Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#4898

Transparency : will be able to see and track transactions so nobody can be cheated.

security : transactions must be agreed with all the nodes before it gets recorded and cant be altered after and due to the network of of computers it would be hard to hack as well

Improved Traceability : we can track all transactions to its origin so it could prevent any fraud and also verify the authenticity of the assets such as nfts

Increased efficiency and speed : it will be less error prone due to human error since we are relying on computers to do all of the transactions and book keeping.

Reduced cost : cost can be reduced due to the needing less man power on menial task or require any middle man to complete anything on the blockchain

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#4899
  1. Transparency:

The blockchain is Public, so everybody can view all the transactions made and state of affairs.

  1. Security:

Its more secure since it does not have a single point of failure.

  1. Improved traceability:

Since all transactions is on a global public ledger, its easier to track since no information is siloed off.

  1. Increased efficiency and speed:

Since its all on one ledger, it reduced complexities of several ledgers and the need for intermediaries that could slow the process down.

  1. Reduced cost:

It reduces the cost for middlemen and third parties. Less need to check lots od different documentation from different parties, since all use the same ledger.

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#4900

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

Transparency:

  • In the blockchain, the transaction made between various parties are verified and validated by the network participants. It cannot be changed nor be falsified.

Security:

  • The storage of data in various computers all over the network and the need for consensus of the network participants makes the security more robust.

Improved traceability:

  • All the transactions made or the trail left behind by the supply chain network makes it possible to see the truth behind all the products supplied.

Increased efficiency and speed:

  • Automation of process and removal of third party mediation makes it efficient and faster in speed.

Reduced cost:

  • No middle man interference in the process makes it cheaper.
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#4901
  • Transparency:

Every transaction is visible for all participants.

  • Security:

All the data is encrypted and stored in the infrastructure itself. It is impossible to lose or falsify the data.

  • Improved traceability:

Every transaction counts, so the path of an item is 100% clear.

  • Increased efficiency and speed:

All participants are included in transactions and processing it simultaneously so amount of paperwork and connection time is removed.

  • Reduced cost:
    Same as in previous part and also it saves costs of audit and reduces man hours.
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#4902

Transparency: All data is stored a a public ledger, all transactions are verified by a number of nodes and are inreverseable. As every party has reached consensus the data can be trusted and it transparent

Security: As the data is stored on several computers/nodes in stead of a single data server or cloud the data is secure and very difficult to be hacked or altered. To do so the majority of nodes would need to reach consensus

Improved traceability: All data is stored on a ledger which is accessable for all parties. This makes it easier to find or retrace a transaction.

Increased efficiency and speed: As transactions are visible in one ledger it’s very easy to connect or verify transactions. As the data can be trusted there is no need for a 3rd party to verify the data.

Reduced cost:As you can cut out a 3rd party for auditing the data or do accounting it will save a lot of time and work

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#4903

  1. Transparency:
    All participants share the same ledger vs using individual ledgers/accounting
    Only way for data to be added to the blockchain is if everyone agrees

  2. Security:
    Updates must be agreed upon before it is recorded, it is then encrypted and linked to the prev transaction and stored across a network of computers vs a single server. This makes it much more difficult to change or be hacked.

  3. Improved traceability:
    Transactions are stored and can be traced back to everywhere it came from previously

  4. Increased efficiency and speed:
    Everyone sharing the same digital ledger frees up time of multiple different ledgers allowing for less time of auditing the trail of the transaction

  5. Reduced cost:
    Less 3rd parties and middlemen allow for reduced cost of these types of “verifiers”

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#4904

  1. Transparency is a benefit of blockchain because it provides a public ledger that is verified, secure and immutable. Use cases are food safety, manufacturing supply chains, proof of ownership, voting systems, democratic representation, or appropriation of public funds.

  2. Security is a benefit of blockchain because trust is placed in a math and a network’s protocol instead of an organization. Security is provided in multiple ways. Participants can we have security in the value of all transactions because transactions are final, immutable, and cannot be duplicated. It is more financially risky to attack a network that the chance of successfully manipulating the network. If one participants goes offline there are many other participants that are incentivized to keep the network running.

  3. Improved traceability is a benefit of blockchain because everything on the ledger is public, final, and immutable. This is a benefit in any case where you need to analyze the history of transaction data such as in supply chains, use of funds, and ownership.

