Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#4618

benefits of using a blockchain.

  1. Transparency:
    With multiple nodes all containing the exact same information, everyone involved can see what is happening to the project.
  2. Security:
    Again, the multiple nodes protect your information. Without consensus, the information cannot be altered… even if it was altered there would a record of who and when.
  3. Improved traceability:
    Provenance is 100% tracked as all mmo Des will show who has done what and where everything has occurred.
  4. Increased efficiency and speed:
    With auto updating everyone on a project can see the current position of the work and will be able to continue from the latest spot rather than having to for a team member to update the system with their work.
  5. Reduced cost:
    Real-time tracking automatically verified removes the need to hire middlemen to make sure everything is taken care of.
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#4619
  1. Transparency:

Before information gets added to the blockchain, it has to be agreed up on by a network of computers that agrees that the transaction makes sense and can be real.
After that has happened, the transaction gets added to the blockchain and is visible for everybody to see.

  1. Security:

When a transaction happens, the information is stored across a network of computers. Making it difficult for hackers to change the data.

  1. Improved traceability:

When transactions are recorded and added to the blockchain, you can track the history and origin of the assets involved. Since you can not remove information from the blockchain, it makes it easier to track all transactions.

  1. Increased efficiency and speed:

Trading in the blockchain is quicker and more efficient because there is not hird parties involved prone to human error. In the blockchain the trading takes place by using systematic methods of math making it quicker and more efficient. And since everyone has access to the same information, it makes it easier for everybody to have a the same good overview and therefore trust the blockchain.

  1. Reduced cost:
    Blockchain doesnt involve third parties, cutting out the extra costs that usually goes to the third parties involved.
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#4620

Transparency:
• Everyone has the same distributed ledger
• Consensus necessary before the addition of every new entry
• To edit a single record: would need a hacker to change subsequent records with the collusion of all other nodes. Currently not feasible.
• All permissioned users have access to this accurate, secure, transparent, immutably consistent data on the blockchain.

Security
Applied in multiple ways in blockchains:
• Consensus by the network nodes is necessary to validate every new transaction before it is added to the blockchain
• Once validated, each new transaction is encrypted before being linked to the last record in the chain.
• Redundancy from the fact that the ledger is distributed throughout the network further adds another layer of complexity and security against potential hackers.

Improved Traceability
• Often difficult to trace items to origin in complex supply chains.
• Blockchains can create an accurate historical audit trail for every and all items on any supply chain when implemented.
• Being able to trace the historical journey all the way to the source can be used to prove authenticity.

Increased Efficiency and Speed
• Previously, had to use 3rd party mediators, prone to human error.
• Automated blockchain processes are digitally streamlined to be more efficient and hence quicker.
• Individual access to the single distributed ledger allows for speedy, collaborative clearing, settlement, and reconciliation since everyone has the same ledger.

Reduced Costs.
• Every enterprise wants to reduce costs.
• These single immutable distributed ledgers can remove any requirement for intermediaries between businesses as guarantees and proof of claims can be easily accessible to potential partners. Using blockchain technology means all costs associated with employment and utility of intermediaries are substantially reduced (if not entirely removed). Trades can be completed in a trustless environment providing unrestricted access to permissioned participants.

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#4621

The five benefits of using a blockchain:

  1. Transparency - all data on the blockchain can be easily audited
  2. Security - all data is held on many idfferent ‘nodes’. Each node has a clone of the entire
    blockchain in it’s entirety as a clone. Changing inputs would require a concencus of all
    nodes that actually have a financial incentive to remain ‘truthful’.
  3. Traceability - allows users, both business and consumers to ensure the contents or
    authentication of stated qualities of each ‘product’ or set of data.
  4. Increased efficiency and speed - instead of requiring middle men to confirm stated
    conditions of each transaction, the open ledger and qualities of the blockchain confirm it.
  5. Cost Reduction - is achieved by reducing time spent on expensive third party participation
    involved with normal transactions.
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#4622

Transparency:
Blockchain is an open and public network/ledger for anybody to see.All transactions are recorded on the chain.It is also very unlikely to alter/manipulate the transactions.

