Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#4278

Benefits of Blockchain

Transparency:
All transactions can be publicly viewed and accounted for. There is also a level of anonymity with the benefits of full disclosure between two transacting parties. That is the main benefit when trading with a stranger.

Security:
Blockchain is serverless. It is a peer to peer network and always accessible. A brute force attack has no centralised target. Data is always encrypted and always connected an attack to collect leaked data is futile. Parties that utilise this technology properly have complete ownership of their data and the power to transfer ownership securely without the need for a broker. For data compliance and governance it is a store of information or value that can be very hard to steal. Everything can be hacked as social engineering always targets the humans in the middle or trying to get into that middle. Usually the more whitecollar administrators enter a circle the increased likely hood that a teenager from the “neighbourhoods” is snooping around trying to make a fast buck. But when there is no more middle or central agency issuing its failed regulation or policing there will be far less corruption or money laundering in the world. Hoodies usually get lucky because of whitecollar criminals or idiots. Its absolutely criminal that there are so many whitecollar idiots. I guess it wouldn’t be as funny without them hey! I’m for white collar idiots in that regard but lets get them all chained around the block. Security assurance coins or NFTs will be massive one day if they are not already.

Improved traceability:
When everything can be monetised it speaks real truth. You follow the money and you get to the truth. Blockchain is sound money and investment. It beats gold and platinum. Very easy to store and transport. When you have a store of value which also understands your entire supply chain. One that tracks your customers and your agents then you have more logistical control as more data to explore all verticals. Everything becomes fund and risk management. You see you do not lose these managers with this tech. You may lose some real estate chumps and their administrative marketing apes but the smarts will always have their slipcases riding that blockchain slipstream to success. If this new technology is thought out well then it is an investment in people and talent. Teach new coders because coding is not that hard. Blockchain is a trace that leaves no trace of doubt. Trustless…

Increased efficiency and speed:
Trust is not required as if there is consensus on the blockchain then all that is required is to execute. But you need the right team of hackers to solve problems not market new solutions that cause more unseen security problems. As with any adopted technology its not always the fastest or the most efficient that wins. It’s the right makers you have in that community. Blockchain is where all “makers” from all industries are headed. Its like a manifest destiny data train that will lead to new wealth and prosperity. We are building the new Internet and Information Super Highway. It is the most exciting time for computer science since the beginning of open architecture. We will do everything better again. We got a new space race coming and technology to send to Mars. In the future Blockchain will have net-zero carbon but first we’ll need to turn water on the moon and on Mars into rocket fuel. Crypto is going to rocket to a minimum of 5 Trillion. You want the fastest communications ever invented then that is the blockchain.

Reduced cost:
More information means more leverage with less risk. When you can monetise anything you got a metric for everything. Technical analysis becomes more accurate at predicting the flow of capital. Usually it takes decades of collecting data for older markets before technical analysis to mean anything. In one that is less than a decade old for technical analysis to be working that in itself is cost saving. BTC is already appreciated as a store of value. Soon other stable coins will join that store of value. If you are worth more than everything else then you are always going to cost less. But on top of that you have newer code, more innovation, better accounting, predictions, projections and forecasting. What businesses can burn their own capital and become more valuable? It’s the most tax efficient technology ever invented. No need for any corporate governance or compliance. We’re just good get it? Compared to the blockchain they are all just as bad as all the corruption and money printing cylos that call themselves central banks. Their funds are like slush funds for realty morons with big puppy ears and no Andrex in between. They are all dog shit trails compared to the “wealth” we got now. Once the next fire sales start in property more cryptocurrencies will moon.

