Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#4198

Transparency: The ledger is made public to everyone so companies are held accountable to their customers
Security: Information cannot be hacked or falsified as each block is verified by a network of computers. This creates a trustless and decentralized system.
Improved traceability: Supply chains can easily be traced with a transparent and trustless system
Increased efficiency and speed: It is peer to peer and there is no middleman and a digital currency accepted globally can transact much faster.
Reduced cost: By cutting out the middleman

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#4199

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

Transparency:
Because the blockchain is essentially a database/public ledger, all past transactions can be viewed by anyone with access to a copy of the blockchain. This leads to greater accountability, because each member of the network is held to account by the other members of the network. If one person or entity tries to make unauthorized changes to the network, those changes will be rejected by the other members of the network and it will be possible to identify the public address of the offending network member.

Security:
Blockchain offers better security than traditional ledgers, because every network member has a copy of the public ledger that can be verified by other members on the network. In addition, when new transaction ‘A’ is added to the ledger, it’s linked to the the previous transaction ‘B’, which in turn is linked to the previous transaction ‘C’, and so on (hence the name blockCHAIN). Because of these two features (and the fact that every transaction is immutable) it is impossible to falsify a record that cannot be verified by the rest of the network.

Improved traceability:
Because of the aformentioned immutability of a blockchain ledger, the many distributed copies of said ledger, and the fact that each transaction is tied to the previous one, it’s possible to see where each transaction originated, and who all of the the senders and recipients of that asset (whether it be a currency or a physical asset) have been. For cryptocurrencies, it’s a public wallet address; for physical assets, it could be some other type of unique identifier.

Increased efficiency and speed:
Because decentralization is a defining characteristic of blockchain technlology, it has the potential to greatly increase the efficiency of proccesses that have historically used middlemen to settle transactions and agreements. Middlemen are very inefficient for two reasons: a.) they add an unneccesary step to the process, and b.) they want to be paid for their work. By removing them from the equation via the implementation of blockchain, time and money can both be saved in industries like:

- banking/loans (no more bankers/loan servicers), 
- market trading (no more brokers), 
- property management (no more property management companies), 
- voting (no more illegitimate claims of fraud [because fraud wouldn't be possible]), 
- physical asset ownership (no more need for physical receipts as proof of purchase/ownership),
- law enforcement (putting a stop to false evidence manufacturing and helping to safely/securely 
  store evidence without additional employees for that purpose), 
- supply chain management and transparency, 

and many, many others.

Reduced cost:
Because blockchain takes away middlemen, it saves money over more traditional record-keeping methods. As I mentioned above in the ‘efficiency and speed’ section, removing the middleman from an industry also removes an unnecessary step, thereby saving time, which saves money - because time is money. It also saves money more directly, because there’s no need to pay a middleman for their ‘service’.

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#4200

Transparency: All transactions are visible to everyone, which motivates people/businesses to be honest, otherwise they would loose money.

Security: Many computers come together to confirm a block and then form a chain, meaning each transaction is connected to all previous transactions. Changing only 1 number/letter will change everything else and make the transaction false (if it was changed to fool the system)

Improved traceability: Each transaction has a trail that is recorded and can be verified at any time. You can go back and check each block to make sure that it’s true

Increased efficiency and speed: Since there are no middle man and nobody needs to confirm the transaction, it makes it more efficient and less time consuming. Computers process information a lot faster.

Reduced cost: There is no need for other services, everything is done on the same network.

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#4201
  1. Transparency: Actors that are willing to use blockchain prove that they are honest and transparent and have nothing to hide. This increases the accountability.
  2. Security: Is it really needed to be answered? :slight_smile: Who doesn’t appreciate security?
  3. Improved traceability: It provides a transparent and secure answer to the question of “where does it come from”, whether it is money or goods in the supply chain, etc.
  4. Increased efficiency and speed: We live in 2021 and still most of the financial transactions in traditional finance settle in days instead of minutes.
  5. Reduced cost: This makes financial products availabe for the masses without monetary entry barriers.
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#4202
  1. Transparency: publicly auditable (in the case of a public blockchain)
  2. Security: immutable and trustless
  3. Improved traceability: all transactions are auditatble, recorded and immutable
  4. Increased efficiency and speed: BC is actually not as perfomant as a centralised DB, this us because it requires all nodes to reach consensus to close a block. However the efficiency that can bring streamlining processes where many parties play a role, outperforms the data processing performance.
  5. Reduced cost: key to this is the removal of middle-man. Depending of the use case other savings can be found, ie single source of truth and real time auditing
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#4203

Transparency:
All transactions are public, visible to all parties at any time.

