Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#4518

Transparency: The entire history of transactions by public addresses are made visible. Anyone using the blockchain can view a number of on-chain metrics.

Security: Once a block of data is added to the blockchain, it is impossible to alter that data. Miners ensure the security by continuously verifying transactions and reaching consensus.

Improved Traceability: Not only can we see where money is going on-chain, but also in the real world supply chain. We can also trace ownership of digital or physical goods using NFTā€™s.

Increased efficiency & speed: There is no discrimination in the size of a transaction . A $100,000,000 transfer is processed the same as a $5 transfer. Some blockchains are faster than others, and some have added features like smart contracts, which automate contract enforcement.

Reduced Cost: There is no need to rely on third-party services. Companies can transact confidently with each-other trusting the immutable data, instead of an intermediary.

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#4519

Transparency: Transactional history is displayed at all times on the Blockchain, for one to change/update anything then complete consensus is required from all parties involved on the network. This renders Blockchain more accurate, consistent & transparent than previous paper orientated processes.

Security: One of the main highlights of Blockchain security is that all transactions must be agreed on unanimously before being encrypted, recorded & linked to the previous transaction.
Information on the Blockchain is stored in a vast network of computers, making it extremely difficult to hack into, in comparison to current information storage which is generally held on a single server & therefore has numerously more liabilities.

Improved traceability: Being able to see exactly where an asset/product came from & every stop along the way is a huge benefit in regards to using the Blockchain network. A historical audit trail is paramount in preventing fraud & authenticity of products on the supply chain.

Increased efficiency & speed: Trading processes are streamlined under the Blockchain network with record-keeping utilizing a single digital ledger shared among the network. Rendering the process faster, with less clutter, more trust & much more efficiency.

Reduced Cost: Overall cost is reduced when using Blockchain as the data is verified on the network, no trusting a third party or other intermediaries is necessary.

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#4520

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

Transparency:
As the blockchain can be seen as a digital public ledger where all participants have the exact same documentation, this means that all transactions are visible to all parties.

Security:
No changes can be made to the blockchain without the process of consensus in which all parties have agreed first. This as well as the fact that there is no single point of compromise makes the process of hacking very difficult. Fraud is practically impossible with this mechanism.

Improved traceability:
As each transaction is linked to the previous transaction of a previous block in the form of ā€œchainingā€ this makes it very easy to keep track of where a transaction started as well as where it ended with every stop in between.

Increased efficiency and speed:
The entire process of record keeping on the blockchain is done through math and code, this removes the issue of human error of getting something from point A to B. Also since everyone has access to the same digital record which can only be changed through group consensus this means that their is no need to compare multiple records with each other manually.

Reduced cost:
Due to consensus there is no need to hire third-parties to audit records to make sure that everything is true. This eliminates every single middle-man as well as the costs involved with their services like the traditional framework.

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#4521

Transparency is achieved through blockchain technology through the ability to see every transaction ever made on the blockchain. The transactions are stored in blocks forever and cannot be changed or altered.

Security is achieved through large numbers of nodes and miners. Miners have it in their best interest to mine only legitimate transactions due to the high cost of electricity in mining. Mining fraudulent transactions would be an expense to the miners so this inherently keeps the blockchain secure and maintains integrity.

Information on the blockchain is highly traceable since it can never be changed. You can find the origin of a transaction through signatures for the sender and receiver.

Since the network does not rely on a single third party to verify transactions, transactions can be processed much more quickly.

The lack of a third party cuts waste out of the transaction and lowers cost of transactions.

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#4522

1)Transparency: It is there for everyone to view instead of individual copies
2) Security: Since there is no single server itā€™s it extremely hard to hack also one requires consensus to proceed hence creating a more secure environment where it is hard to manipulate the data.
3)Improved Traceability: once the transaction is recorded on the blockchain it cannot be deleted and hence it is very easy to trace the origin of the transaction.
4)Increased efficiency and speed: Since the process is automated instead of paper heavy system it is more efficient and fast.
5)Reduced cost: no requirement of middlemen or intermediaries and hence is more cost-effective.

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#4523

Transparency acheived because data on blockchain is highly available to all and its final and entered after consensus. Tempering and authenticity of data cannot be challenged.

Its secure because no-one can hack whole network. There is no server to breach. Let suppose someone can sneak peak in the system but guess what data is immutable.

Improved traceability means aka digital provenance. It is available to all in its original/authentic form.

Efficiency and speed achieved by Peer to Peer communication and highly availability of information.

Peer to peer communication reduced cost of trust. Cost of trust was previously paid to intermediaries and guarantors or auditors etc.

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#4524

Traditional record keeping relies on a person or personsā€™ entering data at one location, ie; single institution, paper trail or third parties. This method is vulnerable to human error (in all its forms), is time consuming and lacks security. There is the problem of transparency, where information can be obscured or edited without prejudice. Also compromising security. Blockchaining technology resolves these issues through a different supply ā€œchainā€ method. It uses multiple confirmations via individuals, incentivised to perform each task in order to store information that is then linked to each other. This further reduces cost because the transaction is dealt with once & immediately, so can be traced &/or tracked whereby saving time and resources.

