Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#4097

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

  1. Transparency: Transaction ledgers for public addresses are open to viewing. I.e. in financial systems and businesses this leads to an unprecedented level of accountabbility, holding each sector responsible to act with integrity towards clients, community, the own company…
  2. Security: Every new transaction is linked to a previous one, every transaction is there forever and cannot be altered or removed. The network of computers come together, form a block, add it to the ledger which then forms a chain. Due to this decentralized, immutable, trustless and incorruptible nature, the blockchain gives a very high degree of security.
  3. Improved traceability: As any added information must be verified by consensus and is then recorded on the blockchain forever (see above) an „audit trail“ is present. Everything is there fully viewable and transparent. Thus, in industries like medicine or food blcokchain can be used to track the whole supply chain from manufacturer to distributer. In art industry, for example, it enables proof of ownership.
  4. Increased efficiency and speed: Blockchain is decentral and therefore there is no need of a middle man. In comparision to traditional finance it anables faster transactions by allowing peer-to-peer cross-border transfers with a digital currency. Property management (houses, intellectual property, …) are made more efficient and through smart contracts tenant-landlors agreements are automated.
  5. Reduced cost: It is fast, efficient, disruptive, decentral, accessible 24/7/365 from anywhere in the world, it has a global standard/infrastructure so there is no need to compete with different (central) data bases. Blockchain technology can easily be integrated in the daily processes of a business – either by own technical team or BaaS fintechs. You don’t need to buy licences (such as Microsoft, SAP, …) or install expensive hardware to get it running.
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#4099
  1. Transparency: every transaction is visible because they are recorded on the public ledger and accessible by anyone
  2. Security: once the data is verified, confirmed and added to the ledger,it never can be removed, modified , hacked
  3. Improved traceability: as the transaction is recorded and visible on bockchain, makes easier to trace information about a product/transaction
  4. Increased efficiency and speed: Blockchain facilitates faster transactions by cutting out the middle man. All transactions are peer to peer
  5. Reduced cost: due the transparency, security , traceability, efficiency which allows P2P transaction, replace the middlemen
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#4100

Transparency-
All transactions are registered in the blockchain through the network where all the connected computers have to agree on the transaction, reaching consensus. The transaction can verified and confirmed not edited.

Security-
The transactions on the blockchain are not registered in a single server, which mean they are confirmed in a network connected by several computers, making it much more difficult to hack. The records will be on the blockchain forever, and can not be manipulated or tampered with.

Improved traceability-
Traceability is very important for companies that depend on record keeping, shipping items, etc. In the blockchain, since all transactions are in real time it can be traced rather easily.

Increased efficiency and speed-
Registering transactions on the blockchain make them trustless since there isn’t a need for human confirmation and, it also makes all trading processes faster and more efficient.

Reduced cost-
Given that all transactions are happening on the blockchain, they will stay in the network forever. This removes the trust factor and we can easily do business with each other without needing to spend any money on middle man to confirm or review the documentation to complete every transaction.

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#4101

Since the blockchain ledger is public, thus traceable, a company may benefit from the added layer of accountability to help the company move in a directions that support departments of a business to operate with integrity towards the growth of the company, community, and customers.

Blockchain systems are trustless environment. Blockchain runs on math and protocols, so each transaction is linked to the previous transaction block and once formed is impossible to alter. Not to forget the immutability and incorruptible nature of blockchain, preventing hackers and malevolent activity.

Each exchange on a blockchain provides traceability by leaving its own audit trail, verifies the authenticity of the traded assets, and provides irrefutable proof of asset ownership.

Blockchain increases efficiency, cost, and speed by removing the middlemen and the many processors involved in making payments. Transactions are processed faster on the blockchain for person the person transactions and cross border transactions. Smart contracts are able to automate rental agreements, real estate sales, and have a collateral basis rather than a bank person’s approval.

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#4102

Transparency: This allows the public to be able to view transaction ledgers. This is an additional level of accountability in businesses or financial systems. Also, each domain within the business is able to act in honesty.

Security: Blockchain is a network of computers that confirms a block, the block formed is added to a ledger and as a result, this forms a chain. Each transaction is encrypted and linked to the previous transaction. It’s impossible to alter the complicated strings of mathematical numbers formed by the blockchain.

Improved traceability: There’s an audit trail present to trace the movement of everything happening on the blockchain, this is done via the blockchain ledger.

Increased efficiency and speed: There is no need for the middleman when using blockchain technology. It also allows faster cross-border transactions through the use of digital currencies.

Reduced cost: Because blockchain technology has eliminated the middle man, the cuts down a huge cost in several industries that implement the use of blockchain technology.

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#4103

Open and public ledger that’s easily accessible and auditable. Holds companies accountable and keeps everyone honest.

No need to trust an individual or single company/authority. The network is incentivized to be honest.

