Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#4418

Transparency: Blockchain technology allows high visibility to transactional information made public on a decentralized database of information. This could mean that patients or medical professionals can quickly and efficiently access the patients information, for example, by querying a blockchain network built to store patient information. It is also a way for a group of users of a blockchain to have high visibility of the entire process, removing trust requirement from the picture.

Security: Blockchain technology utilized the concepts of immutability, consensus, and transparency to provide a high level of security for the decentralized database in question. Using mathematical encyption protocols it is impossible to change the information in a block that has already been created, and consensus protects the data from a single point of failure.

Improved traceability: If a blockchain database is made public, anyone with necessary understanding would be able to audit the blockchain to review past transactions and recorded information in past blocks, as well as see new transactions that occur. This is a highly visible way of recording data that all members of the network would be able to see and audit.

Increased efficiency and speed: Rather than having a central authority, or middlemen, the blockchain uses a P2P exchange that is validated on the blockchain by miners. Once consensus is reached, the transaction is recorded. This is highly automated version of what banks or other data exchanges were doing that required additional steps and filtering all transactions through central authorities before they could be completed, wheras blockchain transactions do this more efficiently by removing these middlemen.

Reduced cost: When there are central authorities acting as middlemen, each step in the process requires paid employees or overhead, each costing a portion of the overal cost of the transaction. In blockchain, the shared ledger only needs to interface with the validation of transactions in order to complete, which reduces cost.

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#4419

Transparency: Transactions on the ledger allows everyone to view public addresses and a record to be maintained.
Security: The trustsless system allows for individuals to transact with the blockchain using math to verify the transaction across the entire network. No duplications, no redirecting using the previous link on the chain, and math to make it encrypted individually.
Improved traceability: All exchanges are recorded on the ledger, the blockchain verifies who sent what and proof of ownership,
Increased Efficiency- removes middlemen, fewer steps and processes to finalize a transaction, Automation of agreements makes things easier for all parties on a grand scale.

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#4420

Transparency:

  • Transaction approved by Blockchain Networks.
  • Transaction can not be reversed & altered.

Security:

  • Decentralized feature since there is no gov & central authorities involved.
  • It uses mathematics protocol.
  • High Availability since Incentives are provided for mining and keeping the network up.

Improved traceability:

  • Real Time tracking
  • Real Time Auditing
  • No alteration in transaction

Increased efficiency and speed:

  • Peer to peer transaction
  • Transactions over the internet
  • No involvement third parties, gov or any other authorities

Reduced cost:

  • No intermediate parties
  • Since there is no reversibility and alternation which helps to reduce the bandwidth.
  • Mathematical Trust
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#4421

1.Transparency is a benefit of blockchain because the blockchain is a global public ledger thatā€™s available for anyone to see the transaction listed on the ledger. It allows for stakeholders to verify transactions without having to trust one another. It helps to ensure integrity from its participants.

  1. Security is a benefit of the blockchain because data added to the blockchain must first be verified by a network of computers from one block of data to another in that chain, before it can be added to the ledger. Once added to the ledger the data can not be changed, manipulated or hacked. It is immutable, rendering its use more secure than other ledgers and systems which are based on trust.

  2. Improved traceability is a benefit of blockchain because as transactions are added to the ledger a trail of where data originated from is created. Reducing fraud and helping to protect stakeholders.

  3. Increased efficiency and speed are benefits of blockchain because blockchain transactions can be added to the ledger without the need of someone in the middle to verify things. The data protocols can be agreed upon by person to person and abided by throughout. This in turn creates faster communication from person to person with the transactions.

  4. Reduced cost is a benefit to blockchain because through blockchain usage one can remove costly intermediaries who serve as verifiers and rely on the network. Through a more efficient process blockchain creates less waste and time spent in completing transactions. Once implemented there are less hacks, errors or disputes about the expected process to maintain agreements.

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#4422

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

Transparency: Everyone has access to same information through the decentralized database so that no party can cheat.

Security: Nobody can alter/censor some information.

Improved traceability: It is possible to trace data if some person seems not trustworthy.

Increased efficiency and speed: It enables for better cooperation thus helping bussinesses to grow faster and create better products.

Reduced cost: Saved energy, saved time for people.
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#4423

Transparency:
Transparency is benefit of using blockchain because everyone can se verified, real time transactions.

Security:
Security is benefit of using blockchain because transactions are encrypted and connected to the previous block so they canā€™t be changed or removed.

