Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#4558

Transparency: Blockchain is a public ledger and all the computers participating in the blockchain network have a copy of the ledger. Any transaction that needs to be added to the ledger is confirmed through consensus thus making it a transparent system that anyone can access.

Security: Any transaction on the blockchain needs to be verified and approved by the majority of computers in the blockchain network. Every transaction is encrypted and linked with the previous transaction. The transaction data is stored across a network of computers rather than a single computer thus making it very difficult for the hackers to compromise the transaction data.

Improved traceability: When every transaction is recorded on a blockchain we can trace the origin easily by looking at the historical data on the ledger and we can also find out every stop that it made on its journey.

Increased efficiency and speed: Traditional way of record-keeping is very paper-heavy and a time-consuming process. By using Blockchain technology to automate these processes we can complete transactions faster and more efficiently as we will be having only a single public ledger rather than multiple ledgers. As the public ledger can be accessed by anyone it increases trust.

Reduced cost: Blockchain technology helps us to create a Trustless system and eliminating the need for a third party to make the guarantees of fair trade. All the transactions are verified by the network of computers and all the transaction data is public and immutable. Thus, saving the cost of the middle man.

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#4559

Transparency: To change a single transaction record in a blockchain would require the alteration of all subsequent records and the collusion of the entire network. Thus, data on a blockchain is more accurate, consistent and transparent.

Security: As a transaction is approved, encrypted, linked to the previous transaction and then is stored across a network of computers instead of on a single server, makes it very difficult for hackers to compromise the transaction data. Hence, it helps in preventing fraud and any unauthorized activity for a critical information of businesses sensitive in nature.

Improved traceability: In blockchain, the traceability is improved in which you can track the origin of the product and where has it been and where did it stop etc. And you can make sure that the information you’re given is correct as in blockchain the provided data can’t be changed or manipulated.

Increased efficiency and speed: Paper-heavy processes, third-party mediation, reconciliation of multiple ledgers add up to a massive clutter affecting the efficiency and speed in decision making in a business. While in case of blockchain, as everyone has access to the same information, it becomes easier and more quicker.

Reduced cost: Don’t need as many third parties or middlemen to make guarantees, also don’t have to review so much documentation to complete a trade, hence for most businesses, reducing costs is a possibility.

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#4560

Transparency : everyone can see database with all transactions

Security: before a transaction to take place it has to be approved by all the participants of the network.Once approved it can’t be modified.

Improved traceability: Allows you to track the originallity of a product and and all the historical transaction from its beginneng

Increased efficiency and speed: Transactions can be automated without third parties in the middle

Reduced cost: No burocracy,no middle people to pay

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#4561

Transparency: available to everyone

Security: network of servers instead of one server

Improved traceability:records the trip of the item from beginning to end.

Increased efficiency and speed:digital ledgers shared = trust and efficiency

Reduced cost: no middlemen

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#4562

  1. Transparency: When transactions are shared by everyone and everyone has to agree on what goes in there, it removes trust as there are no middle-hands. This makes trust-less peer to peer transactions possible, and we can also follow what is going on in the market by doing on-chain analysis as all the transactions are available for public to see.

  2. Security: Peer to Peer network is very difficult to break as everyone shares the same documentation - encrypted data on chain cannot be altered once it’s there.

  3. Improved traceability: This is great for supply chains as the event of exchanging good can be recorded on blockchain.

  4. Increased efficiency and speed: Sending, receiving and keeping record is all embodied in the use cases on blockchain - for example in Bitcoin. And the waiting time in global transactions is significantly lower as there are no middle hands verifying the steps of transactions.

  5. Reduced cost: Keeping books will become easier as bills and payments are all recorded automatically, also no more need for centralised database maintenance costs. Middle hands are getting removed.*

*Would like to know more actual ‘middle hands’ that could be replaced entirely. In theory it’s easy to say ‘replace’, but can the institutions still be in play; banks, tax office, government…just with reduced manual tasks and jobs that come with those?

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#4563

Transparency: The distributed ledger technology that enables all participants to have the same content on each computer supporting the network, adding content can only be achieved by consensus.

Security: Transactions can only be added through full consensus before recorded. Once recorded they are encrypted and stored on the ledger/network making hacking or fraud impossible.

Improved traceability: All entries can be trace or tracked at anytime.

Increased efficiency and speed: When compared to an analogue world transactions can be made much faster, clearing and settlement.

reduced costs: When using blockchain technology trust and middlemen are no longer required as the ledger verifies all recorded entries therefore reducing costs.

