Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#4678

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

  1. Transparency: Everyone is equal to the blockchain. So everyone with access can audit the network in real time.
  2. Security: security is a must in order to grant a trustless system. The more decentralized a system is the more difficult to corrupt.
  3. Improved traceability: every transaction grants a provenance. It is the first time accounts and transactions are written in the same database in a trustless manner.
  4. Increased efficiency and speed: due to the elimination of the middleman in the exchange of assets process. High availability due to the incentived nature of the protocol.
  5. Reduced cost: due to the elimination of the middleman in the exchange of assets process.
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#4679
  1. Transparency: The public ledger or digital database can only be changed by consensus through the decentralized network of computers
  2. Security: - No Trust needed in intermediaries or organizations with Blockchain. All transactions are verified through a decentralized network financially incentivized to be always online making it very hard for an individual or organization to hack information in any way.
  3. Improved traceability: with Blockchain you can verify through math the origins of materials, food ingredients, and other products from supply chains
  4. Increased efficiency and speed: Blockchain has high availability and has never been offline since its inception. Much less steps than traditional transactions compared to existing centralized networks
  5. Reduced cost: Eliminating middle men as well as additional staff previously needed for support. The ability to build in protections if anything goes wrong and causes the business or individual to lose money
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#4680

Transparency: Because all the nodes on the network share the same info., the risk of compromise is greatly reduced.

Security: If you have greater transparency you will have greater security. Since info is stored across the network hacking becomes difficult.

Improved Traceability; When you have complex supply chains it is difficult to trace all the players. When transactions are recorded on the blockchain, it serves as an immutable record.

Increased efficiency and speed: When you are just trusting the network, speed increases significantly. Gone is the need for paperwork and human intermediaries.

Reduced Cost: Time and labor is money and the blockchain successfully reduces both.

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#4681

The blockchain is public and anyone can view all the transactions which makes it transparent for all customers or viewers.

Trusting math and the protocol makes the blockchain secure, no need to trust any third party to store your data or take a risk of any kind of hacking or attack.

Transactions are stored on the blockchain and can be viewed by anyone which makes any transaction traceable and public.

Miners are competing to confirm transactions and earn the rewards which makes the blockchain efficient and fast, one confirmation is enough for your transaction to sit in a block in order to be confirmed later by more nodes.

Sending a big amount of money will cost a lot less on the blockchain than traditional payments, transactions are confirmed by miners which will increase the fees according to the network congestion, but overall fees are a lot less according to big amounts of money sent.

Please correct me if I’m wrong in any of my answers.

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#4682

  1. Blockchain enables a greater level of transparency and accountability of all parties involved in a transaction. Because the transaction history and data is visible to all parties involved and can not be changed by an individual party, safety is assured without the need for trust between the participants.

  2. Blockchain technology enables a high level of security as anyone who would wish to attack the network and change any information would have to first achieve a false consensus across the entire network, which is nearly impossible due to its immutable and distributed nature.

  3. Blockchain enables improved traceability by making all transaction data visible. This enables real time auditing and supply chain tracking which was previously unimaginable.

  4. By eliminating the need for trust trough a decentralized and incorruptible ledger, middle men and intermediary agencies can be removed entirely, lowering costs dramatically and increasing the speed and efficiency at which transactions can occur, all with improved security and verification.

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#4683

Transparency: Greater transparency has a number of potential benefits because not only do all parties with access see exactly the same data due to the nature of a blockchain network, that data can only be added by network consensus and is immutable. This has huge positive potential for supply chains, voting systems, personal legal documentation, and more. This transparency also makes it very hard to cheat or game the network, which promotes more ethical practice.

Security: Given that data can only be changed if over 50% of the blockchain network agrees, and that it can only be added with network consensus, this makes fraud or falsifying data very difficult. Additionally, all added data is encrypted and tied to all previous transactions, making altering any single entry essentially impossible without alerting the network (which would then reject this attempted change). The fact that a blockchain network is spread across a number of machines, rather than in one place, also makes it much more difficult to hack.

Improved traceability: Anyone connected, or with access to, the network can quickly and easily verify any transaction. All transactions are also timestamped. Tracing goods through a supply chain on a blockchain is therefore much easier, as in theory all goods will have a clear record of origins and journey through the supply line.

Increased efficiency and speed: Data only needs to be added to a blockchain once, and can then be viewed by anyone with access. This instantly eliminates the need for multiple people to make multiple copies of the same information, which they may need to add to multiple databases. Network consensus and immutability also means that human error can be vastly reduced, and trust removed entirely.

