Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#462

In a public blockchain like Ethereum, everyone has permission. There are permission based blockchains (or DLT) like hyperledger where you have a consortium of businesses that use this distributed ledger

#463

  1. Transparency: All the users share the same network and everyone shares the same information. It means that nothing is a secret in blockchain everything is showed to the public.

  2. Security: Transaction are stored on a network of computers and not on a single server, thanks to this it makes it much harder for people to hack blockchain.

  3. Improved traceability: Every transaction that is made on blockchain can be traced on every step and nothing can be changed on blockchain that makes it impossible to cheat.

  4. Increased efficiency and speed: because everyone has access to the same information so you donā€™t have to spend time checking if anyone can not be trusted and by automating every process every transaction is made more efficiently and are much faster.

  5. Reduced cost: In blockchain you donā€™t need to trust anyone so a third party or a middleman is not needed at all, so you donā€™t need to use your money on them.

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#464

TRANSPARENCY. in short immutability and a shared distributed ledger, as you cannot change what has gone before, due to consensus, any change thereafter would require the collusion of all network patticipants and all subsequent blocks would have to carry the change and all would have to agree on the new data and the new blockchain.
SECURITY. as with transparency a change cannot be made without altering all previous blocks and all subsequent blocks.
IMPROVED TRACEABILITY. every step on the production/manufacture/sourcing of a good can be traced from the beginning of the supply chain to the end result
INCREASED EFFICIENCY AND SPEED. the reduction in workload is due to the shared nature of all information in a distributed ledger, thus no human error or need for duplicating information, therefore the need to trust what has gone before is removed.
REDUCED COST. No middlemen needed to guarantee anything or trust veracity. The whole process is completed through consensus

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#465

  1. Transparency: Is the ability of the blockchain to be fully traceable and open to anyone to do so. Allowing to replace the usual trust from existing systems and networks.

  2. Security: The reliability of the data on the blockchain. The immutability of the data on the chain and the High availability of the service provided. All given as attributes due to the mining structure of the chain.

  3. Improved traceability: Blockchain by structure, has the ability to track full supply chains of information and even goods. All controlled by a consensus which adds to the trust element of the data itself.

  4. Increased efficiency and speed: Unlike other networks, being completely digitized reduces human error. It also eliminates the need of middle men, which speeds up processes as all the information is digitized on the chain.

  5. Reduced cost: Reduced costs can come in many factors by combining the benefits of what a blockchain can offer. The most obvious being the self auditing system (for data validation) & the reduction of middle men in operations.

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#466

  1. Transparency:
    -Everyone can see all the blocks that have been mined. All information is visible and transparent to everyone.

  2. Security:
    -There is no central (weak) point of security but a whole network of different nodes providing security.

  3. Improved traceability:
    -It is possible to trace a transaction back to its origin because you can see all the blocks.

  4. Increased efficiency and speed:
    -It is very efficient because many different systems can be replaced by just one ledger. The data from different providers can be combined. It also removes the time it takes to verify information because you can trust that all information is already verified.

  5. Reduced cost:
    -You can use a blockchain for free in most cases. Just like using a cloud saves you the money that you would have otherwise spend on your own server.

#467

Transparency: being able to share data that is the same is huge in the transactional world. Transparency gives users access to honest data in a trustless system. Who has access is dependent on whether or not the blockchain is permissioned or permissionless.

Security: blockchains are extremely difficult to manipulate by a hacker or another dishonest party. Once information is secured on the blockchain, everyone who has access to the blockchain has a copy of the ledger. This prevents a multitude of issues that are seen in traditional record keeping.

Improved traceability: Anyone with access to the blockchain can trace the true origin of a product, good, or asset because every exchange is permanently recorded on the blockchain and thus immutable.

Increased efficiency and speed: less clutter of data through a single, consolidated ledger which all participants have access to in real time.

Reduced cost: costs are reduced in blockchains simply due to the elimination of third parties and middlemen.

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#468

Transparency: Since it is an open ledger, everyone has access to the same dataā€¦. there is no hiding BD

Security: As transactions need to be agreed/verified before they are recorded, and then, they also get shared with the network where the whole community has access to them. It makes it basically impossible for anyone to try to change or hide anything.

Improved Traceability: It make it easier for a manufactures or any type of commercial business to track and trace any product through the supply chain, as you can record every single point or stop where the goods have been all the way back to their origins.