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#4564
  1. Transparency: All transactions that have been agreed upon by the participants in the blockchain network are made available for verification, thus they are transparent.
  2. Security: Because a true blockchain is decentralized, the data contained in this blockchain is spread across many computers in different parts of the world and they share the same data. It is essentially a massively distributed database with no delete capability. Because of its characteristic of seemingly to be present everywhere at once, it makes it near impossible for hackers or other bad actors to compromise the data in the blockchain.
  3. Improved traceability: Because all transactions are recorded, these activities create a trail from the very beginning of activity to the present time.
  4. Increased efficiency and speed: Blockchains can speed up the time it takes to verify information.
  5. Reduced costs: Blockchains can reduce the need for middleman and lots of paperwork thus potentially reducing costs.
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#4565

The benefits of blockchain

Transparency
Blockchains is a type of distributed ledger where records added are based on consensus on the network and available to participants who have permissioned access to view transactions on this ledger.

Security
As a distributed ledger, records are stored across participants in the network rather than on a single instance, hence increasing the challenge for hacker to compromise the network and the data stored on it.

Improved traceability
Blockchain removes the need for trust as verified records of transactions allow for audit trials to be carried out to verify the actual transactions carried out.

Increased efficiency and speed
Consolidating the records to a blockchain reduces the need to reconcile multiple ledgers as all users will have access to the same information hence making process more efficient.

Reduced cost
With a shared ledger, a possibility of cost savings arise from no longer requiring as many third parties or middlemen to make guarantees as everything can be verified on the ledger.

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#4566

Questions:
. Blockchain is a distributed ledger so anyone involved in transactions can view an identical document which contains the history of all transactions, which is updated for each transaction and is not controlled by a central entity.
. People who are involved in the network must agree on a consensus to determine whether a transaction is valid or not and the data is stored on a network which is not authorized by a central entity so it is very difficult to hack and it cannot be corrupted in the same ways as a central entity.
. The history of each transaction is stored so they can be tracked more easily to determine the origin of supplies and anyone can view the history of transactions, while they cannot be erased.
. There is no third party involved in transactions so the transactions can occur far more quickly and the network is online permanently, while providing a universal ledger, so people do not need to worry about the network being offline or if people are in different time zones or are unavailable at the current time.
. There is no need to pay for the services of a third party and the transactions only involve trust in the mathematical algorithm of the network.

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#4567

Transparency: all si writen on the public ledger.

Security: decentralized ledger around the world where the transactions are recorded.

Improved traceability: all transaction are public you can traced it down to original first transtaction.

Increased efficiency and speed: available 24/7 and no middleman.

Reduced cost: because of no middleman the cost of transaction is lower.

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#4568
  1. Transparency - a copy of each transaction on the BC is stored on all network computers for all to see.
  2. Transparency - all transactions are stored on the public ledger for all to see.
  3. Security - with the BC, data is stored across a network of computers - not just a single server (that could be hacked).
  4. Increased efficiency and speed: the blockchain reduced the need for 3rd party intermediaries due in part to its ability to verify and finalize all transactions.
  5. Reduced costs: when companies can reduce their dependence on 3rd party middlemen, they gain increased speed and efficency which reduces costs.
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#4569

Blockchain benefits:

    1. Greater transparency – because all participants have the same data on the blockchain as opposed to having own copies of data in own storages
    1. Enhanced security – because a) trxs must be agreed upon before recording, b) each trx is linked to the previous one; c) everything’s stored on the network of computers, not just one server
    1. Improved traceability – if every trx is stored on the blockchain, you can track the origin of the product throughout the whole supply chain
    1. Increased efficiency and speed – no need for intermediaries, no need for reconciliation (since only one ledger)
    1. Reduced costs – no intermediaries
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#4570

Ok here goes:

Imagine a business in which there are no cheaters, no fraudulent activity, and complete verification and trust at every turn. A business that doesn’t need to pay accounting or auditing fees, which can be significant. A business that doesn’t have to hire expensive lawyers or arbitrators to resolve any dispute. A business where the products and ingredients are 100 percent accurate, as opposed to about 80 to 90 percent of existing products. A business with a peace of mind that no employee will ever be cheated by a manager, but also a business where no employee can cheat the management staff. And most importantly, a business that can operate with a digital currency to avoid consistent currency headaches, including significant costs to convert one nation’s currency to another.

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#4571

Transparency:
Everybody participating in the blockchain has access to all the records, they can see what has been added and who did it.

Security:
Being distributed creates high tolerance to failure, attack and bad actors. Transaction are verified many times by different participant eliminating many kinds of fraud. Altering history would attacking all the nodes simultaneously, practically impossible. This all removes the need for trusting a single entity.

Improved traceability:
The complete records that blockchains make it possible to trace and verify everything stored. Allows rapid audit and understanding of the entire history of the things represented in the blockchain.

Increased efficiency and speed:
Typically there are no slow human and paper steps for transacting, verifying and propagating the information in the blockchain.

Reduced cost:
Removes the high cost of paying for trustworthy entities to manage the system and check one another, the blockchain uses cryptography to guarantee validity.

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#4572

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

Transparency: the fact that all participants are sharing the information and consensus about it allows you to trust that what you are seeing is true, therefore allowing transparency.

