Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#4918

Transparency
Each nodes in the network shares the same database (ledger) of the blockchain. To verify any transactions or the network it require everyone to agree on it. By having this mechanism then you don’t have to trust anyone because you check it by yourself.

Security
All transactions must be agreed by consensus before they are registered on the blockchain. Beside of that all transactions is encrypted. The transaction is not saved in a single server instead but on many computers in the network.

Traceability
By using blockchain technology helps to register and track all information back to their origin.

Efficiency and speed
Because blockchain is a math and protocol it helps to record the information and transactions faster than the traditional way.

Reduced costs
By using blockchain you don’t need any middlemen or third parties to trust you only need to trust the math and the datas on the blockchain.

1 Like
#4919

1.all share the same information.
2.information is stored across a network.
3.there is a chain that can be viewed and audited at anytime.
4.no one but the blockchain to input information.
5.no third parties or middle men to deal with.

1 Like
#4920

Transparency: all parties have access to the same immutable ledger

Security: the ledger is distributed to all participating parties and is maintained by consensus- the makes it virtually impossible to alter

Improved Traceability: supply chain points are rapidly and permanently updated- confirming information is done immediately

Increased Efficiency and Speed: the single, immutable, distributed ledger rapidly increases bookkeeping speed and access to agreed upon information, furthering the speed of clearing and processing

Reduced Cost: many redundancies are eliminated by use of blockchain, furthermore, entire steps- such as auditing- may be removed entirely or significantly reduced

1 Like
#4921
  1. Transparency: every step and change is public on the blockchain. Everyone has access to the same information.
  2. Security: for a change to be made every party has to agree upon it before it gets changed on the blockchain. Also all the information is encrypted and linked to the previous transaction which makes it more secure.
  3. Every transaction is linked to the previous one.
  4. Transactions can be automated. Everything goes online instead of slow paper work.
  5. No need for 3rd parties anymore to check and verify the transactions.
1 Like
#4922

1.Transparency: in blockchain information data is stored through consensus, all participants have to agree and it’s stored on a public ledger so any one can verify the information.

  1. Security: blockchain technology is more secured because data is stored not only on one computer but on an entire network of computers making it more difficult to be hacked. Also all data on the blocks have to be agreed on by the network before posting it.

  2. Improved traceability: it’s easy to trace back data on the blockchain because it’s being stored on a public ledger making it easy for everyone to verify the information.

  3. Increased efficiency and speed: done by eleminating the need of different third parties in several businesses. Like for example making a bank transactions can require more time, going to the bank, involving the bank teller, waiting for approvals then waiting to receive/send the money, while this can be done a lot easier and faster through a blockchain

  4. Reduced cost: some businesses might benefit by reducing their cost because blockchain technology can improve the speed of transactions and by reducing the need of third parties.

1 Like
#4923

  1. All blockchain transactions are displayed in public ledgers across the network where all reach consensus to give a true account of transactions which are verified.

  2. Secure transactions that are encrypted before being recorded and information stored across the network by multiple miners.

  3. All transactions on the blockchain are traceable. You are able to verify by the transaction ID that the transaction was successful and trace it from sender to receiver wallets.

4.Transactions are faster and more cost effective than traditional transactions. It is also more accurate and eradicates human error because it utilises a single ledger with multiple checks.

  1. The blockchain is much more cost effective than traditional methods as the middle man or third parties are removed. Traditional methods are also much more time consuming.
1 Like
#4924

  1. The blockchain is open and transparant for every participant of the network. Everyone can see the same information.

  2. With blockchain you have security on a global scale that can’t get hacked. There are seceral miners or nodes on the blockchain that needs to reach consensus about a transaction first. Because of the incentives they all need to be honest and play by the rules. This makes sure that all the information or transactions are correct, because they have been verified by all the minors/ nodes first.

  3. Because of provenance on the blockchain you can track everything from the earliest known history. Every party make use of the same network and the information can’t be removed or changed, so it’s not possibe to manipulate information. So what you see is what you get.

  4. Everyone make use of one network without any third parties involved. For example a transaction from A to B can take place in a matter of seconds, because there’s no bank or other payment provider involved.

  5. As already said there’s no need for middle-man. Instead you can just trust the network.

2 Likes
#4925
  1. Transparency: All users have access to the same information, removes a need for trusting other parties to provide good or honest data
  2. Security: Transactions are recorded and the single record is housed identically across multiple sources making it impossible to alter or remove a transaction
  3. Improved traceability: Every transaction is recorded leaving a trail that’s accessible without a third party audit
  4. Increased efficiency and speed: No reconciliation between ledgers is ever needed because all users have access to the same single copy of the record, making it easy to trust other users and eliminates the need for middlemen
  5. Reduced cost: Blockchain eliminates the need for trusting third parties because all the data is right there and accessible to everyone.
2 Likes
#4926

Transparency:
Since blockchain is a form of distributed ledger where each participant can have his/her own history of all transactions stored on the computer, this person can always verify the transactions. To add something to the transaction history it needs the consensus of all participants.

