Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#4758

Transparency:
The blockchain produces a publicly available distributed immutable ledger. All transaction are verified collectively therefore providing transparency.

Security:

All the miner are competing to produce the latest block of transactions. This coupled with the difficulty adjustment and validation nodes provide security of the network.

Improved traceability:

All transaction on a blockchain are immutable and stored across a distributed ledger. Any copy of this ledger obtained from any node can be used to trace a transaction.

Increased efficiency and speed:

Due to the trustless nature of a blockchain all frictions associated with a trusted 3rd party are removed. This has obvious benefits of efficiency and speed, from eliminating paperwork to less human capital.

Reduced cost:

Again the lack of trusted 3rd parties required will increase speed and efficiency leading to cost reduction overall.

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#4759

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

Transparency: Because it is a public ledger that can be viewed by anyone who has permission to do so.

Security: It is maintained by a network of computers working independently from each other so if 1 computer misbehaves it is easily intercepted by others. Since it is a public ledger the data can be easily monitored thus increasing the overall security of the chain.

Improved traceability: Since all data are connected together in a chain, there is always a trail that leads backwards and forwards making it easy to trace the transaction.

Increased efficiency and speed: It is efficient due to the fact that it is a trustless system and does not require a middleman and therefore increasing the speed of the workflow.

Reduced cost: By cutting of a lot of intermediaries and middlemen saves a lot of cost.

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#4760

the benefits of using a blockchain.

Transparency:
All transactions are publicly recorded and stored on many individual & separate computers, anyone can view the transactions recorded & changing the ledger is impossible without compromising the whole system.

Security:
Blockchain distributed ledger technology is more secure because the ledger is public & shared across many different points, rather than a traditional single point of storage where a bad actor could potentially access & tamper with the ledger, a bad actor would have to change the ledger on many different points.

Improved traceability:
The blockchain is essentially a record of anything; to follow some information or products history is easier to track by following its steps through the ledger.

Increased efficiency and speed:
There is no need to audit or reconcile different ledgers to find errors, everyone has access to the same ledger with the same information therefore removing the excess records & paperwork necessary.

Reduced cost:
Less time spent correcting human errors, less paper products necessary, less trust necessary because everything is recorded on one ledger distributed across many points.

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#4761

Transparency: Because the majority must consent on the data and when that happens, everyone stores the same data, it is accessible from all over the world. Everyone can see all the data, all the time.

Security: As the exact same data is stored in all the nodes and then that consensus is stored in the next mined block, there is no way to change this data.

Improved traceability: because you can track (and trust the stored data about) every part of your product.

Increased efficiency and speed: Blockchain removes the middleman and makes peer to peer transactions.

Reduced cost: no more expensive middle man.

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#4762
  1. Transparency: blockchain is a distributed ledger that is everyone on the network has the same shared database of all transaction and before a new record is added to the blockchain it requires a consensus from everyone.
  2. Security: blockchain comes with increased security unlike other booking system. since its a distributed it makes it difficult for data to be comprised since we don’t have central server where data is being stored. and before a new record is add it requires all to confirm.
  3. Improved traceability: there is improved traceability especially for companies which deal with supply of good. once a exchange of good are recorded on the blockchain which is accessed by all involved the process it allows for items to be easily traced and identified.
  4. Increased efficiency and speed: Automating transactions through the blockchain makes transaction to be performed fast and speedy since it requires less human intervention to reconcile multiple ledges. Everybody has access to the the same information no time to wasted to reconcile multiple ledgers thereby increasing speed at which transaction are performed.
  5. Reduced cost: There is a reduction in cost since blockchain eliminates the use of multiple intermediates to either ascertain the trust and confirm a transaction. Parties have to trust the data on the blockchain.
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#4763

Transparency: All transaction over blockchain are public ledger, can’t be edit or delete.

Security: Once the transaction processed it encrypted and distributed in the network. No way to Hack

Improved traceability : Very easy to trace the activities from the starting point of the products

Increased efficiency and speed: Blockchain runs 24/7/365 globally and connected with many computer. So its speed and efficiency.

Reduced cost : Cost is the one of the main thing. Low cost compare to central network

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#4764

Transparency: Transactional history are becoming possible through entering transactions into a public ledger visible to all users who has access to the transactional data. The transactions are entered into the blockchain through a set of inputs and outputs that creates a chain of Blocks. It is impossible to alter transactions without collusion between a wide group of verifiers and once entered into a a block though consensus the information is there for ever and cannot be changed or erased.

Security: Once transactions are entered into a block through consensus by a wide network of computers using mathematic functions and protocols in is impossible to alter as each transaction in linked to previous as subsequent transactions.

