Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#4298

Using my own words to inform you as to why transparency, security, improved traceability, increased efficiency and speed, along with reduced costs are the benefits of using the blockchain……… I’m sorry but you opened up a whole can of worms and this will not be your generic response.

First of all transparency deals in truths where we can work as a team with all the cards out on the table. Try bluffing at poker with see through cards! Transparency is a huge benefit of using the blockchain because it enables us to have an informed situation that can be validated without question. Psychologically it also lowers the stress levels of the individuals working with the blockchain… You mean I won’t screw up a big business deal because I worked with facts and wasn’t fed a bunch of smoke and mirrors……. Sign me up. There’s a real sense of security in that.

So since that just touches on a secure feeling,…. I’ll expand a bit further even though I am sure most of you reading this will say I am missing the point in the end. Yet let me ask you something……… what’s it matter that it is next to impossible to hack the blockchain if I am making deals based off deceit? Great, my transaction can not be undone and there’s tons of witnesses to verify that the information pertaining to just the transaction are correct and true. Yet without the the transparency being all encompassing……. I may have believed that the yacht I just purchased was legit, just to find out that it wasn’t much more than a dingy. While loosing all my money in the process. So yes the security is a huge plus but it is nothing without the full foundation of the blockchain and verifiable traceability.

You mean that there’s no governing party behind the scenes that only present what they want you to see? I can take the secure verifiable history of the blockchain and see for myself that the labor costs involved with this yacht doesn’t make sense? I can see they only purchased $300 in wood for materials, and the mast was installed with wood glue and nails? Holy Smokes…. The yacht I wanted to buy was really just a photoshopped picture of some arts and crafts deal where the guy was looking for a sucker. WOW…. I am having a difficult time trying to find an unethical side to the blockchain. I believe there maybe something to this whole blockchain and it has the potential to change everything for the better.

Using the blockchain structure in life sure saves me a great deal of headaches and allows me to keep moving in the right direction without stumbling over the traps crooks lay down along my path. The vastness of available, verifiable, solid information keeps me from spending hours or days researching answers to questions a central authority does not want me to know. I can’t think of a more efficient and speedy way to move forward. Besides, with this blockchain, I am cutting out all the middle man and avoiding all those costs and commissions going to the salesman. I get to deal directly with customers, businesses, and prospects without the salesman, Realtor, or representative putting some flavor on things so they can inflate the price. I don’t have to trust some banker/broker with my investment funds for retirement? I can work it all out and have the peace of mind that I am not getting taken for a sucker?

Hey blockchain, where have you been hiding and you are sure going to scare some people that are in power. The people who strive on the ignorance of society.

I know this probably may just be the worst response to the question presented. I could go on about immutability, availability, finality, consensus, provenance, and all the topics we covered so far in blockchain 101 but I’d probably sound like the broken record I keep hearing as I see all of our answers previous. I don’t know,…. I share what I’m learning with those around me and really,…. The only reason 95% of everyone I’ve come across is interested in crypto currency is greed. When in reality they never want to learn what’s behind the bitcoin or the Coinbase trading. The media has them terrified and you match that up with greed battling ignorance……. you have a hard road a hoe to get mass adoption. I decided to spin the philosophy of those terms we went over into this craziness…….

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#4299

1 all transaction are visible
2 true verification of network
3 in the blockchain everything is recorded
4 no middleman to approve it
5 no middleman to fees

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#4300

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

Transparency:

the ledger is open to the public, this allows for anyone to see and verify what is happening in the space.

Security:

in the blockchain each transaction is linked to the previous one, it is verified by the community and trustlessness can be achieved.
Improved traceability:

Increased efficiency and speed:\

no middle man is needed with blockchain, so the transactions go from person to person.

Reduced cost:

no middle man means less fees.

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#4301
  1. Transparency

The blockchain is public and can be viewed by anyone. This means companies have to act with integrity and there and be no fraud or cheating going on

  1. Security:

The data on the chain can not be removed or edited once it is on. It is verified by decentralised network so you do not need to trust an authority or an institution to act ethically with the data, and it is un hackable and un corruptable

  1. Improved traceability:

Every transaction can be seen, and all transactions before and after it. Therefor every single thing on the blockchain can be tracked and traced publically from the very start and at every step along the way.