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#4279
  1. In our world, Transparency is overdue. Transparency allows all parties to view relevant information and make holistically informed decisions. Transparency is one of the aspects of blockchain that can create greater integrity.
  2. The security of a publicly viewable, complex mathematically logged ledger offers ‘trustlessness’ and allows users to interact on the network with a greater degree of faith. However, Accountability must be enforced in some way for this to have any real value.
  3. Improved Traceability is a great benefit to both manufacturers and customers in determining What is being created, What the creation is comprised of and Where it has been. Again this allows all involved to make holistically informed decisions.
  4. In manufacturing and logistics, improved traceability will potentially create Increased efficiency and save a lot of money. In finance it is unquestionable that blockchain offers increased efficiency and speed through its Decentralized nature. Inter-departmental data processing also stands to benefit greatly, partly due to the seamless access to information (accounting/transactional)
  5. In our current world, Time = money, and as outlined above, blockchain has the potential to save many areas a lot of money. This could be achieved through the reduction/elimination of ‘middle-men’ and the reduction of dead costs related to manufacturing including storage and transport.
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#4280

Transparency: Blockchain’s transaction ledger is entirely open to the public. Anyone can join the network and transparently review all transactions in real time or review any transactions that have been permanently stored in the network.

Security: The blockchain is a database that is essentially stored on a peer-to-peer network of multiple nodes. It is near impossible for the blockchain to be taken down by an attack as it does not reside on any single server. Additionally, the blockchain offers better security than a traditional database because no central authority has control over it. It cannot be bribed, compromised by an employee, or modified by a specific entity. The blockchain is immutable and completely decentralized. Finally, each new transaction is encrypted and linked to the preceding transaction, this creates a chain of transactions that are formed by a complex string of mathematical numbers. Theses transactions become safe as it is impossible for hackers to modify or alter past transactions.

Improved Traceability: The blockchain can be used to trace the exchange of goods in a supply chain. For example, electric vehicle manufacturers can ensure that the cobalt they are purchasing for their batteries came from mines that don’t use child labour. This improved traceability holds all suppliers in the supply chain to account.

Increased Efficiency & Speed: Blockchain removes the middle-man. Transactions can now be done peer-to-peer. Whereas before someone transferring money would have to rely on their own bank and then the recipients bank before the recipient receives the transfer, now transactions can be completed instantaneously and without the need for a middle man.

Reduced cost: The blockchain can reduce costs because transactions and accounting are completed in real time. This reduces the need for businesses to perform an audit, thus reducing their accounting overheads. Additionally, because there is no more middle man (e.g. banks, payment processors, etc), there is no intermediary skimming a few percentage points off the top of each transaction.

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#4281

Trasparency: Transaparency is a benefit of public blockchains, because anyone can join the network and view all information on that network. In the case of crypto currencies, the transparency offers anyone and everyone the opportunity to look through the history of all transactions.
Security: the underlying security of the blockchain is driven by the fact that the transaction history can be freely audited and transactions cannot be hidden or disputed.
Improved traceability: Every transaction can be traced back to the genesis block by the mathematical nature of the blockchain. This improves security, prevents fraud, and helps verify the authenticity of traded assets. Goods can have blockchain entries
Increased efficiency and speed: No Bank holidays, i.e. open for business all year round and the transactions are between two parties without the need for middlemen.
Reduced cost: There is no need to involve and pay third parties as the transactions are p2p.

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#4282

Homework: benefits of using blockchain

The transparency of the blockchain allows all participats to read the blockchain. By this transparency an unprecedented layer of accountability is added. Each sector is responsble to act with integrity towards the company that is using blockchain technology.

because each transaction is encrypted and linked to the previous transaction, it is more secure than other record keeping systems. It
is impossible to alter the verified transaction once it has been confirmed by the nodes in the blockchain. This nature of this technology makes it impossible for falsified information and hacks, which increases the security.

For example, one usecase in medicine can be to trace the origin of the supply of substances from different suppliers. Since the goods can be tracked because of the blockchains proof that a particular good has reached it´s destined destination, the traceability has been greatly improved with this technology.

Real time updates can be read from the blockchain which makes it very time efficient and fast to send Information about something from one participant to all other participants in the network.

the cost of using blockchain coordination is far lower than the traditional method of calling or emailing information to other parties in the organisation.

