Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#762

  1. Transparency:
    To alter it is like to have to fool all the people all the time (the quote from Lincoln), which is impossible. Every node of the network is sharing the same information and any update of it can only be achieved by consensus of all of them.

  2. Security:
    The advantage of trustlessness - a transaction can only be recorded after confirmation of verification. Further it is encryption and the decentralized P2P-structure that make it impervious to sabotage.

  3. Improved traceability:
    Provenance can be tracked and verified at any time. “Real-time auditing” of the assets is possible.

  4. Increased efficiency and speed:
    Less clutter is produced by streamlining processes on the same infrastructure with no intermediaries.

  5. Reduced cost:
    Sharing is caring. And very efficient. Plus you don’t have to trust when you can verify.

#763

Transparency:
Every transaction is tracked since it’s born, so network’s members can clearly see where everything comes from with extreme accuracy.

Security:
A valid transaction can happen only through consensus. In the blockchain’s structure there is not the need of trust, because all is eventually validable through maths and protocols, the only way to get consensus.
This makes pretty hard to modify previous data or modify trasactions data.

Improved traceability:
Everything is tracked since it happens, if it happens blockchain takes it as data, that is validated by other members: in this way not only we can clearly see the full process of a transaction e.g. a supply chain, but we are also sure about that since it has been validated by entire blockchain’s users. The history of the transactions gives us every kind of data about that, preventing the danger of frauds.

Increased efficiency and speed:
Automation of transactions reduces the possibility for human errors to occur. You can make a transaction without the needing of a 3rd party validator.

Reduced cost:
Without the need of 3rd party validators, as auditing services, managers, guaranteers, you will highly reduce the number of people involved in a transaction, that reduces human cost, that nowaydays is a priority of every kind of business.

#764

Blockchain creates a great deal of transparency by showing the transactions on a public network so they can be verified not by one but multiple ledgers thus also providing great traceability. Blockchain can give a great deal of more security because information cannot be changed once it is input into the network making it a great use-case for many different aspects of life. It can also make transactions more efficient and faster by getting rid of human error and the physical up-keep required to keep up with the books, at the same time reducing cost.

#765

The fact that every participants of the network has the same exactly database and they need the consensus of the others in order to make any change is a great example of how transparent is the blockchain.

As transaction in the blockchain cannot be edited/deleted/blocked and is stored to all the participants of the network gives to the blockchain a great security, a traditional database in a central server can be easily hacked as is not decentralized.

As exposed on previous homework and using food industry as example , the blockchain can (and will) improve the traceability of the food products in an important way , the fact that we would be able to track and check every step of the process without having to trust every single entity involved is a great achievement.

Thanks to the blockchain technology we no longer need numerous intermediaries in order to exchange information (in case of cryptocurrencies , transactions) , with the fact that all the participants of the blockchain network have the copies of the entire database (that includes all transactions made) and that cannot be tampered it allow the system to be trusted by all the participants.

reduced cost is just a result of what comes when you improve efficiency , speed , security , traceability and transparency, not having to rely on many middle man but just “trusting” a decentralized efficient system (blockchain) is making you reduce many costs for your business.

#766

Transparency: Everyone in the network can see and verify every transaction. It’s accurate, clear, and consistent.

Security: Transactions are all agreed upon before they are recorded in the network. This promotes trustlessness. Industries can trust and use blockchain to eliminate fraud and corruption due to it’s enhanced security.

Improved traceability: Products can easily be traced to their origin and real time location.

Increased efficiency and speed: With a single digital ledger, the records of transactions are streamlined and automated, making it easier and faster to trust the network as there is no middlemen.

Reduced costs: The removal of middlemen removes paying for services, as it is a peer-to-peer network. The single immutable protocol creates the trust in the network and everyone is able to transact at low costs.

#767

Transparency: The whole network can see all transactions for ever.

Security: Takes the many participants to concur in order to validate.

Improved traceability: All steps are recorded and cannot be erased.

Increased efficiency and speed: Everyone has the same info and network is always available.

Reduced cost: Does away with some middlemen and fraud.

