Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#4178
  1. Transparency: all transactions that are made are visible thru the blockchain
  2. Security:transactions are recorded in the blockchain. Immutability and traceability ensure any transactions that are made are very secure
  3. Improved traceability: every transaction is traceable on the blockchain
  4. Increased efficiency and speed: no more middle men, p2p efficiency
  5. Reduced cost: again no middlemen taking the cut
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#4179

Transparency: Everyone can see and verify all transactions due to its public database, removing dishonest or hidden behaviours.

Security: Every transaction is mathematically encrypted and linked to the previous one, meaning it’s practically impossible to be altered, changed or deleted.

Improved traceability: Each transaction is timestamped which allows an audit trail to verify its authenticity.

Increased efficiency and speed: It removes the middlemen involved in many processes, by allowing P2P cross-border transfers for example.

Reduced cost: Middlemen are not needed.

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#4180
  1. Transparency is achieved with blockchain via public access and auditable trail of
    verifiable and unedited transactions.
  2. Security is achieved in the blockchain through consensus with a network of computers using
    mathematical verification.
  3. Improved traceability is cutting out middle or third parties and making faster and easier to do business.
  4. Reduced cost are do to no outside accounting needed be involved or fees to be charged, blockchain is transparent.
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#4181

Transparency:
The blockchain is public so transactions can be viewed by everyone. In business this is very important so that each company can be held accountable for dishonesty and thus is forced to be honest.

Security:
The blockchain is immutable because of the fact that each transaction is encrypted and linked to the previous transaction. Also it is decentralized so there are many copies of it. This prevents that it can be hacked, destroyed or corrupted.

Improved traceability:
When we look for example at ingredients of products, with blockchain we can trace back all the ingredients. This also contributes to transparency. Companies can’t be dishonest about where the ingredients come from because the suppliers of those ingredients can verify everything.

Increased efficiency and speed:
Blockchain facilitates fast peer 2 peer transactions that are crossed border. Because of this the middleman is not needed anymore.

Reduced cost:
Because all the middleman are taken out of the process the cost of a transaction is reduced.

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#4182

Trasparency- The blockchain’s pubilc ledger allows for everyone to see the transactions in realtime.

Security-It is almost impossible to hack due to multiple computer nodes running the blockchain and approving transactions.

Improved traceability- All transactions are on the on the public ledger which allows businesses to see the prior chain and the transactions cannot be changed.

Increased efficiency and speed- No middle man, transactions are done from person to person.

Reduced cost- No bank fees or transfer fees are charged for each transactions. only a small mining fee.

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#4183

#1 Transparency - All transactions are available to see from all who want to see, holding everyone accountable.

#2 Security- Every transaction is encrypted, agreed upon and confirmed and linked to that transaction.

#3 Improved Traceability- Each time goods or services are exchanged that creates a recorded audit trail that anyone can look at and confirm.

#4 Increased Efficiency - Removes the middleman in many processes and faster transactions.

#5 Reduced Cost- With the combination of Efficiency, traceability, transparency and security that alone will reduce cost in any transaction.

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#4184
  1. Transparency:
    The ledger is public so all tx’s are available to anyone.
  2. Security:
    Tx’s are irreversible. Every new block is linked with the hash of the previous block so there is no way to modify data without the rest of the chain breaking.
  3. Improved traceability:
    Anything being purchased through blockchain can be traced to it’s origin since the ledger is public.
  4. Increased efficiency and speed:
    Blockchain removes middlemen and tx’s can be P2P. The network is available 24/7 so tx’s can be made globally at any time.
  5. Reduced cost:
    Removes the need for 3rd parties like auditors or middlemen.
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#4185

  1. Blockchain is fully transparent and a ledger is kept of all transactions so this creates both trust in the network and it is in then in the companies best interests to act with integrity.

  2. Blockchain is designed to solve mathematical equations creating the blocks which can not be altered creating an enhanced security greater than centralised transactions which can be manipulated, altered or even deleted by computing, software or external bodies.

  3. Blockchain increases traceability by transactions being visible at all times and if a governing body would like to see what transactions have occurred by a company within the blockchain the could just look at the ledger and not have to file for papers which could potentially be altered.

  4. In effect blockchain increases efficiency and speed in transactions as it cuts out the middle man, or middle men. There could be a string of people in the loop of centralised transactions causing delays. An example would be if you had make a transaction at the other side of the world, ordinarily you would need to exchange currencies, have a platform to send and high fees can be incurred for additional service. With the blockchain this can be done with one direct transaction between two users.

  5. Transaction is direct so costs are cheaper.

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#4186

Transparency:

Transparency is a good way for people and businesses who are ’clean’, to show their surroundings, that they act in its’ best interest. Shady business can be busted easier.

