Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#4998

Transparency: With blockchain every computer in the network has the same data and everyone with permission can access that data.

Security: Every piece of data on a block needs to be accepted by the whole network, is linked to the previous block and encrypted. That makes it almost impossible to change.

Improved traceability: Blockchain makes it easier to verify where the asset came from and where it has been.

Increased efficiency and speed: Blockchain removes middlemen and intermediaries and reduces duplicate work that both sides would otherwise have to do.

Reduced cost: No middlemen that need to be paid, less time spent on duplicate paperwork which means less expenses.

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#4999

• Transparency: Brings about better security through consensus
• Security: Transactions must be agreed upon before they are recorded. Hacker would have to hack all the networks not just one. It will greatly reduce fraud and unauthorized users.
• Improved traceability: block chain automatically creates an audit trail.
• Increased efficiency and speed: less clutter and by having a single digit ledger that is shared among participants. No need for third parties.
• Reduced cost: don’t need as many third parties you can trust (verify) your trading partner.

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#5000

why are these are the benefits of using a blockchain.

Transparency:
Because all transactions are final, immutable, and available; transparency is great and allows everyone to see anything about everyone and operate freely in a trustless space. hooray!

Security:
in a decentralized and constantly available space that is supported by many, all participants and transactions are secure, which is highly attractive.

Improved traceability:
everyone wants to operate in a space where they can easily look back at every action they snd everone else have ever taken.

Increased efficiency and speed:
Everyone wants to act quickly and easily with everyone else. When you can look back at everything in one place, forever…you can easily do this very fast.

Reduced cost:
When you can look back at everything in one place, forever…you can easily do this very cheaply too :slight_smile:

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#5001

Transparency is good because we do not have to rely on trust.
Security is good because the risk of hackers and corruption is heavily reduced.
Traceability is good because we can see every detailed change from the start.
Efficiency and speed is good because humans are not patient naturally, and business/life becomes easier.
Reduced cost is great because it saves retail and organizations money.

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#5002

Transparency: In blockchain ledger is public which means anyone can see the transaction happened from the first transaction to current transaction.

Security: As ledger is not in one centralized network it is distributed (full copy of ledger) on network of computers globally, so no one can hack or change the ledger transaction. Since transaction are immutable they cannot be edited in anyway after they are written in blockchain ledger. All transactions are encrypted and blocks of these transaction form a chain and therefore no hacker can change the transaction on network.

Improved traceability: In blockchain you can trace all the transaction to its root and anyone can do it as it is public. This makes the network trustworthy and no fraud can happen on the network.

Increased efficiency and speed: Blockchain removes intermediaries and third party which verify transactions in normal networks. In blockchain you can verify transaction by the use of distributed ledger which is a same copy of transaction residing all over the network of computers. This increases the speed of the network in completing the transaction and also increases its efficiency by verifying the transactions quickly.

Reduced cost: Since you don’t have to maintain costly centralized servers and also there is no need of third parties in blockchain. It reduces cost for companies. and best thing is high availability of network.

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#5003

Transparency:

Security: Hackers cannot change every copy of the distributed ledger. They would have to rewrite the entire ledger before a new block was created and that is virtually impossible.

Improved traceability: Everything is proven to be accurate before it is recorded and everyone has the same copy of the transactions so auditing is simple.

Increased efficiency and speed: Transactions are cleared immediately by the algorithms and no need for human interaction and mistakes.

Reduced cost: No need to hire auditors or other middlemen to assist in the transactions reduces the costs.

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#5004

  1. Transparency: Blockchain is distributed to all computers on the network, so they have all have the same documentation. If yu want to change something, everyone has to agree. (the entire network)

  2. Security: Transactions must be agreed before recorded and then it is linked to the previous transaction, stored on a network of computers and accessable for everyone.

  3. Improved traceability: Every step is recorded on the blockchain an shows every stop it makes on its way. This can help verify the authenticity of assests and prevent fraude.

  4. Increased efficiency and speed: There are no human errors and no 3th party mediation, which makes it faster an more efficient.

  5. Reduced cost: There is no need for a 3th party or middle men, because you can trust the data and protocol on the chain. And there’s less need for review documentation.

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#5005

Transparency: All transactions on the blockchain are immutable, accessible and auditable. All network participants have access to a record of all transactions that took place on the blockchain, opposed to giving out individuals paper copies, where they all come to a consensus to verify whether transactions are valid or not.

Security: Instead of being built on a single server, that is is more prone to possible fraud, a blockchain is built upon different sets of nodes which have to agree on transactions before making them official. Even if information in a few nodes was altered, there would still be many more to reject any false information. As a result, transactions are irreversible, making it trustless.

Improved traceability: unlike physical goods, goods sent over a blockchain can be easily traced at every stop it takes, until it arrived at its destination. This helps prevent fraud.