  1. Increased efficiency and speed:

It eliminates the need for a middle man to handle or process the data. For example if you were sending money internationally it would need to be handled by a bank, who would be converting the currency, verifying the payment etc. Blockchain allows direct P2P transactions with no middle man between

  1. Reduced cost:

As shown above the fact it eliminates the middle man reduces the cost. You dont need to create your own database, or pay fees to a bank or real estate agent. You dont need to go through a broker or pay and conversion fees, Everything is direct from point A to point B

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#4302

Transparency - Everything happens on a public ledger which allows for unprecedented accountability

Security - A network of computers providing verification allows for security with no central point of error and increased security

Traceability - There is always an audit trail left on the blockchain which keeps a record of every transaction and makes the flow of money easier to trace.

Efficiency and speed - Peer to peer transactions happen seamlessly and cuts out the middle man which increases efficiency and speed

Cost - Cutting out middlemen reduces costs and makes the protocol more efficient for all involved

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#4303

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

Transparency: Transparency is huge with blockchain because it will create better relationships in your business. A fully integrated blockchain will remove the need for us to ‘trust’ in every area of business, which will lead to less fraud/scams and to better quality. With the provenance that blockchain offers you will be able to trace everything because nothing gets deleted with the immutable nature of this software.

Security: Blockchain is extremely secure because it is decentralized and users get incentivized not only to tell the truth, but to also tell on others when invalid transactions go through. This makes it a very liable infrastructure because the more people mine, the better the security. Also the blockchain itself is immutable because there are so many nodes that are stored locally. Therefor if one transaction was deleted off of one node, it does not mean that it will be erased from all of the other nodes without it being verified.

Improved Traceability: This is unique because with blockchain being a public ledger everyone can see and verify every transaction. This is one of my favorite use cases because the blockchain allows for provenance to see exactly where our food is coming from; or we could see how the government uses our tax money. This also gives people the ability to do real-time auditing which can make more industries legit and verifiable.

Increased Efficiency and Speed: This is a huge benefit to users of the block chain because it makes everything more direct. It gets rid of the need for any middlemen which will save time and make the infrastructure more efficient.

Reduced Cost: This is a benefit because on blockchain you can have one decentralized infrastructure now without having to outsource all of these middlemen. Also it saves you time with having everything direct and transparent.

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#4304

  1. Transparency:
    Blockchain is a public database or ledger that can be seen by anyone and cannot be hidden like centralized databases or servers.

  2. Security:
    Blockchain has outstanding security features due to strong encryption of every block and open transparency so no one can hide anything.

  3. Improved traceability:
    Due to the blockchain structure and open transparency, items or anything can be traced from manufacturer to consumer…even down to every ingredient in food products. Not just items, but things like accounting audits. Once the blocks are chained to other blocks, they are immutable and cannot be changed (this also adds to security).

  4. Increased efficiency and speed:
    No middleman is needed, no third party needs to sit on something with the blockchain. Direct, peer-to-peer make transactions much faster and efficient.

  5. Reduced cost:
    To both business and customer due to increased efficiency and speed and no third parties required who almost always charge extra fees.

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#4305

Transparency: because all transactions are recorded on a distributed ledger that is open for all to view. One can now have access and monitor every transaction that has taken place making the blockchain a tool that is transparent as its key use case and benefit.

Security: because the data on the blockchain is verified among multiple computers globally it makes trusting the data more secure and harder (almost impossible) for malicious actors to interfere and change the data. Another benefit.

Improved Traceability: Since every transaction ever made is recorded on the blockchain one is able to trace all the way back to the origin of that transaction. This openness of data accessibility throughout its history allows you to verify the data is correct and not manipulated building another layer of trust in the system.

Increased efficiency and speed: As one is now able to directly to do transactions one on one or peer to peer. Removing the barrier or extra step that would slow down the transaction and make it more cumbersome if a third party was involved.

Reduced cost: Again without third party interference, there is no extra step need that would request payments for being that extra step and involve extra time. Any barriers for direct or peer to peer interaction is costly removing these also reduces the cost of transacting.

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#4306
  1. Transparency:

Because a decentralized blockchain is a public ledger, it allows for complete transparency.

  1. Security:
    Because a decentralized blockchain is immutable and incorruptible, it enhances the security of your transaction.

  2. Improved traceability:
    Every transaction that leads up to your current transaction is permanently viewable on the block chain. this means that the accounting is baked in to the transaction.

  3. Increased efficiency and speed:
    By eliminating the middle men, transactions can happen at the speed of electricity. No wasted hours and even days while you wait for something to be approved.

  4. Reduced cost:
    Block chain eliminates middle men, eliminates third party auditors, eliminates chargebacks.

Block chain gives you a trustless transactional system that allows you to exchange value instantly, at a fraction of the cost and speed of traditional business models.

