Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#5098

Transparency: all documentation is public, everyone share it

Security: transactions are being verified and agreed before being recorded and they are linked to previous one and it is stored in different computers so it is impossibly difficult to hack or manipulate with transaction.

Improved traceability: knowledge of where the product or asset is exactly coming from.

Increased efficiency and speed: no human error, no third party, more efficient and faster.

Reduced cost: you don’t need third party to verify documents, or review huge amount of documentation.

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#5099

Transparency: The transaction is recorded in a ledger that is shared across network, therefore all the participants can have access to it

Security: Because each participant owns the same ledger, it’s hard for the hackers to tweak the data, as the data change needs to be agreed in the network

Improved traceability: Each block contains transaction history (think of supply chain)

Increased efficiency and speed: No paperwork which is prone to human error, the process of bookeeping is recorded automatically in a ledger which shared amongst participants

Reduced cost: No need to pay for third party company, as blockhains are decentralised

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#5100

The 5 benefits of using the blockchain are inter related to the construct of the technology itself.
Transparency exists because the record of the transaction blocks in the distributed ledger are immutable and can be accessed by anyone with permission in private blockchains and everyone in public blockchains.
Security exists because the transaction blocks require the consensus of the network to be approved and for a transaction to be ‘entered’ into the ledger there is a single ledger with copies spread across numerous nodes that all have to correlate.
Improved traceability exists as all the blocks link in a relative history and can be tracked without the cluttering of paper heavy processes.
Increased efficiency and speed is possible with the elimination of intermediaries and paper heavy processes.
Reduced costs are possible with the elimination of middlemen and the direct access to trusted data.

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#5101

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

Transparency:
Everyone uses the same ledger. This creates consistency and this ledger must be agreed upon by the consensus network to be accurae

Security:
The data is stored across a global network rather than just a single layer making it impossible to be hacked. It is immutable making it impervious to hackers

Improved traceability:
Assets become immune to fraud and you can trace the life of a product or data and see every step it made

Increased efficiency and speed:
By cutting out the 3rd party mediation for a transaction it makes it faster and more efficient. It also reduces clutter by having only one set of records shared among both parties on a trustless platform.

Reduced cost:
3rd parties cost money so you are saving money by cutting them out with a blockchain that automates all the steps mediation is required for.

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#5102

Transparency:
All transaction are on one ledger. So everyone has the same documentation/information.

Security:
All transaction must be agreed before they are added to the blockchain. If the transaction is approved in the blockcahin, it is linked to the previous transaction. Besides information is stored on different nodes.

Improved traceability:
approved knowledge where the asset/product is coming from. The blockchain contains transaction history.

Increased efficiency and speed:
It is less suspectible for human mistakes. It is automaticaly recorded in a ledger, which makes it faster and more efficient.

Reduced cost:
There is no need to pay a third party to verify documents.

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#5103

Hi everyone,

My answers:

  1. Transparency: there is a ledger shared among many participants and it is set up so the alteration of a record in this data would have many ramifications (one block contains info about the previous one so if anyone wants to change a block it has to change the subsequent ones) and the consensus obtained with many other participants. So, when looking at the data, given how unfeasible it is to alter it once it is in the blockchain, you have insurance it is accurate and transparent.
  2. Security: Data is verified before being added to the blockchain. Once it is there, it is encrypted and linked to other data. It is unfeasible to alter it. The blockchain is decentralised and to compromise it would need to compromise many nodes in the network as opposed to one central place.
  3. Improved traceability: assume you have a product which went through various steps in a supply chain. The blockchain can record all data about the provenance of this product from the start, that gives an accessible audit trail with a data which has been verified and not altered.
  4. Increased efficiency and speed: more maths and protocol, less intermediaries, one ledger shared among participants which means no reconciliation needed, a trustless system, all of these points helps the blockchain to be faster and more efficient.
  5. Reduced cost: you don’t have so many intermediaries needed with special accesses as everyone has permission to access the shared record of data. Also, you don’t have to assess whether or not you can trust the people involved, you just have to rely on the system which is built to ensure data is secured, accurate and transparent for the reasons mentioned above.
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#5104
  1. Transparency: Everyone shares/ has access to the same information because blockchain is also known as a public ledger.
  2. Security: All transactions are verified by the network and you don’t have to worry about someone hacking it.
  3. Improved Traceability: Everything is posted in the blockchain whenever a transaction occurs so if someone moves money around then it is posted in the blockchain and anyone can see where money is moved.
    4.Increased Efficiency and Speed: You don’t have to wait for third parties to verify transaction because as soon as a transaction is sent the entire network is able to verify it instantly.
  4. Reduced Cost: You are cutting out third parties because you trust the data on the blockchain which in turn results in reduced costs.
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#5105

Transparency: Transparency is one of the great benefit of blockchain technology, The blockchain is a public ledger and it keeps track of every transaction in it database, Which can’t be altered or change(immutable) to change a transaction is changing all other subsequent previous transactions. Blockchain can help provide transparency in businesses, Transparency in elections and help stop rig or manipulation of elections and many more.

