Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#4958

Transparency:
Everyone can see and verified every transaction on blockchain. So for example if our politicians used blockchain for public finance. Then we could easily and quickly verify what payments they made

Security:
Blockhain is secured by network of computers and not by one single server. Also every transaction is linked to each other and thats is makes much harder for hackers to hack or change transactions

Improved traceability:
You have 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:
You eliminated paper works and people errors.

Reduced cost:
By eliminating middlemans, third parties

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#4959

Transparency
Blockchain is a distributed ledger that is updated through consensus, once consensus has been achieved the information on the blockchain is available for anyone to see ensuring full transparency and a trustless environment.
Enhanced Security
Transactions on the blockchain require consensus before being encrypted and added to the blockchain and linked to the previous transaction. This data is stored on a network of computer making it impossible for hackers to compromise the data, preventing fraud and unauthorized activity
Improved Traceablility
Blockchain provides an audit trail that verifies the authenticity of assets and prevent fraud.
Increased Speed and Efficiency
Increase Speed and Efficiency
Blockchain uses a single digital ledger that dismisses the need for multiple ledgers and multiple sources of information silos, clearing settlement and reconciliation speed and eficiency are all increased.
Reduced Costs.
Blockchain data has consensus and transparency and is trustless this cuts out the need for 3rd party middleman to make guarentees for data, reducing costs for people using blockchain.

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#4960

Transparency: Blockchain mechanism make all transactions visible to everyone to track and verify.

Security: The transaction that happened on blokchain need to pass consensus and then
encrypted with the previous transaction and stored in entire network.No central database.
So, it is hard for hacker to break through all subsequent data before reaching to the target.

Improved traceability: every single transaction on blokchain can trace back to the origin.You can view all history.

Increased efficiency and speed: No human error on the huge paper.No required process from the third party.
All transaction can happened automatic as decenterize.

Reduced cost: There is no need for third parties to veview documents to prove accuracy on the process or guarantee trust which reduce cost.

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#4961

Homework on Benefits of the Blockchain Technology:

  1. Transparency.
    All transaction of the blockchain are public.
  2. Security.
    In a blockchain it’s possible to add only verified by the majority of the blockchain participants records.
  3. Improved traceability.
    All blockchain records are easily traceable because all of them are public.
  4. Increased efficiency and speed.
    Because of high security and transparency there is no need to verify a lot of information.
  5. Reduced cost.
    Because of no necessary to verify a lot of information, no need to use a lot of persons and tools. Less is cheaper.
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#4962

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

Transparency: The blockchain is one network that everyone has access to. It is a public ledger, so everyone can see all transactions. Since it is decentralized no one can delete anything without consensus.

Security: There must be full consensus with all of the nodes to verify any and all transactions. These nodes are also incentives to tell the truth through compensation. If you lie you actually can lose money.

Improved traceability: Due to the fact that it is a public ledger that no one can delete from, all transactions stay available for anyone to see. Therefore, anyone could go back and audit any and all particular transactions to verify that they came from a specific place.

Increased efficiency and speed: The blockchain allows for direct peer to peer transactions without any middle-men. There is less turnover time because there are less people, documents, and verification involved.

Reduced cost: You no longer will have to compensate for any third parties to help you complete transactions. Everything will be able to be direct from one to another without any interference.

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#4963
  1. Greater Transparency means it is a distributed ledger that has the same documentation shared by everyone and available to all with permissioned access after a consensus.
  2. Security because transactions are agreed upon and approved, then linked to the previous one and stored across a network of computers. This prevents fraud and hackers.
  3. Improved traceablilty with the help of an audit trail. Hence, everything in the supply chain can be accurately tracked.
  4. There is a single digital ledger that everyone has access to so intermediaries are not needed, no room for error and this increases efficiency and speed.
  5. Data on the blockchain is trusted and immutable which reduces cost because there are no middle men and no much documentation.
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#4964

Transparency is a benefit because you can verify every transaction and nothing can be altered, in addition, the blockchain is public so everyone is free to view all the transactions.

Security is a benefit because the system is not subject to corruption for a centralized party because all transactions that are recorded are confirmed by decentralized players in the network before it is confirmed and added to the blockchain. So you do not need to trust in a third party or entity, government or organization, you only need to trust the math.

