Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#4318

Transparency: Hidden community behind crypto transaction. Blockchain shows every transaction but hides the owners doing it without a middle man.

Security: Miners and investors are incetivized to keep the security up. Taking down BTC will have to use the whole power grid of a country like Denmark, which is 99.9% never going to happen.

Improved traceability: Peer-to-Peer transaction done via decentralized blockchain as a secured digital footprint on the block.

Increased efficiency and speed: Blockchain is fast due to the Public Ledger. The bigger the network, the faster transactions will be approved by the nodes and deliver the funds.

Reduced cost: Getting rid of a big supply chain using blockchain will reduce the costs of the project.

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#4319

Transparency: The public ledger lets anyone view and self verify what any person or entity claim to have or spent, helping build trust in their customers / users

Security: Through the network needing confirmations by the network on what is true in a transaction it makes it Difficult for anyone to add in fake information

Improved traceability: Transactions are recorded and has a audit trail that can show where something originally came from

Reduced Cost: cutting out the middleman can save on fees and speed of verifying transactions, makes it automated while being able to cross borders in a trust less way

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#4320
  1. You can see all transactions, all infos are public/cant be modifyed by anyone.
  2. not hackable because of how the blockchain works, trustless .
  3. After each transaction the miners check from where it comes and where it goes.
  4. There is no need of a middleman its direct p2p.
  5. Without any middleman there is no thirdparty to pay.
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#4321

1.everyone can track and see the information.
2. Maths acts as a trust and security.
3. real data traceabilty.
4. Multiple networks sharing one data allows for super fast connection and efficiency.
5.getting rid of middle men saves time and money.

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#4322

Transparency: Since every transaction is in a public ledger, it is not possibel to hide information.
Security: Every transacction is encrypted and linked to the previous transaction. Also the same block is copy in the newtwork of computers, therefore it is impossible to alter it in all ledgers.
Improved traceability: Due to the fact that every transaction is in a public ledger, it can be traced at any time.
Increased efficiency and speed: Thanks to the peer to peer communication, there is no need to have middle man, therefore it increased efficiency and speed.
Reduced cost: The blockchain technology is a security system by itself, where direct communication is alllowed without middle man intervention, therefore reducing all related cost to transfer value.

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#4323

Transparency: Its transaction ledger for public addresses is open to viewing. We can say the same when we are looking into a project and has open sources as well.

Security: Blockchain is more secure because each new transaction is encrypted and linked to the previous transaction. Blockchain is formed by a complicated string of mathematical numbers so this makes it safe from falsified information and hacks.

Improved traceability: Traceability is very important for companies that depend on shipping goods, etc. In the blockchain, transactions can be traced with detailed since their creation, in real-time can help also for authentication of the product so with blockchain wont have any more fake products through the markets.

Increased efficiency and speed:
In blockchain removes the need for middlemen in many processes for fields such as payments and real estate. Comparison with traditional financial services blockchain can make faster transaction P2P and with lower cost.

Reduced cost: There is no need for third parties for verification, not a single data centre, which reduces costs

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#4324

Transparency: Businesses can benefit from a public blockchain as all transactions can be traced. This leads to increased accountability for all business sectors as anyone can see how businesses spend their money.

Security: It reduces the need for trust between transacting parties. Businesses can also rest assured that their information cannot be hacked and edited to someone else’s benefit.

Improved traceability: Businesses for example in the food industry, can ensure they receive their food from sources that have to ensure they conduct their business without doing anything shady. This is because their actions can be tracked by the blockchain.

Increased efficiency and speed: Business can be conducted faster thanks to blockchain being trustless. Time, therefore, can be allocated more efficiently, increasing cash flow, etc.

Reduced cost: Company cash can be allocated to other sectors of the business that could benefit from more cash allocation.

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#4325

  1. Transparency:
    All transactions are public - anyone can view the transactions. This forces anyone to be accountable and act with integrity in any dealings.

