Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#4818

Transparency - All actors on the network can verify the transactions which have taken place. Alteration of data cannot take place due to the consensus mechanism. It is only granted to those who have permission unless it is a public BC ledger such as BTC.

Security - Transactions must be agreed upon through the consensus mechanism and are all linked to the previous block. Once added to the fact that this data runs through many different nodes rather than a central database ensure higher security making it less susceptible to fraudulent actors.

Improved Traceability - Due to the linked and agreed upon information which is approved and added by all participating nodes, it is easier to gather the required / trace requested data in real time rather that confirmation between centralised actors.

Increased efficiency and Speed - As there is no requirement for an intermediary due to the distributed ledger system there is no need for reconciliation, therefore saving time and cutting costs such as auditors or lawyers and settlement times improves overall participant efficiency and so on.

Reduced Cost - As the information which is shared between parties is verifiable and easy to gather, there is no need to place trust in the form of an intermediary therefore, cutting reliance on trust and costs that would have been incurred through the use of guarantees and intermediaries.

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#4819
  1. In classical databases, alterations can be made by one person behind the scenes. With blockchains, everyone has access to the same information and it requires consensus to update. This means that any malicious editing would require consensus from the network which would be hard to achieve.
  2. Following the CIA principle (confidentiality, integrity & availability). Fraud becomes hard since transactions are immutable once on the chain, thus integrity is ensured. There is no central database which can be taken down, meaning that availability is ensured.
  3. Since transactions using a blockchain are set in stone, it allows one to audit the provenance of assets. You can track the asset and every stop it has made, and since the ledger is public, so is this knowledge.
  4. Blockchains allow you to cut out the intermediaries. This is important as each intermediary represents a point of failure & time consumed validating data. Thus making the process quicker and more reliable.
  5. For normal transactions we use services such as paypal, however this means that every transaction comes with an additional cost. We pay this cost because these services offer much needed security. However with blockchains we can achieve that same level (or even better) of security without a middleman, thus cutting costs.
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#4820
  1. transactions are recorded as they are and are available to other parties with permission
  2. information about the transactions is stored throughout the network of servers which makes it harder to alternate and hack.
  3. improved traceability is often connected with the complex supply chain of products. Blockchain enables the following of every step of the distribution and production process.
  4. due to human error in various tasks a lot of time is spent on checking and correcting data. With blockchain, this can be easily solved because it eliminates human error and enables every participant to view the same data in real-time.
  5. All of the previous benefits we mention have resulted in cost-cutting together with less documentation that has to be done.
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#4821
  1. Transparency: The distributed ledger allows all network participants to share the same documentation. Consensus on the network makes it difficult to update because everyone must agree on it
  2. Security: Transactions must be agreed upon before recorded via consensus. Every transaction is encrypted and linked to a previous transaction stored across numerous servers/nodes making it near impossible for a hacker to compromise the data.
  3. Improved traceability: Blockchain records an audit trail of where something came from and every stop it made along the way.
  4. Increased efficiency and speed: No human error or third party mediation greatly enhances the time/speed and efficiency of the network
  5. Reduced cost: Removing third parties removes the middlemen which will greatly reduces costs on a global scale.
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#4822

Transparency: A globally shared network ensures verified transparency.

Security: Non reversible, immutable mathematically verified.

Improved traceability: A mathematical imprint provides an audit trail.

Increased efficiency and speed: Lower human error, misplacement of physical files and near instant networking.

Reduced cost: Eliminate the middlemen hence lowering the cost.

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#4823

Transparency: every transaction is recorded on a single public ledger where everyone can see. these shared data recorded on the blockchain can be altered through reaching consensus, and the alteration result is also visible on the blockchain

Security: every new transaction that happens on the blockchain go through verification, then data is encrypted and latched onto the previous block, and the data is stored across different networks of computers, making it decentralized. just make a hacker’s job much harder.

Improved traceability: the audit trail of data recorded on blockchain are streamlined. you can trace back historical data and know that it’s accurate and authentic

Increased efficiency and speed: transactions are settled in no time because blockchain tech eliminate the needs for intermediaries. In the utility case for payment/cross border remittance, there is no more waiting for inter-banks clearance, eliminate intermediaries fees, and it’s 24/7 with no border restriction

Reduced cost: with data records streamlined through blockchain, it eliminates the needs for all intermediaries expense. TIME IS MONEY. For all the benefits stated above, businesses that use blockchain tech will reap all the benefits that stated above.

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#4824

Transparencies: - Data is stored on a network of computers and which cannot be changed or deleted. Therefore, all network participants have insight into transactions that occur across the network

Security: It is harder to manipulate data stored on a network of computers rather than on a central server. In addition, as transactions can not be changed or deleted once theyve been validated by the network, there is less risk of loss due to security breaches.