Improved traceability:
Improved traceability is benefit because every transaction is traceable so it can help verify the authenticity of the traded assets.

Increased efficiency and speed:
Need for middlemen is removed in many processes and smart contracts automate agreements.

Reduced cost:
Cost is reduced by removing middlemen and with increased security, transparency and improved traceability.

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#4424

1. Transparency:

  • The transparency of Blockchain technology is, in my humble opinion, one of the greatest benefits, because it forces individuals and companies alike to act with intergity. It holds them to account and prevents them from deceiving business partners, customers, employees, shareholders or anyone else. The public ledger is, after all, viewable to everyone.

2. Security:

  • Due to the decentralized nature of Blockchain technology, it is incredibly secure(especially compared with traditional databases). Nodes and miners all across the world are securing the network 24/7. Unlike the traditional databases, Blockchain is immutable and incorruptable, because it requires consensus among the nodes and transactions can not be altered after they have been added to the Blockchain. This prevents transactions from being tampered with and makes it safe from hacks.

3. Improved traceability:

  • In contrast to traditional databases, on Blockchain everything is traceable. A major benefit of this is the fact that it prevents fraud. You can see exactly where something comes from, because each transaction is recorded and leaves an audit trail. In addition, you can verify the authenticity of something and prove ownership of an asset.

4. Increased efficiency and speed:

  • Blockchain removes the need for middlemen. This is a great benefit, because it leads to faster transactions. I streamlines the whole process by allowing peer-to-peer cross-border transactions with digital currencies. Automation of transactions through smart contracts could increase the effiency in many industries, such as insurance and real estate.

5. Reduced cost:

  • Reduced cost is a great benefit of Blockchain technology, because it makes transactions much more affordable. I have lived in many countries where Western Union and Moneygram are still the norm for remittance. The fees are incredibly high and the people who use these services usually donā€™t make a lot of money to begin with. Blockchain technology, through P2P cross-border payments with digital currencies, offers these people an alternative. It allows them to pay much lower fees than most currently pay.
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#4425

I keep hearing this thing that its backdoors in diffrent cryptos making it unsafe and exposed to corruption.
Can someone shine light on this and tell me some deeper truth so i learn?

#4426

I also heard that creating new currensies benifits 1 person. The creator. Well it doesnt seem true because some cryptos have unique pros and attributes others dont have.

#4427

Also a tech guy said that it only make sense to have 1 proof of work crypto in the end, therefor bitcoin is the best. Especially with the new lightning network that makes it safer.

Is this true that only 1 proof of work crypto currency makes sense?

#4428
  1. Transparency:
    By using blockchain every user keeps a copy of the ledger where every transaction is recorded. Everyone can see all transaction.
  2. Security:
    By using decentralisation and encryption the system becomes very hard to hack. Every transaction gets encrypted and connected to the previous transaction.
  3. Improved traceability:
    If a company use blockchain to trace the orgins of the products, itā€™s very easy for the customer, to follow a product supply chain.
  4. Increased efficiency and speed:
    All participants have the same digital ledger, clearing and settlement can be done much quicker. Intermediaries are no longer needed.
  5. Reduced cost:
    It reduces the cost of having to pay middlemen in different process steps, and removes the cost of maintaining documentation to prove the accuracy or transactions.
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#4429

Iā€™m not sure what kind of backdoors are you talking about? Some currencies might have backdoors implemented in them yea, a lot of them are also more centralized then they promote themselves.

I would kind of agree with that. Most currencies that are not at least top 10 are vulnerable to 51% attack which has been proven multiple times now with attacks on Ethereum Classic. So if youā€™re not a top currency with a majority of hash power then there is a potential security threat.
Also most currencies today are either PoS or are moving to that model. Ethereum will sooner or later move to PoS and when that happens there will be a lot of miners with unused mining equipment and who knows what they will use it for.
So I would agree that probably in time Bitcoin will be the only relevant PoW currency left.

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#4430

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

Transparency: everybody could browse via records in blockchain and see the chain of records, so each transaction could be traced to other one

Security: Here the trust is done via trust to protocol and pure math not via centralized authority. Security is strengthened via incentives provided to validators/miners.

Improved traceability: Each transaction could be traced and linked to other transaction in blockchain as once transaction happen it is validated and then added to the database for ever.

Increased efficiency and speed: 24/7/365 no public holidays, no downtime as this is not centralized and once some part of the network could be down other part will take over as they want incentives. Most likely the only way how to shut it will be to shut whole internet globally but in such case we have more issues than that.