  4. Increased efficiency and speed is a benefit of blockchain through its high availability. Blockchain relies on math and protocols, so long as computers are executing the protocol the blockchain is available. It does not get bogged down by human processes and central authorities. Verification takes place in real time by multiple nodes on the network and do not require human verification. Even when one node may go down the other nodes on the network will take its place. It cannot be changed or censored by a central authority therefore everyone has access as long as they have access to the network.

  5. Reduced cost is another benefit of blockchain because all of the data is public and verified by the nodes on the network. This reduces human processes involved in traditional transactions, audits, paper trails, and reviews.

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#4905

Transparency:

All information stored on the blockchain is stored by all different nodes that hold the exact same copy.
To update anything this would have to be confirmed by all nodes. Because you cannot change anything, all updates are also stored on the blockchain. giving a lot of transparency and the network becomes trustless.

Security:

Transactions must be agreed upon by all parties before they are stored on the blockchain. After a transaction is approved, it is encrypted before sending it to the blockchain. This, along with the fact that information is stored across a network of computers instead of on a single server makes it very secure and impossible to hack

Improved traceability:

Because all information is stored on the blockchain this information is available for everyone. Before something is stored on the blockchain everything has to be confirmed by all parties.

Increased efficiency and speed:

All information stored on the blockchain is immediately available to everyone. Not relying on other parties and/or processes to distribute the information. This way it is much more efficient and faster. Also less vulnerable to mistakes and bad intentions.

Reduced cost:

You don’t need as many third parties or middlemen to complete different parts of the process. Thus reducing costs.

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#4906

Transparency: There will be no questioning the integrity of the dataset

Security: The dataset is a public ledger that can not be compromised in any way.

Improved traceability: The dataset has a history that can be tracked and traced on one single network. making it very easy to analyze.

Increased efficiency and speed: There is no need to involve external parties to validate, check, cross check between separate datasets

Reduced cost: Cost is reduced as there is less energy required to process information, Also there is less risk of human error in the process.

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#4907

Transparency - information can be viewed at any time by anybody.

Security - as the data is stored on multiple computers it becomes difficult to impossible to hack.

Traceability - logistically reverse traceable. This is an important feature in the industry to enhance efficiency and speed which in turn reduce cost.

Efficiency & speed - only one database set is necessary for everybody

Reduce cost - all of the above reduce the total cost

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#4908

  1. Each transaction is recorded after being approved by consensus. Also, all the data that is added to the blockchain cannot be deleted or modified, which makes the protocol transparent.

  2. Since each member of the network has a full copy of the blockchain and the addition of data must be agreed by consensus, the risk of being compromised by bad actors is minimal, if not impossible.

  3. Data recorded on the blockchain is immutable, this can help improve traceability.

  4. A blockchain is a computer-protected digital ledger and the process of adding data is automated, this eliminates the need for time-consuming processes that are prone to human error.

  5. Since the process if storing data on a blockchain is automated you don’t need middlemen.

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#4909

The blockchain technology give Transparency must to it’s a public ledger where you can see all the transactions. This transactions are pefectly traceables because has an unique identificator which indentifies the from/to destinations.
With this you can improbe the efficiency compared with traditional ways, because of any intermediary or third party are eliminated, which give also more speed to the transactions.
Adding al above can state that the cost will be reduced to need less intermediaries and less budget for security and fix errors.

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#4910

Transparencia:Todos los clientes pueden ver el resto de transacciones actualizadas al momento.

Seguridad:La información codificada en la cadena de bloques es más segura porque está vinculada a los datos ingresados ​​anteriormente y a los datos posteriores. Para comprometer estos datos, un pirata informático necesitaría primero entrar en todas las entradas de datos posteriores antes de alcanzar su objetivo.

Trazabilidad mejorada:Se pueden rastrar con un seudonimo.

Mayor eficiencia y velocidad:todos tienen acceso a la misma copia pĂșblica actualizada de informaciĂłn, por lo que las transacciones son fĂĄcilmente accesibles.

Costo reducido:Lo mismo aquĂ­, no es necesario que 1 o mĂĄs terceros verifiquen / ejecuten las cosas, por lo que el costo de esto tampoco existe mĂĄs.

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#4911

Hey @Rodrigo04, Can you please write your answers in English.