  2. Security:
    Each transaction is encrypted and linked to previous transaction. It is also immutable and incorruptible, thereby protecting it from false information and hacks. It is also trustless, thereby does not require any parties to trust anyone to transact safely.

  3. Improved traceability:
    Each time goods are exchanged, it is recorded on the blockchain, allowing for easy tracking and verification.

  4. Increased efficiency and speed:
    It removes the need for third parties, allows for faster transactions to take place, and provides a unified system of records and smart contracts allowing automation of agreements.

  5. Reduced cost:
    There is no need for third parties.

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#4326

Transparency in the blockchain allows all parties to view the transaction ledger. Parties are able to verify, trace, and track transactions to its original existence, bringing trust in use cases where there is a lot of opaqueness.

Security in the blockchain allows parties to transact in a secure and reliable way because the transactions are encrypted and linked to the previous transaction. Once a transaction goes on the block, it is added to the ledger, making it impossible to be altered.

Improved traceability in the blockchain allows anyone to view, trace, track and exchange goods. Improving the authenticity of the traded product. Tracking it down to its origin.

Increased efficiency and speed in the blockchain eliminates the need for a 3rd party to verify or be an arbiter in the process. The distributed ledger can process payments faster, save time in administrative work from 3rd parties, improve the quality of data and protect information from data breaches. It is multiple tools in one protocol.

Blockchain can reduce cost in overhead by reducing transaction costs. Transactions in the blockchain are handled by peer-to-peer networks. They require no centralized verification, eliminating the processing fees from merchants, as well as other applicable use cases.

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#4327

Transparency:
Since the all transactions of all blocks of the blockchain a publically readable, there is ultimate transparancy over all transactions, if you know who owns which address.

Security:
Blockchain technology is secure, because transactions can’t be reverted once they are part of the blockchain. Also the proof-of-work consensus makes sure that every transaction is valid and the payer owns enough tokens to do the desired transaction. This makes sure there is no falsified information on the blockchain.

Improved traceability:
Every time a transaction is added to the blockchain the miners trace where the transacted goods originated from, This ensures the authenticity of the traded goods.

Increased efficiency and speed:
Since there is no need for a middleman (which would be the bank, when you transfer fiat currency), transactions can be made peer2peer. Also transactions are more efficient due to the unified system of ownership records inside of the blockchain.

Reduced cost:
The costs are lower, since there is no need for middlemen that need to be paid.

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#4328

  1. Transparency:
    A public decentralised ledger can be viewed by anyone. This brings a layer of accountability that ensures that companies and transactions act and perform in an open and honest manner. It allows all stages in a chain to be accountable.

  2. Security:
    Blockchain technilogy allows greater security through the immutable nature of it’s records. Records are stored with high grade encryption and each block is immutably linked to the previous block to prevent tampering and corruption. Greater security is also enforced as the decentralised public ledger is less prone to hacking or tampering.

  3. Improved Traceability:
    Due to the improved transparency at all stages of a supply chain it offers a greater level of transparency which benefits from the consensus of the contributing parties to verify the honesty and integrity of each step in a given process or chain. An audit trail is constantly being added to which ensures honesty and accountability within the network.

  4. Speed and Efficiency:
    Blockchain is faster and more efficient as it removes the need for so many middle men in a process. It allows peer to peer transactions on a worldwide basis as trust is built in to the process. A combination of unified records and smart contracts offer more secure transactions with less steps or middlemen required to confirm and maintain trust.

  5. Reduced Costs:
    Costs are reduced by removing intermediaries from the process, thus allowing companies to clean up their supply chains, removing unnecessary steps or third parties. It also greatly reduces the costs associated with post trade reconciliation and settlement which are both costly and time consuming for a company.