Improved traceability is beneficial because now we can see an accurate immutable transaction history record, this record can not be altered and each transaction is recorded on the blockchain forever.

Increased efficiency & speed are benefits because they allow us to have faster finality on transactions, we do not need to wait several days for two separate parties to confirm a transaction has been completed and the funds have arrived. With blockchain, the transaction is confirmed and added to the blockchain within minutes and it is final. The fastest global settlement layer.

Reducing cost is a benefit because it democratizes access because high cost is a deterrent. But with the reduced costs that are created using the blockchain “everyone” Is able to access the same benefits and use these benefits to reduce the cost of doing & tracking transactions in their own lives or business.

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#4965

Transparency:
By demonstrating a public ledger shared across all networks can only be updated through consensus brings transparency and decreases threat of fraud or deception.

Security: is enhanced through encrypted and linked blocks along with information stored across network of computers instead of single server.

Improved Traceability: With blockchain, the historical transaction data can verify authenticity and trace an item back to its origin.

Increased efficiency and speed: Automating with validation logic eliminates human error, and storing data into a single digital ledger will increase with less clutter.

Reduced Costs: Instead of hiring a third party company to trust, you can trust the protocol and physics behind blockchain technology for a much lower cost!

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#4966

Why are these benefits of using the blockchain

Transparency:
It creates trust and it takes less effort to check if things are correct,

Security:
Very difficult to manipulate due to the distribution of information over many different computers and need for approval of many different computers of a transaction is needed. This creates a stronger security than just storing info on 1 singe computer.

Improved traceability:
Blockchain makes it easier, as it is an integral part of the way it is set up, to follow the chain of transactions that have taken place. It can be checked at any time and for any transaction whenever the need is there. Probably also at much lowers costs than any other tracking system.

Increased efficiency and speed:
There is no need for third parties or people at all to participate in tracking or consolidating information. In addition every participant can access the (same) information without any process or help.

Reduced cost:
Less people involved as no third party is needed for checks/creating trust. All info is directly accessible for all participants and no extra audits or checks are needed to verify if any data has been tempered with.

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#4967

transparency means honesty. Blockchain provides this through consensus everyone must agree before a transaction can happen

security is improved with blockchain because it’s decentralized, data isn’t stored on one server making it easy for hackers to steal information.

traceability is improved through blockchain because its trustless no one can cheat. Because the data is available to everyone you can verify on the blockchain

increased efficiency and speed happens by cutting out the middleman

cost of business is improved through blockchain because it removes all the middleman

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#4968

Transparency: the ability to see all transactions on the network.

Security: needing the entire network to change the part of a blockchain sounds like humans launching a mission to live on a different solar system. For now, impossible.

Improved traceability: having a public ledger makes a trustless environment for all.

Increased efficiency and speed: paper and 3rd party reviewing them versus something immutable and needs math to be accepted. Almost night and day.

Reduced cost: accounting errors alone would suffice, let alone all others dealing with documentation and data.

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#4969

Transparency:All participants share the same documentation so data is more accurate, consistent and transparent on the blockchain.

Security:On the blockchain, transactions have to be ageed upon before the are encrypted and added. Because of the nature of the protocol it prevents fraud and unauthorized activity.

Improved traceability:When goods are exchanged on the blockchain, you have an audit trail that shows every step of the journey.

Increased efficiency and speed:No need to share multiple ledgers. Less clutter and everyone has 24/7 access to the same info. Clearing, settling and trust comes easier.

Reduced cost:Less need for 3rd parties or middlemen

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#4970

Transparency: All participants share the same ledger instead of a having own individual copy. it can only be updated through consensus

Security: Transactions must be agreed upon and once they are recorded they are encrypted and tied to the previous transaction. Also there is no central server. The network is spread out amongst different computers.

Improved traceability: The public ledger allows auditors to see every stop along the way as to where a product is along a supply chain.

Increased efficiency and speed: Everything on publicly available on the the ledger for all too see. No third parties or comparing ledgers are needed to make sure everything is honest with no mistakes. Thus streamlining the whole process of transactions.

