Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#4398

Blockchain is transparent because anyone can view the transactions on the blockchain. So it is auditable and verifiable.

Blockchain provides security because it is distributed network, so if one computer or multiple computer go offline others are there to process transactions.

Since every transaction is recorded you can trace the provenance of the asset.

When dealing with an unkonwn party you wouldnt want to wait 7 days for the payment to clear. With blockchain payment clears in seconds. Cutting out middle men

The cost is also reduce because you cut out “trusted middle men” and all the expense the come with a third party handle the exchange between 2 parties.

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#4399

Transparency: In Blockchain all transaction are publicly available; that is all transaction are being recorded and open ledger to the public to carry out reviews.

Security: Blockchain is very secured because each transaction is linked to the previous transaction through hashes and each block have their digital signature making it very hard almost impossible to mutate a block.

Improved Traceability: In blockchain authenticity can be easily verified because each time a transaction occurs it is recorded on the blockchain and an audit trail will link it back to where it originated.

Increased Efficiency: Blockchain removes the need for middlemen in transaction, thereby making transactions very efficient.

Reduced Cost: By Removing the need for middlemen when carrying out transactions, since blockchain is a trustless network, the transaction cost will be very cheap and at low cost

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#4400

Transparency: There is no data that can be manipulated and every one interested to verify the data has the possibility to do so.

Security: Because of the decentralization and the consensus mechanism it is nearly impossible to hack the system and manipulate the stored transactions.

Improved traceability: Because of the immutability of the data on the decentralized network every step of a process (ex. supply chain) can be tracked and this ensures the traceability.

Increased efficiency and speed: If everyone uses the same infrastructure all the efforts to run an own IT infrastructure is eliminated. In terms of speed there are some issues to solve i think? :wink:

Reduces cost. There is a global infrastructure, which can be used, no more costs for running its own one.

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#4401

  1. Transparency is achieved through a public ledger holding institutions accountable, and providing more integrity to its customers and community.

  2. Security is achieved through a network of computers. Encrypted transactions are confirmed and linked to the previous block making it un-hackable or corrupted.

  3. Improved traceability is achieved by transactions being recorded in a ledger on the blockchain leaving an audit trail, thus preventing fraud, better security, and authenticating assets.

  4. Increased Efficiency and Speed is achieved with faster peer-to-peer transactions, eliminating the need for a middleman creating a more efficient unified decentralized system.

  5. Cost are able to be reduced through blockchain increased transparency, better security protocols, elimination of the middleman, and faster transactions.

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#4402

Transparency:

Transparency enables both parties involved in a transaction to understand with 100% accuracy, as to what is being offered for sale and when payment will be made for goods.
An audit trail of when funds will arrive in sellers account, where money came from will give sellers confidence and improve sellers cash flow. Cash flow interruptions would significantly be reduced as the sending back of customer payments after goods have been used to obtain a full refund, leaving the seller out of pocket.

Security

As transactions are encrypted mathematically, all sensitive data stored on the blockchain are very secure and free from human manipulation and hacks.

Improved Traceability

Due to blockchain technology, the entire supply chain can be stored covering each step of all actors involved in the process so full traceability can be observed along the way.

Increased efficiency and speed

This leads to greater efficiency and speed as bottlenecks in the supply chain can be quickly identified, isolated and repaired. Moreover, being a trustless ecosystem each node verifies and is highly incentivised to double check and validate the transaction leading to an error free transaction.

Reduced Cost

Naturally, this reduces costs in terms of an error free, trustless, highly efficient and mathematically, science based blockchain carrying out the transaction. Further, due to the inbuilt auditing function of the blockchain, this will also reduce the Financial Services element that businesses have to account for on their balance sheet.

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#4403

Blockchain is network of computers that all have a copy of database of all transactions. It is also called public ledger. It is open to everyone to see. Computers communicate each other to allow new transaction to be on blockchain. This consensus system is great for transparency. Also blockchain is immutable and trustless. That ensure security .

Blockchain has provenance feature as well. You can trace all transactions on blockchain. It is great for example for audit or to see supply chains. Blockchain improves traceability and increase efficiency and speed because everything is on network.

It also allow you to reduce cost because blockchain trust math and protocol, thus you get accurate information with short amount of time because you do not need to research to trust 3rd parties.

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#4404

Transparency: Due to computer nodes verifying transactions and there being no way to remove information, transactions are confirmed using consensus and the ledger is available to everyone.

Security: Because the Network is decentralized there is no need to trust a third party. With consensus and verifiability and no centralized security, it doesn’t rely on trust.

Improved traceability: With Open Source Network, every transaction as well as supply chain can be verified by computer nodes that are incentivized financially for honesty.

Increased efficiency and speed: Due to miners, there is extremely high availability, twenty four hours a day, seven days a week.

