Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#4158

Transparency: is a benefit because nothing is hidden to any party involved. All information given is correct and everyone has the same copy of information.

Security: In blockchain is a huge benefit because with the work put in to create this public ledger/database is provable by math and verifies that you can never be scammed. You know that because nothing can ever be removed from the blockchain that your information or the information you find is correct and hasn’t ever been tampered with. Any transactions made have to be agreed upon consensually so you know it can never be a fraudulent transaction

Improved traceability: It makes tracing things financially/in a supply chain a lot easier and accurate. It gives supply chains improved quality on their goods and confidence that the product they were told they’re getting is exactly that.

Increased efficiency and speed: The speed at which anyone can trace or find certain information is increased hugely when there is no third party involvement. Using one database also eliminates any time spent looking through different sources.

Reduced cost: As everything on the blockchain is verified there’s no intermediate party to pay fees to this reduces cost dramatically. There’s no chargeback option or possibility of fraud in the blockchain minimizing information stored or work put in to stop such things reducing overall costs.

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#4159

  1. Public blockchains makes it easy for anyone anywhere to look at each transaction in real-time. Anyone can have insight into each event and incentivises companies that are using the blockchain to do good.

  2. Blockchains is secure by using math mainly cryptography. Each block’s hash is dependent on the hash of the block before it all the way down to the genesis block. This makes it mathematically infeasible to change the blockchain and its history which creates high security.

  3. By having transparency anyone can trace what has happened on a blockchain.

  4. Middle men are not necessary in blockchain technology, and by cutting them out transactions can be made faster and more efficient.

  5. Cutting out unnecessary middle men reduces cost. For example, no bank fees.

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#4160

Transparency: Blockchain records transactions on a public ledger which allows anyone to view them. As a result of this companies and individuals are forced to act responsibly and with integrity.

Security: Blockchain transactions are immutable and final. They cannot be deleted or tampered with. This is far better than relying on a third party to store data where it is subject to hacks and falsified information.

Improved traceability: Blockchain offers provenance and traceability through its ledger system. This supply chain management system can prevent fraud and ensure authenticity as all goods and services can be traced back to its source and origin.

Increased efficiency and speed: Blockchain facilitates much faster transactions by allowing instant transfer of digital currency without going through middleman. The smart contract system within blockchain also allows for an automated and efficient ownership of records.

Reduced cost: Blockchain cuts out middle man required to process and verify transactions.

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#4161

Transparency - Open viewing of all transactions by all. Removing the trust factor that we place in the hands on banks and corporations.
Security - Each transaction is encrypted and placed on a block. All tranactions from there are verified using the history on those blocks.
Traceability - Open source public ledger. anyone can go on and look at any tranaction.
Efficiency & Reduced cost - By removing the middle man or need for one increases speed and reduces cost. blockchain uses real time auditing to eliminate increase all off these topics here.

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#4162

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

  1. Transparency: Transactions are approved by network and are visible to public.
  2. Security: Decentralized and trust less, transactions are stored and can’t be removed.
  3. Improved traceability: Transactions are verified, traceable and open to the views on real time.
  4. Increased efficiency and speed: Automating many supply chain processes and reduced auditing.
  5. Reduced cost: Removed third party trust brokers and makes it peer to peer.
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#4163

Transparency: Is the reason for blockchain creation, all process can be view, analyze and verify openly, creating accountability to any financial or supply process.

Security: The information is encrypted and linked to previous transaction, the BC add ledgers to the chain to complicate the math and make it impossible to alter or destroy.

Improved traceability: With every exchange the BC create trace records to make security better and confirm the authenticity of the asset or information.

Increased efficiency and speed: because the blockchain run 24/7/365 without stop or down time, the verification and trustless system guarantee that transactions and supply chains are secure, active and efficient.

Reduce cost: Blockchain-as-a-Service companies allow the integration of the BC without disrupting daily operation and allowing companies to embrace the technology at better cost compare to replacing the ERP system.

