Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#402
  1. All transactions stored on the public ledger and can be easily verified by anyone
  2. Information is stored across the network instead of a single location/vendor.
  3. All transactions are permanently recorded on a blockchain
  4. Ones a transaction send to the network, everyone can see or receive this directly.
  5. The cost of sending a transaction to the blockchain network is much more cost-efficient compare to the regular network
#403

Transparency:
All transactions are visible.

Security:
Transactions are recorded in blocks which are cryptograhic related to each other. To change things in a blockchain you need so much energy which is impossible to bring in.

Improved traceability:
All transactions can be traced, therefore anyone can verify it.

Increased efficiency and speed:
Ones a transaction is send to a blockchain, everyone can see it.

Reduced cost:
Multiple computers are verifiying it, and there is no intermediary

#404
  1. All network participants will have the full documentation of whatever is happening in the blockchain
  2. Transactions are going to be agreed upon before recording them and once approved, it will be put into the ledger. This will make it hard for the hackers to manipulate since that information will be available throughout the whole network
  3. You will be able to see where the products are coming from and this can greatly help auditing.
  4. Transactions can be completed faster and more efficiently because it won’t use paper-heavy processes.
  5. It will help you save money and time since you wont have to rely on third parties.
#405
  1. All transaction can be viewed but not altered.
  2. There is no possibility of amending a transaction. There is no central authority to affect any changes.
  3. It helps with provenance of a transaction, so all related transactions can be verfied.
  4. Since there is a single ledger there is no duplicity of process for reconciliation and verification.
  5. As there are no 3rd parties involved so there is reduction in infrastructure set up. Hence reduced cost.
#406

But mainly by removing the need for many (costly) middle men.

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#407

1. Transparency:
Because each transaction is stored in the public ledger, complete transparency is mathematically guaranteed. It is a common believe that transparency is a good thing.

2. Security:
Because it is a decentralized network, which is constantly working on consensus, the data stored on the blockchain is most secured and safest data.

3. Improved traceability:
Because that every transaction (sender and receiver) is stored in the public ledger, it makes it more difficult for criminals and scammers.

4. Increased efficiency and speed:
Because of the miner incentive the network is running all the time, so one is not dependent on opening times or business days. All transactions are also safely documented on the chain.

5. Reduced cost:
Because blockchain is peer to peer it removes all middlemen and reduces fees, sometimes significantly.

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#408

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

Transparency:Because everyone who is permissioned can access the same information on a distributed ledger.

Security: Everyone needs to agree on the transaction to be recorded. It is then linked to the previous transaction. Instead of a single server, copies are available on all computers, this makes it difficult to alter.

Improved traceability: On a blockchain it is easier to track different steps within the supply chain.

Increased efficiency and speed:Since there is only 1 distributed ledger that everyone refers to it is easier to streamline processes. There is no need for extra intermediaries, it saves time.

Reduced cost: Since there are no extra intermediaries you can cut costs, and rely only on the immutable and trusted blockchain.

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#409

[quote=“ivan, post:1, topic:8421, full:true”]

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#410

Thank you, good point. By cost-efficient I meant everything(fees from the middle man, cost of the internet speed, cost of infrastructure, cost of the personal maintaining the infrastructure and etc.)

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#411

  1. Tansparency:
    Everyone can track each transaction in the network because of it is an open ledger

  2. Security:
    Because of proof of work as consensus algorithm it would be hard to reverse transactions (or impossible).

  3. Improved traceability:
    One transaction can be traced back easily so in the case of a supply chain you got all data you need to

  4. Increased efficiency and speed:
    In a single ledger that everyone has access to intermediaries are not needed which increases efficiency.

  5. Reduced cost:
    Because of high trust you can get rid of third parties so that you can save money because of better speed

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#412

1.Transparency benefits of blockchain occur because all participants of the chain have access to view any and all information on chain. And once a transaction takes place it cannot be reversed unless all previous transactions leading up to that one are reversed with it. which is highly unlikely.
2. Security is stronger due to transparency. where the chains protocol incentives lead the majority of nodes to stop bad actors. along with the bad transactions.
3. traceability also increases due to the chains data being recorded in real time. you can now have a ledger of stopping points where a product goes throughout its life cycle.
4. With blockchain speed and efficiency becomes a real thing because you no longer have multiple records to read through for the same transaction. Everyone who must participate in store of records can do so on one ledger digitally whom they can all see in real time. increasing speed and efficiency.
5. Reduced cost. By not having so many paper transactions and reducing the time it takes to track a product. less money is spent on labor and supplies.

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#413

Transparency: All network parties share the same information. Any changes to the information requires all parties to agree. Only then the change becomes the truth.

Security: All information is stored across several computers in the world. If a hack happens to one of the computers, the information will not be compromised because the historical data can be verified and restored to that computer.

Improved traceability: The historical data stored in the blockchain enables the previous information to be compiled accurately.

Increased efficiency and speed: Record keeping in a centralized manner creates clutter and requires additional storage. Blockchain does not require 3rd party infrastructure because all records are shared among all computers in the network.

Reduced cost: Blockchain does not require 3rd party infrastructure or middle party to provide guarantee to a trading partner. All verified information can be obtained through the blockchain.

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#414

  1. Transparency:
    The whole transaction history is seen by all network participants. Anyone with permissioned access has the same information in real time.

  2. Security:
    For the data to be added on the blockchain nodes must reach a consensus. After approval it is encrypted and linked to the previous transaction. Additional security is also a fact that many computers/servers run the same blockchain. So it cannot be turned off or corrupted. Of course that is with the technology that we know till now.