Increased efficiency and speed: Since you are creating everything digitally and within the ledger, this makes the information accessible to everyone involved. Not only everyone has access to the very same info. but it also facilitates the access to it, this translates into lead times being reduced, a super quick handling and verification of Information.

Reduced cost: Here since you have access to all the information in a second, and it is a trustlessness system, this would reduce the amount of energy and time you or you company would be using to gather information, plus, back to my point above, if everything flows faster, the less time any type of merchandise would have to be sitting on a warehouse awaiting approval to be dispatchā€¦ā€¦.less man hours, less storage cost, better lead time = more profit.

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#469
  1. Transparancy is a bebfot of the blockchain because any party involved in the transaction can view the data on the ledger. Also other entities can view the same transaction data.
  2. Security is key to a blockchain.since it is nearly impossible to decrypt the code and change/hack the ledger.
    3.Improved traceability is a benefit of a blockchain by allowing entities to view the complete history of transactions, plus the fact that the history cannot be changed, theoretically.
  3. Increased efficiency and speed are benefits of the blockchain in that it reduces costs to all parties, and is much faster than llegacy transfer ledgers.
  4. Blockchain reduces cost of transactionsā€¦ so both entities involved walk away with more money. Of course over time these cost savings cause other losses and disruption, namely with third party entities, and the people employ.
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#470
  1. Transparency is a benefit of using blockchain. All transactions are available to all permissioned parties. This cuts costs, increases accuracy and consistency because all parties are privy to the exact same information. All the information is verified by many unbiased parties through nodes. It limits the need of 3rd parties and or trust.
    2.Security is a benefit of using blockchain because the block chain is trustless and immutable. The information is verified then posted in the blockchain. It can never be changed unless all subsequent blocks are changed as well. Hackers would have to hack a vast network of computers because the information is distributed. gain consensus and or fake consensus globally in the case of BTC. There fore blockchain is very secure.
  2. Improved tractability is a benefit of blockchain because againā€¦it is transparent to all permission ed parties and is immutable. Anyone that has a vested interest can accurately audit all the relevant information.
  3. Increased efficiency and speed is a benefit of blockchain because it eliminates vast amounts of intermediaries at every step of the any process. Because all relevant parties can look at the same ledger.
  4. Reduced costs are a benefit of blockchain because of all the above. You have no need to pay so many middle men to keep the system honest. You donā€™t have to trust anybody. You put your trust in math.
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#471

sorry . messed up the numbering . put 2 down twice

#472

1-Blockchain is an open ledger . Everyone can see all transactions
2. It is all on a lot of servers stored.
3. It is set in stone. nobody can remove transactions
4 It works 24/7 on the biggest nezwork worldwide
5. no middelman take fees

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#473

TRANSPARENCY: all network participants share the same version of the info(documentation). The share version can only be updated by consensus. Change of one single transaction is not practical, it requires the alteration of all subsequent records. therefore data is more accurate, consistent and transparent.
SECURITY: information is secure because every transaction is approved before being recorded in the blockchain. information once approved is encrypted and lick to the previous transaction.
all transactions are store across the network and not in a single server.
TRACEABILITY: Exchanges of goods are recorded in the blockchain. It means we have an audit trail, where the asset comes from and every stop it is made.
EFFICACY AND SPEED: record keeping is performed using a single digital ledger that is shared among participants, there is no need to reconcile multiple ledgers. so clearing and settlement occur quickly.
REDUCE COST: There is no need for a third party, and it does not matter if you trust your partner. you just have to trust the blockchain. because it works with consensus rules, there is no need to review too much documentation. everyone has access to the same info that is immutable.

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#474

Transparency:
Best transparency - every transaction is openly recorded on the blockchain for all to see. For a transaction to accepted into a block the transaction needs to be verified by all nodes. Each node carries an exact copy of the ledger. In order to make a change one would require to take over the entire network. Not an easy process and expensive as hell.

Security:
Each transaction in each block has itā€™s exact place in the blockchain lonked to the previous and the next transaction. This makes changes impossible.

Improved traceability:
If you can deal with the trade of good on blockchain then a supply chain can be verified. All aspects of the supply chain can be monitored and audited.

Increased efficiency and speed:
With blockchain making all of the transactions, being automated there is less human error and no need to reconcile different ledgers. All is there in one place.

Reduced cost:
Blockchain reduces the need for many third parties to make guarantees. Being a trustless system you do not need guarantees. You trust the data on chain rather than the trader you deal with. Less middlemen - less costs.