Security:
As transactions can only be added to the blockchain once all participants agreed, it is more secure than other forms of data storing. Once agreed upon, the transaction is encrypted and will be added to the block. Because it is stored on a lot of different computers, it is harder for hackers to compromise the transaction data.

Improved traceability:
In our society there are complex supply chains in which no one can trace back where every single item comes from. With blockchain technology it is possible to verify every step and origin of different items which makes it less exposed to fraud.

Increased efficiency and speed:
In Blockchain trades are automated, you don’t need third parties to verify transactions. Thus the process is much quicker and since a lot of people participate in the network and have access to the same information, it is more efficient.

Reduced cost:
With Blockchain you only trust the data on the chain and you don’t need any middle man to verify transactions and make sure partners can be trusted. Thus you have less costs for extra employees that review the documentation.

2 Likes
#4927

You are really clever! Despite your asignments being really short, you answer all the questions thoroughly. Unlike me always writing half of an essay :sweat_smile:

1 Like
#4928

Greater Transparency: Everybody can have a look in the ledger, due to it being public and no one can change the information, because after a transaction gets verified by the nodes and is added to the network it cannot be removed.

Enhanced Security: Unlike to central networks Blockchain can not be hacked. It doesn´t have a vulnerable central point. In order to hack it one would have to hack all the computers of the network, which is nearly impossible.

Improved Traceability: Everything that is recorded on a Blockchain can be traced back accurately, due to it´s impossibility of removing/ changing data from the Ledger.

Increased efficiency and speed: Due to blockchain technology an intermediate isn´t needed anymore, thanks to the sole existence of a single public ledger that everyone uses. Thus, one only has to wait for the verification by the nodes for the transaction to be completed.

Reduced costs: All the transaction´s money that would go to the third party is not required, considering there is no such a thing as an intermediate, thanks to the automated protocol.

1 Like
#4929

Thanks :slight_smile: that’s very kind of you!

#4930

Transparency:

  • data is easily accessible/available to everyone anytime

Security:

  • network consensus for transactions to be recorded (math&science)
  • encryption
  • data stored across network (not one server)
  • immutability

Improved traceability:

  • using math/science to track and verify all data - from the beginning/origin (provenance)

Increased efficiency and speed:

  • lean process not data is being process mathematically - making transactions more efficient less human error
  • automation
  • less documentation

Reduced cost:

  • trust
  • no need for third party
1 Like
#4931

Transparency
You can see every transaction on the blockchain

Security
For hack the blockchain, you have to go backwards in all transactions, what makes it impossible, or you have to star a new blockchain (makes no sense)

Improved traceability
You can track a transaction in seconds, every time you want

Increased efficiency and speed
No paperwork, no third parties, the blockchain is easy to check

Reduced cost
When a company works effectively, everything goes smooth, so you can reduce losses much easier, and is not even a reduced of cost, is a bigger win!

1 Like
#4932

Transparency: When all members share the same information and data everyone is on the same playing field, eliminating fraud, corruption etc. When common data can only be updated through consensus it is not controlled by a central authority, the network knows what is true and untrue.

Security: Once transactions are made they are encrypted and listed on the previous transaction across the entire computer network. For hackers to update transactions they’ll need to corrupt the majority of the network, which is mathematically improbable because of incentives. The blockchain will help prevent fraud in the future.

Improved traceability: Blockchain leaves an audit trail where information cannot be removed, it will know the journey of any asset from farm to table.

Increased efficiency and speed: blockchain trails are not prone to human error with paper trails. Paper work takes a lot longer than digital. Blockchain tech helps expedite the process, transactions can be completed faster and more efficiently. Without the middlemen and when everything is transparent everyone knows the same information and can get to the goal line faster.

Reduced cost: When you cut the middlemen you free yourself from having to pay for the labour cost. Improved transparency, security, and traceability improve speed and efficiency which ultimately reduces cost. The more money you have in your pocket the more you can use it to buy more Bitcoin…

1 Like
#4933

Transparency: All network participants share the same documentation opposed to individual copies. It can only be updated through consensus.

Security: Transactions must be agreed upon before they are recorded. The transactions are encrypted and stored across a network of computers.

Improved traceability: Allows for realtime audit trails that tracks back to it’s origin. It has all historical transactions, back to it’s creation.

Increased efficiency and speed: The blockchain is a public ledger therefor everyone has access to it. Cut out third parties, minimisers error in data verification.

Reduced cost: Cuts out third parties, you don’t have to trust your trading partner, the documentation and trade is immutable.

1 Like
#4934

Transparency: Data on a blockchain is more accurate, consistent and transparent than when it is pushed through paper-heavy processes.