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#4329

Here are my comments on the first reading assignment. Challenging to be working almost full time while working through these courses but I believe it will be worthwhile time well spent …

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

  1. Transparency:
    Because the blockchain ledger with its many transactions is available to view by the public, there is unprecedented transparency and as such, accountability. Within the mathematical ledger infrastructure, each designated sector of a company’s business can be held responsible to the whole for all operations within its compartmentalized framework. This has obvious advantages in financial businesses where parties require transparency and should demand a trustless environment but can also have extraordinary advantages for many other businesses. The result of this kind of transparency is unrivaled customer confidence in a company’s operations.
  2. Security:
    With the mathematically complex encrypted strings of numbers forming the ‘chain’ which holds together blocks of data within the blockchain ledger, there is absolute security within and between one transaction and another. And because each transaction is permanent or immutable, there is no risk of change or corruption of an individual or company’s data. Since blockchain operates decentralized, no one entity can overtake and influence the data within the ledger, preventing hacks and providing unparalleled safety from falsified information.
  3. Improved traceability:
    Especially in businesses which involve the exchange of data, blockchain’s traceability makes it an invaluable infrastructure. With each exchange, an immutable audit trail is created which provides proof of ownership or association between any infinitely whole or fractional data involved in an exchange. Blockchain provides solutions not only for the financial industry but has an extremely high use case argument in business fields such as medical, pharmaceutical, criminology, patenting and even all aspects of the art world to name a few examples. Traceability removes the need for trust through mathematical proofing to create a completely secure chain of custody.
  4. Increased efficiency and speed:
    Blockchain eliminates the need for a middleman due to its trustless operational structure, utilizing Provenance and Consensus in a decentralized, secure proof of ownership, 24/7/365 modality. It is its decentralized advantage as well as high availability which facilitates blockchain’s efficiency. Without a middleman in any transaction, even with P2P cross-border transfers of currency, exchanges can be smoother and faster than ever before. With its single infrastructure audit trail capabilities, smart contracts can be created between parties in many scenarios which involve exchange of payment for land use, medical billing, and accounting to mention a few. These contracts can be maintained efficiently using blockchain’s unique advantages.
  5. Reduced cost:
    All of the aforementioned benefits of blockchain lead inevitably to its disruptive bottom line, that of reduced cost. So many of the disadvantages of dissimilar silos of information which must be exchanged from one entity’s unique infrastructure to another’s create unwanted or prohibitive, over budget costs that can and do prevent necessary outcomes from remaining viable. In the completely trustless environment of blockchain, you have accountability through transparency, efficiency through decentralization, the finality of immutability and security through traceability all in one, completely adaptable, unique infrastructure. Before committing themselves, with the now available proof-of-concept start kit Blockchain-in-a-Box , companies can see and experience for themselves at relatively low cost blockchain’s many unparalleled advantages with their own eyes. ROI will vary from one application to the next, but blochain’s efficiency will almost certainly in most cases land it in first place as the obvious infrastructure solution of choice.
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#4330

  1. Transparency: an open to the public transaction ledger that provides a layer of accountability

  2. Security: linked to eachother, encoded and encrypted makes it impossible to change anything without it costing huge amounts of energy

  3. Improved Traceability: With blockchains real time data you can trace and track your inventory or transactions from beginning to end

4)Increased efficiency and speed: With blockchains decentralized environment and no need for third party settlement

  1. Reduced cost: With blockchain having open ledgers, increased security with improved traceability as well as increased efficiency and speed, your going to reduce your costs
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#4331

  1. Transparency: The transaction ledgers are open for the public to see. This holds businesses and individuals accountable.

  2. Security: The transactions are encrypted and linked to the previous transaction in the blockchain. The blockchain is composed of blocks composed of mathematical strings impossible to change:Immutable. This makes it safe from hacking or any alterations. Note: The chain tech is similar to the file sharing torrents(Kazaa, Bittorent, etc.)

  3. Improved traceability: Each Ledger leaves an audit trail to trace where the currency or goods came from.

  4. Increased Efficiency and Speed: The blockchain simply gets rid of the middleman like the banks in to make faster transactions by allowing cross-border transfers with a cryptocurrency.