#768

Based on blockchain representations, data is accessible to all users on the network, thus, data can readily be audited, moreover, the data is stored with many users on the network which require consensus to verify data prior to executed any kind of transaction; records/data become permanent thus is it easy to trace back information, products, transactions etc., and since network users have an incentive to maintain the network this allows for continuous maintenance of the network and leads to greater availability and access to data and efficiency through upgrades, thus, reducing transaction costs.

#769

The benefits of using blockchain:

  1. Transparency: The blockchain is a public ledger of sorts where all participants have access to the same information. Any alteration or change to the ledger requires a consensus from all participants in the network.

  2. Security: The requirement of agreement by all participants on a transaction on the blockchain combined with encryption and distributed storage of the transaction across the network makes hacking extremely difficult.

  3. Improved traceability: The nature of the blockchain makes pin pointing the origin of each item on each step of the supply chain journey very easy.

  4. Increased efficiency and speed: Automating transaction processes on a distributed network allows for completion more quickly and with far less error than traditional transaction processes. Everyone in the network has access to all the same information and with the automated process there is less room for error and no need for intermediaries to settle a dispute due to error.

  5. Reduced cost: The blockchain network eliminates the need spend money on any “middle man” to mediate any sort of discrepancies that can potentially happen during traditional transaction processes.

#770

Transparency:
Everyone can have a look to the current status of the data kept by the block chain.

Security:
Any one can be sure of its data and transactions can not be subject of alteration.

Improved traceability:
All the events that conform one transaction can be easily traced back.

Increased efficiency and speed:
Since the process of reviewing any transaction and its history is only over the current database and it has all the data needed, any intermediary work or entity is not needed.

Reduced cost:
Traditionally for many transactions, third parties whit the role of entities of trust where used, and usually they charge big fees. Now this middle men is not needed anymore.

#771
  1. Transparency: Transaction is available on the public blockchain network and visible to everyone.
  2. Security: Consensus algorithm in the bitcoin network makes it easier for all nodes to take decision and come to an agreement on whether a transaction is fraud or fine.
  3. Improved traceability: Easily track the transaction on the blockchain database.
  4. Increased efficiency and speed: No intermediaries are involved which increases efficiency.
  5. Reduced cost: Intermediaries are not present and Blockchain technology incentivizes the whole system which brings lot of revenue to all the contributors in the network.
#772

  1. Transparency: Transaction that happen are recorded on the Blockchain and are visible to everybody.

  2. Security: Transactions are confirmed with consensus by the nodes, giving the highest security and validity

  3. Improved traceability: As transactions are irreversibly recorded, all transaction leave a trail of previous actions, making it easy for the receiver to trace back everything to the origins

  4. Increased efficiency and speed: Because 3rd parties are not needed and because of the global network and its constant availability, efficiency and speed are very good.

  5. Reduced cost: As a 3rd party middle man is not needed, cost are much lower than the physical costs to put the transactions on the blockchain.

#773

Transparency: All information/transactions provided over the whole network (every node knows everything)
Security: Decentralized data storage / Transaction approval via consensus
Improved traceability: Example of supply chain - complete audit trail from origin to product available
Increased efficiency and speed: Single digital ledger that contains all infos any time accessible to everybody (no middlemen needed)
Reduced cost: You can move trust from partners to the network (data), which massiveley reduces costs

#774
  1. Blockchain is a distributed ledger that all network participants using the same document version. It can be updated via consensus which everyone must be agree on it thus make it greater transparent.
  2. Enhence security due to record stored accross computer networks not on an individual computer that makes it impossible to hack.
  3. Improved traceability: Blockchain is a READ only database that keeps track on all verified, final transactions thus provide a greater auditing and traceablity.
  4. Increased efficientcy and speed: with blockchain technology will replace the traditional paper processes. Everyone is accessing the same information thus clearing, settlement can occur lot quicker.
  5. Blockchain eliminates lots of middle man thus it reduces costs.
#775

Transparency: Everyone have to agree to the new transactions in the network which prevents single parties from manipulating the data. If you want to remove single data you have to remove all the previous transactions in the network as well.
It is driven by consensus since everyone agrees to the new transactions coming in.

