Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#642

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

Transparency: to change transactions or to make alterations to the system means you must work in collusion with everyone on the network thus making it impossible because there incentives for vulnerabilities like that.

Security: Block chain uses many ledgers in the system that cant be altered in anyway meaning important information can be stored and not changes thus eliminating things like fraud

Improved traceability: In a normal business setting it is very hard to trace back where your items have been and where they come from. for example say you bought clothes from a store didn’t know where there products come from and then find out later it came from a child work factory. with block chain we can attack the problem at the source and trace exactly where the product has come from

Increased efficiency and speed: when companies and individuals all have access to the same information it makes it easier for people to trust each other. and eliminates things like meditations and makes the the whole process run smoother and quicker.

Reduced cost: A lot of business no longer have to rely on trust to get a suitable outcome now they can rely on math and block chain technology to produce an outcome with no fraud or shady business, meaning you don’t have to involve third parties or any mediation sources.

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#643

Transparency: All network participants share the same distributed ledger. Everyone shares the same copy of the blockchain instead of individual copies of it.

Security: Transactions must be agreed upon by consensus mechanism. Once approved transactions are encrypted. Also, the network is stored on numerous computers instead of one centralized computer.

Improved traceability: On the blockchain all transactions are accessible and traceable.

Increased efficiency and speed: With the traditional technology transactions are time consuming and can also be man made errors. With blockchain transactions are fasted since there is only a single digital ledger shared among all.

Reduced cost: There are less middlemen in the blockchain so there is not as many fees that are taken out. It is peer to peer unlike banking today.

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#644

The use of Blockchain is transparent because the data is open to the public and not just shared between a few parties exchanging the information. In the ledger the data can only be altered with consensus and therefore accuracy is highly obtained.

Security is much of what blockchain is about. The ledger requires collective consensus before confirming or denying and with this there isn’t one actor that single-handedly holds all the data with a possibility of being compromised.

A blockchain makes it much easier to follow a trail of data and information because everything is stored correctly in the ledger, and that makes it much more efficient to go back and find a specific part of that trail if wanted.

What blockchain does is that in many areas of industry it removes the need for intermediaries and thus reduces cost of operating while at the same time increasing the efficiency and speed of the process.

As I stated above there is no need for intermediaries which streamlines the operation and makes it more cost-efficient. Instead of parties trusting each other for verification of information they lay their trust in the protocol, verification through math.

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#645

Transparency:

Everyone can see what is going on in the blockchain,

Security:

if one computer want to bad the rest of the network will stop this bad computer. security is very high with blockchain

Improved traceability:

You can follow supply chains mush better if recorded on the blockchain.

Increased efficiency and speed:

compere to paperwork and human errors blockchain is so much faster

Reduced cost:

We can save billions on all the greedy middlemans like banks and other assholes LOL

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#646

#1 Transparency
In the blockchain every transaction is recorded. So the entire history of transactions is available for everyone to look up. Blockchain gives you maximum transparency.

#2 Security
The elimination of thirdparties is a major advantage to gain more security. You dont have to trust a middleman you could potentially scam and betray you…
With blockchain you trust in uncorruptable math

#3 Improved traceability
As pointed out in #1 every transaction is recorded, so every transaction that has ever happend can be traced back.

#4 Increased efficiency & speed
The digitalisation of paper-heavy processes via blockchain-technology is saving time and money and therefore increases efficiency & speed of these processes

#5 Reduced cost
Increased efficiency & speed automaticly leads to the reduction of cost. Also human error is eliminated via blockchain, another important cost-factor.

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#647

As of now, every transaction is available through block explorers back to the very first transactions. There are no portions of transactions that are off limits to the public to review. Bitcoin’s single ledger keeps its uniformity across every node in the network. Miners attempting to add blocks of transactions to this ledger all act in securing the network and ensuring consensus of the ledger. Since each transaction is linked to the amount being transacted and to sending and receiving wallets, activity is traceable across the network. Blocks contain large numbers of transactions which all pay small transaction fees. These aggregated fees along with the block reward are enough to make mining blocks profitable. The network auto adjusts block mining difficulty so that blocks are approved every 10 minutes, creating speedy and consistent transactions. Since miners and users are the only required components of the network, vast amounts of waste are eliminated that would have been created by paying for executives, employees, physical locations, licensing, etc.