Improved traceability: Transactions across a supply network or process network are entered into the BlockChain at each step of the process and are linked to previous transactions. This allow users of the BlockChain to have full visibility of the entries across the transactional or process blocks and allow for consensus of the authenticity of transactions.

Increased efficiency and speed: As transactions are stored on a single ledger designed for the purposes of the users there are no duplications or room for error by its participants. These transactions are logged and processes digitally by a network of computers onto the BlockChain requiring less human input and double verification and reconcilement of the contents.

Reduced cost: As transactions are entered into a single BlockChain by multiple users at each process step work is in a way work shared by the users of the ledger reducing costs to each user through duplication of processes. This creates a single immutable version of the truth verified through the process logic an protocol for hashing and storing the data.

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#4765

Transparency: The history of transactions becomes more transparent thanks to the use of blockchain technology. Because blockchain is a type of distributed ledger where all network participants share the same historical txns as opposed to individual copies. This shared version can only be updated by consensus, which means that everyone must agree on it. Changing one transaction record would require changing all subsequent records and colliding with the entire network. Blockchain data is more accurate, consistent, and transparent than when it is decentralized. Everything is also open source, available to anyone, https://www.blockchain.com/explorer?utm_campaign=expnav_explorer

Security:
After a transaction is confirmed, it is encrypted and linked to the previous transaction. 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:

If your company deals with products traded through a complex supply chain, you know how difficult it is to trace a product back to its source. This historical transaction data can help verify the authenticity of assets and prevent fraud.

Increased efficiency and speed:

Using traditional, paper-heavy processes, trading anything is a time-consuming process that is prone to human error and often requires third-party mediation. Because record keeping is done using a single digital ledger shared among participants, you don’t have to reconcile multiple ledgers and you end up with less clutter. This way settlement can happen much faster.

Reduced cost:
For most businesses, reducing costs is a priority. Instead, you must trust the data on the blockchain.

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#4766

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

Transparency:
Everyone has the same information in the blockchain, not just a individial copy. No one can add anything without the approval of everyone node, and nothing can be changed. So you and all parties only have to trust the blockchain instead of eachother.

Security:
The network is not just a single database, but widespread it cannot go offline, or easily be hacked. It cannot be changed, or meddled with. Anything new has to be approved by all the nodes/parties.

Improved traceability:
Every transaction is traced, and can be traced back to its origin. This can be used in financial sector as well as within logistics.

Increased efficiency and speed:
It has the potential to automate, and remove the need for middlemen and auditing.

Reduced cost:
Removes the need for middlemen, and reduces the need for auditing. Also makes things smoother saving time.

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#4767

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

Transparency: Transaction history on distributed ledger so you can verify. Only updated through consensus so it is low risk for manipulation.

Security: Transaction history consensus again helps keep the individuals using the network honest. All transactions are linked and individually encrypted. It is a decentralized network with no single point of failure.

Improved traceability: Audit trail showing the origin and history of transactions.

Increased efficiency and speed: No human error. Single digital ledger. Everyone has access to the same info. Clearing and settlements occur much faster.

Reduced cost: No third party or middleman. Automate the review process.

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#4768
  1. Transparency - Public Ledger.
  2. Security - the information is distributed on a network that can’t be hacked. All the changes must be agreed and the new info is added to previous block. It has continuity.
  3. You can trace a product origin from the initial until final point.
  4. You increase speed by creating automatic programs that self executes if conditions are met.
  5. No third party involved
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#4769

The benefits of using blockchain are
Transparency ,by a shared distributed ledger ,data has to be agreed on before added to the blockchain,and its is permanent and the participants can always check this recorded data when they want.
Security is achieved because the blockchain database is spread out over all computers on the network, all sharing the same files basically copy of the whole blockchain, so that even if computers go down on one part of the network, the blockchain will still work.
Improved traceability , because all data is stored on chain and all the history is logged , the origins can be traced back to the start.
Increased efficiency and speed ,because all data is trusted , up to date and accessible 24/7/365 , things in supply chains can move much faster and payments can be made quicker and cheaper because the payments are direct without a middleman.

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#4770

Transparency: due to the public feature of the blockchain, everyone who has permission to access has a copy of the same documentation.
Security: blockchain is very hard to be hacked due to several reasons, all participants have their own copy of the blockchain, there is no way anyone can change a transaction after been added to the blockchain, different nodes should verify each transaction before it is been added to the blockchain.
Improved traceability: Blockchain made tracing events easier since everything is being stored on the same system.
Increased efficiency and speed: blockchain makes transactions around the world faster, and doing business with people that you don’t know is possible. because everything is recorded and verified across multiple participants.
Reduced cost: because blockchain eliminated the third parties rules, the cost of having a businnes or making a transaction became less.