Security:
The blockchain is run by a decentralized network of nodes where the majority have to agree before a transaction is approved/recorded.After approval the transaction is encrypted and linked to the previous transaction.This makes it more secure than a single server that could easily be manipulated by a central authority.The information/data is stored in a single digital ledger over a decentralized network of computers/nodes where each computer /node has the exact same copy. The majority have to agree on it before a transaction is approved…This also makes it more difficult for hackers to hack because they would have to take control of the majortity of the whole decentralized network and not just one central authority.

Improved traceability
When dealing with legacy and complex supply chains,it can sometimes be impossible to trace a product’s exact origin.If a supply chain records the exchange of goods on a blockchain,it would be very easy to see the exact origin of a product and every stop it made on it’s journey from origin to customer.Ingredients/materials etc of a product could also be recorded like this on the blockchain making the whole process more open and transparent for everybody.

Increased efficiency and speed:

By using the blockchain you can automate the process and make it faster and more efficient.There are a lot of hurdles in the legacy system e.g human ineffciencies/red tape/lots of paperwork etc.The blockchain streamlines the process by having a decentralized network of computers all sharing a copy of a single digital ledger that is shared between all participants. You don’t have to deal with multiple ledgers and intermediaries that could seriously delay the process.When everybody has access to the same information and it’s transparent ,it’s much easier to trust and not having many hurdles/intermediaries/processes in between.The whole process is streamlined by automation in a transparent way where breaking trust/the network is hard.

Reduced cost:
By streamlining the process through automation you get rid of many third parties and hurdles created by human inefficiencies that can seriously delay the process at a much higher cost.You move from trying to get the trust in between many humans to trusting a decentralized network of computers sharing a single digital ledger and recording data that is open and transparent to all involved at a much lower,faster and ultimately streamlined process.

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#4623

Greater Transparency

    • All data is kept on a distributed ledger which is shared by all network participants
    • All transactions are available to everyone to check
    • Data cannot be modified without an agreement from all network participants (extremely hard to accomplish)

Enhanced security

    • All transactions must be agreed on by all nodes before it is encrypted and linked to the previous transaction
    • Data is stored on a network of computers, extremely hard for data to be compromised by malicious groups/individuals

Improved traceability

    • Items/products/ingredients can easily be traced from the point of origin and every stop made along the way
    • This historical data can help to easily verify authenticity of any item/product/ingredient.
    • Prevents fraud

Increased Efficiency and speed

    • No bureaucratic paper trail that is prone to human error
    • No wasting time and no involvement from 3rd party
    • All information is stored digitally, no paper waste, no clusters, no errors, everyone has access to the same information, no need for multiple intermediaries
    • Transactions are settled faster and more efficiently

Reduced Costs

    • Less time/money/trust spent on 3rd party or middlemen
    • All data is available with ease
    • No human trust necessary, just trust the data on the blockchain
    • Data can be viewed by all trading parties, information immutable
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#4624

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

Transparency: Each node in the blockchain has access to the same information across the network.

Security: Since blockchain data is achieved thru consensus network participants are assured of the integrity of the data.

Improved traceability: Every step of an object’s life cycle is recorded and thus makes it easier to keep track and verify transactions.

Increased efficiency and speed: With blockchain, there is a global distributed ledger and there is no need to reconcile other data from different sources. We can easily verify records on the blockchain.

Reduced cost: There is no need for a lot of middle-man and other intermediate processes. Extra cost of data reconciliation is not needed since we can rely on the integrity of data written in the blockchain.

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#4625

Transparency: Transparency ensures that any changes to the blockchain is done through consensus.

Security: It is extremely hard to hack into the blockchain as there are multiple nodes/parties that would all need to be hacked at the same time for it to be successful.

Improved traceability: This would enable any transaction to be traced and fraud would be less prevalent.

Increased efficiency and speed: When using the blockchain, it is always available and transparent.

