Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#5238

Transparency: Using a distributed ledger allows any transaction to be viewable by others. All participants in the network have access to the same documentation as each other and cannot modify it unless agreed upon by consensus.

Security: The blockchain has no single point of vulnerability where it can be corrupted or compromised. It is run by a network of nodes where every transaction is approved, encrypted, and linked to the previous transaction.

Improved Traceability: Historical transaction data recorded on the blockchain can be used to verify authenticity of goods, prevent fraud, and trace the asset all the way back to its origin.

Increased Efficiency and Speed: Blockchain removes intermediaries and any potential for human error. Trades can be made almost instantaneously depending on the approval process of the network, and is not prone to any modifications by third parties.

Reduced Cost: When completing a transaction, there is no middle men or entities that will take a percentage for themselves. Everyone will have access to the same information and there will be no need to trust the stranger on the other side of the transaction.

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#5239

Transparency: Every participant within the network has the same identical data of the ledger. New entries have to be validated and permitted by every particpant.

Security: Data is stored among a network of participants. Even if one node of the network has been hacked, it has no effect on the public ledger, as it is secured by the validation of the remaining nodes.

Improved traceability: Since everyone uses the same network and has identical information, every single entry in this register can be retraced. New entries are based on previous entries, so the newest entry contains information of every entry before.

Increased efficiency and speed: No third parties and long validation processes are needed anymore. All information are stored within the blockchain network and can be checked independently at any time

Reduced cost: As there is only one common ledger, no services of third parties are needed for data processing. Also the checking of conformity between different documents are unnecessary. Saves money and time.

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#5240

Transparency: Blockchain is transparent because we can all access the EXACT same information on a global scale as apose to individual copies. If changes are to be made, there needs to be consensus and all copies will be changed. They are identical.

Security: Blockchain is more secure because more computers have to agree on transactions. Data is stored in multiple places, making it difficult for hackers to interfere with it. This is particularly beneficial to any industry that has sensitive data.

Improved traceability: A supply network can be verified at each individual step. This prevents fraud.

Increased efficiency and speed: Blockchain eliminates heavy paperwork and human error. It promotes trust and time to settle disputes.

Reduced cost: Blockchain eliminates the need or third parties and therefore the cost of said parties.

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#5241

1.Blockchain contains data which is agreed upon common thing and this data is available for everyone to see.
2.As it is network not a single server it is difficult to hack .Thus it became more security
3.As the data stored is historical itt can easily traceable and makes people to track each and every step
4.Thus,it is common network which helps people to make their transactions easier and efficient
5.It is decentralized no need of middle man which reduced cost for customers

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#5242

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

  1. Transparency:

    In block chain any transactions added after consensus from network and it can be viewed by anyone inside the blockchain network.

  2. Security:

    Due to it’s decentralization in nature, no transaction can added to previous block until consensus between the nodes occur so it’s really next to impossible to hack / breach the security of block chain network.

  3. Improved traceability:

    Each transaction has recorded as decentralized so it is really easy to identify the origin of transaction.

  4. Increased efficiency and speed:

    Due to reward based mechanism for miner so system is available 24 / 7 / 365 which enable the efficiency and speed.

  5. Reduced cost:

    There is no intermediatory / agent involve and it’s based on trustless system so there is no cost incurred to intermediatory / agent which reduce the cost.

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#5243

Transparency - All authorized participants have access to the same data as opposed to individual copies where one person’s copy can be altered without the other’s copies. Everyone sees the same things and any changes can only be made if entire network is in consensus. Secure sharing of data between permissioned users reduces concern about how that data is used.

Enhanced Security - after a transaction is approved it is encrypted and linked to the previous transaction which increases the security. this audit trail is stored over a network of computers increasing the security.

Improved Traceability - A blockchain provides historical transaction trail which verifies the stops and places a product was at from the beginning of a transaction to the point of delivery. this helps prevent fraud and authenticates what the seller and buyer are advertising.

Increased Efficiency & Speed - The need for a third party to reconcile information is removed . Everyone sees the same information which speeds up transactions

Reduced Costs - There are less documents to review as everyone with permission have access to the same .document. the need for third party intermediaries are removed. you don’t have to trust anyone only the facts on the blockchain .