Security: the blockchain design and networking , together with aproval makes it very hard for hackers to affect transactions.

Improved traceability: the records of the historical trace in the blockchain allows you to be able to audit all the history of whatever you want to audit.

Increased efficiency and speed: again the design of blockchain where everyone can verify information, allows you to eliminate unncessary intermediaries that previously were required. This makes transactions simpler and faster.

Reduced cost: Blockchain allow you to cut out middlemen that increased the costs. Now without them transactions may become cheaper.

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#4573

Transparency: Since all participants has the same copy of the ledger containing the entire transaction history, the blockchain offers greater transparency

Security: The decentralized nature of the blockchain makes it immutable, that the data recorded cannot be altered with, thus making it more secure. Also there is no central authority governing the database, further increasing the security

Improved traceability: One of the key properties of the blockchain is that every block points back to the previous block. This creates a chain og blocks, where all transactions or data recorded in the blockchain can be traced backwards

Increased efficiency and speed: Since blockchain can create a global standar for data storage, there is no need for different silo types as we have today. A common digital ledger that everyone has a copy of on their computer enhanced efficiency massively. When everyone has the same information, it makes it easier to trust each other

Reduced costs: When trusting in the math behind the blockchain, instead of third parties, you can get rid of the costs the third parties induces.

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#4574

Transparency: every transaction is registered on the blockchain as soon as it is approved, therefore it’s easy to demonstrate when, where, and by whom those transactions were made.

Securety: every trasaction is encrypted and added to the blockchain. It’s impossible to remove or to alter transactions already included in the blockchain.

Improved traceability: for a chain supply, with the blockchain technology the different transactions between buyers and suppliers can be traced in order to estabilish what are the raw materials and the processed really used to obtain the final product.

Increased efficiency and speed: being opened 24/7, available worldwide and faster than traditional way of payment, the blockchain techcology is the most efficient and the fastest way of payment available today.

Reduced cost: the blockchain technology does not require the presence of a middleman between the sellers and the buyers. This is the main reason behind its reduced costs.

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#4575

Transparency: With blockchain, everything single transaction history can be traced and seen with a click of a transaction hash/id. This makes the blockchain completely transparent by way of removing walls between financial institutions and supply chain and allowing for everyone to equally view data as it is stored, permanently, on the blockchain.

Security: Every transaction on the blockchain is approved by way of consensus throughout the nodes of the network, allowing for no single point of failure as all computers(nodes) need to unanimously agree on the specific activities taking place on the blockchain. Immutability/finality also increases security as it voids anyone from filing a “chargeback” once a good has been sent/exchanged.

Improved traceability: As stated earlier, every transaction can be viewed trough a transaction hash that links back to the previous block/transaction. Leaving everyone with a clear record of ownership transfer/movement of goods/funds that can be traced back to the original address/block.

Increased efficiency and speed: With every node storing the same data /history on the blockchain, we can alleviate ourselves from the need of 3rd party services such as Facebook/Amazon web services, etc. as every block can securely and immutably store user data and send user transactions without the confirmation of an outer body/3rd party.

Reduced cost: Not only does blockchain reduce the cost of transactions when comparing to standard regular financial structures that are notorious for their hefty cross-border remittance fees .

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#4576
  1. The same record to use for everyone instead of various sources of information.
  2. When informations are verified and approved they are stored in the web not in one place.
  3. Informations record on the blockchain alowes to track for example the way of some product from first contact (manufacturer, owner) to the last one as supplier, consumer.
  4. Skip third parties involved, automatic transactions through mathematical calculations.
  5. As everyone needs to earn again: skip several third parties involved, one same information for all
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#4577

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

Transparency:
Blockchain works like a public ledger. This ensures that anyone can verify the transactions, and thus takes accountability to a whole other level, making the whole enterprise more transparent.

Security:
Transactions are encrypted and they are confirmed by consensus based on the work of a network of computers that cryptographically verify each valid transaction, given the system a trustless quality. This means parties do not have to blindly trust in each other to transact: they can trust the network protocol and also verify its state since the data is public. In addition, groups of transactions (named blocks ) are immutable once formed. This results in the network being way more secure.

Improved traceability:
Each time a transaction is registered in the blockchain -due to the nature of the system- it can be audited in real time. Since transactions are linked to each other forming a chain, this means that they can be traced, providing for example a more effective way to track a supply chain from manufacturer to distributer or a valuable object proof of ownership.

Increased efficiency and speed:
Given it is decentralized, by removing middlemen Blockchain skips traditional lengthy steps in many processes and thus saves a lot of time in (for example) peer to peer transactions. In addition, since it acts like a unified database, it gets easier to register all records in a single place, making the whole system more efficient to work with (ex.: property management records).

Reduced cost:
For the aforementioned reasons, by increasing efficiency, speed, traceability, security and even transparency, when properly implemented Blockchain technology can clearly lead to reduced costs since it is a very powerful time saving and process enhancing tool.

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