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#4771

Transparency: In Blockchain, the data that share has went thru consensus which mean already agreed and verify by several parties in the network and once data is recorded, it cannot be removed.

Security: You cannot alter or change or duplicate the information that already store in blockchain as blockchain is a technology whereby it only allows adding but no removing and it is very difficult to hack the system as the data is shared among all the user in the same network.

Improved traceability: All the transaction is easier to trace in Blockchain as the information in Blockchain are complete as all the supply chain will be linked to each other after consensus and will not be deleted.

Increased efficiency and speed: real-time audit / information can be carried out / retrieve in every sec / minute in Blockchain.

Reduced cost: reducing cost on hiring 3rd party to carry out auditing / to do sourcing as all the information from the very origin is shared in the network.

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#4772

Transparency: Customers able to acknowledge these products are safe even while others are recalled.

Security: Security has to due with consensus mechanism and fault tolerance. Though private networks can provide similar security to current infrastructure with the exception of normal use to delete data. They are still highly susceptible to data breach/ hacks. Public network have no single point of failure and are normally secured using a game theory method or POW mass data processing protection. Also the data is stored in private or non private state their is no one please to take all secret but not encrypted data from all users.

Improved traceability: The gain is being quicker and more accurate when dealing with out breaks that cause them to throw out all of one kind of greens.

Increased efficiency and speed: Without blockchain customers can be without that type of greens for weeks. This could be brought done to week or less with tractability.

Reduced cost: Not throwing out product that is still good

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#4773

Transparency:
All parties can access the network data (ledger) to verify transaction data. A change can only be made by collusion of the network, which is difficult, but not impossible, especially in a centralized network.
Security:
By encryption, chainlinks to previous data, and shared data on a network, security is achieved.
Improved traceability:
When the path of, e.g. a good on a supply chain, can be traced on a blockchain, it becomes easier and more trustworthy to follow it there.
Increased efficiency and speed:
This would be also dependent on other technology, like RFID, but tracing data on a blockchain will usually be much more speedy and efficient, than waiting for a person to enter the data into a database, or at least scanning a barcode.
Reduced cost:
Previously, we’ve mentioned efficiency and speed. These lead to reduced cost,naturally. But also the lack of a trusted third party reduces cost, because such a party usually does not come without a price to pay.

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#4774

1: It is transparent because blockchain is a type of distributed ledger. The network participants share the same documentations and can only be updated through consensus, which means everybody must agree on it.

2: You have to agree on the transactions before they are recorded. When the transaction is approved, it is encrypted and linked to the present previous transaction. The information is stored across a network of computers and not on a single server. That means its very difficult for hackers to compromise the transaction data.

3: You can track every transaction data that helps to verify the authenticity of assets and prevent fraud.

4: The traditional process is a time-consuming process that is prone to human error and often requires third-party mediation. The process with with blockchain: Transactions can be completed faster and more efficient.

5: With blockchain you don’t need as many third-parties to make guarantees because it doesn’t matter if you can trust your trading partner. You only have to trust the data on the blockchain.

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#4775

The transparency is so key to blockchain technology. The idea that anyone can access the ledger and see transactions in real time is groundbreaking. When this technology is compared to current stock exchanges which are obfuscated it really becomes clear why its a benefit.
Security of transactions without an intermediary is a shift in the way things have been done. Without the need for middle men creates a system that is truly global in its reach and affordable.
Improved traceability makes it easy to see where a transaction came from all the way from the beginning. Increased efficiency and speed are essential in any peer to peer system of exchange. The distributed network design makes it possible to transact across any divide. Reduced cost means a middle man is not eating into the exchange which is always unfair.

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#4776

Transparency: Anyone within an org or permissioned or permissionless group can view the same records

Security: Very difficult to compromise a database stored on many different computers that verifies against itself

Improved traceability: Improved audit trail

Increased efficiency and speed: zero paper, no human error, no 3rd party mediation

Reduced cost: able to trust data on a single blockchain, no various copies of paper to review.

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#4777

Transparency: All network participants share the same documentary. To change the documentary you have to reach konsensus.

Security: Blockchain is decentralized on a network of computer which makes it hard for hackers.

Improved traceability: When stored on a blockchain you can trace everything and see were the fraud have happened.

Increased efficiency and speed: Blockchain removes the middle man which makes it peer to peer.

Reduced cost: You don’t need third party which can cost money.

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