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#4912
  1. Transparency: all validators share the same information and to change any information a consensus is required, thus creating a system that is quick and efficient at all times.
  2. Security: it makes virtually impossible to attack the whole network where data is shared by the whole network participants.
  3. Improved traceability: there’s a public record of all the changes made in the blockchain that can be accessed by the public at any time.
  4. Increased efficiency and speed: automation can achieve efficiency when registering data by not having to rely on slow third-party processes with different stages. Since the ledgers are all sharing the same information, they can be stored with less space.
  5. Reduced cost: eliminating the middlemen can reduce costs substantially and when making simple transactions it becomes easier since every validator have access to the same information.
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#4913

Transparency: On the blockchain before any data gets added it must be agreed upon collectively by the nodes. This gives greater transparency, as when it gets added and becomes available for everyone to see you don’t have to trust anyone. You know the data cannot be altered or changed by anyone as its impossible to do so.

Security: It makes fraud nearly impossible. This is because once a transaction is approved it is encrypted and linked to the previous one. Also, data is stored on many computers as apposed to a single network. This makes hacking the transaction data very difficult.

Improved traceability: When data is inputted onto the blockchain, it leaves an audit trail that can be traced back to where it came from and every step it made along the way. Having this historical data trail can help verify the asset and determine if its fraud or not.

Increased efficiency and speed: Most traditional paper heavy processes are time consuming and can be prone to the individual making mistakes. Having an automated process that uses blockchain completes this traditional process much faster as you don’t have to deal with multiple ledgers and end up with less clutter.

Reduced Costs: It cuts out the middleman. No longer will you have to take the word of a potentially devious individual you can simply verify and trust the data on the blockchain. No longer will it be required to review so much documentation to completes business as everyone will have access to the data on the blockchain.

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#4914

1. Transparency:
Everyone can see all of the data in the blockchain. No secrets.

2. Security:
Fraud is nearly impossible. Hacking the data is very very difficult.

3. Improved traceability:
The blockchain records the entire history of transactions so you can trace as elements from from party to party across the ledgers.

4. Increased efficiency and speed:
No longer have to wait for verification from multiple third parties. You can verify straight from the information provided on the blockchain.

5. Reduced cost:
Middle-men can be reduced or eliminated in the supply chain. Also the need for auditing can be greatly reduced thus bringing down costs as well.

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#4915
  1. Increase transparency: everyone have access to the same ledger and all transactions need to be agreed before adding to the blockchain.
  2. Increase security: once a transaction is added to the blockchain, it is encrypted and cannot be altered. Also, the ledger is distributed to many servers instead of relying on a single party which avoid single point of failure.
  3. Increase traceability: all transactions can be traced back given it is recorded in the blockchain and can be viewed publicly.
  4. Increase efficiency: no longer need time and resources to reconcile across ledgers and do periodic auditing given blockchain combines the transaction layer with the accounting layer.
  5. Reduce cost: no longer need to pay third party on verifying transactions.
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#4916

Transparency: Blockchain is a public ledger, whose transaction history is transparent and distributed across a P2P network. Allowing participants audit and verify all transaction history.

Security: Security is insured in a blockchain by cryptographically linking each block to the previous block, transactions must be agreed upon by the nodes before they are recorded, and all of the transaction history is distributed across the P2P network, so that participants may verify the history of the blockchain.

Improved Traceability: The immutable history of transactions on a blockchain allow an audit trail for information put onto the blockchain.

Increased efficiency and speed: The public ledger being distributed on a P2P network allows participants to have access to all of the information, which increases transaction speed by allowing people to transact directly with each other, with the ability to audit and verify.

Reduced cost: With the ability to verify transactions on a public blockchain, you remove the cost and dependence of third-parties to facilitate transactions.

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#4917

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

Transparency:
Everyone can see the transaction block and all involved nodes have to agree that the transaction is legit or it gets rejected (consesnsus)
Security:
Not easy to hack because of multiple nodes spread out geographically
Improved traceability:
Public ledger and finality in transactions means they cant be erased or manipulated plus we can trace the origin of a physical product, where its been and where it stopped.
Increased efficiency and speed: Blockchain removes the middle man which makes it peer to peer and fast. Also everyone has access to it so its efficent.

Reduced cost: In digital banking, if a transaction is an error or fraud, the bank paysback the purchaser and charges the merchant a fee for refunding the original transaction minus the original inventory compunding losses. Charge backs are not possible on the blockchain. No PDQ machines are required, transactions are trustless on the blockchain so cost of remittance is significantly smaller.

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