Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#4718

Transparency: The blockchain makes it easy to track payments because it is a public ledger

Security: The decentralized nature of the blockchain and the fact that transactions are verified by multiple nodes makes it extremely secure

Improved traceability: Once information is on the blockchain it can not be altered. Every transaction is tracked to the origin.

Increased efficiency and speed: It is peer to peer like a bank with no employees. Transactions don’t have to pass through a centralized point that typically holds up the transaction and make it more expensive.

Reduced cost: It is peer to peer so the transaction can execute with no middlemen or additional bank fees.

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#4719

Transparency: Each computer in the network holds the same copy of the database and must reach a consensus to validate any new changes or transactions; foul play is disincentivized.

Security: Once transactions are validated and recorded they are encrypted and added to the chain essentially rendering them unchangeable. In addition, the decentralized aspect makes it extremely hard for data to be corrupted or hacked.

Improved traceability: The blockchain is simple and straightforward to examine since each transaction is recorded and forever locked into the database. Just follow an entry back to it’s origin.

Increased efficiency and speed: No auditing or reconciling is necessary because the entire network has that ingrained in it’s processes, so transactions can be validated extremely fast.

Reduced cost: No third parties are necessary to review records and the blockchain is available to anyone with an internet connection, no special hardware is needed.

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#4720

explain WHY they’re benefits?? or HOW? i’ll go with why, but i think you may’ve meant how…

transparency - everyone with access can see where everything kept on a blockchain (informed by relevant stakeholders, i.e. more than one authority) has been and currently is, which makes it harder to falsify, i.e. secure (i.e. transparency is a benefit because it enhances security for example)

security - the security of information stored (i.e. difficult falsifiability) is useful to remove the need for trust between parties, and thus to remove intermediaries and other inefficiencies (i.e. security is a benefit because it enhances efficiency for example)

improved traceability - another benefit of blockchain technology is that one can reduce the burden of paperwork and third party verifications of transactional data when using a system representing the consensus of stakeholders at each point in a supply chain

increased efficiency and speed - these are benefits because of attendant cost savings and reliability/timeliness

reduced cost - is a benefit because saving money allows it to be spend elsewhere…

i REALLY think you meant how are these benefits given rise to by blockchain technology, but i digress… again…

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#4721

  1. Transparency: the blockchain is readily available to anyone. This means that instead of being given access to one small portion of requested information, a user will have access to the entire transaction history. Not too mention, the data stored on the blockchain is more accurate and far more transparent due to consensus.

  2. Security: The blockchain uses high security protocols which has become more secure than any other database system. With the benefit of the blockchain having multiple servers to store data across multiple networks, this makes it harder for the blockchain to be vulnerable to attacks.

  3. Improved traceability: On the blockchain, you can trace the origins of a transaction, which is also known as it’s historical data. By having the ability to trace the origin of a transaction, you can verify how authentic it is to avoid fraudulent activity.

  4. Increased efficiency and speed: The blockchain is certainly known for its speed on how quick it is to send a transaction to another person without the need for third-party verification processes. The benefits of automating transactions creates faster and efficient transactions.

  5. Reduced cost: Since the blockchain uses a trust-less environment, it eliminates the need to use third-party companies which in total reduces cost.

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#4722

1.Because blockchain is a distributed ledger, all network participants share the same documents opposed to copies.
2. It is more secure than other record keeping systems. Transactions are agreed upon before they are recorded. After approval it’s encrypted and linked to previous transactions and making it difficult to hack.
3. A company who uses the technology will have a much easier time tracking and tracing their Goods/products through the supply chain distribution.
4.Transactions can be completed much faster and more efficiently.
5. Reduced cost in fees because no middle men/third parties.

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#4723

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

Transparency: open ledger allows everyone to trustlessly prove if something is or isn’t.

Security: Decentralization allows for increased security against malicious changes.

Improved traceability: Anyone can go back to see what and where something happened.

Increased efficiency and speed: Cumbersome transactions can be completed within minutes using the blockchain, instead of long drawn out transactions that currently take place.

Reduced cost: Additional 3rd parties are not necessary as everything is available on the blockchain.

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#4724

Transparency: With blockchain, every transaction is recorded on the blockchain. Also every computer on the network has its own local copy of the blockchain. Everyone is able to see the transactions as they occur.

Security: With so many different computers on the blockchain network, if one section has a power outage, the network will not be affected since there are other computers to keep it running. Also, each computer must agree in consensus which improves security.

Improved traceability: Since every transaction is recorded on the blockchain, one will be able to trace each transaction to its origin.