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#475
  1. transparency = all network participants share the same documentation, when data gets added to the blockchain
  2. security = there are so many computers in the decentralized network with the same data, therefore it is difficult to hack all those computers at the same time
  3. improved tracebility = verify the authenticity of assets and prevent fraud
  4. Increased efficency and speed = trust without the need for numerous intermediares
  5. reduced cost = not third parties needed, trust the data on the blockchain
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#476

Transparency: It is impossible to change records within the Bitcoin network. You simply canā€™t alter a single record and expect it to change anything. All subsequent records still exist on all other machines throughout the network so even the smallest change on one record would not be verified by other record holders.

Security: It is nearly impossible to hack into the bitcoin network since transactions are encrypted and held throughout the entire world on many machines. Data protection and identity is secure for many different industries.

Improved traceability: The supply chain is complex and easily manipulated. Blockchain is traceable, and if applied within a supply chain system to track and trace products from time of production and place of origin to destination, it can help a great deal with regard to security and verifying originality. Also, it is possible to take temperatures and do spot checking at different intervals during shipping, which can help ensure quality.

Increased efficiency and speed: Less paperwork. Less bottlenecks. Streamlined processes. Trustless.

Reduced cost: No third parties are needed. The process is a chain of events within a set protocol. The process occurs and is fully and easily trackable. No need for labor intensive tracking or highly technical accounting. The accountability and tracking is automated within the blockchain of events.

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#477

Especially less feeā€™s by removing unnecessary 3th parties. No more costs to pay for people, servers, security,ā€¦ Everyone can just verify the blockchain.
I canā€™t imagine how many it costs to secure a centralized server of sensitive information

#478
  1. The blockchain is transparent, because all nodes share the same information with the ledger; the information can be updated only by a consensus achieved through verification by all parties. The information is real-time accesible and audit-ready.
  2. Before a transaction is being approved, it should be verified by all nodes; once approved, it is linked to all previous transactions and it is saved forever. It canā€™t be altered or deleted.
  3. The blockchain provides an audit trail of all previously verified and approved transaction. The data is being simultaneously updated and visible to all with the right access.
  4. By removing the paper heavy processes and the verification by third-parties the transactions will become much more quicker.
  5. It is time efficient, removes the risk of human error, by removing the middle man and a lot of redundant proccesses and thus it is much more cost efficient.
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#479

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

Transparency:
The fact that it the ledger is on a open network and every transaction is logged once approved makes it so anyone can go on a see what actually happened. Eliminates guessing.

Security:
Open network of computers coming together in consensus which removes middle men / entities that can tamper with information.

Improved traceability:
Every transaction once approved is visible to the public on the open network.

Increased efficiency and speed:
Elimination of middlemen/entities will lower cost and will shorten supply chains and make them more seamless. In regards to record keeping, normal companies are in charge of keeping their own records of transactions and as you go down the supply chain each entity has their own record keeping. This allows more room for error such as lost paper, improper recording of transactions etc, also you need a entire department to overseas this area and with humans there are chances or corruption in information. With a universal ledger on a open network would allow all supply chains to view the ledger and know that it is verified within the network.

Reduced cost:
Same answer as above. Removal of individual record keeping and staffing for a department that is not needed can reduce cost for any company. At the end of the day they are reducing operational cost and trying to increase net profit.

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#480

Transparency: Transaction history will be available to every permitted party without a need to trust unverified documentation.

Security: Is achieved through the consensus of all nodes in the chain. Cryptography increases this security as well as does the decentralized storage of the database.

Improved traceability: Provenance of ingredients can be traced back not just for single supply chains, but for whole supply networks.

Increased efficiency and speed: Because all parties share the same record, clearing and settlement of transactions can be done much faster.

Reduced cost: Less time is wasted to review extensive documentation and in many cases middlemen can be eliminated.

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#481

Transparency on blockchain is a result of an open source network that is accessible to all who have participated with a transaction and those who have been granted permission. Each transaction is recorded permanently on the blockchain and is therefore verifiable to anyone. It doesnā€™t require any third party and is verified using mathematical equations that are completed by a number of computers on the network coming to a consensus agreement that the transaction is correct. This enhances security as it eradicates possible human error. It is completely traceable and is permanent. It is efficient and speedy and is available 24/7 365 days a year and allows anyone on any part of the globe to participate. It will cost less because you know longer have to pay third party to audit and verify transaction its simply done using math on the blockchain.

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