Security: Datas in the blockchain is being stored by network of computers and not a single one, Before data can be added to the blockchain database a consensus must have been done i.e decision must be made and agreed on by the several parties. This can help prevent fraud or any form of corruptible activity.

Improved traceability: Tracing of good or services is easier with the blockchain technology, getting to know the origin of products(for the farmer to the end user),you can easy trace a counterfeit goods or assets

Increased efficiency and speed: Blockchain technology can help cut down unnecessary intermediary or middlemen and it make transaction of goods or services faster

Reduced cost: when intermediary or middlemen are removed from the equation, it reduces cost.

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#5106

  1. Transparency is a benefit of blockchain as it gives power to the people where a central party cannot make up a trade or transaction or balance. Once an event is accepted and written in the blockchain, all parties holding up the network have the exact same data for that event. This means that if someone were to try and cheat or lie on one, the consensus of the rest would disagree.

  2. Security is a benefit as there is no single point of failure and as the network and ledger is distributed among a ton of parties, no nefarious actor could compromise all in one go.

  3. Improved traceability is also a benefit because it is able to be used in anything that gets moved between parties. For example, ownership of a house could be put on the blockchain where it would simply verify the X currently owns the property based on the immutable history of that property and is passing it on the Y.

  4. Simple trading and transactions these days in the legacy system is overburdened with data weight as multiple centralised parties need to verify with each other the state of their side, get witnesses to sign and so on. With blockchain, the single protocol which all nodes and verifiers have the exact same data can simultaneously agree or disagree on the transaction, trade or event.

  5. By removing all the unnecessary middle men and going peer to peer, generally speaking, reduces costs for everyone involved.

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#5107

Transparency:
Every transaction links to the transaction before and because everything in a blockchain is public to everyone or in the network and is encrypted you can trust what you see

2: Security:
Because its very hard for hackers to hack the hole network to modify the data in a bkockchain its more secure then everything in the computer space

  1. Improved traceability:
    Because every transaction is linked to another transaction you can prove which token aka good, or other data was moved from adress to adress

  2. Improved efficiency and speed
    Less paperwork and human mistakes trough transaction processes

  3. Reduce cost
    You need less human recourses and the cost of middlemen etc.

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#5108

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

  1. Transparency:
    All transaction details are available for scrutiny, eliminating a huge the potential for fraud. Quality can be verified, and trust is not necessary.

  2. Security: Blockchain is an automated system of accountability, and without security, it could never work. Due to consensus, and the sheer size of the blockchain network, security is guaranteed. Data that was previously massaged and compiled by potentially human-erroring hands is now automated and almost instantaneous. And since the data entered into the blockchain is immutable, security is further assured.

  3. Improved traceability:
    Automated data entry makes traceability significantly easier to follow, and quality of goods can be verified, minimizing the chances of fraud.

  4. Increased efficiency and speed:
    Automated data entry, completed efficiently by an unbiased bit of software, eliminating the potential for human error and fraud. Data is entered and verified immediately and without procrastination, as it should be.

  5. Reduced cost:
    No third parties needed to verify data/quality.

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#5109

Transparency: It is a distributed ledger of transactions and each participating node in the network holds exact same copy of it. Any update/change will require the collusion of the entire network. This information are publically available and verifiable

Security: Transactions are stored in connected nodes of the network. Any change requires consensus from all participating nodes. Once agreed this information is recorded securely - encrypted, signed and linked with the previous block. it becomes practically impossible to alter any records on blockchain maliciously as it breaks the chain. Since an exact copy of the ledger is distributed in the network such changes can be easily identified and taken off from the chain.

Improved traceability: The data on the blockchain is linked and publically available. With historical data available as part of the chain, it is easy to trace back each and every transaction.

Increased efficiency and speed: The blockchain has a streamlined and automated process that can efficiently record transactions. It manages the transactions in a single ledger and all participating nodes get copies of the same ledger. The process of distribution of ledger and managing records in it is automated which makes transactions faster and more efficient - no reconciliation, auto audit, and no intermediaries.

Reduced cost: The blockchain removes all intermediaries and related, time and resource consuming, processes

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#5110
  1. Transparency:
    Each participant of the network can see every transaction throughout the history.
  2. Security:
    The infinite hardness of the transaction forger provides high level of data security.
  3. Improved traceability:
    It can be useful in the supply chains. For instance you have a bakery and need to report quality of each ingredient. With blockchain traceability you can trace each source of each ingredient.
  4. Increased efficiency and speed:
    Because you don’t have any third party in the middle you can send your transaction immediately. Also you will have all historical data something near you that providing high availabilty.
  5. Reduced cost:
    Trustless and transparent environment removes useless third parties.
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#5111

Transparency:
Block chain provides transparency because information is agreed by multiple nodes/validators then written to the block chain by consensus resulting in agreed, verifiable and immutable data that is accessible by all users of the network with permissioned access.

Security:
Security of Blockchain is achieved through transaction consensus prior to being encrypted and linked to the previous transactions. Information is stored on a network of computers and the majority of these would need to be compromised to alter the data.