Improved Traceability: As the network has access and insight into the blockchain, all participants/stakeholders can view the distributed ledger and all records with in which allows for source and movement verification

Increased efficiency and speed: The network provides consensus together and as the data is immutable and final, there is no need for trust in the network so transactions can be processed much quicker

Reduced Cost: As the data is validated in real time by the network, is highly available due to the incentive structure and data can not be changed or deleted, there is less capital and time requirements for intermediaries who help establish trust in the traditional system

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#4825
  1. GREATER TRANSPARENCY:
    Transactions are transparent, all network participants share the same ledger, which can be updated through consensus. Consistent and available to everyone.
  2. ENHANCED SECURITY:
    Transactions are agreed upon before they are recorded. Encryption. Information shared across the network of computers, making it hard to hack. Can be used in industry with sensitive data, to unable unauthorised activities and to protect data.
  3. IMPROVED TRACEABILITY:
    Useful in supply chain, to track the items to their origins, and all their intermediate stops. Historical transaction data is used to verify the authenticity/prevent fraud.
  4. INCREASED EFFICIENCY AND SPEED:
    No human errors, it’s faster, more efficient, no 3rd party mediations. Digital ledger is shared among participants. Easier to trust each other.
  5. REDUCED COSTS:
    No need for middlemen, less documentation (access to immutable version).
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#4826

  1. Transparency - The blockchain network allows everyone public access to the same ledger of previous transactions. All companies involved no longer have to trust, they can verify any previous business through the blockchain.

  2. Security - Blockchain technology brings enhanced security compared to our traditional record keeping systems. In order for a transaction to happen, all nodes must agree that a transaction makes logical sense. After agreed upon, that transaction is encrypted and linked to the previous transaction. In order to hack the network you must hack a decentralized network of computers instead of a single server. This makes the network far more secure.

  3. Improved Traceability - Because of the complex level of databases in supply chains, it can be hard to audit and verify where goods came from. Through the immutability/finality of the blockchain network. You will be able to do real time audits and verify where goods are coming from in a single public database instead of cross referencing multiple databases.

  4. Increased Efficiency and Speed - in the traditional banking system, you have to transport physical material anywhere in the world which automatically is time consuming. Additionally, with the blockchain network, you only have to verify on a single ledger instead of cross referencing multiple ledgers. This decreases the chance of human error and declutters the network from multiple ledgers.

  5. Reduced Costs - Because of the blockchain network, you no longer need middle men taking a cut every time a transaction needs to happen. This is a peer to peer trustless system where you can verify and trust the algorithm compared to the middle men that hold all of the authority over the transaction.

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#4827

Using a blockchain allows you to look at everything that occurs on said blockchain.
Security is greatly improved when no one can lie, everyone has access to the data stored on the blockchain so everyone can verify the validity of anyone’s claims.
Improved Traceability comes from the previous stated, but, could be further delved into. Say you own a farm, you sell carrots to a company and you never see your carrots again. Now you look at the blockchain which you distribute carrots through and you can track where your carrots end up. Or the other way around . Wanna see where your carrot came from? Using a carrot sold on a blockchain you can.
Increased Efficiency and Speed come into play when you take out all the middle men involved in todays traditional methods of operation between businesses or organizations. Reduced Cost is just a bi-product of not having to pay for a service or for any person or persons to preform any sort of task. When it is a machine that has a script of code, you only have to pay for the electricity cost. This is in my own words the benefits of using a blockchain from the reading material.
John

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#4828

Transparency happens right away because the ledger is available to everyone.
Information is secure bc once entered, it cannot be altered.
An inalterable trail of the status and whereabouts of a commodity is created and distributed all throughout its process, making a record of its traceability.
No outside auditors are needed to verify the trail, as it is already available for all to see, saving both time and eliminating the need to hire and pay for them.

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#4829

Transparency: Every network participant has access to the entire history of transactions. Therefore it is a fully transparent network. This contributes to more honest conduct
Security: Decentralization and agreement of all network participants on what is saved in the blockchain provides additional layers of security compared to centralized storage on a server.
Improved traceability: Fraudulent and false transactions can easily be traced on the blockchain, making it hard to steal coins (or at least to use them for something after stealing them)
Increased efficienc and speed: Blockchain is running on a global computer network that is always available and can process transactions more efficiently and quickly than other networks. Also, settlement is final and does not rely on lengthly clearing processes (e.g., like in the legacy financial system)
Reduced cost: With Blockchain transaction cost does not scale with the number of transactions, because miners produce a block every 10 minutes independent of the # of transcations or the total value transacted

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#4830

Distributed ledger shared, consensus updating with agreements and data is accurate.
All transaction are agreed upon before recording, then encrypted and linked to previous transaction across the entire network of single computers not one server.
When recorded on blockchain there is an audit trail from beginning to final destination.
Blockchains automated process completes transactions faster and is more efficient. No reconciling over multiple ledgers is needed.
With Blockchain no need for many third parties, middlemen for guarantees. The data it self is a mathematical protocol. Giving participants access to a single immutable version.