Reduced cost: Blockchains already have the potential to drop costs for certain businesses immensely, die to the efficiency mentioned above. They also remove the need for third parties, another cost, and any potentially financially impactful mistakes of business partners - the entire system is trustless, and the transparency of a ledger means it’s very easy to see if suppliers/business partners are doing what they say they are, for example.

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#4684

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#4685

Transparency: Transparency is when everyone can see all transactions on the blockchain.
Security: Every transaction on blockchain is verified before written in the ledger. all transaction are final once verified by all nodes.
Improved traceability: All transaction can be traced back to where it originated.
Increased efficiency and speed: Blockchain speed is increased as all transactions are mined and verified , this cuts out the middleman.
Reduced cost: cost are reduced as it is all done by a mathematical formula and cost are upfront for each transaction.miners recieve the rewards of each transaction mined.

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#4686

  1. The ledger is stored by all participants and thus auditing of previous transactions is much easier.

  2. The blockchain is more secure because all transactions needs to reach consensus before it is added to the blockchain. Once it is added to the blockchain it is encrypted to the previous transaction and encrypted. The information on the blockchain is also immutable making the blockchain a trustless network

  3. All data can be audited in real time and traced on the blockchain.

  4. Every participant has the same ledger thus creating a trustless environment between parties increasing the efficiency and speed of all transactions

  5. There is no need for any 3rd party

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#4687

TRANSPARENTCY:
The benefits of transparency hold each sector of any business responsible to act with integrity.
SECURITY:
Blockchain make it safe from hacks and being trustless people can transact safety.
INPROVED TRACEABILITY:
Helps to verify the authenticity of the traded assets.
INCREASED EFFICIENZY AND SPEED:
Registering transition on the blockchain increased efficiency and speed.
REDUCED COST:
The Transition happening on the blockchain cuts out third parties.

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#4688

  1. Transparency: Blockchain technology serves great with transparency issue. It provides a fair game to everyone to be able to play the same rule by seeing all real data by everyone at the same time. No one can really change or manipulate data by a single individual alone. Record of transactions are in real time and everyone can see them.

  2. Security: Very secured network, every transaction has to be in an agreement ahead of time, all transactions are recorded and keep track of in their order. The data is stored in data across the whole network, not easy for hackers to hack into the system.

  3. Improved traceability: Blockchain technology can help industry track inventory in and out. If something is lost or missing, it is quite easy to see and look back into their origin. Very useful technology to trace data information.

  4. Increased efficiency and speed: Yes, blockchain is enable the network to collect or deliver data information in a faster time manner. Take less time than work of humans and avoid errors. The record data is perform by a single digital ledger amount all participate groups, everyone can have access at the same time.

  5. Reduced cost: No need to hire or trust any third party. We only trust the data on blockchain itself.

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#4689

Transparency: everyone being able to audit transaction history on the blockchain or public ledger.

Security: resistance to hack and compromise.

Improved Traceability: Everyone in the supply/value chain has a record on the blockchain and can be traced.

Increased efficiency and speed: Transaction reviews and heavy paper documentations in traditional systems is eliminated and information on the blockchain can be reviewed in record time. Transactions are also made on the blockchain in record time.

Reduced Cost: The transaction cost associated with third parties or middle men along the value chain is also eliminated.

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#4690

  1. Transparency:
    All network participants share the same documentation as opposed to individual copies A transaction can only be updated through consensus - everyone must agree on it.
    Thus, data on a blockchain is more accurate, consistent and transparent. It is also available to all participants who have permissioned access.
    To change a single transaction record would require the alteration of all subsequent records and the collusion of the entire network.

  2. Security:
    The network agrees a transaction before it is recorded and approved. Each approved transaction is encrypted using a random set of letters and digits the previous transaction hash key along with the current block information. As a public network the information is stored across a network of computers.

  3. Improved traceability:
    Each transaction has a hash key. Each Hash id can be traced back to its origin by following the transaction id through each blocks final Hash id back to its source.

  4. Increased efficiency and speed:
    each transaction is verified by a miner using a single digital ledger that is shared among participants

  5. Reduced cost:
    You trust the data and participants on the blockchain there fore do not require third party interventions or costs.

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#4691
  1. Transparency: Since participants share the same record, there will be fewer disputes.
  2. Security: Since the information in a blockchain is stored in many computers, it cannot be hacked. This prevents fraud.
  3. Improved traceability: If there is a quality issue with a product, you can quickly retrieve reliable raw material information to help determine the cause of the problem.
  4. Increased efficiency and speed: With a blockchain everyone has access to the same information. You don’t need to spend time making sure everyone is looking at the same data.
  5. Reduced Cost: Blockchain can eliminate the middleman which reduces cost. It also eliminates the need to review and compare multiple data bases which reduces cost.
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#4692

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

Transparency: Blockchain is equitable, immutable and traceable.