Improved traceability:
Blockchain provides an audit trail verifying authenticity of assets or products and components effectively preventing fraud or counterfeiting as well as tracing back to origin.

Increased efficiency and speed:
Facilitates the removal of third-party mediation in trade, streamlining and automating processes resulting in increased efficiently. Since record-keeping in a block chain allows easy reconciliation, hence transactions can be completed faster.

Reduced cost:
Block chain allows increased trust, reducing intermediaries and documentation as all parties will have access to immutable data on a blockchain.

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#5112

  1. Transparency
    As a single source of truth, any nodes that run on a blockchain all share the same data rather than copies of it, unlike a traditional data store. Because of this, all blockchain transactions are 100% verifiable and consistent and not impacted by race conditions. A single node cannot alter anything as it would require more than 50% of the network to have altered records in which case the consensus will determine the truth.

  2. Security
    A blockchain transaction is only recorded once is sufficient confirmation by the network that it matches with previous records. This system is possible due to the distributed network on which the blockchain is maintained.

  3. Improved traceability
    The blocks on the blockchain are linked via hashes. All blocks contain their own and their predecessor’s hash. With so many nodes sharing the same data it is very unlikely that the blockchain could be changed. In such a high availability system historical data is easily accessed and the origin is easily traced.

  4. Increased efficiency and speed
    It is the reconciliation process in traditional centralised ledgers that is laborious and slow. The necessity of carrying out all the checks and balances is costly and prone to human error. A digital ledger as the single source of truth and a continuous chain has no need for reconciliation.

  5. Reduced costs
    Businesses that can rely on the blockchain can reduce the cost of third parties and middlemen and the cost of time that a process would take complete. Time is money.

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#5113

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

Transparency: Everyone who has access to the blockchain, will be able to view the whole transactions that happened in this blockchain from the start to the current one

Security: As the data and information of the blockchain are shared across all the servers/nodes participating in the blockchain, without any single point of central data, it will be very difficult for hackers or malicious entities to try to compromise the security of a blockchain network.

Improved traceability: All the transactions in a blockchain network are immutable and therefore any information or transactions activity can be traced much easier and faster.

Increased efficiency and speed: Without the third party or intermediaries in its way/path, transactions are way faster and more efficient.

Reduced cost: No extra cost due to the absence of third party or intermediaries entities.

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#5114

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

Transparency: All networks share the same documentation, unlike a central database with each having individual copies. Furthermore, it is unlikely for anyone to make alterations to the chain. Doing so will require alteration of other records prior. Data on the blockchain is thus more transparent and reliable.

Security: Blockchain transactions must be agreed upon before it is recorded. It is unlikely for it to be altered due to how hackers have to alter the entire blockchain, or have a majority consensus. It is, therefore, more secure than traditional databases.

Improved traceability: Blockchain transactions are all recorded in the ledger without room for alteration as mentioned. Tracing of origins are easier as they are all on record.

Increased efficiency and speed: Blockchain enables smart contracts to improve efficiency and productivity. Furthermore, with a centralised ledger, there is no need to reconcile multiple ledgers.

Reduced cost: There is no need for middlemen.

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#5115

Transparency : Every person participating in blockchain transaction they are in similar right and terms. All of their transactions are publicly available and visible forever for everyone. No superiority.

Security: Its validated with numerous miners and nodes , not with centralised system and rules which can be tampered with human factors.(error ,greed ,tampering)

Traceability : every single transaction can be traced online because its public to anyone and cannot be hidden or tampered with.

Increased efficiency : Its available 24/7 and every person is participating in one ledger and its shared with everyone wants to take part init.

Reduced cost: Every transaction is made directly inside ecosystem no need third party application or participant.

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#5116

Transparency: All information is agreed on a consensus before being added to the blockchain, and once it is there it is final and publicly accessible.

Security: Many copies of one ledger is stored on nodes across the globe, making it practically impenetrable to attack or abuse.

Improved traceability: Trace products back to their original source with no need to trust or even involve other parties.

Increased efficiency and speed: No intermediaries or central authorities are needed to process transactions, allowing for global accessibility and extremely high efficiency.

Reduced cost: Costs are greatly reduced due to the lack of intermediaries, who inherently cost money to facilitate transactions - especially on a global scale.

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#5117

  1. Transparency: It is visible to anyone to view the history of transactions on the blockchain which is only updated by consensus of all the participating networks. Any alteration will require alteration of subsequent transactions which might cause a collision of the entire network.

  2. Security: Blockchain enhances security using the consensus of all participating networks before a transaction is stored. This means no single network can manipulate transactions and the stored transactions are encrypted and linked to subsequent transactions making it difficult to hack.

  3. Improved Traceability: Since every single transaction is recorded on the blockchain it makes it easy to be traced hence improving traceability.

  4. Increased Efficiency and Speed: With the distributed ledger system of blockchain all transaction data are stored without any human error hence making it more efficient and helping to facilitate business deals with speed since there will be no need for any intermediaries to verify transactions.

  5. Reduced Cost: Cost is reduced by eliminating intermediaries as a result of the trustless system that the blockchain provides.

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