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#4307

Transparency: Public ledgers provide access to all the irreversible transactions

Security: Information is immutable and no one can manipulate data as it should be verified by other blocks of the network

Improved traceability: Specifically apt for supply chain, blockchain helps supply chain and their customers track the source of all the materials leading to provenance.

Increased efficiency and speed: As its comprised of many incentivized blocks, the chain always makes up for any on/off through the system.

Reduced cost: Block chain removes intermediaries within its network and provides transparency and hence lower costs.

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#4308
  1. Transparency: it is a single public database that gets updated as soon as the new transaction (block) gets validated and confirmed by the miners. This blockchain ledger is immutable and can not be alter change or deleted.
  2. Security: it is a decentralized network and it is highly secure, every node (miner) has a copy of the transaction and are financially rewarded to keep the network safe. There are millions of nodes (miners) around the world trying to earn the rewards which motive them to play by the rules and keep the network safe, a single network will be easy to hack due to their centralized nature.
  3. Improved traceability: In the blockchain, data is easy to track due to its immutable feature. The blockchain ledger is publicly available, can be audit and trace any time 24/7. Do not need permission to trace or audit.
  4. Increased efficiency and speed: by removing third parties, the network relays only on the speed of the verifiers which are the miners, it is on their best interest to complete the transaction as quick as posible to win the financial rewards, miners need to resolve the Mathematical equation to find the right hash number and will need to validate the block through consensus, meaning that all nodes (miners) must agree and validate the transaction number. This check and balance make the network trust-less.
  5. Reduced cost: The transaction is irreversible, no need for a person to maintain or credit back the transaction.
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#4309
  1. With blockchain, we have a complete decentralized network where there is no need for a centralized authority to create rules and regulations to improve the transparency. In blockchain peers are responsible for carrying out transactions and validating them through decentralization, and consensus method.
  2. Security: Security is enhanced by the fact that each node holds a copy of the transactions that have been performed on the network and, each transaction is encrypted and has a proper link to the old transaction using a hashing method. So, if someone wants to make changes in the transaction, he won’t be able to do so as other nodes will reject his request.
  3. Improved traceability: With blockchain ledger, the supply chain becomes more transparent becouse every party can trace the goods and ensure that it is not being replaced or misused during the supply chain process and this helps to solve problems like theft, counterfeit, and loss of goods etc., and also helps to verify the authenticity.
  4. Increased efficiency and speed: with blockchain we don’t need middlemen and paper work (bureaucracy) in order to make payments, transactions, agreements etc., instead we can achieve all these with a P2P cross-border transfer automate system.
  5. Reduced cost: With blockchain businesses can be more efficient and reduce their costs, as by having both accounting and transaction layer they can control financial transactions or the supply chain etc. in real time, any time, with direct access to full ledger. In this way businesses don’t need as many third parties or middlemen to make guarantees, or so much documentation to complete a trade.
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#4310
  1. In having transparency you can see all transactions that have been made in the public ledger
  2. In having security through mining for money the security will be high at all times.
  3. In having Improved traceability every transaction can be tracked or traced on the blockchain
  4. By having the blockchain remove the middle man making it incredibly fast to send and receive money
  5. Because the data on the blockchain is immutable it reduces the cost because there is no middle man
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#4311

  1. Transparency: Blockchains transaction ledger is open source making its data available for public viewing. Therefore, making it accountable and trustworthy to all.

  2. Security: New Blockchain transactions are encrypted and linked to previous transactions forming a block which is then added to the ledger making the blockchain. This makes the Blockchain virtually impervious to manipulation of the data and hacking. The Blockchain is decentralized adding more security.

  3. Improved traceability: The open sourced Blockchain ledger allows for the tracking and auditing of goods and the supply chain verifying authenticity of the transactions.

  4. Increased efficiency and speed: The decentralized blockchain eliminate the need for middleman in transactions by using P2P digital currency transfers and smart contracts.

  5. Reduced cost: Blockchain transactions can be made with smart contracts making the process more efficient and cost effective.

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#4312

Blockchain has a massive advantage in its transparently. Every transaction that is entered into the blockchain is open for viewing though out the entire network. This means a whole network of people are able to verify the truth. Making the blockchain Eco system a trust-less environment. No need for trust , just math and protocol.

The Security of blockchain is amazing, each new transaction is linked to the previous transaction. Basicly blockchain is created by a string of very complicated mathematical numbers and is impossible to change once made. This makes hacking all but impossible. There are also no third parties involved making the blockchain network the most secure in the world.