Reduced cost: Less third parties and middlemen would reduce cost

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#4626
  1. Transparency - All network participants share the same documentation. This makes it impossible for a malicious person to alter the data deceiving others involved in the transaction. To change a transaction requires all parties to agree upon the change. This would infer that all involved in the transaction would take part in the alteration removing the possibility that someone is ripped off.
  2. Security - Transactions are agreed upon by all involved in the transaction. The transactions are stored on a network of computers rather than one, making it very difficult for fraud or hacks to occur
  3. Improved Traceability - The audit trail on the blockchain shows where an asset came from and every stop it made on the way before reaching its final destination
  4. Increased Efficiency and speed - The data on the blockchain is stored on a single ledger as opposed to several data storage sites. It does not require checking multiple records since everyone has access to the same ledger
  5. Reduced Costs - The blockchain removes third parties and middlemen verifying the data is accurate. A company or individual can can accurately verify the information themselves
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#4627

Transparency: Public blockchains provide full transparency to all, while private blockchains provide full transparency to all who have access to that blockchain. The transparency creates trust on a grand scale for both public and private blockchains.

Security: It’s the most decentralized data management system to date. Coupled with the fact that it takes a consensus to create a record and a consensus to modify a record the chance of malicious behavior altering data is nearly impossible given today’s technology.

Improved traceability: Provenance is center to the concept of blockchain. With blockchain you have a verified & true history file that is readily accessible.

Increased efficiency and speed: Redundant ledgers are eliminated, as clearing & settlement can be done simultaneously with single entries.

Reduced cost: Intermediaries are removed as well as redundant processes.

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#4628

1.) Transparency makes it easy for businesses to see the transactions and any modifications made.
2.) Blockchain has its own set protocol for security meaning everyone who uses it can trust in the same system
3.) Each transaction is tracked where ever it goes and only changes through consensus
4.) You don’t need anyone permission or consent to use the blockchain
5.) No need for a 3rd party service or middle man

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#4629

  1. In blockchain there is 100 percent transparency. Anything done on the blockchain is traceable and verifiable through consensus thus there will always be full transparency. You don’t rely on trust or 3rd party centralized entities that can alter or manipulate data.

  2. Blockchain cannot be hacked, altered, or changed. Blockchain relies on data to be verified and is stored on multiple computers.

  3. With blockchain all data is traceable to its original origin. It is a trustless system that can always be verified with hard facts.

  4. All information is stored on 1 ledger and everyone has access to that same information. Everything is traceable and it verifiable thus making it easier and more efficient to record and access data.

  5. You don’t have to pay 3rd parties to handle anything for you when all information can be accessed through the blockchain.

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#4630

Transparency: All transactions can be monitored or revised. They can all be seen via public addresses and Ledgers that once created cannot be tampered with and can be checked from the beginning. Anyone can anything to the ledger but they need to be verified by multiple networks before being able to be added.

Security: The same network validates itself by using multiple market that are required for verification. Then the information is added to the blockchain if all the validations, that are stored publicly are verified my lots of other block chain sectors that contain previous information. The data can only be updated via consensus. It cannot be tampered with nor falsified. Its decentralized so no one would controling it. Its also extremely hard to hack.

Improved traceability: All the tranasctions, movement or data in the blockchain can be made public, its extremely easy to validate and all the historical movements are stored permanentely ever since the first one was made.

Increased efficiency and speed: It replaced real world paper or fiat, manpower and it uses global peer to peer connections to verify all the data quickly. There is also no need for a third party to check or approve anything. Anyone can have a wallet without any verification. Tranasctions are very quick an cheap as well.

Reduced cost: Its bascially combined with what I said above. I’m guessing the cost will keep on being reduced as the blockchain technology keeps on improving. ETH 2.0, ADA, HASH, HBAR, etc.

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#4631

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

Transparency: blockchain ensures that all data is assessible to participants in a network as it is recorded on an open source ledger kept by all parties involved.

Security: the fact that a network of computers keep the records on the blockchain and not a single point or server, makes it more secure and less vulnerable to attacks.

Improved traceability: all data on the blockchain can be traced as the blockchain is transparent and immutable.

