Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#4218

Transparency is beneficial to blockchain as it allows for all parties within and without a transaction to verify said transaction

Security: Blockchain offers security in the form of of a mathematical system. It is not susceptible to human error, or character defects.

Improved Traceability: BC records each transaction and each transaction…etc over and over through a P2P network, permitting an open ledger to see where all transactions have occurred. I liked the yogurt analogy

  1. There are simply many middle men cut out with BC. No banks, brokers, etc. A transaction can happen between 2 strangers on different continents, immediately, and permanently.
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#4219

  1. All transactions on the blockchain are public, anyone can see them, audit them, and verify them

  2. Cannot falsify information or the block will not be added to the chain. need consensus confirmation that the transaction is good.

  3. All blocks added to the chain must be verified, and therefore can be traced back to the original source.

  4. No third party, so much faster to confirm information because no middleman is required.

  5. No middleman saves considerable money.

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#4220

1. Transparency:
Each transaction stored in a public ledger can be viewed and traced back to it’s origin. by everyone.
2. Security:
Security in a decentralized network means trusting the network. One does not trust in a single authority, one trusts in math, cryptgraphy and protocol. Every block is crypted and linked to the previous one, meaning it is immutable. Every attempt to cheat will be rejected by the network.
3. Improved traceability:
Because every block is chained together, every transaction be traced back to it’s origin.
4. Increased efficiency and speed:
Middlemen are removed, the infrastructure is avaliable 24/7/365, transcations are peer to peer and almost instant.
5. Reduced cost:
See previous explanation. Trustlesness removes the need of middlemen.

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#4221

Blockchain is based on trustless nature on the Individual/System/Organization/ Countries. Each and every transaction is transparent to every node and every one permissible can view the data. Every transaction is verified by all the participants and no false information can be stored in the blockchain causing the network error proof and each nod is working hard to solve/verify the transaction to be incentivized causing the network working at high speed. Every level of supply chain is verified causing the entire chain traceable. One of the biggest advantage is its security due to shared repository (decentralized) and no deletion of blocks and with decentralization comes no redundant infrastructure
helping reduce cost.

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#4222

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

  1. Transparency:

the nature of blockchain allows for the observation of data it holds which encourages honesty from all participants by risk of exposure if attempting to act otherwise.

  1. Security:

creates a global base-layer of security through the use of hashing functions (math) & protocol which guarantees verification of data through the hash outputs and fingerprint of the preceding block.

  1. Improved traceability:
    transparency of data allows for accounting of all goods and actors within the network.

  2. Increased efficiency and speed:

removes the need for middle-men by acting as a trustless protocol with transparent data & incentive structure

  1. Reduced cost:

removes the need for 3rd party participants through efficiency in the transfer of trusted information, and can be done at scale

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#4223

transparency - blockchain gives an audit access to 3rd, 4th, 5th etc parties, so the code, data, transactions can be cross checked several times
security - with blockchain implementation person or company are enhancing there level of financial safety significantly by excluding a big concern of cooperation with strangers or even with some kind unfair trade dealers
improved traceability - nothing appears from nothing and do not disappear in that direction too. in other words if you have any doubts, concerns or suspicions that someone is trying to cheat you with blockchain you can always track it.
Increased efficiency and speed - with block chain you simply exclude intermediary parties from your financial interaction with other person (no matter he is your client, vendor, agent or vise versa). Consequently the turnover of your direct financial cooperation with end-sides of your business model is increasing permanently
Reduced cost - again you save your time and money on intermediary parties.

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#4224

1 The blockchain ledger is public and open to viewing.

2 There are no central authority to trust. Its proof of work - you trust a data protokoll. A blockchain is a network of computers wich all have to verify all transactions in a cencensus. When a transaction has been sent you can not change it. Incentives keeps the network to the truth.

3 beacause the blockchain ledger is public, you can trace every transaction.

4 Blockchain takes away the need of many middlemen and you can do business peer to peer all over the world 24/7 365 days a year.