With the improved traceability each time a transaction is preformed, there is a audit trail created. tracking where the goods came from , what for and how much, what time, and so no. This improves security greatly allows you to track the exchange of goods and money in a trust-less manner.

Because of blockchains p2p environment there is no need for a 3rd party to be involved. This makes transactions far faster,way more efficient because we are just relying on math and protocol.

With blockchains greater security and p2p transactions, there is no need for expensive audit company’s. No need for banks and other entities to be involved. This leads to cheaper and faster outcomes

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#4313

Transparency:
Blockchain is transparent, this means that everything can be verified and seen on the blockchain. The benefit for this is that no one can modify any records and therefor the blockchain is incorruptible and immutable and makes it safe from falsified information
Security:
Transactions on the blockchain are not registered on a server but are confirmed on blockchain network. Records of all transactions are public and can be verified and checked by everyone. This prevents fraud or manipulation.
Improved traceability:
On a blockchain traceability is used in different ways for example companies that ship goods like medicine or fair trade products can use the blockchain so that the trace and origin of the goods are fully transparent.
Increased efficiency and speed:
Because blockchain transaction are peer to peer there is no need for a middle man, therefor the bureaucracy becomes less and efficiency and speed are gained.
Reduced cost:
Because of the increased efficiency and speed the cost are reduced because the middle man is not needed.

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#4314

The transactions are verified by decentralized network of nodes before adding it to the blockchain, after which the transaction is public for all to verify.

Since blockchain comprises of decentralized network of nodes, it is practically impossible to modify a transaction which is stored throughout the network.

The transactions can be traced to the exact detail, the time at which the transaction took place, the value of transaction, the addresses involved. All the info is available to the public hence improving traceability.

Since the transactions are processed or verified by a decentralized network of nodes the transaction is processed quickly and also efficiently, since the network updates/upgrades to provide more computing power compared to centralized authority.

The cost is borne by the central authority of setting up personalized nodes to meet computing expectations, in blockchain technology the same or even more computing power is obtained by the decentralized network of nodes, hence the cost is reduced.

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#4315

Transparency further ensures that transactions can be trusted because the blockchain allows anyone to review any and all transactions that have been written to the ledger.

Security is an important feature of blockchain as it ensures the integrity of the network as well as it’s trustless nature. It is obtained by having an immutable ledger that is being verified by the nodes on the network and once verified it can be forever written to the ledger.

Improved traceability in blockchain technology is obtained by having an auditable trail that can point back to the provenance of the tradable value or commodity.

Blockchains are often more efficient than traditional systems because it allows P2P transactions removing bureaucracy and middle men.

Since the need for redundant systems that already exist in the chain you can remove a lot of cost that may have existed I legacy systems.

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#4316

  1. Transparency: Blockchains transaction ledger is open to public viewing which adds a layer of accountability holding each sector of business to act with integrity.

  2. Security: Blockchain is an immutable and incorruptible system that can not be falsified. A block is formed on a network of computers that verify and agree that the information is correct, the block is then added to ledger which makes a chain.

  3. Improved traceability: Whenever goods are exchanged on a blockchain, an audit trail is there. This gives proof of where they came from and proof of ownership.

  4. Increased efficiency and speed: The blockchain removes the need for middlemen improving efficiency and the speed of transactions.

  5. Reduced cost: Because blockchain transactions are direct, have a built in audit, an irrefutable proof of ownership, and are incorruptible, both cost and speed at which a transaction can happen are greatly reduced.

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#4317

  1. Transparency: With everything on blockchain open to very and check everyone’s reputation is on the line. No one can cheat or fabricate information because everyone will know they have lied if they do.

  2. Security: You can’t cheat math, 2+2 will ALWAYS =4. Blockchain is complicated math and protocols back up by lots and lots of computers computing and running. It almost, if not, impossible to simultaneously deceive all those computers when they are all working together.

  3. Improved traceability: Everything on the blockchain stays on the blockchain. everything can be traced back to its very beginning. Every transaction is linked to the last one. It is all open and not hidden. It prevents you from having to “just trust” the information you are receiving. If you take the time you can verify everything on the blockchain.

  4. Increased efficiency and speed: The blockchain global network is always working. You don’t have to wait for someone to open to do a transaction. you can transact on the blockchain when you want. It only takes a short period of time for the other computers on the blockchain to verify your transaction then it is finalized. It is also universal worldwide. No waiting for someone to exchange one currency for another.

  5. Reduced cost: Blockchain cuts out the middleman that takes his cut. So instead of paying extra for a name you trust, who ultimately can deceive or lie to you, one can buy/transact/interact directly with the source and have more reliable trustworthy information in the process.

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