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#4164

The blockchain is essentially one large immutable database of transactions. Everyone can gain access to this database making it very transparent.Transactions on the blockchain are verified by so called miners. These miners in return get rewarded in the mined currency. This incentivises miners to be very active thus increasing the network’s security. The speed and efficiency of sending and receiving transactions is also much higher due to it being open 24/7 365 days a year. It’s the network with the highest availability in the history of the internet, currently 99.98% while running non stop for almost 3000 days. And finally since blockchain technology is trustless it removes the need for a middle man. This reduces the cost of using the network substantially.

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#4165

Transparency is a benefit of blockchain because each transaction on the blockchain is visible. The accounting information is immediately available so one can see when the transaction took place and with whom.

In the blockchain, the network of computers coming together and creating a “block” that encrypts each transaction and linking it to another transaction makes it impossible to alter the transaction. This provides security not found in any other business transaction.

The blockchain ledger shows the entire information of each transaction, therefore improving traceability.

Blockchain increases the efficiency and speed of transactions because it eliminates the middle man and unnecessary contracts in most transactions.

Transaction on the blockchain is cheaper because it is faster, convenient and it eliminates overhead and the middleman.

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#4166

Transparency: Blockchain enables open ledger viewing for public.

Security. Blockchain is formed by complex mathematical formulas and impossible to be altered.

Improved traceability. Since the blockchain enables open ledger, it can be traced and checked by anyone and everyone.

increased efficiency and speed. There is no need for middleman in transactions and real estate therefore increasing efficiency and speed.

Reduced cost. Since there is no middleman involved it also cuts fees.

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#4167

  1. Blockchain is a open ledger. everyone who has acces to the internet can se all the transaction that has occured on the network.

  2. All the nodes confirms and creates new blocks on the chain , whitch are encrypted with math , when something its on the blockchain it cant be removed or changed without being noticed and stopped by any of the nodes around the world.

  3. Every new block is connected to were the goods came from and auditable . and accesable 24/7.

  4. you remove the middleman and all transactions are peer to peer and happens almost instantly.

5 . You can remove middlemens hand transact peer to peer. you remove the cost of middlemens.

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#4168

Transparency:
Blokchain is a public ledger where all transactions can be traced and track in real time. You don`t need to trust you can verify.

Security:
Blockchain is a decentralized computes network where decisions to add a new block to de ledger are being check with consensus of many entities and once added it cannot be removed. Copies of blokchain are stored on millions of computers and they are really indestructible and cannot be really hacked and manipulated. All transactions are verifiable.

Improved traceability:
All transactions can be traced and track. It improves for example the financial system and the supply chain where we can check the origin of the product, where it was and where it’s going to.

Increased efficiency and speed:
In blockchain technology everything is checked in one place in the public ledger by computer network - many entities, which speeds up the process.

Reduced cost:
Transactions free of banking costs

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#4169

  1. Since the BlockChain is open to anyone, any transaction is visible to anyone in real time and cannot be undone.

  2. Any change of money or goods has to be approved and then becomes encrypted on a large network on computers, which provides more accountability than a centralized system.

3.BlockChain allows a real time audit on anyone, making scams impossible

  1. No middle man, all you need is the internet, making the BlockChain available to all.
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#4170

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

  1. Transparency: Anyone can access and review the blockchain network to verify all transactions.
  2. Security: Since Blockchain is decentralized and immutable, hacking is not an option. Since consensus from all nodes on a network are required to approve a transaction, hacking a single node would not be possible to change the transaction.
  3. Improved traceability: Every transaction carries along with it the previous encrypted transaction that led to the current record in the ledger. This chain of custody combined with 100% transparency allowed for complete traceability.
  4. Increased efficiency and speed: The removal of middlemen allows for increased efficiency and speed. Blockchain was able to achieve the removal of middlemen by being based off a “trustless” system.
  5. Reduced cost: Blockchain can reduce costs based off removing unnecessary “auditing” work that was required in the traditional database and financial systems. Additionally, transactions are cheaper due to the incentives to mine and keep the network up and running.
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#4171

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

Transparency:

Everyone can see the ledger and all the transactions that occurred. The audit happens automatically without the need to hire third parties to check that all the transactions are real

Security:

This gives the users of blockchains the piece of mind, that the information is not manipulated and there was no double spend on the network.

Improved traceability:

Goods or the movement of money can be easily looked up and trusted, without the fear of false transactions.