Keeps people honest, more transparency and immutability is always a good thing.

removes the need for bureaucratic third parties that are costly, slow and inefficient

Same as above

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#4104

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

Transparency:

Security:

Improved traceability:

Increased efficiency and speed:

Reduced cost:

Blockchain is much secure due to its decentralized nature than a normal database, since its a distributed ledger many computers as a part of a network and are financed incentivized to active consensus.

Because of the immutable characteristic, it can be verified and all information and transactions are traceable.

The fact that all information recorded on the blockchain is traceable and available to anyone at any time makes the process of auditing much faster and reliable and cost-efficient.

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#4105

  1. Transparency
    In a (public) blockchain network, the data is stored in nodes across the globe which makes this system completely transparent. User can go to a website like https://etherscan.io/ and see all the transactions.

  2. Security
    There are two factors. One, data is stored all around the world. Even if one computer gets hacked, all the others can handle the network. Two, the data is impossible to change or remove. Once a data is written, it can no longer be changed. Also, adding a new data requires permission from all nodes.

  3. Improved traceability
    Records are all connected to blockchain, and since they are infeasible, blockchain enables trustless database.

  4. Increased efficiency and speed
    In a decentralized network, it enables P2P communications (transactions), therefore no middle-man is needed. Also, in a worldwide blockchain network, accounting layer and transaction layer can be easily connected, which makes it much more efficient.

  5. Reduced cost
    Today, middle-man is there to make safe and fair transaction for users. In the blockchain network, computers can achieve this so there is no need for middle-man which drastically reduces the cost.

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#4106

Transparency benefits the blockchain by letting everyone see the timestamped transaction. Also, it helps with the integrity of the business by holding a particular sector accountable.

Security benefits the blockchain by encrypting each transaction. Being trustless and immutable in nature, helps the parties to not have to trust the other individual and helps both parties to be safe from falsified information and hackers.

Improved traceability gives businesses/consumers in the “know” of where their products came from. It also is great because it helps with the authenticity of the traded assets.

Blockchain increases efficiency and speed with in Peer 2 Peer (p2p) transactions. P2P removes the middleman from the equation which in turn cut down on transaction fees.

Reduced costs by cutting out the middleman and it’s fees. Often times we have to pay a 3rd party like Western Union to pay for goods and services.

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#4107

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

Transparency:
All people can see the transactions so it won’t require trust

Security:
There’s no one point of failure and you’ve got an exact copy of the ledger all over the world which makes it not just resistant in a region but half the world could go under and there would still be a functional network which is impossible in any other database.

Improved traceability:
You can trace supplychain, all the transaction and the data can’t be manipulated.

Increased efficiency and speed:
No costly middlemen that makes transactions take much longer and cost a lot more. Also can be done over the weekend which seems to be a problem with the old system.

Reduced cost:
No middlemen, no excess acounting and auditing fees, streamlining so many operations.

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#4108

Transparency makes the blockchain publicly auditable by anyone. It is impossible to cheat and easy to verify that everyone is playing by the rules if the network is transparent.
This makes it possible for businesses to track their supply chains and be more accountable to their customers. The transparent nature of the blockchain also allows for anyone to potentially audit a companies claims.

A blockchain provides security by allowing transactions on a consensus basis to be verified and confirmed into a new block. Because of the code on which it relies, nobody can alter transactions after they have been verified or try to confirm unverified transactions. The moer participants there are in the system, the more secure it becomes as more computing power would be required to corrupt it.

By letting two parties interact with each other directly through the blockchain network, much faster transacting may be achieved without paying for third party services and/or other middlemen we can transact near instantly and cost efficiently any where in the workd by using blockchain technology.

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#4109

Transparency:
Every transaction is available for everyone to see on the blockchain ledger. This provides transparency and accountability
Security:
Because a network of computers verify each transaction, the blockchain is completely secure. Once formed, it is impossible to alter a blockchain
Improved traceability:
Audit trails are created each time a new blockchain is created; thus improving traceability
Increased efficiency and speed:
Speed and efficiency is increased with data transparency that results in eliminating middlemen such as supply chains
Reduced cost:
Improved efficiencies that eliminate third parties help to reduce costs previously paid out in the form of real estate commissions and supplier costs.

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#4110

Transparency: Blockchain is public and anyone can see the ledger.

Security: Transactions cannot be reversed and all data entries are verified by the whole network. One can have transactions with a stranger as trust is removed from the process.

Improved traceability: Once the data is entered into the blockchain it cannot be removed or changed so one can trace all the transactions from the very beginning to the present time.

Increased efficiency and speed: The network is decentralized and does not require an intermediary for transaction verification. It’s done by the network itself through consensus. This cuts the time for transactions and makes the process more efficient.

Reduced cost: Transactions are done directly without a third party, thus removing the cost for third party services.

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#4111

Blockchain provides a public ledger to those in the network. this adds a layer of accountability, holding parties involved responsible to act with integrity.

Blockchain is a decentralized system where different nodes/computing systems come together to confirm the next transaction on the chain. This consensus type of system and the math/protocols that underline the blockchain make it impossible to to alter once a block has been added to the chain. The immutable and incorruptible nature of blockchain make it safe from falsified info and hacks.