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#4831

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

Transparency: - All transactions are viewable with a login by all participants

Security: Blocks (Ledgers) are distributed, unchangeable, and encrypted.

Improved traceability: all transactions are documented and linked and never changed.

Increased efficiency and speed: Blocks remove the middleman, and is self-documenting

Reduced cost:Blocks remove the middleman, and is self-documenting

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#4832

Transparency:
Every transaction is stored public and it is visible for everyone not only for any kind of member.

Security:
Based on math and protocol. It is a crucial and essential feature because of no third party.

Improved traceability:
Again it is a public database with the stored history of transactions

Increased efficiency and speed:
Geographically decentralized lots of nodes.

Reduced cost:
No need a third party.

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#4833

Transparency: Data on the blockchain is copied accross network participants as opposed to a single database, so anyone with access to the network also has access to the data.

Security: The correctness of data in the blockchain is rigorously tied to other data in the blockchain, so modifying the data requires consent of more than half of the network participants. This makes fraud much more difficult.

Improved traceability: Transactions in a blockchain are inherently more traceable than traditional paperwork due to the chain nature of blockchain.

Increased efficiency and speed: Blockchain transactions are performed by automated processes and rigorously verified by the network which eliminates the need for slow human-driven verification and other paper pushing.

Reduced cost: Transactions may be done without or with less need for middlemen, and with less need for human-made verifications.

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#4834
  1. everyone refers to one Immutable mutable record, rather than everyone having their own copies.

2)every block as an encryption which is linked to the previous block, it is Impossible to corrupt one block, without corrupting all of them

  1. everyone can see the origin of data, smart contracts, or goods and services on the blockchain

  2. there are less parties involved for verification

  3. it’s a demonetizes money transfer and record keeping, and nearly all middlemen

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#4835

  1. Transparency is a benefit because everyone who has access to the ledger can be confident in a transaction’s authenticity.

  2. Security is a benefit because instead of one central server, the decentralized nature of the blockchain makes it harder to hack.

  3. Improved traceability comes along with the nature of consensus. Every transaction is built upon a previous one and doesn’t rely on any middlemen.

  4. Increased efficiency and speed is a benefit because there is one ledger being accessed by many instead of multiple third party entities being used by many.

  5. Reduced cost is a benefit that comes with not having to use multiple middlemen companies when verifying a transaction.

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#4836

Transparency: Everyone can see what’s going one , we all have the same copy
Security : You can’t hack it because it is not a centralize ledger , you have to compromise the all system
Improved traceability.= : You can trace the transactions , where its going
Efficiency and Speed : We don’t need no other parties , it is automated
Reduced cost : No parties means that we don’t need an intermediate to make the system work

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#4837

Auditable transaction history on a public ledger increases trust and transparency.

Blockchain is a public ledger where data is available for everyone participating. Existing data is immutable and new data is added through consensus, meaning that everyone must agree on it before it’s added on.

Blockchain technology brings added security with encryption and decentralization.

Decentralized network where all participants have an updated copy of all historical data is extremely challenging for hackers to compromise. All data lives on blocks and all blocks are encrypted and linked to previous blocks. This means that in order to change data on one block, all blocks after that would need to be changed too on every computer that has a copy of the blockchain and all this would need to happen somewhat simultaneously and it would still not go unnoticed.

Build a supply chain using blockchain technology for increased traceability.

Having all supply chain data stored on blockchain can help backtracking an origin or a journey of a part or an ingredient for example. Access to all historical data can also help in cases of verifying authenticity or preventing fraud.

Peer-to-peer transactions and simpler record-keeping for faster and more efficient systems.

Peer-to-peer transactions removes the need of a middle-man in many cases. Transactions made on blockchain are immutable and verifiable so adding accounting information, for an example, right into the transaction would create less clutter and faster applications.

Reducing operation costs is possible by saving time, cutting off middle-mans, trusting less - verifying more and faster transactions with blockchain technology.

Saving time is saving money. Also saving money is saving money. Eliminating middle-mans and man-made errors streamlines operations. Being able to verify transactions without a need to rely on any 3rd-parties is more efficent, safer and faster. Use of blockchain technology can save time, help gain more power over own operation and help operate faster and more efficient in general.

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