5 You dont need as many middlemen for ex to verify and validate data.

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#4225

  1. All ledgers filed on the blockchain are out in the public square, i.e. the internet for anyone to see.

  2. The data cannot be changed or duplicated once it is verified and therefore the information is kept safe from falsified information and hacks.

  3. Each transaction is filed on to the blockchain with the information before it in the order it was processed. So each point of data can be traced, creating an audit trail.

  4. Along the blockchain you deal with the information, not a central group, and not several groups. It cuts out the middleman and allows for cross border transfers with digital currency.

  5. You deal directly either the consumer or the product company. No banks or middlemen are involved with hidden fees and agendas.

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#4226

Transparency: all nodes have ledgers, everybody can view the transactions
Security: each new transaction is encrypted and linked to the previous node, no one person can hack or alter
Traceability: All transactions have ID and is searchable , audit trail and authentication of exchanged assets.
Efficiency and speed: removes middle men, allows peer to peer transactions, cross border, smart contracts allows parties to deal directly

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#4227

1. Transparency: Blockchain is a ledger that in the case of bitcoin is a public ledger that can be seen by anyone who is on the network.

2. Security: Blockchain is very secure because blocks are tied to each other, when you change one block it affects the others immediately and will be compared to the other “ledgers” and correct it, in order to attack the blockchain you’ll have to hack to %51 of the computers that have this ledger (blockchain) simultaneously in order to achieve consensus.

3. Improved traceability: Everything can be accurately tracked, theres no option to change or lose the data that is stored on the blockchain network.

4. Increased efficiency and speed: Blockchain creates the opportunity to eliminate the middleman so the whole system is much more efficient and quick.

5. Reduced cost: Blockchain eliminates the ned for a middleman, so you save the cost you’d pay the middleman

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#4228

Transparency- keeps everyone honest
Security- Scams are popular nowadays this helps stop it.
Improved traceability- Knowing where your assets went and when is a great piece of mind.
Increased efficiency and speed- it has been able to keep up with the times and case uses continuously.
Reduced cost- With no middle man transactions become much less to process.

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#4229

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

Transparency:
The ledger is public for anyone to view. With blockchain, everything is out in the open.
Security:

Blockchain is completely secure because everything is final. It is immutable and virtually impossible to hack. Every transaction is linked to the last transaction and encrypted.

Improved traceability:
Blockchains nature doesn’t allow falsification of information. Every transaction leaves a footprint within the blockchain that can be traced to previous transactions.

Increased efficiency and speed:
Blockchain cuts out the middle man and provides fast payments to any part of the world. It also leaves a clean trail of information with every transaction.

Reduced cost:
Blockchain does all the work for you and provides its own security so there is no need for a middle man.

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#4230
  1. Transparency:

Transparency avoids one from being scammed as blockchain is a public ledger. One can view transactions from beginning to end. No transaction is reversible and no middleman is involved.

  1. Security:

Verifications are done mathematically and not trusting a human being. The audit trail is a great tracking mechanism. It being decentralized means no ownership.

  1. Improved traceability:

One does not have to rely on a middleman to do verifications or to get the job done. All is done online and traceable from beginning to end. All transactions are transparent

  1. Increased efficiency and speed:

Not relaying on an intermediary enables you to get the job done on time. Just internet is needed to work from anywhere in the world at any time. Smart contracts also enable efficiency.

  1. Reduced cost:

Cost is reduced by not hiring auditors to do audits as there is an audit trail. Anyone can verify the transactions, as it is a public ledger. Other middleman like banks are not needed to do verifications as one can do it on your own using mathematics and no bank charges. High availability is another important factor that reduces cost by that people are willing to work to ensure the global network is running and incentives are paid out for work done.

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#4231

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

Transparency: Open public ledger.

Security: encrypted and linked to previous transactions which you can duplicate or modify the “block” Blockchain is formed by a complicated string of mathematical numbers and is impossible to be altered once formed.