  5. Reduce Cost: A decentralized blockchain makes it easier to sort out the database without the need of a middlemen.

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#4332

Transparency
The block chain is a public ledger so anyone can see what has taken place before the current block

Security
This is another great feature of the block chain. Because of the nature of the public ledger and mining it is almost impossible to hack or create fake coins or tokens.

Improved traceability
Because of the block chain every token or coin can be traced back to its origin or can be proven to be real in privacy blockchains

Increased efficiency and speed
The more people mining and running nodes the cheaper the transaction costs are and the faster they happen.

Reduced cost
See answer above.

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#4333

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

  1. Transparency:
    The transaction ledger is fully open to viewing by anyone. For financial systems and businesses, this adds a complete layer of accountability that is unequalled today. It also holds every sector of each business responsible for acting with integrity towards the company’s growth, community and customers.

  2. Security:
    Every new transaction is encrypted and linked to the previous transaction and is disseminated across all nodes and is publicly viewable and traceable.

  3. Improved traceability:
    Every transaction has an associated hash that is publicly viewable thereby removing any doubt about the nature of each transaction. This also helps prevent fraud and accountability and provides immutable tracking in supply chains and irrefutable ownership of property or goods.

  4. Increased efficiency and speed:
    Blockchain removes the need for middlemen in many processes for fields such as payments and real estate thereby increasing efficiency as less middlemen are involved to slow things down and no checking is needed. Once a transaction occurs thats it.

  5. Reduced cost:
    Blockchain removes the need for third parties or middlemen in many processes for fields such as payments and real estate thereby lowering costs significantly for both sides of any transaction.

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#4334

  1. Transparency: With Blockchain all participants have, in real time, an exact copy of the data. Which means that , unlike paper records, there is no delay nor ned for reconciliation. All information is available to participants.

  2. Transactions can’t be modified or changed. They are agreed by all computers on the network and can’t be faked.

  3. A permanent audit trail is created with each transaction. It makes it easy and quick to trace where all the ingredients in a particular product came from and exactly what they are.

  4. Removal of 3rd parties and use of a shared ledger.

  5. Also because less intermediaries are necessary

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#4335
  1. Transparency: the need for transparency is vital in conducting any kind of business / transactions . The blockchain will hold information that is always correct so the information will be transparent and visible to all to see so no one can manipulate the information.
  2. Security: blockchains are extremely secure so holding data/information on a blockchain makes it impossible for it be manipulated / altered /fraudulently used.
  3. Improved traceability: blockchains are like an extremely reliable ledger. This means that all information contained on a blockchain is always correct and can always be verified so that supply chains/ logistics/ other information can be quickly relied upon to be correct and upto date .
  4. Increased efficiency and speed: blockchains can speed up the verification/ processing of data creating less mistakes and therefore resulting in greater efficiency and less time is spent on fixing mistakes/ incorrect information
  5. Reduced cost: blockchains will reduce costs as it will be easy ( and quick) to see where cost cutting improvements can be made. Also a Reduction in costs for 3rd parties (middlemen) etc.
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#4336

1.The blockchain transaction ledger is open for public viewing, which acts as an uprecedented layer of accountability and ensures that all parts of the business act with focus on the company, community and customers.
2. Each new transaction gets encrypted and linked to previous transactions. The immutable and incorruptible nature of blockchain secures the information stored on the blockchain.
3.The blockchain records an immutable audit trail and verifies the authenticity of assets.
4. Blockchain removed the need for middlemen in many processes and also allows for faster transfers by P2P cross-border transfers.
5. For businesses it is much easier these days to create a proof of concept to test if blockchain is viable and feasible in a specific context, before starting full development.

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#4337

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

  1. Transparency: it is open source and anyone can access the public ledger to check the transactions
  2. Security: 24/7/365 online, and the people online are incentivised to stay online
  3. Improved traceability: dont trust, verify
  4. Increased efficiency and speed: improves efficiency and value because provenance can not work without consensus
  5. Reduced cost: one platform where every one can build. It removes sylo’s of information and connects these sylo’s
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