Reduced cost: There is no need for a middle man so it gets cheaper.

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#4431
  1. Transparency in blockchain happens thanks to the transaction ledger for public address is open for viewing, so all parties share the same documentation with common data that can be only be updated via consensus.

2.Security in blockchain is is the best so far as historical are encrypted and verifies authenticity of assets.

3.Improved Traceability can be possible thanks to the fact the history of the production is public and data is quick and easy to validate via hash.

4.Increased efficiency thanks for the cut of the middle man in transaction with a P2P system.

Reduced Cost, because donā€™t have to reconcile multiple ledgers.

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#4432

Transparency: With a public ledger, central authorities are no longer allowed to mislead or falsify information, meaning we will all be able to know with certainty exactly what occurred.

Security: Information cannot be altered or erased since there are so many exact copies of it spread throughout the network. And since it is not all kept I one central database, it would be very difficulty for someone to hack any meaningful information out of it.

Improved traceability: You can easily follow the exact origin of the data since every single transaction is stored on the ledger permanently.

Increased efficiency and speed: Since the network is so large and the miners charged with its upkeep are incentivized across the board, it can run more smoothly than a network managed by one central authority that is likely less incentivized to keep it functioning smoothly.

Reduced cost: By removing the central authority, there is no longer anyone to pay to facilitate transactions, so we are only paying for mining, which is a fraction of the cost.

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#4433

All transactions, as well as the addresses involved in them are made to the public (etherscan for example). This makes lot of businesses to be accountable for their actions, forcing them to show integrity towards stakeholders.

All new transactions are encrypted and linked to the previous transactions, with the help of complex mathematical strings which are impossible to alter. With all this in mind, blockchain is well-protected from false information and hacks.

Any time an exchange of goods is registered on a Blockchain, an audit trail is present to track where the goods came from, thanks to the blockchain ledger. This can help not only with protection and fraud prevention in exchange-related companies, but also with verifying the validity of traded assets.

Blockchain eliminates the need for middlemen in many processes, such as payments and real estate, due to its decentralised structure, which helps to speed up the operation. Furthermore, blockchain enables faster transactions by enabling peer-to-peer cross-border transfers using a digital currency. This makes property management processes more effective as smart contracts will automate tenant-landlord relationships and a unified system of ownership documents.

Blockchain technology does not require a middle man in order to operate efficiently. Transactions can be done via P2P, which eliminates a large amount of costs which would be associated with institutions verifying a transaction.

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#4434

  1. Blockchain is distributed and visible to all nodes, thus ensuraing accountability

  2. Security is enhanced beacuase all transactions are linked to previous transactions and immutable, making the data secure from changes or loss.

  3. Blockchain improves traceability and authenticity again because it is immutable, verifiable, and unchangeable.

  4. Speed and efficiency are increased because transactions occur between two participants without the need for middlemen.

  5. Without the need for middlemen which increase costs through fees, and the possibility of chargebacks, which increase costs through lost revenue, costs are reduced.

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#4435

Benefit of using blockchain :

  1. Transparency - Blockchain is a pubic ledger and as such all transaction stored in the network are available for pubic view. Thereby enhancing transparenccy

  2. Security - Because the records on blockchain cannot be deleted , fraud cannot take place , there providing security ffor records

3 . Improved Traceability - Blockchain provides audit trail for all information stored on the network, making it easy to trace the origin of the transaction or product e.g in supply chain .

  1. Increased efficiency and speed - Because blockchain is decentralized , without intermediary, there is efficiency and increased speed of execution of transaction.

  2. Reduced cost - Because there is no intermediary, transaction cost is reduced.

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#4436

Transparency means everyone can see and get the same answers

Security because transactions get approved by both agreeing parties. prevents fraud and we can see where our product is coming from

traceability means we can track all transactions on the blockchain

efficiency and speed by removing the middle man we can create transactions person to person

reduction of costā€¦ no middle man and better security means reduction of cost

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#4437
  1. Blockchain transactions are transparent because the network is pretty much a public ledger where verified transactions are added to the network but can never be deleted.
  2. The blockchain network is very secure because it uses complex math problems to form blocks that are encrypted and the information is verified so hackers can not falsify information.
  3. When there is a sale on blockchain it will be there forever so it is very traceable and helps verify what is in the product or if it is real.
  4. Blockchain is more efficient because there is no middle man so the transaction is just between the two people.
  5. Blockchain is cheaper because no instution is getting paid
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