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#4525

Transparency:
One can be assured that the data integrity kept on the blockchain is on the highest level possible. Therefore doing business with strangers can be secure.

Security:
In order for a transaction to be made it has to be agreed upon by other computers on the blockchain. That makes data manipulation impossible. Hackers would also have a hard time hacking something because in order for the hack to work they need to do it on every computer on the blockchain (in the same time). Therefore, no hacks are possible.

Improved traceability:
Because everything is so interconnected everyone is able to see the source of goods. This leads to better decision-making in purchasing goods.

Increased efficiency and speed:
For many services that we use now, we need third parties. With the blockchain infrastructure, a lot of them will not be needed saving us time (and money). Furthermore, transactions donā€™t last in days like in the traditional financial system. With the blockchain, it is possible to have it done in a few minutes.

Reduced cost:
As aforementioned, having no third party involved, the costs are being reduced, resulting in more money being available for businesses or individuals.

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#4526
  1. Transparency:
    Because blockchain is a distributed ledger no one can single handedly change anything. Multiple parties have to agree. With this data is more consistent and accurate.
  2. Security:
    information is not just stored one computer. It is stored on many other computers as well, making it hard for hackers to compromise data.
  3. Improved traceability:
    As soon as items are recorded through the blockchain itā€™ll show you a trail where they come from, and every stop on the way.
  4. Increased efficiency and speed:
    With blockchain since record keeping is performed using a single digital ledger that is shared among participants, you donā€™t have to go back and check multiple ledgers. When everyone can check the same information, it makes everyone able to trust each other more.
  5. Reduced cost:
    When you have block chain you donā€™t need as many third parties or middle men to handle things. With blockchain it eliminates the trust inbetween you and them, all you need to do is look at the data from the blockchain.
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#4527

Anyone has access to it as its held on a publically available ledger
Transactions are transparent and validated across multiple nodes in the network
Security is more difficult to compromise as subsequent transactions also stitch to the ledger afterwards making it difficult for fraudulent transactions to be contested
There is less reliance on intermediaries so less friction and margin for error as there are less transfers/transitions in a single transaction, also making it more efficient
Less friction = reduced fees (transaction costs)

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#4528

Transparency:-the fact that blockchain technology only allows you to add data only and not able to edit or remove makes everyone not to hide the whole process from the get go. unlike traditional technologies where the data is centralized and easily altered to one party benefit.

Security:-is the one of the most essential benefits of blockchain technology as the data is distributed on a ledger among a network of computers. this makes it impossible for anyone to make alteration to an existing data as the rest of the network on the ledger would decline the attempt of alteration or malware activity and so forth.

Improved traceability:- this is the other essential benefit of blockchain as products and services would be able to show their end users not only about the ā€œhowā€™sā€ but also many other details where it originated the journey that specific product took till it reached its final stage. same goes for the business itself, as they could easily check every little process on a single ledger with only a click of few buttons.

Increased efficiency and speed:-blockchain network is running 24/7/366, no limited operation time unlike the tritonal service providers. on top of that all transactions are recorded on a single ledger that makes it easy to find all the details needed.

Reduced cost:- blockchain eliminates the middle man/ third parties, over extended departments and even the need for having physical office buildings, allowing businesses to reduce operation costs.

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#4529

Transparency. Everyone can see the ledger so itā€™s transparent.

Because itā€™s transparent and verified by everyone itā€™s more secure.

Again because of the transparency, people are incentivized to be more hounest and you can follow and trace every step of the process.

There are less middle men and more trust, and the technolage is running 24/7 356 days a year. This increases both efficiency, speed and will reduce cost

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#4530

Benefits of the Blockchain technology

Blockchain uses a shared and immutable ledger that can be accessed by members with permission. Network members control what information each organization or member may see, and what actions each can take. Blockchain is sometimes called a ā€œtrustlessā€ network ā€” not because partners donā€™t trust each other, but because they donā€™t have to.

  • Benefits of using Blockchain
    • enhanced Security
    • greater Transparency
    • instant Traceability
    • Efficiency and Speed
    • automation with Smart contracts
    • cost Savings
    • eliminates the need of THIRD party or middlemen
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#4531

  1. Transparency:
    Since there is every transaction public itā€™s easy to verify given data

  2. Security:
    Since there are incentives every network participant increases the security and mining diffiuculty- if miners leave security goes down but because there are incentives new miners will join the network which results in increased security once they are in
    Data in the blockchain can not be changed once itā€™s written.
    Common data can only be updated via consensus

  3. Improved traceability:
    With blockchain we can track the complete lifecycle of a product or data
    Historical data verifies authenticity of assets

  4. Increased efficiency and speed:
    Resilient against errors through automation
    Dezentralized networks allow access of data very quick and with less effort than a common database

  5. Reduced cost:
    Since blockchain is based on maths and set of protocol it reduces the manipulation which increases cost benefits.
    No 3rd parties required
    Replaces processes which rely heavy on paper