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#4283

Transparency:
It is a benefit because no one wants to use a system that is not transparent. Transparency brings trust and that brings the growth of the system.

Security:
Its a benefit because you need a secure infrastructure to prevent future damages.

Improved traceability:
The data in the non-blockchain system is generally private data and only the people who work in the entity have access to the data, while in the blockchain anyone can consult the data they need from anywhere.
So it’s a benefit when you want to troubleshoot data, you can locate all the processes that data has gone through.

Increased efficiency and speed:
It’s a benefit because right now it’s the fastest ecosystem to be in, some blockchains are faster than others, but overall it’s the fastest ecosystem.

Reduced cost:
Interacting with the blockchain normally results more cheaper than all the procces you need to do in order to do the same in a non blockchain ecosystem.

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#4284

  1. Transparency: Open ledgers, have every single historical transaction is recorded and can be viewed by anyone without premission, gives it more trust between companies

  2. Security: Blockchains mathematical verfication characteristics makes it impossible to alter. Also the decentralized network. Nodes that keep track of the data, transactions.that makes the block in the blockchain where the data is stored

  3. Improved traceability: You can trace your goods and get all data available from manufacturer to distributer. Origin etc

  4. Increased efficiency and speed: The decentralized network removes all third party involment. It allows faster transaction P2P with digital currency.

  5. Reduced cost: removes the middlemen and no extra payments for there services

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#4285

Blockchain technology allows businesses to efficiently share transparent data at scale. The high availability infrastructure has many use-cases including financial transactions, property rights, voting, predicting outcomes, and trustless data storage. Here are a few highlights.

Transparency: Every transaction is immutable and publicly accessible through the distributed ledger. This allows any individual or organization to audit transactions and allows strangers to conduct transactions in a trustless maner.

Security: Blockchain is more secure as a database because of it’s high availability and distribution of nodes. The number of nodes eliminates a single point of failure. The transactions are encrypted and signed using cryptography which leverage the laws of math to verify authenticity. Each transaction makes the blockchain more secure.

Increased traceability: Every transaction is traced to the originating wallet with a timestamp and validated through consensus. This means that the flow of a token or asset can be historically traced by any individual or organization. Examples range from supply chain to the evaluation of circulating supply for an asset.

Increased efficiency and speed: Blockchain is more efficient since the middlemen are removed eliminating the typical fee of banks, payment processors, and brokers. The trustless immutable nature allows escrow or payment verification to process in a fraction of the typical time.

Reduced cost: Because middle-men are removed the cost typically attributed is also removed.

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#4286

Transparency:

  • Transparency is a benefit simply because it ensures accountability and integrity within the business and because ledgers are open for public view, the community can be assured that a company is doing the right thing without any corruption.

Security:

  • Blockchain promotes ‘trustlessness’ since with blockchain you won’t have to trust any intermediaries, organizations, or any third party, rather, you will be trusting the network or the protocol, and instead of trusting you could verify the transactions done. Another notable thing is that with blockchain all new transactions in blockchain are encrypted and linked to the previous transaction, this in return prevents fraud that makes it safer. Finally, the immutable and incorruptible nature of blockchain makes it safe from falsified information and hacks.

Improved traceability:

  • Since all new transactions in blockchain are encrypted and linked to the previous transaction it would be easier to track and trace any transactions and this prevents fraud this also promotes transparency to the community.

Increased efficiency and speed:

  • Since you won’t be needing any intermediaries or any middle man in making transactions or exchanges this makes the process of the business faster and more efficient.

Reduced cost:

  • Since you won’t be needing any intermediaries or any third party in making transactions locally or internationally this in return makes the cost of transacting cheaper.
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#4287

  1. Transparency: Transparency on the blockchain offers ethical business practice for all banks when dealing with their customer’s transactions. Blockchain transparency disrupts the dynamics of the business sector, providing a clear road for banks, peer to peer, and community integrity when transactions are openly viewed by the public.