Improved traceability: Improves security and verify that is authentic the trade that is being made.

Increased efficiency and speed: This is a decentralized network, this can provide faster transactions without the need of a middleman (eg: banks).

Reduced cost: No middlemen, no government, no company in between the transaction, everything can be P2P so it will reduce a lot of fees to make the transaction.

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#4232
  1. Public ledger
  2. The blockchain is impossible to hack (https://www.youtube.com/watch?v=S9JGmA5_unY&ab_channel=3Blue1Brown)
  3. Every transaction is traceable at any time and can not be erased
  4. No need for 3rd parties and RTA
  5. Low charges because no middlemen
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#4233
  1. Transparency: All transactions are public for anyone to see. This holds businesses accountable to act with integrity.
  2. Security: Each transaction on the blockchain is encrypted and linked to other transactions. It is formed by a network of computers that validates the block and then added to a ledger. The complicated string of mathmatical numbers makes it impossible to alter and makes it safe from hackers.
  3. Improved traceability: Each time goods are recorded on a blockchain an audit trail is present. This prevents fraud and also helps verify the authenticity of the product sold.
  4. Increased efficiency & speed: Blockchain is a decentralized system that removes the need for a middle man by storing records and creating smart contracts that audomate agreements. Blockchain also facilitates faster transactions by allowing P2P digital currency transactions.
  5. Reduced Cost: Blockchain reduces the need for a middleman. It also reduces cross border transaction fees. People have more trust in the products they purchase which prevents less disputes and returns.
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#4234

Transparency because every transaction can se seen on blockchain. Security because you shouldn’t rely on third party. you can check all the transactions on blockchain. You can do it anytime you want because the blockchain is live 24/7/365. As you don’t need the third party the cost is reduced.

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#4235

Transparency
Instead of closed ledger of traditional financial institutes, blockchain is an open system and the transactions in the ledger can be viewed by everyone.

Security
Transactions are encrypted, and linked to previous ones, and blockchain is distributed system across many nodes across the globe, that way many computers have same copy of public ledger.

Improved traceability
Every transaction can be traced in a bclokchain, you can easily see the origin and the destination, and since it is trustless but mathematically verified no one can tamper the data.

Increased efficiency and speed
Due to its design bclockchain does not require third-party to be in the middle, transactions are peer-to-peer, increasing speed and efficiency.

Reduced cost
As in previous answer there is no middle man no dedicated centralized resources involved, ledger is public and trustless, de-centrilazed across many nodes

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#4236
  1. Transparency: This empowers anyone in the world to have the ability to track relevant value-exchange. This also keeps powerful people and sectors accountable with their actions because they know their transactions are being watched.
  2. Security: Users are
    be assured that their transactions can be done safely and that the network or any information within it can not be tampered with.
  3. Improved traceability: Improved traceability will keep businesses/governments accountable of what they claim to be true. Authenticity will actually BE authentic and will NOT just FEEL authentic, because this time, people can verify on their own.
  4. Increased efficiency and speed: Direct to the point! Peer to peer! Lesser touchpoints mean lesser processing time.
  5. Reduced cost: Direct to the point! Peer to peer! Lesser middlemen making money being bridges, means lesser cost. Lesser cost would mean cheaper transaction, more value for anyone conducting a value-exchange through a blockchain.
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#4237

  • Transparency:

    • Because it opens communication between all parties impacted by the company within and without the company, including upstream and downstream parties.

  • Security:

    • Through a reliable system of math and protocols that can be independently verified by any party at any time. It is trustless, and data confirmed is immutable.

  • Improved traceability:

    • The origins of data recorded on a blockchain can be traced easily at any time thanks to the public nature of the system.

  • Increased efficiency and speed:

    • By removing middlemen from the equation. One party can interact with another immediately and exchange information faster without additional, independent verification.

  • Reduced cost:

    • Because middlemen are removed, and data verifiers are rendered obsolete. With improved communication, all parties are able to save time and run their operations more efficiently.
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