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#648

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

Transparency:
Because of the fact that blockchain shows the “history of truth”. You can see every transaction ever made and you know that these transactions are based on consensus which now also erases trust.

Security:
Security is given because every transaction shown on the blockchain has to be agreed upon and cannot be changed or reversed afterwards.

Improved traceability:
With Blockchain you are able to retrace every step of a e.g. supply chain so you can verify the product and prevent fraud of any kind.

Increased efficiency and speed:
In comparison to time-consuming traditional ways of exchanging goods or values where you mostly need a third party to be involved and where you always have the possibility of a person failing, using blockchain makes all of this obsolete.

Reduced cost:
Blockchain cuts all possible intermediates which reduces the costs massively.

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#649

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

1. Transparency

Everything in the blockchain is public and shared. This makes it possible to self verify and immutability guarantees the data can’t be altered. This minimizes trust and holds everyone accountable. If someone is exploiting you at least it’s transparent how they’re doing it!

2. Security

Because it is decentralized and every node has a copy of the entire history, it’s much more difficult for a bad actor to exploit the system. Not only that, every transaction is cryptographically linked to the previous one, and the same for each block. Therefore, changing any transaction requires re-mining the current block and all blocks after it- essentially making the entire chain immutable.

3. Improved traceability

Because all transactions are linked to the previous one it’s possible to follow the links all the way back to it’s origin. This creates an audit trail- an immutable audit trail. You can also link meta data to these transactions to further document the context.

4. Increased efficiency and speed

With all parties recording events to a common blockchain this eliminates the need to wait for 3rd parties to receive and verify information- it all happens in real time. This speeds up the entire process as they can check and track progress for themselves. The more processes are automated and integrated in this fashion the faster and more efficient it becomes.

5. Reduced cost

Any manual task takes orders of magnitude more time and therefore money. Blockchain, especially smart contracts, allow much more of the process to be automated saving time and money. Eliminating the need to trust 3rd party intermediaries also eliminates the need to pay them.

#650
  1. Since blockchain is a public ledger anyone can view the transactions made, making the process much more transparent, especially since the information can only be updated by consensus.
  2. Transactions needs to be agreed upon by all the computers in the network, as well as the information being spread across multiple different computers, makes it extremely difficult for hackers to compromise data.
  3. The exchange of goods on the blockchain leave a audit trail that shows where the asset came from and all it’s stops along the way. Helps to verify authenticity and prevent fraud.
  4. Using blockchain-technology, transactions can be completed faster and more efficiently. All record-keeping is performed using a single digital ledger which is shared between all the participants making simpler as well as easier to trust the other parties involved since you all have access to the same information and removes the need for intermediaries.
  5. No need to trust the your trading partner and don’t require as many middlemen. Instead you trust the data on the blockchain.
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#651

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

Transparency:

Because blockchain is a distributed ledger, each of the participants has access to the same documentation. There is no asymmetry in the records different players have.

Security:

Transactions are not recorded until they are agreed upon.
They cannot be changed after the fact, like when a vendor hits your bank with additional fees. Cannot happen in Bitcoin.
Transactions are recorded across a network of computers and build on previous transactions, so there is a string of associated hashes leading to the verification of each transaction.

Improved traceability:

Because of the transparency and immutability the record of any transaction can accessed by anybody in the network. As each transaction relies on previous transactions and has following transactions relying on it, a chain of transactions can be traced.

Increased efficiency and speed:

By eliminating the paper from processing and by keeping transactions on the blockchain, keeping records is streamlined. There aren’t multiple ledgers to reconcile.

Reduced cost:

The elimination of middlemen and third party verification cuts a lot of business costs.

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#652

Transparency: Participants can see the records of actions of all other participants.

Security: All parties must agree to changes, and multiple copies of records are stored across the network.

Improved traceability: Since all records are logged on the blockchain, a transaction can be traced to its source.

Increased efficiency and speed: Multiple differing copies of records do not need to be reconciled through a laborious process.