Security: Encrypted and stored across a network of computers not just one server.

Improved traceability: Blockchain leaves an audit trail verifying authenticity preventing fraud.

Increased efficiency and speed: Traditional paper heavy trading anything is time consuming and prone to human error. Block streamlines is faster and more efficient.

Reduced cost: Blockchain cuts out the middleman and the need to trust multiple sources making the process faster and more efficient therefore reducing cost.
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#4693

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

Transparency: A single database where all that are connected
and can be verified by anyone

Security: an immutable database backed by math and cryptography

Improved traceability: On the blockchain all transactions are recorded permanently so there is a track record that can trace a product from origin to destination and everywhere in between. The blockchain is available 24/7

Increased efficiency and speed: Because there is no need for a third party anymore to check things manually a transaction can happen faster.

Reduced cost: No need for 1 or more third parties to check/execute things, so the cost of this is also not existing anymore.

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#4694

The benefits of using Blockchain Technology is that is allows for Greater Transparency being that it is a distributed ledger, all network participants share the same documentation as opposed to individual copies. updated through a process of consensus, as to avoid collusion of the network, minimizing the breaching of security, providing more accurate encrypted data, and, or authorized activity, Accurately Tracing any activity within the network autonomously, rendering increased speed and, efficiency, reducing intermediary errors within the network to which ultimately reduces cost all “around the board”.

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#4695

  1. Blockchain is more transparent as it requires everyone to agree on a data entry on the blockchain ledger which everyone has access to and is updated in real time. It cannot be changed by one bad actor.

  2. Blockchain is more secure as you would have to compromise every single computer in the network and you would have to do it simultaneously.

  3. Blockchain has improved traceability as data is entered onto the blockchain every step of a products journey that has to be approved by everyone on the network.

  4. Blockchain has increased efficiency and speed due to the fact that data is updated in real time on one shared ledger that does not need a third party to verify. Everyone has the information they need right away.

  5. Blockchain results in reduced cost because it is fast and efficient - time is money. Also there is no need to pay a third party to verify.

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#4696

  1. Transparency:
    Blockchain is transparent due to all transactions being verified and agreed upon by multiple computers and that same information is stored on all of the computers and is available for all to see.

  2. Security:
    Blockchain is secure due to the fact that you would have to compromise and change the input of all decentralized computers at the same time.

  3. Improved traceability:
    Traceability is improved by storing all of the transactions ever recored on an open network.

  4. Increased efficiency and speed:
    By eliminating the middle man and using pre written code you improve efficiency and speed.

  5. Reduced cost:
    By eliminating a third party to do a specific task and instead allowing written code to do it you can save endless amounts of money.

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#4697

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

  1. Transparency:

With the blockchain being a public ledger requiring consensus to confirm transactions this results in immutability of each transaction and allows for instant auditability and with provenance this removes trust and allows for accountability along the chain.

  1. Security:

With the blockchain being a decentralized public ledger that requires consensus to agree a transaction upon a block this results in finality which is whereby once a transaction is complete its final. It cannot be altered or reversed whatsoever which removes trust, allowing complete strangers to conduct business easily by simply relying on math and the protocol which means you not trusting someone, you trusting the decentralized network.

  1. Improved traceability:

With the blockchain being a public ledger, this allows for real time auditing and makes the process of the network/supply chain more efficient by allowing full transparency at every stage, and with the blockchain being a decentralized database this results in trust-lessness. As an example, the blockchain makes the financial process more efficient by combining the accounting layer with the transactional layer which is fully available to the general public as everyone has the same data through consensus which prevents fraud and cheating whereby these two processes are currently separate in legacy systems.

  1. Increased efficiency and speed:

With the blockchain being a digital public ledger that requires consensus to operate this eliminates human error and the need for cumbersome paper trails that could easily be altered, destroyed or lost. And with consensus across a decentralized network and simply relying on math and protocol and not having to trust a single entity or organization this removes trust with the ability to publicly audit transactions in real time.

  1. Reduced cost:

The blockchain is immutable and stored in a single ledger and through consensus each traction is publicly confirmed and stored and by simply relying on math and protocol this eliminates trust and the need for any third parties required to facilitate the transaction resulting in cheaper costs.

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