A blockchain is formed by a string of mathematical numbers and is impossible to be altered once formed. This makes it safe to falsified information and hacks and itĀ“s decentralized nature makes it trustless.

Improved traceability:
Each time an exchange of goods, or a transaction is recorded, and audit trail is present to trace where the goods, or the money came from. This can be used for example to track the supply cahin from manufacturer to distributor.

Increased efficiency and speed:
Because blockchain is decentralized, it removes the need for a middleman (a bank for example).
It also allows pier to pier cross-boarder transfers with cryptocurrencies .

Reduced cost:
All the auditing and security management is done by the network itself. So I donĀ“t need to hire or pay anyone for that, which eliminates the need of sometimes really expensive and ineffective 3rd parties (FED, or ECB)

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#3972

Transparency: Blockchain is a public ledger meaning that all transactions, product information, document information, and anything else added to the database is public and can be verified by someone having access to the bitcoin client. This puts extra pressure for ethical practices in business since if people can verify that a business is being unethical in not paying taxes, not treating their products right by employing child labor or mistreating their animal farms, this will have consequences of epic proportions from the government coming after them, to customers switching to another brand, to animal and human rights organizations rightly demonizing them which will affect significantly their revenue and profit.

Security: Whenever a transaction occurs it is being analyzed and verified by the miners, a set of computers in a network. This means that no human error is possible and that the process is automated and based on a protocol or framework which no human can alter. Also, adding the transparency factor of blockchain it makes transactions secure and easily verifiable to avoid fraud or sinister practices. Due to proof of work it is impossible to reverse a transaction or alter it in any way.

Improved traceability: the ledger is not only public can allows you to trace the previous owners of an asset or money and see what it was used for making it far more difficult to cheat or engage in bad practices. In addition, one can see where the ingredients of a product came from and if the businesses selling the product and its ingredients are in fact engaging in ethical practices before making the consumer decision of buying a product.

Increased efficiency and speed: The blockchain is a high availability and global technology and especially network as it is live 24/7/365 and does not go off. Even if a huge chunk of the miners in the network go offline, they will be immediately replaced by other miners who are incentivized to mine to make money. Besides it being available always, it is global meaning that I can send money to any person in the world with a wallet that supports the currency I want to send them. Finally, it is a peer to peer decentralized network meaning that third parties who handle the transactions are not involved to slow down the process.

Reduced cost: As blockchain removes the third party which costs a lot of money it saves cost. Potential other costs that will be saved in the future is the reduced need to travel to verify books and ledger among others by let us say an auditor as this would be easily done in the comfort of his office or home which would save fuel and time for the auditor to focus on something more productive.

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#3973
  1. Transparency:

As the ledger is publicly open to view, leaders and employees are accountable for transactions and open to scrutiny.

  1. Security:

The trustless nature of blockchain makes it ideal for business transactions. Transactions are encrypted into the blockchain and cannot be later altered or removed.

  1. Improved traceability:

Transactions written to the blockchain leave an audit-trail. It can be used to secure financial tractions, but also supply chain management to ensure the authenticity of products used and where they have been processed or for proving ownership and provenance of property and other assets.

  1. Increased efficiency and speed:

Blockchain cuts out the need for middlemen thereby creating more efficient processes. International P2P cross-border transactions can be performed using digital currency in much faster timescales.

  1. Reduced cost:

Fewer processes, reduction of employees, departments, contractors and third party middlemen contribute to efficiency and thus reduced costs. Potentially supply chain managment can also reduce waste.

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#3974

Transparency:
By having a public ledger, companies will have hard evidence of how they uphold the laws and ethics in their operation. It will give a huge advantage to the ā€˜goodā€™ companies and will make it hard for the ā€˜badā€™ ones.

Security:
Transaction records canā€™t be changed and any potential bad actors would have to overpower the rest of the network to carry out their bad intentions. This is practically impossible all major blockchains and will only get harder as they grow and gain usage.

Improved traceability:
Blockchain can provide a reliable history of transactions and information about an entire network of actors, forming an industry or market. Any object in this market (a car part, an artwork, anythingā€¦ ) should be possible to trace to its very origin.

Increased efficiency and speed:
A distributed network validating a blockchain is unlikely to ever slow down or go offline. It is a live ecosystem where fees are set by incentives to always keep it secure and functional. No need for service providers who can charge arbitrary prices.

Reduced cost:
Blockchain can eliminate a lot of the overhead costs associated with complex systems by removing all the middle men.

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#3975

Transparency:

transactions are recorded in the public ledger for everyone to see. there is no obscurity and companies can work together with greater trust giving the traceability nature of every transaction within the network.

Security:

Data or transactions recorded in the blockchain has an immutability nature and hence cannot be falsified. this makes it difficult for information to be corrupted and hacked.
Also, mathematical encryption within the blockchain adds an added layer of security.

Improved traceability:

transactions carried out in the blockchain leave an audit trail. hence it is easy to trace every transaction. it increases authenticity and increases security.

Increased efficiency and speed:

in a situation where the middle man is completely removed, the speed with which certain transactions that required verification are carried out is drastically increased.

Reduced cost:

The fact that fraudulent activities can be eliminated within certain transactions is very significant when it has to do with cost reduction. Again, if the middle man is removed because of the efficiency of blockchain, it will also lead to significant cost reduction for companies. A lot of companies lose money as a result of returns made by customers, but the finite nature of blockchain makes sure that this risk is completely eliminated.

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#3976

it is amazing to see the far reaching range of opportunities that blochchain offers especially when looking into it as from the point of view of BASS- Blockchain-as-a-Service.