Increased efficiency and speed: Since every aspect of a transaction or ingredient (for example) is recorded on the blockchain, one has the most accurate data to make decisions which improve efficiency. Plus, you require less systems of maintaining records and less reconciling across systems, which also increases efficiency. With speed, one is able to send a transaction across the world without the need of intermediaries.

Reduced Cost: Because intermediaries are not needed, costs are reduced between sending transaction from origin to recipient.

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#4725

Transparency: this is because it is an open ledger with all the transactions. The transactions are all validated by other nodes and once the transactions are validated they are on the ledger visible and unalterable.

Security: almost impossible to hack due to all the different nodes where the same information is stored. Great opportunity for hospitals, in general health data to share sensitive data.

Improved traceability: great to trace the supply chain where is the milk from in the yogurt……

Increased efficiency and speed: will cut out unnecessary 3rd party and make it a peer to peer transaction. So one party to the other party…

Reduced cost: thats because middle men, companies can be excluded as they are not needed.

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#4726
  1. Transparency : all the transactions are recoreded and visible to public.
  2. Security : once the blocks are verified they are encrypted by linking to the previous hash.
    So it is very hard for someone to hack.
  3. Improved traceability : You can always have a look back in process to know what exactly happened.
    for ex: supply chain
  4. Increased efficiency and speed : no paper work needed.
  5. Reduced cost : eliminates middle man
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#4727

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

Transparency: Blockchain is vastly more transparent than traditional centralized databases. Information stored on a blockchain is replicated in hundreds or thousands of different places. This information cannot be changed unless each member of the network agrees to change it and even then it would be difficult to do. A decentralized public blockchains transaction history is viewable to all who wish to see it. On a centralized database information can be changed by a single individual who has access to it or by a hacker. In contrast, a blockchain is impossible to hack as the information does not reside in one location and any changes would require consensus of the entire network.

Security: Transaction must be agreed by consensus; approved transactions are encrypted and linked with other transactions - even duplicated with every block - resulting in tens of thousands of records of the same transaction over time. Security of sensitive data is critical and a system that cannot be compromised is needed in the world today - blockchain

Improved traceability: Take for example a supply chain. It is often very difficult to trace the individual ingredients of a product to their source or even the final product. Using blockchain an audit trail is created which shows every stop the product made and its original source. An accurate history helps to prove authenticity. Take, for example, Nike shoes - where they actually made by Nike, or are they copies that look the same.

Increased efficiency and speed: In some instances, multiple ledgers will not have to be reconciled. A unique bar code records an accurate history of a product. All parties involved have access to the same information.

Reduced cost: No third parties or middlemen are needed - the system is trustless - only one immutable version exists and all parties involved have access to it.

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#4728

  1. Greater transparency - Network built off of consensus requiring every ledger to have the same info.

  2. Enhanced Security - Transactions must be agreed upon before they are processed.

  3. Improved Traceability - Blockchain provides an audit trail in real-time. This can prevent fraud and authenticate assets/claims.

  4. Increased efficiency and speed- faster than a single entity to verify.

  5. Reduced costs - Eliminates third party or middleman.

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#4729
  1. Transparency is a benefit of a Blockchain because it eliminates “trust”, this speeds up transactions and tracing services, and reduces cost.
  2. Security is a benefit of a Blockchain because it protects business parties from fraud.
  3. Improved traceability is beneficial because it’s quicker and easier to look up past transactions.
  4. Increased efficiency and speed is beneficial because it saves time and allows more to get done.
  5. Reduced cost is beneficial because money that would have to be spent on auditing, tracking, and security in a centralized system can be saved and put towards other ventures.
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#4730

Transparency: all processes i.e. transactions are logged in the machines on the chain, none of them can alter it, even though some of them tries, rest of them on the chain won’t accept it so the mislogging will be void.

Security: there are layers of security on blockchain which are tough to penetrate/change. Ad hoc / decentralized advantage makes blockchain almost impossible to hack any “vulnerable center holding keys”.

Improved traceability: since all logs are kept in all the devices on blockchain, with consensus you can reach every transaction occured

Increased efficiency and speed: no central obligations regarding time, legislations etc. on transactions makes all processes much efficient and fast

Reduced cost: no fees regarding to “middleman” costs

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#4731
  1. everything is recorded on a public ledger
  2. There is no single point of failure
  3. Since everything is on a public ledger and that ledger is immutable anything on the blockchain can be traced to its origin
  4. Transactions can take seconds to confirm whereas in traditional solutions transactions may take days
  5. There are no middle men to pay a service fee to
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#4732

Transparency: Ledger is public and items are traceable, allowing you to see what goes where.
Security: Decentralized means there is no singular point of failure, and lots of validators.
Traceability: Public ledger allows you to see all past history of that item.
Efficiency and Speed: Decreases number of third parties needed to keep track of things and manage.
Reduced cost: Transactions are public, traceable, and immutable. No need for middle men.