Reduced cost: Much time and effort is saved through not needing independent audits, and then audits of audits to ensure different sets of records match up.

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#653

Transparency: Transactions are continually appended on a distributed ledger that is identical for all and that all participants can inspect, so one doesn’t have to trust that others are acting truthfully or fairly.

Security: Being distributed, there is no single entity to hack. Also, blocks are linked to one another cryptographically in a way where it would be impossible to change a record without changing all subsequent records.

Improved traceability: If applied to supply chain, blockchain enables one to easily trace everywhere an item has been, since each step of its journey from say, manufacturer to retail store, is stored forever as a transaction and viewable by all participants.

Increased efficiency and speed: In a blockchain, there are no third parties one must be involved with in order to process a transaction, only a single distributed ledger, which saves time and hassle.

Reduced cost: With blockchain, you cut out middlemen and hired third parties that are normally required for you to trust those with whom you are transacting. This is possible because all the information is already available to you on a distributed ledger in a trustless and transparent manner.

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#654

1 Transparency- in blockchain all blocks of data are stored in whole chain of information, and its distributed in node, so you can easily check what was added to the data, and evry part of node had to agreed to add this information
2 Security- because data is stored across network of computers instead a single server, it is difficult to be hacked and loose this data.
3. Traceability - Every blocks of data its attached to the previous one, so you can check every step on adding this data. If you use it for tracking supply chain you have very good tool for checking stops on supply chains.
4 Increased efficiency and speed - When human responsibilities is removed, from the process and replaced by math algorithm, its much faster and better.
5 Reduced cost - you can fired people responsible for data audit because yo don’t have to do it on blockchain.

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#655

Transparency: Removes the need to trust individuals and cant be modified by innocent or malicious attempts.

Security: since everyone needs to arrive at consensus, there is a secure backup on literally thousands and thousands of computers all across the world and with the increasing hashrate it becomes harder and harder to double spend.

Improved traceability: I see this as a benefit for the people if the government uses it so we can see where our tax dollars go. On a smaller scale it allows people to see if the transaction was confirmed eliminating the ability of the receiving party and sending party to lie about the transaction

Increased efficiency and speed: with new blocks being broadcast across the network instantly it increases speed by alot which in turn also increases efficiency. You cant transfer any kind of physical wealth item with the speed you can with blockchain

Reduced cost: Less middlemen means reduced costs, less paperwork means reduced costs, etc… Every company ever wants to reduce costs where they can because it increases profits

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#656

Transparency: All transactions are being tracked on the blockchain. New transactions must be approved by the network and existing data cannot be removed from the blockchain which makes it very transparent.

Security: Blockchain increases security because it is a decentralized and trustless system that is based on mathematical principles. Information is stored across a network and not on a single server owned by a central authority, therefore manipulation, cyber attacks or technical issues are very unlikely.

Improved traceability: Every transaction (and therefore every step of the supply chain) is verified and recorded on the blockchain, which means that for example the authenticity of a product can easily be verified.

Increased efficiency and speed: Blockchain is faster and much more efficient because all processes are automated. It is not restricted by manpower or business hours – transactions are being processed 24/7/365.

Reduced cost: Using blockchain is cheaper than using traditional services because the whole process is automated. This means that you can save a lot of money that would otherwise be spent on third-parties, documentation, auditing etc.

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#657

Transparency:
Blockchains are more transparent then traditional databases. This is a huge benefit to the business because it allows the whole company to work on a single shared ledger. You can trust the data without needing to verify it because it was put in place via shared consensus. This also makes it very costly to change the past data; so naturally when consensus occurs, all parties must verify everything carefully. Since all parties verify the data during consensus, the data becomes very transparent.

Security:
Blockchain brings enhanced security and integrity of the data in a number of ways. Since the ledger is shared across the whole network, there is no single point of failure. If one node goes down, there are many more nodes that secure the data. This is why the blocksize must stay small, to allow the most amount of nodes that replicate the data. When consensus happens, all parties must agree at that moment on the accuracy of the data. Once it is written, its very costly to change since all blocks are linked to each other; changing all of history is just not worth it.