Increased efficiency and speed:

This can increase the productivity of a company so they can focus on the product instead of logistics

Reduced cost:

The reduced cost will free up capital and time to invest in other important things. The cost will be improved through the efficiency of the network

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#4172

Transparency: The business will have to be very honest on the record and will be held to a much higher standard with the public ledger viewable all the time.

Security: Miners will keep the network secure. They are incentivized by monetary compensation to keep the network safe.

Improved traceability: The supply systems of companies can be far more transparent about whatever it is they are doing. Whether that is sending eggs across the country or checking where the fabric came from for your shirt it will all be more traceable with blockchain technology.

Increased efficiency and speed: The middleman will be cut out of a lot of transactions for things that are not needed.

Reduced Cost: The cost of certain things will go down due to the middle man being cut out but also the BaaS feature as well. This sets things up on a global level that can be much more competitive than just states or one country.

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#4173

  1. Majority of blockchain transactions are transparent, so we can validate the truth.

  2. The security blockchain provides allows us to transfer an object with anyone.

  3. Traceability helps us to analyze the series of events, and helps us increase the efficiency. Recently I’ve heard a company uses a blockchain to trace the materials used for constructing an apartment building and uses AI to analyze and improve the cost.

  4. Increased efficiency and speed helps us reduce costs, the fee that we pay for a transactions and save time for the value to be transferred.

  5. Reduced cost helps us become more wealthy overtime.

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#4174

Transparency: The transactions are open to public viewing, which encourages accountability.
Security: Transactions are encrypted and linked to previous transactions so they cannot be changed.
Traceability: Transactions have an audit trail so the original source and movement of funds or goods can be tracked.
Efficiency: The need for middlemen is removed, and transactions are completed within minutes and can instantly cross borders. Digital agreements can be automated.
Reduced costs: Transaction fees are usually less than traditional banking, especially once middle men are cut out.

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#4175
  1. When all parties can see the whole transaction it removes the need for trust.
  2. The mathematics of the transaction are encrypted and unchangeable.
  3. Traceability is the base for the trust removal.
  4. Once adopted the system works much faster than human interactions.
  5. Speed and Trace referral drives costs down.
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#4176

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

Transparency:

All records are stored in this open and decentralized data based call blockchain and anybody can see. There’s no way to hide or manipulate the information already recorded.

Security:

As it is based with state of the art Math encryption concepts and technoloty, the information recorded is immutable. There’s no way to change because of the encryted protection given to the information.

Improved traceability:

It can integrate inner and outside parties of the business to record all information related to the product and its movements. On a snapchat with the right knowledge and tools, anybody can now know everything of a process, its movements or process. OIt can also be applied to any kind of businesses, projects and processes as well.

Increased efficiency and speed:

Nowdays, we need to rely on specialized auditing firms in order to grasp the information of a company or product. Propperly implemented blockchains these processes can be higly simplified and remove the need of special audit firms. The process of knowing something will be much cheaper and fast.

Reduced cost:

Due to the previous explanation, costs are also reduced.

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#4177

Transparency: Adding an unprecedented layer of accountability and holding each sector of business responsible to act with the highest integrity towards the companies growth and its community and customers can only improve the relationship between consumers and business’. The blockchain creates this benefit through maintaining an immutable public ledger of all transactions.

Security: The blockchain creates security through accountability and using high levels of encryption to link transactions. It is formed by a complicated string of mathematical numbers and is impossible to be altered once formed creating a incorruptible environment. Blockchains make information unfalsifiable and unhackable meaning you will not need to trust transactions to be safe from them.

Improved traceability: On the blockchain each time an exchange of good is recorded, an audit trail is present to trace where they came from. This helps to verify the authenticity of the traded assets. In any industry you can ensure that all products are what they claim to be with no hesitation as well as ensure proof of ownership of goods and materials.

Increased efficiency and speed: Compared to traditional financial services, the blockchain facilitates faster transactions be allowing peers to send digital currency across borders. Business’ will be able to manage processes with a unified system and smart contracts would automate transactions.

Reduced cost: The blockchain’s decentralized nature removed the need for middlemen in many processes such as payment companies who offer security and insurance. These things will no longer be needed on the blockchain due to other reasons provided and therefore transactions will no longer need to be approved or ran through other companies which increase those costs.

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