Security:

Every new transaction is encrypted and verified by the whole network. Every transaction has to be confirmed by the network to make the New block in the chain. When a New block is added, it can’t be deleted or changed in any way. New blocks are confirmed with complicated math.

This makes the blockchain incorrupt and nearly impossible to hack.

Furthermore the blockchains dencentralization makes it trustless.

Improved traceability:

Every exchanges of goods is recorded on the blockchain, making it possible to actually get to know what is in the product you are buying.

Increased efficiency and speed:

Many middlemen can be cut or minimized, such as Banks (p2p crossborder payments), accountants (transaction history on the blockchain), lawyers (smartcontracts can automate and sipmlify their work) etc.

Reduced cost:

It can be cheaper and faster to transfer money cross-border. It will be possible to minimize the use of lawyers, accountants etc.

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#4187

Transparency
Blockchain is a open ledger. Parties involved in the transactions have access to the history of the traded goods.
Security
Any information stored on blockchain can not be modified erased of hidden ones it has been made with the consensus of both parties.
It is immutable, that gives an unprecedented level of security.
Improve traceability
BC can keep the exact record of transactions.
Each transaction is linked to its previous one that allows us to trace the precise origin of goods.
Increase efficiency and speed.
Because of instant verifications and allowing Pear to pear transactions via mathematical calculations we don’t need a middle man, this eliminates a lot of bureaucracy and speeds the process.
Reduced cost
Putting our trust in a automatic system we eliminate a lot of bureaucracy that makes it very cost efficient as well.

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#4188

Transparency:
The blockchain is immutable and open for all to see in most cases. It may not be easy to know who is receiving what or why a transaction took place, but the records of transactions between adresses will remain there for as long as the blockchain is there.

Security:
It is true that a blockchain can be taken over if some nation state or Walmart decides to spend tens of billions of dollars, but even in this case they could not falsify information from the past. This is because every block is linked in a way such that if you change any information from a past block, all subsequent blocks would be invalid. So what is already on the blockchain is extremely secure even against 51%/sybil attacks.
Furthermore, because of it’s decentralised nature the network participants cannot be coerced (except possibly by Walmart) and if large chunks of the network went down, others would simply switch on their mining rigs because the difficulty would go down to make it profitable.
With blockchain the security is a fully transparent mechanism. You don’t need to trust in some IT security firm hired by your bank or in proprietary software with secret code.

Improved traceability:
Because the blockchain is public and transactions are viewable you can trace all transactions on the chain. With a few added bits of information such as supplier and distributor names tied to adresses even goods can be traced with certainty from source to customer. Medical supply tracking is in great need of this as both tracking the supplies from producer to distributor is a challenge (a lot of falsified medications are being made and introduced into the supply chain at various points) but it is also useful to track the ingredients from ingredient suppliers to producers as a lot of falsification happens at this point (using subpar/lower-quality ingredients or even changing the ingredients).
Within the financial sector blockchain technology is extremely useful for auditing both internally and externally, and for keeping transactional records for purposes of analysis or accounting.
Personally, I am hoping that blockchain can help with the ever-present problem of managing masterdata (non-transactional, semi-permanent business data such as customer names/adresses, employee records, etc.) and other important business data across a large organisation as this is becoming an increasing challenge and can take HUGE amounts of work to maintain.
Traceability can also be used in the art industry to prove ownership and to prove the historical ownership of a certain item.

Increased efficiency and speed:
Instant transfers no matter the geographical location of sender or receiver. No waiting for approval or risking denial of service for whatever reason. This naturally depends on the specific blockchain, but I don’t doubt that in time if we want instant transfers across borders it will become both available and ubiquitous through blockchain technology.

Reduced cost:
All the cost and fees associated with middlemen of all kinds (banks, accountants, etc.) gone. This is an immense cost saver, but in addition to this we also save huge amounts of time. And time is money (Money is not time, though. If you spend time you can NEVER get it back).

But like all technologies blockchain certainly also has a shadow side. In the case that we cannot see it right now, have no doubt that it is waiting for us. You don’t even need to question that for a second. And I’m sure it’s far more insidious than “criminals can use it to transact”. The internet had far more negative sides than anyone could imagine and we still may not have seen the tail end risk manifest itself fully. Ultimately, if you believe “economic growth == good”, then the internet has had far more positives than negatives, but I wouldn’t just blindly assume that because we’ve done okay so far we’ll keep doing okay. When you run out of money, for example, it happens slowly then suddenly you’re broke all at once.