Reduced cost: By eliminating trusted third parties by using the network, service charges are greatly reduced.

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#4405

  1. Transparency: Every entity’s transactions are publicly available for anyone to see and review. This leads to an unprecedented level of accountability for everyone because it would become a lot more difficult to hide something illegal or unethical you were doing.

  2. Security: Blockchain transactions are immutable and incorruptible. One a transaction has been made, it cannot be altered. This is possible because each new transaction being added to the ledger goes through a mathematical process that cannot be altered once formed.

  3. Traceability: Because each transaction on a blockchain is recorded on a ledger, it’s chain of ownership can be traced all the way back to its origination. This verified how trust worthy the people you are doing business with are, and also shows proof of ownership of assets. Furthermore, supply chains can be tracked to verify the contents and quality of materials from suppliers.

  4. Increased efficiency and speed: Blockchain networks are efficient and fast because they do not rely on third parties. Instead of waiting for an intermediary to process a transaction, business can be done in a peer to peer manner.

  5. Reduced Cost: The lack of a third party also saves on fees associated with using a third party.

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#4406

Transparency: :goggles: :eyeglasses: :eye:

  • the blockchain is open for all to see (public transaction ledger) it shows all accountability and who sent it.

Security: :raised_hand: :policeman: :policewoman: :male_detective: :female_detective: :shield:

  • every transaction is encrypted and linked to the previous transaction/block and is confirmed by the network of nodes before its added to the blockchain/ledger, this forms a chain of strings/numbers which makes it impossible to change or undo once confirmed. This makes it safe from false information, hacks and the decentralized aspect allows to not have the need for trust.

Improved traceability: :face_with_monocle: :microscope: :telescope: :mag:

  • every time something is exchanged for something on the blockchain like a physical item then there is an audit trail to follow and trace to where the goods came from, this helps verify the authenticity of traded assets as well as any claims made by the business/company i.e. “we are a company that is 100% vegan” you could trace this and the nodes will verify if this is true it also helps show and verify proof of ownership of an asset.

Increased efficiency and speed: :fast_forward: :fast_forward: :fast_forward:

  • Because the blockchain is decentralized it removes the need for middle men/third parties by allowing P2P (peer to peer) borderless transfers with digital currency. e.g. property management process are made more efficient with a unified system of records, smart contracts that would automate arrangements. its also available 24/7/365 days a year.

Reduced cost: :money_with_wings: :moneybag: :money_mouth_face:

  • overall the blockchain reduces costs through not having middle men and the need for those middle men financial service businesses and thus not having to pay their fees like transfers, international payments, referencing fees, and commission fees etc. other fees it puts an end to are timely payment fees as it is all automated so you wont miss payments etc. as through smart contracts it can all be automated. This also gives people, companies and businesses to put their time elsewhere. it also reduces cost through security/traceability as it stops fraudsters and scammers trying to claim money as everything is traced through Provenance and Consensus. (“don’t trust - verify”)

:+1: :+1: :+1:

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#4407

Blockchain is beneficial because of :

  1. Transparency where common data can only be updated by consensus, everyone shares the same documentation, and it’s a distributed ledger.
  2. Security in that the data is the same across the network, history verifies authenticity, and common data can only be updated by consensus.
  3. Improved traceability in addition to authenticity, history can be made public and data is quick and easy to validate.
  4. Increased efficiency and speed which includes validation, reduces human error through automation, and replaces paper.
  5. Reduced cost because of no need for paper, don’t have to reconcile multiple ledgers, and removes 3rd party trust.
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#4408
  1. Anybody can view transactions at any given time. Every “block” is time stamped, traceable & can’t be reversed or erased.
  2. Non reversable transactions & timestamped. Numerous computers in the worldwide network…anyone who attempts to hack will be rejected because of ratio.
    3.All transactions in the ledger are timestamped, accurate & available to see 24/7. One can view start and end of any transaction.
  3. Because of the global network continually verifying any & all transactions, eveyone can view online at any given time. No middlemen involved to consult or communicate with…peer to peer only!
  4. No third party required, therefore no extra fees.
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#4409

Transparency: As the protocol goes. All transactions are forced to be public and trackeable, in real time.

Security: The developed algorithms to run the blockchain are safer than other systems. This is because of the creation of chained-dependant blocks, so one block can not be simply be modified without affecting the whole chain.

Improved traceability: Due to the open-public system, it is possible to trace all the exchanges done with a particular coin.

Increased efficiency and speed: P2P transfers do not require middlemen to provide the environment to make the exchange. So, a descentralized net can just provide the same environment but in a more direct and fast manner.

Reduced cost: Once an algorithm is correctly implementedand provides the thrust, no third party is required to guarantee anything, so you don’t need to pay them :smiley:

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#4410

Transparency: Everyone can see the transactions on the Blockchain, you can’t tamper with it, it’s auditable, you can trace anything on it.