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#5244

Transparency: It keeps all transations in block can be seen in blockchain. when transactions happen all the network must agree in consensus method. it will ignore transation if all the network not agree. than is why all over ther world unknown people do business it is trustless machanism , which can not reversed.

Security: In this time of age organisation or industry were protecting sensitive data is very crucial such as finanical services, goverment, helthcare. So blockchain has a abilty to protect critical information by helping to prevent fraud and unauthorised activity. Whenever industry adapt blockchain, blockchain keeps all transation record that transation must be agreed in consensus. Because of multiple network involve. it is hard to hack.

Improved Traceability: Lets talk about food supply chian, when goods are record in blockchain you able to trac back its original status, where it has been produced , what ingredients are in the food, able to look temperature through out the jorney or every stop how its been handled.

Increased efficiency and speed: Traditinal way of doing is always involve peperwork, it could misplace or alwasy chance of human error it even take take longer time process but with automating and streaming process with blockchaintransaction an be completed faster and more efficently. All participant have access to the same informaton everybody can see same information. it become easiar to trust each other without the needs of numerous intermediataries , that is why it will complete much quicker.

Reduce cost: as a business platform, reducing the cost is very important, so this can be achieve by using blockchain because we dont need third need third parties or middlemen ( such as : paying money to the quality checker ) insted we just need to trust the data on blockchian, we can avoid documentation to complete trade because everyone will able to access to single , immutable version.

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#5245
  1. Transparency: To gain clients, businesses require transparency. With blockchain everything is available on chain so anyone can verify the data. For example: - For property ownership, blockchain can be used to document the owner’s name and also to keep track of previous ownerships.
  2. Security: It is not easy to hack all the nodes on the network at the same time, so this adds inherit security to blockchain systems.
  3. Improved traceability: Important finance data can be saved in a blockchain to add traceability.
  4. Increased efficiency and speed: As compared to banks and other organizations, transactions on blockchain are very quick because there is no middle man involved in the process.
  5. Reduced cost: Since there is no central authority the cost of transaction is very minimal.
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#5246

Transparency: Everyone has the same documentation making it impossible to lie

Security: Transactions need to be verified before anything starts working, and crypto is not held on a single server but on multiple computers making it nearly impossible to hack.

Improved traceability: Every transaction made can be traced back to when it was originally made

Increased efficiency and speed: Everyone has access to the same information, and there’s no need for a third party to check ledgers

Reduced cost: no need for middlemen or third-party help all that’s needed is verification of data.

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#5247
  1. Information can be easily verified on a public ledger
  2. Using teamwork it would be extremely difficulty or nearly impossible for any fraud to take place
  3. You can keep track of things more efficiently.
  4. With less paper and human issues things will get done faster.
    5.Humans are expensive so this will cut out a lot of middlemen.
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#5248

1 all networks share the same copies , and you can back track transactions

2 when the transaction is confirmed it becomes part of a chain and mutliple networks will check the transactions

3 you can back-check every transaction made on the blockchain

4 everything gets updated automatically wich saves time and error, also eveybody uses the same ledger wich reduces clutter

5 there is no need for 3rd parties to verify the transactions because its all automated and always right so this will save costs

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#5249

  1. Transparency : Blockchain is very transparent all because of one giant single ledger that is shared to other computers or nodes on the blockchain network. Transactions are recorded and they can never be erazed.

  2. Security : In blockchain, if the transaction enters the blockchain network, it must be accepted by the network (all nodes must agree that the transaction is valid) and it will never be manipulated.

  3. Traceability : Everything on the blockchain can easily be tracked from the main ingredients.

  4. Efficiency and Speed : Everyone has the same information on the network, so it makes it easier and faster for blockchain to process, no middle-man,blockchain is available 24/7 365 days.

  5. Reduced Cost : Blockchain is a peer-peer transaction and no middle man ,the blockchain system is trustless.

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#5250

Transparency: blockchain ledger is public even if encrypted all transactions are seen.

Security: nothing can be altered or removed or changed. if it were possible, it would require all blockchain to collude to make that change and that would be highly improbable.
transactions must be agreed upon before they are recorded. transaction is encrypted and linked to the previous transaction. data is stored in a network of computers instead of a single server making hacking difficult.