Increased efficiency and speed And Reduced costs: Transactions on the blockchain are saved on a digital ledger to make it accessible and auditable for all participants of the network without much cost. In traditional business however paper heavy processes must take place and later reviewed by a 3rd party making the whole process slower and more expensive

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#5006

  1. With blockchain tech, all parties involved can see data in real-time on the ledger

  2. Blockchain provides security by relying on group consensus to ensure accurate data

  3. With blockchain, all points of travel can be noted, allowing a product to be traced back to it’s source

  4. With decentralization, you get to use the computing power of many people and don’t have to invest in your own expensive equipment

  5. There are no middle-men needed anymore as blockchain solves so many potential security issues

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#5007

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

  1. Transparency: Every transaction is stored on the blockchain and it can never be modified. Every node has a copy and can see the complete history of every transaction. Easy to trace wallets if you dig down rabbit hole enough.

  2. Security: It makes it almost impossible for hackers to alter any data stored on the blockchain, or create fake transactions because the network has to agree on what is true and what not, so you can’t fake you have money / data / etc…

  3. Improved traceability: Makes it easy to track an item as it passes through in a supply chain and what state it was in, in every moment. This can help make sure you are getting the exact thing you asked for.

  4. Increased efficiency and speed: By having everyone have the same information, people don’t have to trust a 3rd party and reaching agreements / making deals is much faster.

  5. Reduced cost: Same as above, you remove the 3rd party and spend less time / money on researching before deals because you have the same copy as everyone, which can’t be changed.

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#5008

[quote=“ivan, post:1, topic:8421”]
Transparency:

The ability to inspect all transactions on the blockchain

Security:

A heightened ability to reduce fraud

Improved traceability:

The ability to trace all stops in the supply chain

Increased efficiency and speed:

The elimination of a middleman increases the efficiency, speed, and improves ROI

Reduced cost:

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#5009

Transparency: Open for everyone to be able to check it.

Security: Difficult to break or hack. Decentralised.

Improved traceability: All movements are recorded in a public ledger.

Increased efficiency and speed: No third parties needed.

Reduced cost: No third parties needed.

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#5010

All transactions are more transparent because no one can argue the facts of what transactions have and haven’t occurred. This is because blockchain is a more public form of a ledger where everyone participating in the network has the same copy of the ledger and the ledger can only be updated once everyone in the network agrees to the update. To change one transaction all other participants in the network would have to agree to the change making it extremely difficult or impossible to commit any sort of fraud within the network.

All transactions and events must be agreed upon by all network participants before being approved. Once approved the transaction is encrypted and linked to the previous transaction and this information is store on every computer in the network instead of one single server. In order to compromise this a hacker would have to change the transaction information and get every computer in the network to agree that this change is true.

Because information recorded on the block chain is so difficult to tamper with it makes it extremely easy to audit and trace the origin of anything that is recorded on the blockchain making traceability extremely accurate, authentic and secure.

Unlike traditional processing where multiple third-party mediators are required to accomplish anything all these processes are automated because the record keeping and verification process is done using a single un alterable digital ledger that all network participants share. Since everyone has access to the same information there is no need for blind trust and multiple intermediaries to prove anything. The settlement can be made one there is a network consensus.

No middle men, third parties and intermediaries no need to pay them either. Doesn’t get any simpler than that.

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#5011

Transparency - Trustless documentation in a distributed ledger allows for everyone to view transactions and know for a fact that they are both valid and not fraudulent. The ability to publicly access everything done on the blockchain makes auditing easy and sometimes even unnecessary. The math can do no wrong!

Security - The consensus algorithm and the distributed ledgers are in-practice unhackable, this is because there are many ledgers that are held across the network, and often across the world. The decentralization ensures that there can be no foul play on the part of accountants or governments.

Improved Traceability - The ability to have any exchange of assets documented allows for anyone with access to the blockchain (which with bitcoin is everyone who has a computer or phone) to know how the assets got to where they currently are and every person who has held them before that.

Increased efficiency and speed - With no middlemen and quick accurate validation, trading of assets can often be done in under a minute. Without the need for reconciling ledgers and “looking out for customer security” the process becomes far faster and far more efficient. Not everyone can wait several days for a money transfer to go through!

Reduced costs - The blockchain does not allow for discrepancies and there aren’t middlemen who require wages. No trust is necessary and no guarantees are needed, making the system often much cheaper, even with gas prices in mind.

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#5012

Transparency: Blockchain is a distributed ledger record-keeping system. This means that all of the ledgers have the same information. When a transaction is verified and consensus achieved then all the ledgers are updated with the same information simultaneously. All of the transactions on a Blockchain are publicly available to view.