Security: Opportunity to really change how critical information is shared by helping to prevent fraud and unauthorized activity.

Improved traceability: Exchanges of goods are recorded on a blockchain, you end up with an audit trail that shows where an asset came from and every stop it made on its journey. This historical transaction data can help to verify the authenticity of assets and prevent fraud.

Increased efficiency and speed: Clearing and settlement can occur much quicker.

Reduced cost: Don’t need as many third parties or middlemen to make guarantees because it doesn’t matter if you can trust your trading partner.

1 Like
#4935

Greater transparency is the unique function of a blockchain. The immutability achieved by distributing multiple copies of the same data to a network of participants enhances security. Any transaction must be unanimously agreed upon before it is approved, recorded with encryption, and linked to the previous corresponding transaction on the blockchain network. Any faulty change can be easily detected through various copies of the transaction. These copies of the correct data will not only indicate inaccurate information, but also where the error originated. All of this improves traceability, historical transaction data can reduce the risk of undetected compromised data, verify authenticity, and pinpoint the origin of a transaction. Blockchain has an opportunity to change how critical information is shared. Its technology has revolutionized ledgers with its increased efficiency and speed. Traditional paper-heavy processing and record-keeping are obsolete with a digital ledger that enables transactions to be completed faster and more efficiently by streamlining and automating transactions. What was once time-consuming and susceptible to human error that requires a third-party intermediary, is now trustless. Thus, reducing costs by eliminating third parties or middlemen.

2 Likes
#4936

Transparency: Every network user (node) has access to the same ledger, or database of data. This database verifies data based on a consensus model, where every participant needs to agree on the validity of each transaction. Agreement consensus is derived mathematically, and the results can be seen by all.

Security: Because transactions are encrypted and subsequently shared instantly amongst network participants (nodes), they can be verified. Consensus within this protocol also prevents illicit or fraudulent activity, as all nodes must agree on said activity.

Improved Traceability: Once a transaction is encrypted on blockchain, it stays there forever. It is immutable and cannot be subsequently deleted. And due to the transparent nation of Blockchain, you can look at the history of any given process.

Increased efficiency and speed: Because network participants have access to the same ledger, transactions can be audited almost in realtime.

Reduced Cost: The nature of blockchain eliminates the need for third parties or “middlemen”, which automatically will reduce transaction costs for any and all business processes.

1 Like
#4937
  1. Transparency

Transparency allows a trust free system to thrive, since all transactions are public it is easy to audit and trace if somewhere along the line there was an error, or something shady was attempted. Think of it As knowing exactly where your Tax money was sent. to see if a small sum was taken by a corrupt official instead of the whole being paid to aa certain project they had promised.

  1. Security

With The whole databse being Shared among the entire network on each node it makes it near impossible for it to be tampered with. Gererally changes need to be done to almost all if not all the computers on the network at around the same time. if one database is different from the others it is easily singled out by the entire network and invalidated. Think of it as being in a sports match and your team wins 4 points above the opposing team, then meeting having one person from the crowd scream “no they won only 1 point ahead”. The entire stadium would have an uproar as they all know the fact and saw it with their own eyes,not to mention all the people watching it Live on TV.

3.Improved Traceablity

Improved tracability goes hand in hand with transparency. being able to see every step a certain product has taken/ For exaample lets use butter, from a customer standpoint you would be able to scan a QR code or look up the chain ID to back trace where the butter was sent to for sale, where the butter was shipped prior to sale and who provided logistics, where the butter was packaged and by who, where the cream was sourced and who processed it, where the milk for the cream was sourced and processed, where the milk for the cream was sourced, from which set of cows and very possibly even the diet of the cows. This as well as the time and dates and possibly process used as well as if the company is known to follot regulations in terms of health and safety properly, as well as if they use child labor or underpaid workers. naking the end user or customer aware of the full journey of their product of choice, may it be finances, food, or everyday products.

  1. Increased Efficiency and speed

with the aforementioned example on traceability in mind if the example of butter we used had some sort of defect or issue it woul be easy to trace things back quickly to a specific batch of product and source which could have caused the issue. If we were to talk in terms of financial efficiency and speed, because the networks are up 24/7 and miners are incentivized to mine blocks there is less wait time for processes/transactions to be done, unlike in traditional finance. Instead of having to dig through tone of files and documents everything would be quick to access using a block explorer to call up each step of the transaction without need to worry if the database is accurate or not.

  1. Reduced Cost.

In the butter example, once again we say that by having the aforementioned transparency, traceability, and speed. It would save companies Many long hours going through paperwork, double checking files, caling other companies for confirmation, which all the previous steps would cost more time hence more money. Since the transactions can easily be looked up by anyone in a company as well as having the peace of mind to know that the data is uneditable and irreversable, there would ne no possibility that the data is wrong. making auditing a relatively hassle free experience compared to how it is in our current system.

1 Like