  2. Security: Blockchain security provides encrypted transactions that have a different code every time transactions are made. This works like a chain showing where each transaction previously came from. The mathematical precision is formulated by a network of computers linked together to confirm a block. The blocks are placed in a holding ledger to create the blockchain. Once it has been created the blockchain is incorruptible, immutable with decentralised and trustless qualities. Meaning it cannot be tampered with or altered by a human being.

3)Improved traceability: Blockchain transactions are sent to its ledger recording where and when transactions on the exchanged are made. An automatic auditing process is completed on the blockchain with every transaction thus helping to improve any fraudulent activity. This massively reduces the volume of any criminal transactions providing solid verification
to business product assets that are being traded.

  1. Increased efficiency and speed: Efficiency is key in this fast-changing technological world. Blockchain can literally transform the whole worlds financial system leaving traditional banks in the stone age. Commercial gaming and peer to peer ecosystems are already transforming in front of our very eyes. Once the adoption of a digital decentralised currency has been fully accepted into the mainstream, there will no longer be the need for central banks. You will be able to transfer your money from one continent to the other without waiting 10 days to see if the transaction is allowed. You will be your own bank with full control of your own money with no middle man increasing the speed and efficiency of all your persoanl transactions.

  2. Reduce cost: Blockchain tech reduces the cost due to its decentralised peer to peer nature. A middle man is no longer needed for business transactions to take place, this reduces the cost greatly.
    Real estate purchases can be made through two parties pushing aside the old model of third party agents that take extortionate fees.

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#4288

every transaction is traceable
the transactions is secure since it’s irreversible
due multiple storage and no one can delete a block after it’s created, it will be always available
high availability increased efficiency and speed
there are no middleman and high transactions fees

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#4289

Transparency:

Every time when a transaction takes place you can see this live what is going on because of the open viewing from the blockchain. This causes trust to the parties.

Security:

Because of the nature of blockchain it can not be hacked of falsified. So no one can change the data. For example someone wants to sell BTC,s he never received. This will never be accepted by the network through authentication.

Improved traceability:

When you are doing business with another company you can trace where the goods came from. This will also confirm the trade assets authencity. Tracebility will also improve Security. So this will be all related to each other. Blockchain will be a unified system to trade easier all over the world.

Increased efficiency and speed:

Because there are no middleman (decentralized nature) in the game the efficiency will go up. The speed will also increase because of the P2P (direct communication between computers).

Reduced cost:

Blockchain will reduce costs because there is no need for payment intermediaries. But blockchain could also help companies to manage and monitoring there own supply chains indentifying gaps an ineffencencies and so reduce costs. And not to forget that Smart contracts will also contribute to this (for example a flight insurance, claims automation).

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#4290

Transparency:

Security: Transparency n the transactions on a distributed ledger makes it visible in real time on the network that can be viewed or tacked back to the original source which can’t be altered or removed by third part corporations.

Improved traceability: Transactions must be agreed on before the are recorded onto the blockchain. How ever the transactions are stored on a network of computers making hacking very hard and difficult to do.

Increased efficiency and speed: This is a huge benefit for businesses. Transactions can be completed faster without relaying on third party corporations while at the same time keeping a record among participants on one ledger.

Reduced cost: There is o need for putting any trust in third party corporations you save a lot of time and reduce costs because there is no need for a middle man do deal with it.

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#4291

  1. Transparency:
    There is no hiding the truth and no room for manipulation by any party with their own interests.

  2. Security:
    The blockchain cannot be tampered with, hacked or destroyed and is secured by maths and protocol without room for human interference.

  3. Improved traceability:
    Anyone can see what has happened and when. Anything can be tracked to its source.

  4. Increased efficiency and speed:
    The network is online and operational all the time with absolutely no downtime and so it is highly accessible.

  5. Reduced cost:
    Blockchain allows money and data to be moved across oceans and borders without having to pay various fees such as fiat currency exchange rates.