Security: Because network providers are incentivised with rewards, the network will stay secure. You will also get rewarded for providing good blocks vs bad.

Improved traceability: Every block in the chain is immutable and final, the whole “chain” can be viewed and audited. You can check the authenticity and use cases like supply chain or good medicine can be used and is valuable.

Increased efficiency and speed: There are no middlemen so more efficient. Speed because the infrastructure/protocol is accessible for everyone.

Reduced cost: You can outsource it to BaaS. If the company has no knowledge of the technology.

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#4411
  1. Transqsction ledger is open to view this adds a layer of accountability.
  2. It’s more secure because each new transaction is encrypted and is linked to previous transaction.
  3. Each time a transaction is made it is automatically tracks where goods are from.
  4. Cuts of need for middle men and automates agreements between individuals and businesses
  5. Increase efficiency leads to not needed excessive resources.
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#4412

Transparency in blockchain refers to the distributed public ledger. Everyone can see it and transactions are clear to all parties.

Transactions are secure due to the blockchain because they cannot be broken or changed. They also cannot be fake. Every transaction is validated and the nodes all store and agree on transactions. Transactions must be agreed upon by both parties as well allowing for secure storage of currency.

Improved Traceability in blockchain refers to the public ledger. All transactions are stored together and the nodes keep all the data. The is clear history of transactions.

Blockchain creates increased efficiency and speed because nodes are incentivized to validate transactions before others. This creates an environment where there is competition to validate. In addition, the middle man is cut out so it is actually a p2p transaction, rather than having a bank or other financial firm involved.

The cost is reduced due to cutting out the middleman. An example would be companies no longer need to pay card providers for their services.

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#4413
  1. Transparency: since it is public, each sector of the business has to act with integrity towards the company´s growth
  2. Security: its immutable and incorruptible. So parties do not need to trust to transact safely.
  3. Improved traceability: improves security and prevents fraud in exchange related businesses. Helps verify the authenticity of the traded assets
  4. Increased efficiency and speed: eliminates the middle man in many processes. Facilitates transactions P2P cross-border with a digital currency
  5. Reduced cost: with BaaS it´s easier for businesses to confirm viability and feasibility before embarking on a full development
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#4414

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

  1. Transparency: Blockchain allows all information added to the ledger to be viewed openly, and therefore there is greater accountability. There is also an audit trail every time a transaction is recorded on the ledger allowing us to trace every asset/goods.

  2. Security: First, every transaction is encrypted, and then there is a network of computers that verify each block that is added to the ledger, This network is not all connected to a single server, making it very difficult to hack. Blockchain is a string of numbers that cannot be modified or altered once they’re on the ledger, making it safe from hackers.

  3. Improved traceability: Every time a transaction is recorded on the ledger, there is an audit trail that traces the origin of the goods to verify their authenticity.

  4. Increased efficiency and speed: No intermediaries are needed, making all transactions much more efficient, without the back and forths of working in different time zones, having different holidays, human error, etc-there is a single point of control.

  5. Reduced cost: Having no third parties/middlemen reduces cost because money is not being spent on everything that having middlemen entails.

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#4415

Transparency: The ledger on the chain allows the users to view all transactions. This will ensure a loyal userbase at ease with their investments.

Security: Having multiple nodes validate the transactions on the chain will give greater security. This will ensure data is protected.

Improved Traceability: This will ensure that all transactions on the chain are playing by the same rules and are living up agreements along the way.

Increased efficiency and speed: Legacy databases come with antiquated systems and tech debt. Blockchain networks allow for speed and get rid of this tech debt.

Reduced Cost: By cutting out the middleman, blockchains allow for reduced cost and fees.

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#4416

Reading Assignment: Benefits of the Blockchain technology - Answers
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Explain with your own words, why these are the benefits of using blockchain

Transparency: This keeps companies accountable by allowing the public to view their transaction history

Security: By providing a trustless and decentralized system, users and be sure that each transaction on the blockchain is secure due to the immutable math and physics involved in verifying each transaction. In addition each transaction is encrypted and linked to the previous transaction

Improved traceability: The public blockchain provides a transaction history which allows traceability of products and services from their current state back to their origin

Increased efficiency and speed: Due to its decentralization blockchain removes the need of middleman thus making transactions happen quickly and 24/7/365

Reduced cost: Since middleman are out of the picture the costs associated with centralized authority fees are also elimnated thus reducing the cost

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#4417

Transparency:
All transactions are verifiable and consensus .

Security:
multiple simultaneous incentivised servers to cross chech each transaction

Improved traceability:
All transactions and claims are traceable

Increased efficiency and speed:
Ones a transaction is send to a blockchain, everyone can see or receive this directly.

Reduced cost:
Not everyone have to setup a bunch of servers to keep a central database for their own in the air.

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