Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#4778

Transparency: all transactions made on the blockchain will be recorded on a single ledger and can consulted by anyone conected to the network.

Security: the decentralized network makes it more secure because you can not modify anything on the network without collapsing the whole net. This kind of networks are harder to hack due to not being on a single server.

Improved traceability: every transaction is recorded digitaly on an only ledger so tracking the historical of transactions is easier thant hard-paper copies.

Increase efficiency and speed: as we can check the transactions easily we amount of time spent on balancing or auditing is highly reduced.

Reduced cost: related with the last two benefits, if we can check easily the transactions we do not need middlemen or third party auditors for doing financial checks.

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#4779

Transparency: in blockchain, data is more transparent because trust is eliminated. All information is there for everyone to look at themselves.

Security: There is no central base for blockchain so it is more difficult for hackers.

Improved traceability: because data cannot be changed or removed, one can go back to the origin of a product or transaction and see all the stops it has made/ its entire path.

Increased efficiency and speed: blockchain eliminates useless third parties and creates a peer to peer environment. 1 database= less clutter.

Reduced cost: needless third parties are eliminated which cuts costs.

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#4780
  1. Transparency: Everyone can see every transaction at any given time on the blockchain.
  2. Security: The network must have total consensus before a transaction can be confirmed thus making things more accurate and harder to manipulate. In addition each transaction is encrypted and linked to the previous transaction.
  3. Improved traceability: Everyone has access to the publicly distributed ledger which allows for the total history of any object recorded on the blockchain to be viewed at any time by anyone.
  4. Increased efficiency and speed: Since all data is verified, readily accessible, and agreed upon through consensus it removes the work of consolidating and matching information from other middlemen and databases trying to track the same transaction.
  5. Reduced cost: The real estate process for buying a home is quite complicated and has many middlemen. Once Titles are turned into NFTs homes could literally be sold in minutes not months since there is no longer the need to consolidate and pay all the middle men involved with the house buying process.
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#4781
  1. Transparency: tradition financial systems are opaque and often pile up “hidden fees” which people do not realize the extent of due to lack of transparency; blockchain lessens that tendency due to transparency, making it cheaper and more ethical overall
  2. Security: because the “chain” aspect of blockchain technology locks the transaction into place, it can not be changed on accident or on purpose, making it more secure
  3. Improved traceability: the transparency and security factors that are intrinsic to blockchain make it easy to trace transactions efficiently when needed
  4. Increased efficiency and speed: the intrinsic, automated nature make everything run quicker and, when applied in certain ways, can increase in relation with scalability even more as users adopt the technology
  5. Reduced cost: the transparency and traceability reduces cost through nefarious or negligent actions and the aspect of an increase in speed and efficiency that is related to automation reduces middle man costs
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#4782

Benefits of using a blockchain:

  1. Each node in the blockchain has access to the same documentation and consensus rules.

  2. Each transaction is encrypted and connected to the previous one. Also, all of the information is stored across a network of computers. This prevents hackers and fraud.

  3. Audit trails show every step of your asset’s journey. This verifies the authenticity of your asset.

  4. No intermediaries means a quicker and more efficient transaction. The blockchain is a digital ledger shared among all nodes.

  5. Intermediaries increase cost of transactions. We don’t need middlemen to make promises. :no_good_man:

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#4783

Transparency: There is no mistaking when a transaction occurs. There is no altering or trying to change what has happened on the blockchain.

Security: This type of digital ledger is much safer by the way information is stored. Being the blockchain is located on nodes all over the world this is incredibly difficult to hack.

Improved traceability: Transactions on the blockchain have a higher probability to verify where the contents came from.

Increased efficiency and speed: There is no need for multiple software or excel sheets. With using the blockchain everything is consolidated into one place. This increases the speed of use and reading but accuracy of audits.

Reduced cost: With use of a blockchain there will be less time evaluating data. All the data is coming from one trusted source. Also can eliminate the use of extra software or third-party systems.

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#4784

Transparency: All the nodes have a copy of the ledger and is available by all for consultation.

Security: the blockchain is verified by all the network, a different block and not verified by the network will be not accepted and thrown away. It is impossible to cheat on the blockchain data, it is trusted and immutable.

Improved traceability: everything in the supply chain can be accurately tracked and cannot be manipulated.

Increased efficiency and speed: peer to peer technology remove any intermediaries and very fast to be verified.