Security: Consensus within the network of computers is required to authenticate transactions. This very nature of Blockchain is what provides the increased security compared to centralized databases which are potentially prone to errors, manipulation, and hacks by outside entities.

Improved Traceability: Since all transactions are linked together chronologically, it becomes easy to trace a specific transaction or piece of data that was recorded earlier within the Blockchain.

Increased efficiency and speed: Since a traditional record-keeping system uses paper, it is prone to errors which results in waste of valuable time and is less efficient than the speed and efficiency offered by Blockchain technology.

Reduced Cost: Since Blockchain technology is highly accurate as a record-keeping system, there is no need for middlemen to track, validate, authenticate, and manage and control the database. For businesses, this eliminates much of the costs associated with keeping records accurate.

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#5013

Transparency:

All the transactions are visible, all the participants have the same content. It’s a public ledger open for everybody to view all transactions.

Security:

With consensus (agreement) Increased security 24/7 365 days a year.

Improved traceability:

It’s possible to keep track on e.g products: Where they are coming from and where they are heading next.

Increased efficiency and speed:

Without the need of 3rd parties, as in the normal old ways traditional centralized systems:
With their opening and processing hours/days etc.

Blockchain technology is efficient and faster as its running 24/7 365 days a year, and with its single digits ledgers.

Reduced cost:

Since there is no need for middlemen and 3rd parties here, by this and that the blockchain network removes trust. "Never trust, always verify"

Blockchain also saves everyone time, and time is money! Especially for businesses :slightly_smiling_face::wink::grinning:

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#5014

Transparency:

Tamper-proof transaction history available for anyone to view.

Security:

Safe from hacker attacks because of cryptographically secure distributed ledger.

Improved traceability:

The supply chain can be verified for correctness between different business partners at any time because the same database is used.

Increased efficiency and speed:

No unnecessary bureaucracy which has to be gathered from different databases.

Reduced cost:

Since there is no need for middleman, additional partners expensive server infrastructure, the cost remains very low.

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#5015
  1. Transparency:

The Blockchain network is accessible to all who have permission to access it. Everyone has a copy of the ledger of all the transactions. To change a transaction, everyone within the network would have to be complicit in agreeing to make the change of that one transaction and all subsequent transactions, which would be a monumental task. It’s safer to say that the record is immutable. Overall, Blockchain is more accurate, consistent and transparent than other existing methods.

  1. Security:

Security in the Blockchain network is accomplished by Consensus Once transactions are approved, they are encrypted and linked to the previous transaction creating an ever increasing string that, over time, is impossible to reverse establishing immutability. The decentralization of the network allows for multiple fail safes when it comes to hacking attempts to alter the data. The attacker would hav to alter every single Ledger in the network to tamper with the transaction. This insures the immutable integrity of the Blockchain ledger acting as a safe guard against fraud and unauthorized activity.

  1. Improved traceability:

Blockchain provides a transaction layer and an audit layer at the same time allowing for the easy and efficient tracking of complex supply chains in a business. The historical transaction data can verify the authenticity of goods tracking them at any level of production and location helping to prevent fraud.

  1. Increased efficiency and speed:

The Blockchain stream lines and automates transaction on a public digital ledger making it fast and more efficient. A public digital ledger means there is no discrepancy in the reconciliation of transaction data. This allows for trust-less-ness and a faster more efficient clearing and settlements of transactions.

  1. Reduced cost:

With the existence of, and access to, the public digital ledger, the trust-less network protocols and the elimination of third party middle men, the costs of transactions are greatly reduced.

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#5016

Generating many copies and versions of paper or digital documents on a variety of platforms carries with it the risks of error and/or misunderstanding. Having the transparency of the blockchain platform lessens these risks. Having more eyes from all permissioned parties on fewer documents helps matters with efficiency, speed and costs, as well. Clearance and settlement can flow with the help of automation in various processes, such as escrow.

Security for the blockchain platform, like other platforms, is gained by granting permission to appropriate parties. However, there is more. The burden of any unauthorized activity would require the alteration of the encrypted link to the previous entry. The previous entry, having been recorded across the network by consensus, requires ratification by the nodes of the network and not merely the acquiescence of a single, central server. All subsequent entries thereafter would require an alteration, as well.

The ability to trace the origin and inclusion of materials in the manufacture of a finished product is another advantage of the blockchain platform.

Simplification in exchange and transactions can be achieved with a blockchain platform. Through better communication on such a platform, costs may be lessened—making everyone happier.

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#5017

Transparency is a benefit because blockchains are designed to be public.
Security: because blockchains require consensus from multiple parties in order to approve new transactions. Also, they are immutable.
Traceability: they can assist in making the supply chains of companies more transparent
Efficiency: The lack of intermediaries can ensure that transactions complete much faster
Cost: The lack of intermediaries can ensure that there are no middlemen costs.

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