Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#5058

Greater Transparency: Blockchain is transparent as in everything is out in public greater transparency establishes trust within the system.

Improved Traceability- Tracking transactions becomes easier within the blockchain as those transactions are 100% true and are decentralized away from central influences making money laundering a difficult task due to the trails involved.

Increased efficiency and speed- Blockchain does have increased efficiency and speed in real life deposited cheques are put on hold while in the blockchain transactions are approved within minutes because there is no middleman (clearing house) involved so transactions are less restricted.

Reduced costs- you do not require hiring a third party to verify transactions the nodes pickup the transaction and verify things through proof of work eliminating errors and reducing costs in return.

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#5059
  1. Transparency: Everything is available on the ledger to see whats been transacted.
  2. Security: Encryption and mining incentives provide security to the network plus no single authority.
  3. Improved traceability: Ledger shows transaction origin end to end with consensus the entire way through.
  4. Increased efficiency and speed: Less need for auditing or reconciling ledgers as its already being done for you.
  5. Reduced cost: Less middlemen to make guarantees as the ledger provides the truth.
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#5060

Benefits of using blockchain technology:
-Transparency: Transactions are validated by consensus, everyone must agree, so everyone involved can view each transaction. This allows for transparency and openness.
-Security: Because blockchain transactions must be agreed upon by everyone, there is much less room for fraud or error. No one can trick the math and protocols of the blockchain which provides an advantage for important information like government or healthcare records.
-Improved traceability: Blockchain can be used to trace every location and step of a specific thing (i.e. where it came from, where it went, and where it is now). This prevents fraud or misinformation about where something came from.
-Increased efficiency and speed: There is no need for a third party in any blockchain transactions because a single ledger with trustworthy math and protocols is used. This leads to faster, simpler completion of transactions.
-Reduced costs: With blockchain, you do not need to use a trusted third party or review detailed documentation. All you need to use is a single, shared version that requires no trust in a third party or your trading partner.

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#5061

Transparency:
The data is all collectively agreed upon by the nodes in question before it is added to the blockchain. By the time it is added and open for everyone to see, this transparency gives the same amount of information to everyone.

Security:
Every bit of data is agreed upon before added to the blockchain. Once it is added to the blockchain the data becomes immutable. added to the fact that this onformation is stored across a network of computers instead of a single server, making it more secure.

Improved traceability:
Since all data on the blockchain is open, permissionless, immutable and time and date stamped. It is easily traceable.

Increased efficiency and speed:
Due to the fact its easy accessible, has a single point of reference and no need for third parties.

Reduced cost:
When using a blockchain based system you are able to cut costs of auditing for expample or costs tied to hiring third parties.

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#5062

Transparency
Everyone would have to agree to any proposed change to be made, which would be fairly painful process.
All users share. the same open source of documentation.
Security
Many computers have to agree to store information vs. a single server. That is why it is difficult for hackers to perform unauthorized activity.
Improved traceability
Open source network enables easier track of assets and its historical background.
Efficiency and speed
Blockchain helps eliminating human error, reduces time dedicated to ledgers reconciliation.
Streaming and automation greatly reduces economic and noneconomic cost.
Reduced cost
There is no cost to third parties. There is also no need to review complex documentation due to the access to a single immutable version of blockchain.

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#5063

transperancy ; everybody shares the same date instead of people having indivudal copies. And if anything is to be updated it must be done with everybody giving it approval.
data on the blockchain is more accurate and transparent. And if anything is to be altered it would have to be altered on the entire network which we prove to be an absolute headache.

Security: all transactions are linked to previous transactions and encrypted. And all information is stored across a network of computers and not just one individual server

improved traceability: its very difficult to trace things back to their origin in a supply and distribution scenario. with blockchain everything is audited and shows where items came from what stops and where they have been etc, every movement is fully traceable

Increased efficiency and speed: old style paper trails is extremely time consuming. having everything on the block enables everyone to have access to view a live audit

reduced cost: you dont need any middle men to give personal guarantees etc which eliminates that associated cost. it takes the trust factor out of things. People will trust the blockchain because it is mathematically verified

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#5064

Transparency: When you have transparency, you enable a level of trust between the users. Users no longer have to trust each other, they just trust the network.

Security: Due to blockchain’s immutability, it creates a very difficult environment for hackers to break the chain.

Improved Traceability: An improved audit trail that records every transaction and exchange. Providing authenticity and prevention of fraud.

