Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#3997

Transparency: Everyone can see all the transactions that have taken place.

Security: Transactions are approved through proof of work. The network is decentralized so no one party has control.

Improved Traceability: All transactions are visible on the blockchain, and nothing can be removed.

Increased efficiency and speed: There are no 3rd parties or intermediaries so transactions are processed quickly.

Reduced Cost: People can easily send money across borders without the need to exchange currencies, which greatly reduces costs.

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#3998

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

  1. Transparency:
    The transaction ledger of public addresses in the blockchain is open to viewing by any interested party.
  2. Security:
    Each new transaction is encrypted, linked to the previous transaction and to the next transaction.
  3. Improved traceability:
    Within the blockchain ledger, each time an exchange of value, which is a contract for performance, is recorded, the transaction becomes part of an audit, tracing the history of that contract.
    Every step in the “record of history” of the ledger adds to improved security, prevents fraud and facilitates the verification of the authenticity of the traded assets.
  4. Increased efficiency and speed:
    Eliminating the middleman at all levels tends to increase efficiency and speed, since any new approach operates by the principle of freedom and contra to the pursuit of the myth of the previous culture which drives the old way of doing things.
  5. Reduced cost:
    Reduced cost is a natural benefit of commerce, which ultimately optimizes the working parameters of the vehicle of the new vision. So it is done at the benefit of receiving more by doing less.
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#3999

Transparency: All data can be verified at any time in the blockchain.
Security: Data can not be altered.
Improved traceability: All data is verified and can be traced when needed.
Increased efficiency and speed: All data is stored in the same place and can be accessed easily.
Reduced cost: Middlemen are eliminated and processes can be streamlined.

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#4000

Transparency: The ledger and transaction record is open for anybody in the community to see.

Security: Transactions are encrypted and linked to the previous transaction, the system becomes trust-less there is no need to trust an intermediary.

Improved traceability: Due to the nature of the blockchain and the way it works, auditing is done automatically, for instance goods in a supply chain can be traced to their origin.

Increased efficiency and speed: No centralised party to deal with, two parties can simply deal with each other and cut out the middle man completely.

Reduced cost: No centralised institution charging massive transaction fees, cutting out the middle man so that two parties can trade.

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#4001

Transparency:
Adds an unprecedented layer of accountability with its ledger which is open to viewing for all that need/want to.

Security:
Every transaction is encrypted and linked to the previous transaction, making it near impossible to be altered once formed

Improved traceability:
Audit trailing which can identify where the goods went and were previously, verifying data which can be traced easily if required

Increased efficiency:
No middleman, allowing P2P transfers

Reduced cost:
No transaction fees with P2P transfers, allowing the two individuals/enterprises to spend only what’s required for the goods/services, no more

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#4002
  1. Transparency: Through blockchain every transaction is open source, everyone can see it. This is especially powerful for financial systems and businesses where much information is never shared. This brings accountability to the surface
  2. Security: Every transaction is decrypted and added to the blockchain. Every transaction has to be agreed on by all the computers in the network. They would not lie because they are inncentivced to tell the future and only confirm correct transactions.
  3. Improved traceability: With blockchain tracebility is as strong as never before, you can always see where a transaction came from because its recorded in the blocks.
  4. Increased efficiency and speed: Using a digital ledger that everyone has access to middle man are not needed which increaes efficiency and speed.
  5. Reduced cost: Blockchain removes the middle man which saves cost.
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#4003

  1. Transparency:
    All the transactions are visible on the public ledger to everyone. No more shady business.

  2. Security:
    It doesn’t rely on any central authority. It relies on incentive network based on consensus, protocol and math. The information stored in the blockchain is immutable. Meaning that once added to the chain it cannot be altered nor hacked.
    It isn’t based on trust.

  3. Improved traceability:
    In the blockchain an audit trail is present for each transaction, which makes it possible to trace provenance and authenticity of the products.

  4. Increased efficiency and speed:
    Because blockchain is decentralized it removes the need for middlemen saving a lot of time. Blockchain allows peer to peer transactions which makes it more efficient and secure.