Increased efficiency and speed: blockchain enables instant verifications of transaction/data as well as real time audits, thus reducing the amount of time needed for these things and making them efficient by cutting out middle men.

Reduced cost: cutting out middlemen and building a trustless system via the blockchain leads to reduced costs.

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#4632

Blockchain technology increases transparency for participants who can all have the same copy of a ledger or transaction history which is only updated via consensus and distributed without paperwork. The information can also be verified by any non network participants who have access as well.

Information being stored across all network participants instead of one central location provides security against attack or unauthorized access Blockchains also provide security against fraudulent information via network consensus and finality. Overall less points for potential failure.

Historical information about any sort of transactions, exchanges or interactions can be tracked and audited as far back in time as necessary.All from one location without having to verifying multiple records.

One ongoing digital account of transactions reduces the verification process, labour needed and possible human error, thus making everything finalised quicker and smoother.

Blockchain technology provides automation of multiple aspects of business that would normally require additional costs to be spent on wages or another entities involvment.

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#4633

Transparency: In a blockchain every network participant share the same copy of the data. Therefore, all information is transparent to its stackholders.

Security: The information added to the blockchain is encrypted. This, along with the fact that information is stored across a network of computers instead of on a single server, makes it very difficult for hackers to compromise the transaction data.

Improved traceability: Since every transaction is recorded on a blockchain and it is impossible to change it, this creates an audit trail that shows where an asset came from and every stop it made on its journey.

Increased efficiency and speed: By streamlining and automating transaction processes with blockchain, removing the need for a third party to manage this work, dealing with intangible assets occur much quicker. The middle stages of the processes are eliminated.

Reduced cost: With blockchain, you don’t spend resources with third parties or middlemen to make guarantees because it doesn’t matter if you can trust your trading partner.

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#4634

Transparency : It allows everyone to see all the same information at the same time so everyone is kept honest and nothing can be added to the database unless everything is agreed upon. Nothing can be hidden.
Security : All transaction must be agreed upon. The database is spread across many computers which make fraud and hacks extremely difficult.
Improved Traceability : Every product and every transaction is recorded in real time and you can trace where something has been with complete certainty.
Increased efficiency and speed : Human error is removed , no more paper is involved, and the middleman is removed which makes less steps. All one ledger.
Deduced Cost : Cut out third parties and middlemen. Less people and steps equals efficiency which reduces errors and time which is faster and cheaper.

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#4635
  1. Transparency:
    same version of the truth highly available & accessible to all and assured by decentralized and financially incentivized protocol that can be mathematically trusted for security and immutability
  2. Security: a hacker would have to access and repeat their actions on all nodes
  3. Improved traceability: Transaction audit trail is immutable
  4. Increased efficiency and speed: High availability
  5. Reduced cost: no need for middlemen, intervention or audit
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#4636

Transparency: The ability for all users to have a shared copy of the public ledger which allows for all transactions to be verified by all users on the network.

Security: Since all transactions are verified by all users in the network, it makes it very difficult for this information to be hacked or compromised.

Improved traceability: Because information can only be added to the ledger and not deleted, it’s much easier to follow a transaction back to where it started by following an audited trail.

Increased efficiency and speed: All transactions are automated rather than processed by hand. This increases the volume of transactions that can be processed at any time as well as remove the chance for human error to intervene.

Reduced cost: With a blockchain, you do not have to rely on other parties to verify information. You also don’t have to worry about verifying each and every transaction by hand since the ledger is public and can be accessed by everyone.

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#4637

Transparency- since all transactions on the blockchain are true and everyone can see them, there is no need for middle men to do audits or anything like that.

Security- When it comes to security and trust on the block chain you are trusting math and protocol which have no errors.

Improved traceability- Every transaction that is recorded on the blockchain is traceable so it makes transactions a lot easier to find.

Increased efficiency and speed- The Bitcoin network doesn’t need any middle men so therefore it is a lot faster than other centralized networks.

reduced cost- Again there are no middle men needed in the block chain network so you don’t need to pay extra people to do stuff that the blockchain already does.

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