Reduced cost: refer to previous point, no intermediaries to verify and data on the blockchain is trusted, immutable and available through the network

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#4785

Hello again! Homework - Benefits of Blockchain Technology

  1. Transparency

Transaction histories are becoming more transparent through the use of blockchain technology

Being a ledger, all participants share the same documentation rather than their own individual copy

The shared version can only be altered via consensus therefore to change a single transaction would required the alteration of all subsequent records and the collusion of the entire network

  1. Security

Transactions must be agreed upon, by consensus, before they are recorded

Transactions are encrypted and linked to the previous transaction

The information is stored across a network of servers rather than just the one making it hard for hackers or anyone to compromise data

  1. Improved Traceability

Exchanges of goods are recorded on blockchain providing an audit trail that shows where an asset came from and every stop its made along the way

This historical transaction data can help verify the authenticity of assets and prevent fraud

  1. Increased efficiency and speed

Streamlining and automating processes via blockchain provides speed and efficiency compared to the traditional methods which usually incorporate a middle man and run the risk of human error

All the record keeping is performed on a single digital ledger that is shared amongst participants - everyone has access to the same information - it becomes easier to trust one another in this trustless system!

  1. Reduced Cost

No need for middle men or any third party as you can trust the data on the blockchain

Trade becomes easy because everyone has access to a single immutable digital ledger

:slight_smile: cheers

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#4786

Transparency:
Blockchain is a distributed ledger and any transaction happens in it is verified through
consensus. All participants in the network has the same version of the network. Any change
requires the alteration of all the subsequent records which is practically impossible.

Security:
Before the transaction of a blockchain is recorded it has to be agreed upon through a consensus
mechanism. The information is stored across the network of computers. So any malicious entity
cant breach the network.

Improved traceability:

Transaction history traceability is fundamental in a blockchain network. In many industry e.g.
supply chain, if you want to trace everything to its origin, legacy infrastructure wont be
able to do this. Blockchain’s historical transaction data can help verify the origin and
authenticity of the product and thus can prevent fraudulent activity.

Increased efficiency and speed:
Traditional way of transferring value from one party to another involves many different third
parties which makes the process allow and and inefficient. In Blockchain all node participant
has access to shared single digital ledger. So reconciling something is much quicker and easier.

Reduced cost:

Since blockchain eliminates the need for any intermediaries to settle transactions, it can
reduce costs immensely.

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#4787

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

Transparency:
Transparency is a benefit of using a Blockchain as it provides everyone with the same information and is readily available for all those with permission to access it.

Security:
The security element of this technology is another benefit as once information has been confirmed and added to the ledger, it cannot be altered or removed. The network is secured by a number of different computers, validating the information, which will reduce the risk of fraud, making it difficult for data to become compromised.

Improved traceability:
A blockchain system allows for transactions and goods to be tracked and traced back to it’s origin. This is a huge benefit as it indicates a products true value and provides greater assurance of it’s authenticity. Information is constantly being updated, creating a ‘real-time’ audit.

Increased efficiency and speed:
All transactions can be processed in a timely manner with blockchain technology as the information that has been processed before hand can be trusted to be true. Because there is no intermediary, there is no need to delay transactions, that would often be the case if a 3rd person was required to process the information.

Reduced cost:
As there is no ‘middle man’ required to process the information, the costs of transactions become lower. When information is readily available, in an open source way, this reduces the need for different sectors of a business. Information can be quickly accessed without the extra cost of trusting a third party to manage the data.

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#4788

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

Transparency:

blockchain is a type of distributed ledger, all network participants share the same documentation that can only be updated through consensus, which means everyone must agree on it.

Security:

Transactions must be agreed on before they are recorded, all transactions is encrypted and linked to previous transaction once they have been approved by the blockchain participants. Data is stored across a network of computers instead a single server makes it difficult for hackers to tamper with.

Improved traceability:

Every transaction leaves an audit trail that shows where it came from and every stop it made through its journey. It helps to verify authenticity of assests and prevent fraud.

Increased efficiency and speed:

less time consuming that is prone to human error and takes out third-party mediation. By automating the process with blockchain, transaction can perform faster and complete more efficiently.

Reduced cost:

With blockchain theres no need to trust middlemen or third parties to make any gaurantees, you just have to trust the data on the blockchain.

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#4789

Transparency:

Security:
Data is immutable because one needs to compromise the entire network to achieve an alternation of the network.
Improved traceability:
Data is stored by a chain that it is always a trace of where its origin is

Increased efficiency and speed:
With less time for audit, business and operation can be done quickly
Reduced cost:
disintermediation eliminates redundant intermediary

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#4790

Transparency allows a view into the transaction process. It’s important because you know!
Security offers peace of mind for your investments and projects.
Improved traceability is helpful in solving issues.
Increased efficiency insures quicker transactions and saves time.
Reduced cost save money, and we all love that!