  5. Reduced cost:
    Blockchain reduces cost in many ways. It reduces cost by removing the need for middlemen. Also saving a lot of time.

Does it also reduce the need for extra security as the blockchain itself is already secure? If so there is no need to spend even more money on that.

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#4004

Transparency: Everyone involved can check the information on the blockchain and dont have to trust somebody else.
Security: You can be sure that the information is correct and not changed or maipulted by someone.
Improved traceability: Can be used to track the supply chain and proof of ownership. it can also improve security, prevent fraud and verify authenticity of traded assets.
Reduced cost: Because no middlemen or third party is needed in the transaction.

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#4005

Transparency: The ledger by which all data is recorded and stored is public and readily available. Everyone sees the same story, accessing it via the same looking glass. No distortions.

Security: All transactions on the network have to be confirmed by a series of nodes that talk to each other via a mathematical language that is impossible to compromise or hack because of an embedded value protocol, all incentivised to tell the truth. Once the consensus is carried out, it is final and unchangeable.

Improved Traceability: Every time there is a transaction, an audit trail is generated. This self-verifying/auditing feature helps to authenticate traded goods/assets and provide undeniable proof of transactions (provenance), all once again public and readily available.

Increased Efficiency: By virtue of non-existent third parties or middle-men, there is only Point-A and Point-B. Also, the fact that it is digital means that Point-A can be here on Earth :earth_americas:, and Point-B on Mars :alien:, the blockchain will be capable of executing the transaction seamlessly via a universally traceable system of data exchange.

Reduced Cost: No physical workforce needed. No employees. No over-heads. No offices. No bills. No susceptible to human flaws (like greed) chain of command.

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#4006

Transparency: due to public ledger each transaction is visible and traceable

Security: transactions are recorded one after another forming a block. Blocks are linked into a chain also one after another. It is not possible to change any of the previously recorded transactions as this invalidate the whole chain and the network will reject such change. Therefore, there is a lower risk for hacks, manipulation.

Improved traceability: through open public ledger where every transaction is visible (for money or goods) and can not be faked, manipulated. This can be very useful for many industries/producers (medical, food industry or art via NFTs and proof of ownership).

Increased efficiency and speed: transactions are done in a matter of seconds (minutes at worst) across the whole world. There are no intermediaries between sender and recipient (only the blockchain itself and dapp). Smart contract can be executed automatically without human involvement.

Reduced cost: As there are less intermediaries and less human labor is involved this results in lower costs vs traditional networks.

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#4007

  1. Transparency: Public ledger and verifiable assets

  2. Security: All transactions have to be confirmed by the consensus protocol and once are written through proof of work they are final and cant be reversed

  3. Improved traceability: Each transaction can be traced to specific wallets and nothing is unaccounted for on the blockchain

  4. Increased efficiency and speed: Peer to peer functionality allows for transactions without centralized authority or other middle men companies authorizing out transactions.

  5. Reduced cost: With no central authority trying to take profit and no middle men companies charging fees, costs would obviously be reduced.

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#4008

Transparency: Businesses will not be able to get away with dishonest business practices. Corruption will be a thing of the past.

Security: Each transaction is identified by a unique set of letters and numbers that cannot be altered. Centralized databases are much easier to hack into. The blockchain is decentralized and continues to grow stronger with more adopters.

Improved traceability: This works hand in hand with transparency. The ability to perform real time audits holds everyone accountable, providing transparency. The true ownership, origin, creation, and supply chain of goods and services cannot be hidden.

Increased efficiency and speed: Verification is done by the network rather than middlemen leading to faster and more efficient transactions.

Reduced cost: The blockchain saves everyone money by cutting out the middlemen.