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#4292
  1. Transparency:
  • Anyone with internet access can view the publicly available ledger
  1. Security:
  • transactions are permanent and verified by the network assuring security
  1. Improved traceability:
  • blockchain keeps a permanent record of each step of a transaction or process that is publicly available
  1. Increased efficiency and speed:
  • transactions take seconds and are globally available compared to current processes which can take minutes, hours or days to settle
  1. Reduced cost:
  • elimination of middle men creates efficiency and reduces cost
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#4293

Transparency: Blockchain is a public ledger; the same database for all! Eliminates trust and increases verifiability.

Security: Once the nodes agree, it is final; since there are so many nodes on the network with copies of the blockchain, you cannot breach it like you could a central computer system.

Improved traceability: The blocks are linked to form a chain that includes all transactions from initial source to final consumer. There is no waiting on someone to send you written proof that in the process could be altered.

Increased efficiency and speed: There are no information hoggers or isolationists. There is global cooperation and no middlemen to bog the process down. All systems sync together.

Reduced cost: Industries, companies, and job roles are eliminated. But, there is an increase of industries, companies, and job roles that never existed before. In short, it is global progress.

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#4294

Transparency is beneficial as it reduces the probability of its users performing nefarious activity. it also enables full auditability and accountability;
Security is a benefit that needs no explanation;
Improved traceability - in conjunction with transparency - enables all users across the network to see all relevent (or irrelevant) history of their transaction state.
Like security, efficiency, speed, and reduced cost (redundant) are benefits that require no explanation.

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#4295

  1. Blockchain provides public transparency that allows people to have ‘public’ access to the information stored in the database. There are no hidden transactions, or sketchy practices taking part in the blockchain.

  2. Blockchain is made up of highly secure mathematical and programmable algorithms and software. Once completed, transactions in the blockchain are added to an electronic record and can never be altered, erased, or hacked. This then enables a trustless system. Parties do not need to trust a system backed by math and science.

  3. Transactions, supply chains, and but not limited to ownerships can be easily traced in real time using the blockchain. This helps confirm authenticity in an efficient manner, unlike without a blockchain.

4 & 5. Because blockchain is virtual and not a centralized power, there is no need for middlemen, in financial, legal, and/or residential processes. This creates faster and more efficient transactions and processes. This also helps reduce costs as everything is facilitated and automated. Additionally, because it takes less time and is more efficient for things to be done, it is cheaper. As the saying goes: time is money.

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#4296

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

  1. Transparency: Through the use of decentralized computers, financial transactions can be traced with ease and in real time. This is why Blockchain can be called a public ledger. Data must be validated by all nodes in a decentralized network before it can be accepted. This allows for on open and transparent system where users are incentivized to be honest and provides confidence in their transactions.

  2. Security: Decentralized network is based on mathematical protocol and does not rely on a central figure. This allows for a trustless system impervious to third party influence.

  3. Improved traceability: Through the blockchain system, products sold can be backtracked to all source. This makes auditing incredibly easy and incentivizes honesty.

  4. Increased efficiency and speed: Unlike banks that require real estate and middlemen to complete transactions, Blockchain’s decentralization allows faster transactions through P2P cross-border transfers allow.

  5. Reduced cost: Businesses can take advantage of blockchain by cutting out the middlemen and not requiring to occupy real world space.

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#4297

Benefits of using blockchain.

  1. Transparency: Blockchain is an open source technology in which all data and transaction is recorded in a public ledger and can be viewed by everyone.
  2. Security: Blockchain is a trustless system. Each new transaction is encrypted and verified and linked with the previous ones. Data and information cannot be altered or changed once being recorded and added to the block.
  3. Traceability: As mentioned earlier, all new transaction is linked with the previous one, which helps tracking data in a supply chain more efficient.
  4. Increase efficiency and speed: Blockchain was create with a peer-to-peer nature. Since the third party is removed out of equation, all data and transaction is processed more efficient with higher speed.
  5. Reduced cost: With all the quality stated above, blockchain will help reducing cost in every aspect from middlemen’s fee, cost of bookkeeping, recording, tracking, auditing, etc.
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