Reduced Cost: No need for hiring middlemen if everyone agrees and trusts the blockchain thus reducing costs.

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#4971

Transparency: Nothing is hidden all nodes/miners have an exact copy of the ledger and have the same view of verifiable blocks.

Security: Combined CPU Power and other resources means that it is the most powerful computer system. A network of combined global energy that its primary objective is to secure the network and because it is constantly growing exponentially together with the encryption it is very secure and hard to compromise.

Improved traceability: Because all blocks are traceable back to the genesis block and are linked in the chain and each block has been verified through consensus by the network it is easy to trace back following the audit-trail.

Increased efficiency and speed: Nothing is more powerful than the combined unification of a growing exponential global network acting as one for common goals which are to protect the network security, come to agreement by consensus to keep accurate and verified ledger entries, doing it quickly and efficiently so that we all benefit from the financial incentive which is of benefit to all of us.

Reduced cost: The elimination of third-parties or middle-men and the need to trust them means that cost is reduced. A trust-less system means that we use math and physics, science (law of nature) which are ultimate truth to determine accuracy, productivity and efficiency which end up ultimately reducing cost.

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#4972

Transparency - all participants have access to the same network and data, that can only be added on, not removed/erased, therefore it cannot be manipulated.

Security - the database is not centralised and controlled by a single third party, but rather it is spread out across the whole network, on multiple nodes, each with their own copy, thus even if one copy is compromised, the blockchain can easily verify that data with the rest of the copies on the network.

Improved traceability - you can track in real-time the origin and route of the product, and you can be certain that information is correct because information cannot be removed or tampered with on the blockchain, it can only be added.

Improved efficiency and speed - No human factor needed, everything works in real-time and everyone has the same information, therefore no need to verify/trust the other parties involved.

Reduced cost - no middle-man needed to be paid, information is easy to verify as everyone has the same info.

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#4973

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

  1. Transparency: everything is recorded on public ledges, available for everyone who has permission to view this.

  2. Security: many computers are involved and each of them has to verify and agree on the legitimacy of the transaction before adding it to the record. Therefore it’s almost impossible to tamper this process.

  3. Improved traceability: since everything is well-recorded on the same system, we can just follow the audit trail if we need to trace something.

  4. Increased efficiency and speed: because all are in the system, no human involved, it eliminates manual labor and human error

  5. Reduced cost: it removes the middlemen.

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#4974

Block is very transparent, every transaction is recorded and cannot be changed.
Security is created by a network of computers that are incentive to keep the network up and running. Since every transaction is recorded and cannot be changed you have improved traceability. Businesses not only can increase their efficiency and speed by cutting out many third party trustees. They will actually reduce their overall cost by removing unnecessary paperwork.

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#4975

Transparency: distributed public ledger

Security: encrypted transaction recorded on chain distributed across entire network

Improved traceability: audit trail of source and transaction data on chain

Increased efficiency and speed: streamlined and automated single record-keeping on a single digital ledger distributed and shared amongst participants

Reduced cost: clear concise information available to all participating parties reducing the need of third parties and middlemen

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#4976

Transparency: The public ledger within the blockchain makes it next to impossible to alter or forge.
Security: Transactions are encrypted and attached to previous transactions, which are also encrypted. Also, all transactions must be verified and agreed upon with the whole network.
Improved Traceability: Products and goods can be traced within a supply chain (or network) and that traced record is immutable.
Increased efficiency and speed: Blockchain takes out most if not all of the logistical roadblocks that plague businesses and replace them with a single file data stream that can be shared worldwide.
Reduced cost: If there are fewer middlemen involved between transactions then that leads to lower costs for you and the other party. Fewer hands in the cookie jar.

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#4977

Transparency:
everyone shares the same data (based on the agreed protocol)

Security:
each transaction is agreed and recorded and not changeable once approved, also due to info being stored in multiple nodes, its hard for data to be compromised
Improved traceability: you can record complex supply chains, so have audit trail for all stages of its development

Increased efficiency and speed:
everyone shares the same real live data, saves misunderstanding, errors, needless communication, and much faster for company to see data to make better decisions

Reduced cost:
as well as reduced costs from becoming more efficient and be able to make decisions on trusted real time data, can also save costs from less middlemen

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