Blockchains provide improved traceability allowing the source of products to easily be confirmed. this not only improves security but also prevents fraudulent exchanges between businesses.

Since Blockchain is on the internet and is decentralized that means that the token that resides in the blockchain is easily accessible to anyone who has an internet connection, facilitates faster transactions all across the globe (borderless), and removes the need of middle man making it more affordable for all.

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#4112

Transparency: As we crave transparency from our governing bodies, banks, schools, etc. and do not receive it, we accept this as the norm but become skeptical and sarcastic when presented with new technology that solves this issue. As Blockchain slowly reaches the mainstream, those skeptics will come to realize the transparency that the Blockchain offers through a trust-less, immutable system.

Security: As Blockchain tech is an open-source, public ledger, users will be secure in knowing that it is based on math, protocols and standards that cannot be manipulated by third parties or hackers.

Improved traceability: As information on the Blockchain cannot be altered or reversed, there can be a real-time audit trail to the origins of each transaction. Nothing is hidden or removed and is always traceable, 24/7/365.

Increased efficiency and speed: Old systems are based on Middle men, fractured data and trust. Blockchain tech removes these increasing both efficiency and speed for each transaction. As it is peer to peer, speed is increased without the need for costly transactions performed by the man in the middle.

Reduced cost: As I stated above, with no middle men and a peer to peer system, costs are reduced and time is saved - time is money. There is no central authority to raise costs, instead…you have a community that is financially incentivized to work together for the better of the Blockchain.

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#4113

  1. There’s no secret hidden. All information’s known. Like for example buying a product, you’ll be able to check all the details on the item that you’re purchasing-- no hidden ingredients.

  2. you’re 100 percent sure protected. an example is your personal information is not compromised.

  3. you’ll be able to know where and when the product is produced. this gives you know where and when an item is made.

  4. for example in auditing. Everything is done online. It is quicker to do transactions— no travel time needed.

  5. There’s no middle institution to manage a transaction.

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#4114

Transparency: Every transaction/information on blockchain was confirmed by multiple parties in the blockchain network

Security: Network is decentralized and thats why there is no central authority, who can corrupt, change or hack the system.

Improved traceabilitity: You are able to find every single transaction on the blockchain, because it is written there forever after it was once submitted.

Increased efficiency and speed: You can use blockchain 24/7/365 and rely on this network to be always available for your needs. Speed is thats why increased, because for example during the weekends you are not limited by systems of the bank, which are not working during weekends and public holidays.

Reduced cost: In the blockchain there is no middleman and cost is going rapidly down, when no intermediaries are present.

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#4115

Transparency: The blockchain is a public ledger that anyone can download and verify.

Security: A transaction is verified by a public network of nodes before it is written into the blockchain, once it is written it can not be altered or erased.

Improved traceability: The blockchain can be traced from the beginning and since content can not be changed it is accurate.

Increased efficiency and speed: Trustless system does not need any other entity to verify, Blockchain network is operational 24/7/365.

Reduced cost: P2P operation which cuts out the middleman.

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#4116

Transparency: Creates Trust, Accountability, and Intergrity

Security: Complicated chain of blocks that is impossible to alter once generated, making it immune to hacks and corruption.

Improved traceability: Gives you the ability to trail goods and see the entire history and origin. This prevents fraud and helps authenticate traded assets.

Increased efficiency and speed: It eliminates all middle men needed in traditional finance, making it completely peer to peer, making it simpler and faster.

Reduced cost: This ties into the efficiency of removing the middle men, less fees to pay.

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#4117

1.Blockchain’s greatest characteristic stems from the fact that its transaction ledger for public addresses is open to viewing. In financial systems and businesses, this adds an unprecedented layer of accountability, holding each sector of the business responsible to act with integrity towards the company’s growth, its community and customers.

2.Blockchain is far more secure than other record keeping systems 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 ‘block’, this block is then added to a ledger, which forms a ‘chain’. 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. It’s decentralized nature also gives it a unique quality of being ‘trustless’ – meaning that parties do not need trust to transact safely.

  1. Improved Traceability

With the blockchain ledger, each time an exchange of goods is recorded on a Blockchain, an audit trail is present to trace where the goods came from. This can not only help improve security and prevent fraud in exchange-related businesses, but it can also help verify the authenticity of the traded assets. In industries such as medicine, it can be used to track the supply chain from manufacturer to distributer, or in the art industry to provide an irrefutable proof of ownership.

  1. Increased Efficiency

Due to its decentralized nature, Blockchain removes the need for middlemen in many processes for fields such as payments and real estate. In comparison to traditional financial services, blockchain facilitates faster transactions by allowing P2P cross-border transfers with a digital currency. Property management processes are made more efficient with a unified system of ownership records, and smart contracts that would automate tenant-landlord agreements

5.reduce the middle man like banks who are in the centralized system will reduce cost of transaction and uplift the trustworthiness of every transaction. Eliminate the third parties always removes cost.

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