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#4189 
Transparency:  All transactions are on the ledger and can be viewed.
Security: There is finality and no need for a 3rd party to be involved to store information. This means zero-trust security.
Improved traceability: Any transaction and the BTC within that transaction can be traced back to its origin.
Increased efficiency and speed: There are no people that need to trigger a transaction. It is all done on the blockchain with miners powering the underlying platform. This means you can transact 24/7/365 without worrying about holidays or human intervention.
Reduced cost: There are no middle-men for brokerage/transactional charges other than the cost of the network
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#4190

Transparency: Anyone can see the Blockchain

Security: It is decentralized so it is much harder to hack

Improved traceability: You can’t erase the blockchain so it’s in there somewhere

Increased efficiency and speed: It takes minutes compared to what can take days in today’s financial system

Reduced cost: You don’t have to build banks

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#4191

There are three reasons why transparency, security, improved traceability, increased efficiency/speed, and reduced cost are to one’s benefit. First, these principles address the main problem of trust. Trust in a central authority is key for any system to operate efficiently and appropriately. However, when we look at the problems that plague industries from retail (for example, through supply chains), to finance (for example, in both private and public sectors), it becomes obvious that the small seed of doubt can create information silos, force people into limited interactions, and create disruption and disconnection.
Secondarily, accountability becomes only alive in concept, as people and entities are unable to verify data and rely on a single centralized system that has the ability to obfuscate and hide information. Blockchain technology inherently ELIMINATES these problems, as provenance lends itself to connecting others through developing trust in a network, rather than the person they are dealing with. Lastly, adopting blockchain technology means also eliminating middlemen in costly and time-consuming processes that create more complication. It is almost common sense how completing transactions in a timely and less costly manner would be to an interdependent market of people and entities.

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#4192

Transparency: All transactions are posted on a public ledger for everyone to see. This adds a layer of accountability for businesses using a blockchain to deliver what they said they would.

Security: All transactions on the blockchain are verified and immutable.

Improved traceability: Since all transactions are posted on the blockchain ledger blockchain can be used in various fields involving supply chains by keeping track of where things are, where they went, and where they came from.

Increased efficiency and speed: Due to decentralization blockchain gets rid of a lot of the middlemen making things faster by having a peer-to-peer system.

Reduced cost: With the use of blockchain there is no need for third-party services and the fees that come with them.

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#4193

Blockchain technology is out to change the world to make it a more equitable space for us to live in. It gives a level of transparency to transactions that have not been seen before, with transactions living on a verifiable chain available for everyone to see. It is also available to everyone with an internet connection. It is secure since it has no single point of failure or attack from malicious actors.
When in doubt about the provenance or details of a transaction, it is readily available, 24/7 for all to verify. It allows for instant transactions depending on the chain and token used, and now many tokens are interoperable, helping reduce financial loss like currency exchange. Some chains now allow for transfers at less than .01 cents per transaction, making this a perfect and fair payment system that can be implemented globally, even for emerging nations.

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#4194

Transparency: all transactions can be traced so its easy to spot which parts of the supply chain is held accountable for example.

Security: its secured since transactions cannot be altered or hacked. It can be also used to validate the authounticty of a product such as rare artifacts or painting.

Improved traceability: each transaction can be traced from start to end so auditing and validation is much easier.

Increase efficiency and speed: you can do cross country transaction with out needing third party or approvals. Also each transaction is virfied through blockchain.

Reduce cost: less fees , less people for approval and no third parties to pay for

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#4195

#Transparency:
Blockchain is a distributed ledger that can be viewed and validated publicly.

#Security:
A new transaction is validated by the distributed network before it is stored on the blockchain. Once it is stored, they are there forever and tamper-proof.

#Improved traceability:
Because it is immutable and tamper-proof, we can easily find the source without worrying the bias.

#Increased efficiency and speed:
It removes the middle-man and reduces the processing time.

#Reduced cost:
No need to run the whole network by oneself because it is a distributed network means it is developed and maintained by the network all over the world.

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#4196

Transparency: transactions ledger are open to the public for verification.

Security: every transaction is encrypted and linked to previous action.

Improved traceability: once each transaction is recorded, a historical data list is created which make possible the ability to trace back.

Increased efficiency and speed: through P2P cross-border transactions the entire business process is optimized.

Reduced cost: it eliminates the middlemen in business.

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#4197
  1. Transparency: transactions are publicly viewable, creating an unprecedented layer of accountability
  2. Security: Every new transaction is encrypted and linked the last; these ‘chains’ cannot be altered once formed and thus are incorruptible
  3. Improved traceability: Every time an exchange is recorded, an audit trail is present; tracking goes hand-in-hand with blockchain.
  4. Increased efficiency and speed: decentralization means many ‘workers’ and no need for middlemen; transactions can occur instantly and be audited at the same time.
  5. Reduced cost: there is no need for a central system or middlemen, thus reducing expenses
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