Security:
Blockchain is a chain of digital blocks, that contain transactions.
Each block is connected with block before and after it therefore is practicaliy impossible to change the content of transaction in one block because all further block would need to be changed.
The records are secure through cryptography. Network participants have their own private keys that are assigned to the transactions they make.
Blockcains are decentralised, distributed across peer-to-peer networks and are continiouslly updated. They don’t have a sinle point of failure and can’t be altered by a single computer. The bigger the network the more secure it is.

Improved traceability:
The same infrastructure for all parties, all the records pemanently avilable at any time. Secure supply chain systems can be crated to trace the products through a transparent and trustworthy check trail with near real-time visibility. Production history can be public.

Increased efficiency and speed:
In comarision to the traditional services transactions can be completed faster and more efficiently – one infrastructure for all parties.

Reduced costs:
Trust is eliminated, no middleman is needed, the same infrastructure for every party. … which reduce the costs significantly.

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#4204

1.Transparency: All transaction are open for everyone and everyone gains the same information.

2.Security:transaction is approved by consensus / ledgers which create complication to alter data.

3.Improved traceability: transaction cannot be erased so that transaction history can be traced anytime.

4.Increased efficiency and speed: Everyone can access the same data so that there is no need for middle man.

5.Reduced cost: Transaction is made mathmatically with short time and there is no intermediate so that it can reduce the cost for third party.

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#4205

Transparency: Concepts of “open to view” give way to honesty and transparency due to transactions being open to public viewing and readiness to accountabilities. This is good for all interests, all players in business transactions. Transparency is a healthy concept and practice.

Security: The safety and security of encryption makes blockchain a better choice for transactions in business and protection of data and wealth. The science of cryptography is math, and numbers that communicate with an intended recipient; number matching to a person or entity. The opposite of encrypt is decrypt and though there are challenges to encryption, the best solution is blockchain.

Improved traceability: While difficult to conceptualize, in creating a block of data for blockchain, the original data belonging to the chain of data is traced, and included in an “audit trail.” sort of like a “paper trail,” though more efficient and unalterable. Once in the chain, it cannot be changed or hacked. Open for view.

Increased efficiency and speed: Blockchain data and storage is efficient by far due to not having to backtrack looking for errors, lost information, and dependency on third party experts to manage. Those working blockchain, must adhere to rules, protocols and incentives that contribute to efficiency and speed. Other aspects, (so many) peer to peer, immutability, proof of work all contribute to efficiency and speed. Also, the work is 24/7/365. It is amazing.

Reduced cost: Not having aspects of old business models, all that has been previously mentioned reduces cost of supporting blockchain. Some blockchain/coins have found ways to reduce the cost of doing business including reducing the cost of electricity, maintenance of computers, and the speed in converting blockchain to other assets.

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#4206

TRANSPARENCY - supported by a public ledger, decentralised
SECURITY - unalterable, irreversible
IMPROVED TRACEABILITY - the linear chain is easily referenced
INCREASED EFFICIENCY
AND SPEED - available 24/7/365, no rechecking and no time
consuming audits
REDUCED COSTS - no double, triple or quadruple dipping/handling

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#4207
  1. The Transaction is public for addressing
  2. Faster Transaction across over boarder using digital currency.
  3. The transactions are encrypted.
  4. Every Exchange is recorded on the Blockchain.
  5. Reduces cost because it goes peer to peer with no middle man
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#4208

  1. Everything inside the network can be viewed by everybody.

  2. You cant change anything in the blockchain and even, if a part of a network ist going down, new partys will join, to improve integrity. So, if nobody can manipulate anything, it becomes very secure.

  3. Every transaction can be trased, so everybody knows what is happening with their funds, what goes where and so on. No part in the supply chain is invisible.

  4. Trading and transations happen from one person to another in a direct way, there is nobody or nothing in the middle, therefore it can’t be more efficient.

  5. If you take some of the earlier notes together, it becomes clear, that, if you have direct transaction, trustless, without middlemen, it reduces the cost, it is even fast, time is money. Also every bit of information is available, there is no need for expensive investigations and so on.

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#4209

Transparency: All transactions for all time can be viewed by anyone.