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#4791
  1. Transparency:

All data is recorded in the blockchain which is decentralized and visible to all parties,

  1. Security:

The participant nodes need to consent to validate transactions, so it’s harder to change create invalid transactions.

  1. Improved traceability:

All the data is recorded and cannot be deleted. You can trace the information back to its origin.

  1. Increased efficiency and speed:

There is no need to use paper or complex systems to verify information so blockchain is more efficient and fast. There is no middle man to delay information spread.

  1. Reduced cost:

Due to the increased efficiency, less reliance on people and complex infrastructure the cost to run the network is cheaper.

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#4792

Transparency in blockchain, everyone can access the public ledger stored in the network.

Security in the blockchain, transactions are agreed by all parties before updating into the previous blockchain which makes hackers/scammers nearly impossible to change it. They will have to change every single one in the network

Improved Traceability, because blockchain like a digital stone where it records every footprints and this feature can help to trace record in seconds.

Which is why blockchain can help increase efficiency and speed, also reducing the cost by removing heavy paper in the traditional way as well as saving cost on getting 3rd party or a professional middle man.

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#4793

  1. Transparency:
    Transparency means that not only your personal transactions, but the transactions of everyone else on the network are open for review. This prevents nefarious activity and other financial scams because all of the computers on the network must be in simultaneous agreement on how a transaction occurred.

  2. Security:
    Not only do transactions require the digital handshake of every computer on the blockchain network, but they are encrypted and linked to previous transactions creating a historical trail that is always viewable.

  3. Improved traceability:
    The chaining of the blocks creates a verified audit trail for every step of the process.

  4. Increased efficiency and speed:
    Since all computers on the network have a copy of the ledger, reconciliation is not needed, only consensus which makes the processing of transactions faster and more efficient.

  5. Reduced cost:
    The need for middle-men across the industries that blockchain is revolutionizing is removed. This leads to lower costs due to the reduction of documentation and review in order to complete a trade.

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#4794

Transparency: Since everyone has the same shared copy of all the transactions, there should always be a collective consensus if a change will be done or an entry is added.

Security: A decentralized network is keeping the blockchain alive which entails no single focal point for a breach of security can be possible.

Improved traceability: All transactions made are recorded and final thus making traceability much better.

Increased efficiency and speed: With the elimination of a third-party to mediate a transaction and aspects of the process are automated, this increases efficiency and speed to get the job done.

Reduced cost: Also, with the elimination of a third-party to mediate a transaction, clearly reduces cost to make a transaction happen.

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#4795

Transparency:
transactions are openly available for anyone to easily verify its genuine

Security:
jealousy guarded by consensus to ensure every transaction is approved my majority before its accepted in to the Blockchain. Thereby making it less prone to bribery and corruption because most of the minners cannot even reach each other physically to be bribed to input transactions from the back door

Improved traceability:
since its transparent, tracing different stages and life cycle of events is easier and less opaque

Increased efficiency and speed:
less paper work, faster thorough put

Reduced cost: yeah i saw on twitter someone or group of people made $50Billion transactions and paid less than $6,000 - this would have cost more in hundreds of millions via banks and only central banks can handle such huge transactions in that short time tiScreenshot_2021-09-15_202536

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#4796

The benefits of blockchain:

All network participants share the same information which is confirmed through consensus. The information on the blockchain is more accurate, consistent and transparent when compared to current methods (i.e. the paper trail).

The information on the blockchain is stored across a network of computers which makes it very difficult to loose information, or for hackers to compromise the data.

Exchanges of goods that are recorded on the blockchain leave a trail that show where the goods came from, as well as every step that that specific good took before the transaction was completed.

Record keeping is kept on a single digital ledger, information does not need to be reconciled between numerous parties. Reduced clutter, trustless transactions and quick results.

Blockchain helps to minimize 3rd party involvement to make guarantees. Instead you trust the data on the blockchain.

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#4797

Transparency:
all transactions are transparent to the public and easy to audit.

Security:
every transaction requires multiple nodes to agree on the consensus which then will be recorded on the blockchain

Improved traceability:
able to trace the path of an item along a supply chain

Increased efficiency and speed:
no need for verification from 3rd parties and the blockchain is available 24/7 365 days a year.

Reduced cost:
no costs from 3rd parties

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