Improved Traceability:
Blockchains are self auditing. Since all blocks are linked to one another you get a very accurate picture of the history of all transactions without needing costly audits. This is a huge benefit to the business by using blockchain. It reduces the over all operating costs of the supply chain because you can trust the network has all correct data for the end of time.

Increased efficiency and speed:
Blockchains remove costly and time consuming and error prone tasks such as ledger reconciling. Large businesses need to keep all their books synchronized and since a blockchain is a shared ledger, you can trust that you are seeing the correct information. This adds speed and efficiency to the business operations.

Reduced cost:
At this point its pretty obvious to see the cost savings, there’s many. So just to name a few:

  • less human errors when reconciling ledgers, the blockchain uses a share ledger
  • no need to audit your data, the blockchain is self auditing
  • less computer hardware to house your datacenter, the blockchain is an internet protocol - its out there
  • less time spent researching a new potential business partner. If they are using blockchain, you can see their transactions.
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#658

  1. Transparency:
    The entire ledger of transactions is available to everyone on the network, so changing a transaction would require control of the entire network which is very unlikely. Therefore we can trust that ledger is accurate and has not been tampered with.

  2. Security:
    Because of the high degree of security in adding a transaction we again be more confident that the information on the blockchain is accurate and has not been tampered with. The security of adding a transaction requires many parties to agree on the information so we can also trust that the information was verified at the time it was added.

  3. Improved traceability:
    Traceability gives the power to trace an object linked to the blockchain to it’s origin through it’s series of verified transactions. This can help you to verify against fraud and for authenticity.

  4. Increased efficiency and speed:
    Blockchain automates parts of the process of trading which are vulnerable to human error. Again this allows us to be more confident of the information in each transaction because points of human failure in the process of recording transactions have been replaced with automation and verification by many parties.

  5. Reduced cost:
    Blockchain transactions eliminate the need for third parties due to the network policing itself. Reducing costs of transactions are good for suppliers and consumers since they both can trade for cheaper.

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#659

Transparency: Thanks to the transparency present on the blockchain, you can track all transactions and understand if, for example, a product is a good product or not.
Security: Before being valid, a blockchain transaction must be approved by the whole network, this guarantees high security against fraud.
Improved traceability: In some ways it is similar to transparency. In fact, thanks to a high transparency and consequently a high traceability, it is possible to know all the movements of a specific product.
Increased efficiency and speed: Given that with the blockchain everything that is recorded cannot be deleted, there is no need to request the intervention of third parties to do something. Also because it operates on a single ledger that keeps track of everything, making operations much faster and more efficient.
Reduced cost: For the reasons set out above, the blockchain is truly immutable, this means that you don’t need to trust intermediaries to get guarantees. All of this significantly reduces costs.

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#660

Explain with your own words, why these are the benefits of using a blockchain.
• Transparency:
All transaction are put in a ledger which is shared between and visible for all participants. They all see the same transactions.
• Security:
Transactions are mathematically linked to each other in blocks. To change an existing block would require the change of all subsequent ones. For this to work all participants would have to agree on this and this is hard / nearly impossible.
• Improved traceability:
Because the ledger holds all transactions you can exactly determine the history of each transaction from the start.
• Increased efficiency and speed:
Blockchain reduces the need for traditional processes which are slow and not error free. Everyone uses the same shared ledger and because of that efficiency and speed increase.
• Reduced cost:
By removing third parties and middlemen costs can be greatly reduced because these do not have to interact anymore. By using a shared ledger there is less need for them.

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#661

Transparency: it allows people and actors to verify transaction with “one truth” that is the correct version of the block-chain. There can be no doubt on whether a transaction occurred or not.
Security: The blockchain is more secured because it is established by consensus and doesn’t rely on a single central 3rd party. Furthermore the information is spread among the network which makes it virtually impossible to hack the blockchain, steal funds or reveal sensible information
Improved traceability: this gives to company an advantage since it reduces auditing costs and allows them to prove how sth was produced and all the steps it made if this is recorded in a blockchain.
Increased efficiency and speed: it automates processes without the need to agree on different ledgers/systems thus making the process easier and more efficient.
Reduced cost: since it cuts intermediaries and automates process blockchain technology has a clear advantage in terms of commissions and costs for the user.

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