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#4009

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

  1. Transparency: open to the public, no censorship
  2. Security: you can’t manipulate the information that’s already in it, information is encrypted
  3. Improved traceability: real time audits are possible
  4. Increased efficiency and speed: cuts the middle man
  5. Reduced cost: everything works automatically with computer labor
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#4010

1.Transparency means it is a public ledger where everyone can see it and it can shared by everyone and available to everyone
2.Security because transactions are agreed upon and approved, then linked to the previous one and stored across a network of computers, not just one. This prevents fraud
3.Improved traceability meaning everything in the supply chain can be accurately tracked.
4.There is a single digital ledger that everyone has access to which increases efficiency.
5.Data on the blockchain is trusted and unhackable which reduces cost because there is not any not needed middle person

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#4011

Transparency: Public ledger, all transactions are public and traceble.

Security: Previous transactions can’t be undone. The blockchain is immutable and incorruptible because of the it’s decentralized nature of many network nodes.

Improved traceability: All transactions are public and traceble. This makes it possible to trace where good came form + confirm authenticity.

Increased efficiency and speed: With blockchain tech, you remove the middleman. This will increase speed because there is one party less + no traditional banking payment system has to be done. This makes transactions faster, more realible and more efficiënt.

Reduced cost: removing the middleman, so this party doesn’t has to be paid a fee for it’s service.

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#4012

  1. Data are recorded in a distributed ledger system and can be accessed publicly. For example, any Bitcoin transaction can be traced on the blockchain.

  2. Once data are recorded in a blockchain it is immutable and impossible to hack.

  3. All transactions are recorded permanently and accessible 24/7.

  4. Easily accessible without the need for third party increases efficiency.

  5. Totally automated and without the middleman reduces costs.

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#4013

1. Transparency:
Blockchain’s transaction ledger is open to viewing.

2. Security:
Blockchain is formed by a complicated string of mathematical numbers and is impossible to be altered once formed. This immutable and incorruptible nature of blockchain makes it safe from falsified information and hacks.

3. Improved traceability:
Blockchain allows to store and track all the interactions with the supply chain and details of it.

4. Increased efficiency and speed:
Blockchain removes the need for middlemen in many processes for its application areas. In comparison to traditional financial services, blockchain facilitates faster transactions by allowing P2P cross-border transfers with a digital currency.

5. Reduced cost:
Blockchain allows to simplify buisiness processes in various areas, making them more effective
for lower costs. The role of middlemen will be eliminated.
E.g. if the company X runs all its financial records in blockchain, there will be no huge expenses for audit from the 3rd party, as all the data is stored in the blockchain and can be easily processed by software.

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#4014

Transparency --> allows for undeniable accountability. One’s transactional history is open to public viewing and can thus be held accountable by their stakeholders.
Security --> Blockchain enables a trustless ecosystem by verifying each new transaction/block that enters the system against previous blocks / the ledger as a whole. If there are any discrepancies, the new transaction/ block cannot be verified and does not go through. Also, all data is encrypted.
Efficiency -->Blockchain takes away the need for many middlemen, at least in the current system, that bog the speed of transaction down. Waiting for verification from a bank for instance. With public and trustless ledger, individuals can make direct transactions with whom they’re doing business with.
Improved traceability - given the enhanced provenance/traceability, we can now better understand where our goods are coming from across each layer of the supply chain. The public ledger and transparency blockchain enable allows individuals to see each contributing factor that went into the creation of a product or the distribution of a product.

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#4015

True, but you still need to secure your own infrastructure even if its connected to the blockchain. I love how some websites now offer you to login with Metamask using your key to sign in. This also makes the login process easier to implement. It should also reduce costs because you don’t need to store any data that are required to be handled with GDPR regulations. :slight_smile:

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#4016

  1. Transparency is one of blockchain’s greatest characteristic because the transaction ledger for public addresses is opened to viewing. This makes the information transparent, trustworthy and reliable as opposed to a centralised ledger.

  2. Because the information is stored across a network of computers insted of a single server, this makes it very difficult for hackers to compromise the data.

  3. All information is accurately traceable on the blockchain.

4.by removing the paperwork and the middleman, the transactions are much more faster.

5.Removing the human error and the middlemem, the cost is also reduced.

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