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#4733
  • Transparency: All transaction history is visible. No potential for any disputes.
  • Security: Encryption being enacted per transaction, along with several computers verifying the same details allows compromising to be difficult.
  • Improved traceability: All steps within a supply chain can be verified back to the original starting point of a transaction
  • Increased efficiency and speed: Removing extra mechanisms and clutter (i.e. paperwork) creates room for increased response times and faster deliveries.
  • Reduced cost: No additional parties are required when conducting transactions therefore more money is saved.
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#4734

Transparency: All transactions can be seen on the blockchain, public information. Also everyone must agree.

Security: Everyone on the network has to agree on a transaction for it to go through. Hacker can’t singularly change a transaction.

Improved traceability: All information is publicly shared on public blockchains, allows for transactions to be traced.

Increased efficiency and speed: Can be scaled globally as long as people are running their nodes.

Reduced cost: Don’t need the middle men, allows for less opportunities to receive a fee.

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#4735

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

Transparency:

Unlike transfers of values ​​having a certain physicality in the paperwork of the standards of the different entities with which we interact, the blockchain as a distributed time stamp in the form of a mathematical consensus makes everyone follow the same rules and does not have regulatory opacity that differs from one entity to another. As said in the article, everyone has the same immutable data available if they bother to verify it with the correct data on Block Explorer: Don’t Trust, Verify. The immutability of the distributed register and the mathematical consensus at the bottom of an equitable network thanks to its database being the same for all and being able to avoid as much as possible the opacity by a fundamental disintermediation that its use allows.

Security:

From the point of view of security, although irreversible all transactions require a signature encrypting the transaction while linking it to the preceding block marking the imprint of its immutability and forever recording this data in the network and all software copies of it. -this. The appearance of a software clone inormation in each executable client and other minors makes it a censorship resistant network and maximizing any loss of data relating to a host or other server too central to allow the data to be secure because equitably distributed therefore decentralized. In addition, transparency due to its visibility and non-opacity is an undeniable anti-fraud criterion.

Improved traceability:

The transparency, immutability and mathematical consensus of the blockchain make it possible to make the supply profit very efficient by setting up a monitoring in the form of a QR code, to which the link to a decentralized NFT code allows precious time savings in audits and other time-consuming administrative paperwork followed by any supply chain, from the raw product, through its transformation, packaging and marketing.

Increased efficiency and speed:

The mathematical uniformity of the consensus and the algorithmic functioning mechanism of the games of the resolution by a set calculation carried out by the miners bottom of the blochchain a digital tool allowing to control effectively, quickly, concensually, in a transparent way, and at a lower cost and without trust the transfer of information of monetary and market value. This makes it possible to disintermediate entire sections of the economy and therefore to accelerate the temporalities of the dynamic interactions of the different entities concerned by these multiple interactions.

Reduced cost:

Thus, the trustless aspect of the mathematical-algorithmic consensus eliminating the need for the confidence that human interactions must have in the process of routing various commercial and monetary activities since it is no longer based on the dynamic inter-subjectivity of humans, but on the mathematical and consensual objectivity of the blockchain. Data becomes the fundamental criterion of confidence promoting dynamic, temporal and economic fluidity making it possible to accelerate information transits and therefore the physical-informational progress of operations induced by this new technology that is the blockchain. However, this will create a destruction of jobs greater than their creation since it requires fewer actors involved than those necessary for the creation and improvement of these new technologies, at least initially. Thinking of a new forms of social interaction, of the notion of work but also of the need to redefine money and wealth as defined in traditional finance seems to be a point that cannot be excluded to optimize harmonious cohesion with this new technology, that is, also a control technology efficiency because efficient rational and cold.

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#4736

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

Transparency: BC is a global network/public ledger where all the info is being shared and available to anyone, all the transactions can be tracked.

Security: It was built from math, protocols and principles. All the info and transactions are recorded on BC global data base. It cannot be cheated, hide or bribe.

Improved traceability: All the transactions can be traced

Increased efficiency and speed: It is very quick and fast. no need of using third parties like banks.

Reduced cost: Low cost of transactions by skipping third parties

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#4737

Transparency is one of the major benefits of blockchain… As a distributed public ledger, shared versions of a document strong text can only be updated through consensus which means that everyone must agree to it.
Security. It enhances security by helping to prevent fraud and unauthorized activity
Improved traceability: It provides a historical transaction data that can help to verify the authenticity of assets.
Increased efficiency and speed: It provides faster and more efficient transactions through automation.
Reduced cost: It reduces cost by the elimination of the third parties.

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