Security: Due to encryption, and linking to previous transaction.

Improved traceability: All transactions on the blockchain can be reviewed/audited.

Increased efficiency and speed: Can be faster than when there are multiple layers in other systems where there are “middle men” or multiple layers. These additional layers can be removed with blockchain.

Reduced cost: With Blockchain As A Service cost of development can be reduced to have a minimum viable product available quickly.

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#4210

TRANPARENCY: One of the benefits of transparency on block chain is that hold each sector of any business responsible to act with integrity.
SECURITY: Blockchain make it safe from hacks and being trustless people can transact safety.
INPROVED TRACEABILITY: Helps to verify the authenticity of the traded assets.
INCREASED EFFICIENCY AND SPEED: Registering transactions on the blockchain increased efficiency and speed.
REDUCED COST: Transactions happening on the blockchain cuts out third parties.

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#4211

Transparency - Allows all information to be validated and readily available.

Security - Cannot be hacked or corrupted because the information is decentralized

Improved traceability - Ensures accuracy and legitimacy of all information contained

Increased efficiency and speed - Allows goods to be exchanged more quickly because there is no bottle neck from a finite number of auditors capable of validating transactions

Reduced cost - The blockchain cuts out the middle men from transactions along with their overhead

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#4212

1.blockchain is public ledger which everyone can see the transaction that are made,no data can be removed only added and all the transaction are stored
2.every transaction is traceable and it’s immutable
3.as mentioned before blockchain is public ledger and every transaction is stored wich make it easy to trace.
4.no need to a third party for the payments which make it much faster and cheaper

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#4213

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

Transparency:

Transparency is achieved because everything is on a public ledger that can be audited in real time.

Security:

Security is achieved because transactions are encrypted and the system can’t be hacked.

Improved traceability:

Traceability is achieved because transactions are final and can’t be manipulated and the ledger is public

Increased efficiency and speed:

Efficiency and speed are increased because the system is peer to peer. No third parties.

Reduced cost:

Cost is reduced because there are no middle men

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#4214

Transparency: The ability of the blockchain transaction ledger for public addresses be open for viewing. It makes company transactions accountable to customers.

Security: A complicated string of inalterable mathematical numbers that preserves the integrity of trustless transactions from hacks and falsified information.

Improved traceability: Can create an audit trail that confirms where transactions originate which can then prevent security breeches like fraud.

Increased efficiency and speed: The removal of the middleman increases efficiency and speed through the trustless network because there is no obstruction between peer to peer exchanges.

Reduced cost: The removal of the middleman will not only encourage trustless p2p transactions but will reduce/eliminate the cost of fees associated with paying the middleman.

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#4215

Transparency- open veiwing and screenshots of transaction ledgers Security-2FA on Coinbase, unique wallet addresses, don’t need to know very much about who you are sending bitcoin. You have anonimity as you are identified as a series of letters and numbers. Improved traceability- a ledger of transactions is provided digitally where you can see when and what wallet. It doesn’t take too long. Increased efficiency and speed- efficient as accountants and audits are replaced by blockchain. Fraud and scammers are avoided as incentives for verification. Speed of transactions are as digital. Reduced cost- Doing away with scammers, fraud, mistakes, audits by providing incentives and mining.

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#4216

Transparency: Transparency is increased in the case of public address ledgers, which allow for real-time and random auditing by third parties.

Security: Security is provided via zero trust transactions (‘trustless’ transactions) and the cryptographically secured immutable recording of all transactions on the network. This allows for transaction confidence and reliable records.

Improved traceability: Through immutable records the blockchain allows for improved traceability or audits of transactions and records on the network.

Increased efficiency and speed: Increased speed is achieved through p2p based transactions and increased efficiency is achieved by providing a unified system of records and smart contracts on the network.

Reduced cost: 3rd party payment providers/processors are not required and increased efficiency and traceability may reduce any associated financial losses.

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#4217
  1. Transparency: as every transaction is added on the blockchain, anyone can have access to trace and trace
  2. Security: in order a transaction to go through a mathematical equation has to be resolved which is impossible to hack it.
  3. Improved traceability: every transaction is added on the blockchain, anyone can trace and trace the origin of a product
  4. Increased efficiency and speed: eliminates the need of a middle man and there is a p2p trasaction
  5. Reduced cost:product and transactions can be traced to eliminate cost
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