Increased efficiency and speed: Transactions are completed faster and more efficiently because record-keeping is performed using a single ledger rather than a slew of different ledgers.

Reduced Costs: No third parties or middlemen because the blockchain acts as the network.

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#5065

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

Transparency:

Everyone has access to the same data instead of different copies. This data must be agreed upon by all participants. Because of this, the data is (near) impossible to compromise. This makes the data more accurate, consistent and transparent.

Security:

Blockchain data is decentralized and dependent on full consensus. Transactions are also encrypted and linked together, making it (near) impossible to revert. This makes it more secure because no single actor can change or corrupt the data.

Improved traceability:

The benefit of blockchain is that all participants in the network share the same open documentation. This makes it a lot easier to trace where certain assets/transactions come from and means you don’t have to trust intermediaries to tell the truth about provenance.

This historical transaction data can help to verify the authenticity of assets and prevent fraud.

Increased efficiency and speed:

There is one shared documentation that everyone uses with Blockchain, which means less clutter when you are trying to make the data operational through copies with potentially differing data on them. Clearing and settlement also becomes a lot faster without intermediaries or error-prone trust components in the process.

Reduced cost:

There is less or no need for external auditors in blockchain. All the data is verifiable and open. You also don’t have to review so much documentation, which cuts down on time/costs.

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#5066

Transparency: It creates a trustless environment for the peers participating in the system, leading to more accurate and secure data for people authorized to observe.

Security: With all the data being virtual in an immutable environment, people can’t hack the system compared to more traditional databases.

Improved traceability: Products and services, as a result, can be more transparent with customers, building more trust in making transactions.

Increased efficiency and speed: Things will get done quicker and money will be made faster. Increased productivity.

Reduced cost: Money is distributed and invested into assets that can bring society to a more beneficial state.

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#5067

1 Everyone can see everything.
2It’s trustless.
3Autitable.
4Anytime any where.
5No middle men.

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#5068

Transparency creates a trustless environment where you don’t need to trust anything because transactions are public.

Security is very important nowadays where there is a lot of corruption around money. People want to feel safe that their money or investments are not going to be taken by any outside system dipping into their wallets as they please.

Improved traceability is great because having a public history of transactions can be used in many different use cases. History of material used or factories products were made at. Even to be able to have traceable history of where your tax money goes is a big one.

Increased efficiency and speed is a great benefit because it already takes so long to move money when using banks, etc. Clearing checks, pending transactions, and transfers that can take days can put you in a bad position if you need money right away or need to know how much you have exactly. Blockchain resolves this issue.

Reduced cost is another great benefit because while it takes days to move your fiat money around it also can be very expensive. Too many hands in the pot constantly eat away at your money, as if you were being penalized for moving it or using it.

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#5069

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

  1. Transparency:
    In a system with a distributed ledger, available to all permissioned users, everyone must agree on it. This allows consistency as changing a single transaction colludes the network.

  2. Security:
    Transactions must all be agreed on before they are recorded. After a transaction is approved it is encrypted and linked to the previous transaction. This makes it much more difficult to compromise or hack.

  3. Improved traceability:
    It is very useful for companies involved in the supply chain. Blockchain has a built in audit trail that shows every stop along the way, one which everyone has access to.

  4. Increased efficiency and speed:
    It is less time consuming , less documentation to deal with. The process is streamlined and automated. There is far less redundancy as there are no multiple ledgers to contend with.

  5. Reduced cost:
    There are fewer to no 3rd parties involved, less middle men to have to pay. Blockchain creates a situation with less documentation. It is also trustless. Trust is placed in the protocol, not people.

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#5070

Explain with your own words, why these are the benefits of using a blockchain.
Transparency: Because you can see where the money comes from, each transactions linked in the past to a same public address can be found (except Monero and alike). So it still depends on the coins/tokens used.

Security: Because each smart contracts & transactions are encrypted and to change them you’d have to decrypt SHA256 which you won’t be able to cause you’re not smart enough. Therefore, we can assume that its highly secured as no one (except 1 day when we get an actual genius) will be able to decrypt SHA256 and have the energy to do it.

Improved traceability: Just like with VeChain basically (origin of food). If each steps of a payment process are tracked and public (like on the blockchain), then we can trace the origins.

Increased efficiency and speed: efficiency because it only requires energy to run and so even if only 1 miner works, it’s still enough to run it. So it’s much more efficient than a website for example that relies on its server that is somewhere represented by a bunch of hardwares stuff and thus easy to cut.
Speed because there in no third parties and everything is automatic as dictated in the smart contract and there is nothing manual that could add on time => it’s much faster.