Improved traceability: there is always an audit trail of all transactions and their activity

Increased efficiency and speed: record keeping is performed in a single digit ledger that is shared among participants. eliminating multiple ledgers. every one has access to same information without need of third parties

Reduced cost: don’t need middlemen or third parties to make guarantees because it does not matter if you trust your trading partner. instead you just trust data on blockchain.

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#5251

Transparency: Everyone can see and prove that a given transaction happened.

Security: Everyone knows that these transactions happened and there is no coming back or reversing

Improved traceability: Its easy for people just to look at all the past transactions, and see where the money is send.

Increased efficiency and speed: Blockchain is fast, not as fast as some bank transfer, but it can go all around the work in a matter of seconds/min.

Reduced cost: It is much cheaper than bank transfer, if we use large sums of money.

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#5252

Blockchain has higher transparency because all users have access to the same information.

The data cannot be changed without consensus of all nodes on the blockchain.

Each component of the supply chain gets documented for everyone to see.

Auditing that item becomes easy because all information of the network or supply chain is recorded and viewable to all.

Barriers between parties are eliminated with everything in the open.

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#5253

  1. all participants share the same documentation. To change something on the blockchain, all participants need to agree on it. To change a transaction, you need to change all previous transactions.

  2. all transactions are recorded and need to be approved. The transactions are encrypted and linked to the previous one. All data is stored on a network of computers instead of just 1 server

3)Since all transactions are tracable and not changeable, you can track the origin of goods

4)Everyone has acces to the same ledger, it is easier and faster to access information

  1. No need for third parties or middle man. You dont need to trust partner, you trust the information on the blockchain.
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#5254

Transparency

Blockchain supplies greater transparency as it’s a distributed ledger. However, unlike paper ledgers which can be edited, or modified, changing a transaction record on a blockchain requires consensus of the record, later records, and the ‘collusion’ of the entire network.

Security

Blockchain supplies greater security as consensus is required to record a transaction. Once approved, it is encrypted and linked to an earlier trade. Moreover, as information is stored on a network of computers instead of a single server, it is harder for hackers to tamper with the data.

Improved traceability

As products are traded, blockchain technology provides an audit trail of historical data that can help verify the product’s authenticity and prevent fraud.

Increased efficiency and speed

As blockchain replaces paper-heavy processes, processes are streamlined and automated as instead of using multiple ledgers, data is recorded using a single digital ledger that is shareable amongst participants. As a result, not only does everyone have access to the same information, but blockchain creates trust, removes intermediaries, and improves clearing and settlement.

Reduced Costs

With immutable versions of data, with blockchain technology, you cut out third parties, thereby saving costs from trusting the data on the blockchain.

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#5255

  1. Transparency:
    Blockchain improves the transparency, because it’s like the a ledger, as any transaction
    should be approved by all the network participants.

  2. Security:
    Blockchain is secure more than any single server, as the transactions is stored in all nodes in the network, as whenever any transaction is stored in the network, became very difficult for hackers to compromise the transaction data.

  3. Improved traceability:
    By the blockchain you can verify the history of any product from it’s origin, any every step in it’s journey, not like the regular why that you might face some frauds

  4. Increased efficiency and speed:
    It’s better than using the paper-heavy processes, as no need any more to any intermediaries, preventing human errors, with blockchain, transactions can be completed faster and more efficiently, as all are using a single ledger shared among all nodes.

  5. Reduced cost:
    Blockchain saves cost as no need any more for any middleman collecting fees to complete the trading process. As we can trade trusting in the data on the network.

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#5256

Transparency: everyone can see the network and all transactions

Security: its difficult to hack since you have to hack a lot of different parties

Improved traceability: its recorded in the blockchain

Increased efficiency and speed: fast transaction and everybody has access to the blockchain

Reduced cost: low fees for sending values

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#5257
  1. Anyone can check anything anytime on blockchain as it is transparent.
  2. Several nodes need to consent a transaction therefore it is difficult to hack blockchain.
  3. We can trace any transaction as the blockchain is open source.
  4. Peer to peer will always be faster and more efficient.
  5. Peer to peer cutting the middle man therefore it costs less.
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