  3. Improved traceability:
    If we have a supply chain with recorded exchanges of goods on the blockchain we can trace back the journey of any product. Also where the ingredients came from and who were the suppliers, date, price etc.

  4. Increased efficiency and speed:
    No intermediates means higher speed and accuracy. Anyone that is in the process has the same information. No need to trust another or need to have an intermediate. Everyone trusts single digital ledger - no human errors, no clutter, no intermediates.

  5. Reduced cost:
    Big systems (organisations) are usually burdened with a lot of birocracy, heavy paper work to meet regulatory compliance. It takes a lot of time/money and involves also intermediates. That can be solved with blockchain technology.

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#415

Transparency: A single identical digital copy of the ledger is distributed and available to all participants who have permissioned access. There is no need to verify the validity of documents through third parties.

Enhanced Security: Consensus must be reached before transactions are recorded. Approved transactions are encrypted and linked to previous transactions creating a chain that is extremely difficult to alter retroactively. The chain of recorded transactions are recorded digitally and copies are distributed across a global network of computers eliminating a single point of failure.

Improved Traceability: A blockchain is an up-to-date audit trail with a complete and immutable history of an asset that is fast and easy to search.

Increased Efficiency and Speed: A Blockchain combines multiple paper forms filled out by multiple people over time in many different locals into a single complete and immutable digital copy that is shared among participants. Searching through a blockchain is must faster and less error prone than gathering and searching through a paper trail to extract information.

Reduced Costs: Having a complete and trusted digital copy of all transactions is much faster and less expensive to search than compiling a paper history and does not involve the cost of hiring third parties.

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#416 
Transparency: You can see what was agreed to by the majority.
Security: The risk is spread and there is no longer a single point of failure
Improved traceability: Every step of the supply chain / transaction history is immutable and visible on the blockchain.
Increased efficiency and speed: The human factor/error is taken out
Reduced cost: Less middlemen require a piece of the pie
#417

Transparency: by being a distributed public ledger all participants are always on the same level of information. This builds trust, is more accurate and makes several steps previously needed for interaction between participants obsolete.

Security: the immutability and difficulty to hack make it the perfect usecase for any company who has to store sensitive data or value, or to protect their database by decentralizing it and make it harder to attack. Trust between participants is no longer needed and any transaction can be considered true, this is good with customers and partner firms.

Improved traceability: this can help to verify the authenticity of assets and prevent fraud.

Increased efficiency and speed: it makes several time consuming processes and intermediaries obsolete and can so eliminate human error and be quicker by automation of tasks.

Reduced cost: by accelerating procedures, eliminating intermediaries and eliminating reports and guaranties we can save enormous amounts of money with a trustless network.

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#418

Transparency:
Due to the consensus mechanism everyone on the network has the same version of the distributed ledger. To change a single transaction in a blockchain one must recompute all following blocks and provide a version with more blocks. To perform such an 51% attack on the BTC network has become nearly impossible.

Security:
The information is stored on many computers instead of one. And due to the fact that every block is chained to the previous one data cannot be changed easily, because the whole network has to agree to the change (performing a successful 51% attack).

Improved traceability:
All transactions are securely saved in the public ledger. To check historical records one only needs to verify these records in the transaction history. This feature could be very useful for supply chain management.

Increased efficiency and speed:
Blockchain technology can streamline and automate processes in a supply chain for increased efficiency and speed.

Reduced cost:
Taking out the middlemen helps to reduce cost and enhances processes, because they can be verified on the blockchain.

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#419

  1. Blockchain creates greater transparency because the ledger is a sharable ledger that everyone on the blockchain can participate in. Everyone has a shareable copy that can be compared with each other and every participant must agree on transactions through consensus.

  2. Blockchain improves security both because information can be encrypted and because information is stored among many computers or networks and not in a centralized location where critical information can be hacked.

  3. Blockchain increases traceability because all transaction history is stored so information or funds can be traced fully to the origin.

  4. Blockchain improves efficiency and speed because it removes the human intermediary and needing to make copies of everything because there is only one ledger.

  5. Blockchain reduces cost because you don’t have to pay somebody to be an intermediary to help complete a transaction and it simplifies the review process for transactions and trade.

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#420
  1. Transparency: the database (blockchain) is open for any authorized party to view.
  2. Security: Due to truth being made by consensus you can trust the blockchain information.
  3. Improved traceability: You can track an entire supply chain and the source and quality of materials
  4. Increased efficiency and speed: You have less intermediaries involved so things are naturally faster and more efficient
  5. Reduced cost: You don’t have to pay the intermediaries required in the past
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#421

  1. Transparency:
    Data on a blockchain is more accurate, consistent and transparent than current processes. It is available to all participants who have permission. To change a single transaction record would require the alteration of all records and the collusion of the entire network.

  2. Security:
    Transactions must be agreed upon before they are recorded. After a transaction is approved, it is encrypted and linked to the previous transaction. Information is stored across a network of computers instead of on a single server making it very difficult for hackers to compromise the transaction data

  3. Improved traceability:
    When exchanges of goods are recorded on a blockchain, you end up with an audit trail that shows where an asset came from and every stop it made on its journey.

  4. Increased efficiency and speed:
    Since record-keeping is performed using a single digital ledger that is shared among participants, you don’t have to reconcile multiple ledgers and you end up with less clutter. And when everyone has access to the same information, it becomes easier to trust each other without the need for numerous intermediaries.

  5. Reduced cost:
    You just have to trust the data on the blockchain. You also won’t have to review so much documentation to complete a trade because everyone will have permissioned access to a single, immutable version.

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