Reduced cost: Again no 3rd parties => less costs. The only costs are the gas fees that represent the fees (=cost of electricity) that miners use to run the blockchain.

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#5071

1- Transparency: means it is a distributed ledger that has the same documentation shared by everyone and available to all with permissioned access.

2- Enhanced Security: because transactions are agreed upon and approved, This prevents fraud.

3- Improved traceability: means everything in the supply chain can be accurately tracked.

4- Increased efficiency and speed: transactions can be completed faster and more efficiently. Since record-keeping is performed using a single digital ledger that is shared among participants

5- Reduces cost: Data on the blockchain is trusted and immutable, no need to third party or middle men.

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#5072

Transparency:

  • All the people can see the transactions in the blockchain and has a good traceability to see what exactly happens with the cripto ( money )

Security:

  • All the transactions are in blocks and that blocks are hashed based in the last block and another parameters at the same time all the data is in differents computers and if one of that computers ( node ) is down the network still working, this dont happens in a centralizated network because if the centralizated network is down the system over that node dont work

Improved traceability:

  • With the tractability is more easy see what happens with the transactions and this is good for all because is more transparent about what happens with the cripto

Increased efficiency and speed:

  • The majority of things that you can use in the real world you can do it in blockchain more fast because in the real process the human can do errors, but in the blockchain is based in math so the process is most trust and fast

Reduced cost:

  • All the process needed for transactions are in the logic of blockchain so that reduce the cost
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#5073

Transparency: everyone has access to read everything that happens on the blockchain from its beginning.
Security: the network is decentralized, the ledger is stored in multiple nodes so it is immune to attacks.
Improve traceability: every transaction is traceable and verifiable on the public ledger.
Increased efficiency and speed: no need to reconcile between different databases
Reduced cost: no need for middlemen to operate and maintain the ledger

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#5074

Transparency: Blockchain is an open ledger, all eyes can see.

Security: Consensus makes tampering extremely difficult

Improved traceability: Production and quality along the supply chain are made public

Increased efficiency and speed: No paper heavy process and reduced human error

Reduced cost: A lot less overhead and moving parts to accomplish the same task

#5075

  1. The benefit of transparency is being able to verify at all times that the data/information you have been given is accurate. Due to the blockchain being a public ledger visible to all you can always verify the transaction has been performed exactly as it was requested. With the added addition of strong security making it close to impossible to change the blockchain without changing the blockchain on every computer connected to the network, the transparency is a very valuable piece if the blockchain.

  2. The security of the blockchain is multilayered. First there is a monetary incentive against falsifying records. You could make money mining instead of attempting to make a fake blockchain that outpaces the true one. Second if transaction isn’t approved then it won’t be added to the blockchain.

  3. The blockchain allows you to trace every transaction that has ever been made for a single item. Since a transaction can only be added to the blockchain if it accepted, you can be assured that every transaction can be traced and will be eternally tracked through its lifecycle.

  4. Blockchain eliminates third parties from the sale process. In addition you can sell or buy at any time of the day and your transaction will be processed immediately.

  5. Since blockchain is a digital entity that removes third parties there are enormous savings that can be acquired from many areas.

#5076

  • Transparency: The use of blockchain has given the user to user an free mind on transaction. that is, Block chain transaction can be view and seen by all in the network

  • Security: The System was build to create authorization protocol

  • Improved traceability: With the hash tag on each transaction, any transaction done can be traced form the sender to the receiver.

  • Increased efficiency and speed: This is a modern way of transaction

  • Reduced cost: Absolute reduction of cost due to the easy access to the network.

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#5077

Transparency: Every transaction is on a public ledger.

Security: Once transactions are added to the blockchain they can not be undone. Any false transactions are not verified by the nodes. Transactions are encrypted and get linked to previous transactions across all nodes in the network. Very hard for hackers to modify existing data.

Improved traceability: All transactions are visible in real-time on the blockchain making real-time audits possible. Goods can be tracked as moved through supply chain such as food or clothing.

Increased efficiency and speed: Companies reduce overhead by eliminating the time employees spend preforming tasks.

Reduced cost: Traditional accounting is no longer necessary for auditing as all transactions are readable on the blockchain. Book keeping costs can also be reduced. Not as many 3rd parties.

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