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#4532
  1. transparency through agreeing on the public ledger
  2. Security again because of ledger and insentives actions are not reversable
  3. trust through transparency on protocol is given
  4. no middlmen needed
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#4533

Rob here on Benefits Of Blockchain Technology reading assignment,

In my own words, here is why these are the benefits of using blockchain:

  1. Transparency - Blockchain transparency is more transparent than centralized paper-heavy processes because it removes any opportunity for collusion ie; secret or illegal cooperation. Thereā€™s no opportunity for collusion because blockchain is the public distribution of ledgers to members of a decentralized network who are financially incentivized to come to a consensus. This consensus determines the truth, by nodes on the network deciding/double-checking together, and verifying whether or not the transaction is true or false. In order for one single transaction to be changed, there would have to be a consensus for all other subsequent records to be changed. This change is mathematically and physically impossible from what I understand, due to provenance and immutability.

  2. Security - Blockchain has better security than other record-keeping systems because other record-keeping systems are centralized authorities with transactions, information, and data that can be changed over time without any accountability. Blockchain is a decentralized network, where transactions must be agreed upon before recorded. Once recorded itā€™s duplicated to all members of the network and linked to the previous transaction. No single transaction can be changed. The entire network verifies transactions, reinforces accountability and immutability by operating on 1 unifying global value-based protocol and standardized infrastructure. The immutability & finality of this type of enhanced security removes the possibility of chargeback scams and fraud. Theft is not an issue either because everyone is sharing the same record.

  3. Improved Traceability - The Traceability benefit to blockchain technology is extremely useful with complex supply chains. Whenever there is an exchange of goods from one company to the next, itā€™s recorded, linked to previous exchanges, and permanently duplicated to the entire network which then creates audit trails. These audit trails show where all of the goods came from every step of the way which gives the goods/assets authenticity further preventing fraud. Believe thereā€™s real power in this kind of traceability. Like, preventing the mass spread of food-borne illnesses such as salmonella and maybe one day in the future, prevent the spread of viruses like Covid19?

  4. Increased Efficiency and Speed - Blockchain automates single digital ledger transactions/processes while sharing with network participants 24 hours a day, 7 days a week, 365 days of the year! No need to reconcile multiple ledgers or lose time with human errors that may require 3rd party mediation like traditional paper-heavy processes. Blockchain performs real-time auditing with financial transactions by combining the accounting layer with the transactional layer saving countless hours of time in the accounting department.

  5. Reduced Cost - Because everyone on the blockchain network has the same immutable version of every single transaction being made in its history, mathematically verifies the information, comes to a consensus together, and is incentivized to play by the rules, middlemen/3rd parties making guarantees are able to be taken completely out of the equation. This alone saves a ton of money and so does the real-time auditing.

Thanks for the read-through,

Rob

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#4534

Hi,

Transparency:
We can verify each movement/transaction; all the information is available 07/24/365

Security:
Nodes or validators that are working for the network, no one can corrupt one transaction.

Improved traceability:
We can verify every transaction in the network, origin, destination, amount, etc.

Increased efficiency and speed:
Remove middleman, speed because itā€™s validated after X amount of time.

Reduced cost:
Middleman is taken away from the equation.

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#4535

Transparency
everything can be easily looked into; nothing can be deleted so the data all will still be there

Security
not all data is stored in one place but it has been placed across a network
no one can simply adjust data
and before a transaction goes through everything will be checked
When confirmed the transaction will be encrypted and put up on the blockchain.

Improved traceablilty
when everything is recorded on the blockchain will be much easier to audit and so retrace what you need to know; from origin - which specific ingredients, which partner-company, ā€¦

Increased efficiency and speed
streamlining and automation has always been used to cut costs and win time
With the use of blockchain the human error will be put to a minimum because the system will do all the work and everything will be put into 1 single public ledger, no extra clutter or time waisting

Reduced cost
no need for middle men, you can just trust the data on the blockchain

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#4536

Hi,

  1. Transparency: Every transactions will be placed on the blockchain forever. Anyone that runs the system can see them, because every machine has the copy of the blockchain code.
  2. Security: By the agreement of the transactions, a consensus must be reached. That consensus is built on the incentives. Miners provide security for the blockchain while earning money.
  3. Improved traceability: As in the transparency, we can track down all of the historical data, all of the transactions that have been made.
  4. Increased efficiency and speed: Blockchain is alive 24/7/365, you donā€™t need to wait just like the conventional bank system.
  5. Reduced cost: As the increased speed, there is no need to have a middle man, so it will cost us much less.
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#4537

Transparency: All transactions with details such as time/date stamps and address are listed on one ledger for everyone to view.
Security: The information cannot be altered, only new information can be added.
Improved traceability: Information from every location of items is stored on a ledger that is interconnected with previous data blocks for a complete chain of information,
Increased Efficiency: By removing the middle man to audit and input information, thus the users trust the data from the ledger rather than individuals when reviewing data.
Reduced Cost: As a result of every user having access to the same data rather than relying on intermediates, business settlements can occur quicker. No additional fees from third parties.

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