Security: Blockchain uses encryption which requires all the new transactions coming in to be encrypted and verified to the previous transactions.
It is also decentralized which makes it harder to hack since the network is a “peer-to-peer network” which makes it harder to hack since there isn’t one central database.

Improved traceability: You can easily see all the verified transactions in the supply chain and it’s stored origin. The term “trustless” comes into use since it prevents any manipulation of the actual transavtions, hidden or “back-dated” transaction that alter the trustlessness.

Increased efficiency and speed: Since you’re using a blockchain with a single ledger, you can automate transactions faster and safer.

Reduced cost: You don’t need any third-parties to confirm the transactons and therefore makes it immutable ones the transaction is approved by the network. There’s also less documentation needed since you’re using a single open-source ledger.

#776

  1. All interested parties in a blockchain transaction have complete and clear access to all aspects of the transaction at all times.

  2. Firstly, as blockchain is based on a distributed ledger there is no single point where it can fail. Also, no one involved in a transaction can falsify records.

  3. Each aspect of the transaction is freely available for audit.

  4. Blockchain eliminates trust and also the middle man. Transactions can occur trustlessly between individuals without the need for independent verification.

  5. Without the middle man there is no need for his fee in a transaction. Also, the improved efficiency of a transaction brings it’s own cost savings.

#777

Transparency: Anybody can audit a transaction on the blockchain and transactions are only added when there is consensus. There is no way to hide the truth.

Security: Because of encryption and the fact that there are multiple copies of the ledger, it is highly difficult to break the blockchain.

Improved traceability: Due to the immutability of the blockchain, provenance is achieved. Audit trails are clearly traceable without distortions.

Increased efficiency and speed: With blockchain, only a single ledger is needed to confirm a transaction. The sender and recipient can easily transact their business without the need for any intermediary.

Reduced cost: Because the middle men are removed from the transactions, so are the transaction fees that they charge.

#778

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

Transparency:
This is made possible as all nodes -

  1. Contain the same online replica of the data
    2)By Consensus must agree to the suitability of a transaction to be approved into the network
  2. would need to alter all their transactions and the sequence of those transactions in order to accept a single alteration to one transaction. This would make acceptance of sucah an alteration to transaction very unlikely by the blockchain network

Security:
This results as -
1)Consensus must occur before transactions are accepted into the network
2) information is stored on networks of computers instead of on a single computer
3) Transactions after being approved for a network are encrypted and then linked to the previous one
These help in improving/ensuring data integrity and security

Improved traceability:
As all participants in a supply line or networks connected to a supply chain record data related to the items they contribute to the supply process ease of traceability is available to anyone that has access to the network

Increased efficiency and speed:
This is enabled by -

  1. avoidance of human error or requirement of third parties which increase processing cycles and time for completion
    2)Single ledger of information is available simultaneously to all participants in the transaction/network
  2. Related transaction Information can be bundled together in a piece of transmitted data e.g. Invoicing and Payment data thereby reducing the need to reconcile multiple silos of related information

Reduced cost:
This is possible by the

  1. removal of middle men and intermediaries in transaction processes e.g. Visa
  2. reduction of infrastructure cost data resilience is provided by the multiple nodes/computer in the blockchain as averse to on central institution being responsible for proving server resilience
#779

[quote=“ivan, post:1, topic:8421”]
Transparency:All parties share the same ledger that is updated by consensus

Security:By being decentralised/stored across the whole network instead of a single server, With Consensus, Immutable & Provenance

Improved traceability:Through Immutable historical transaction data from provenance

Increased efficiency and speed:One ledger, no need for trust, no paper settlement

Reduced cost No middle men / audits because of trust-less immutable trades completed easily

#780
  1. Transparency:- Essentially the blockchain is “public” so any transaction is available for scrutiny. [edit: By public I don’t mean anyone, I mean all authorised participants/stakeholders can access the ledger].
  2. Security:- Any transaction is done by consensus, is encrypted and is decentralised across multiple computers.
  3. Improved traceability:- The blockchain provides an audit trail.
  4. Increased efficiency and speed:- Blockchain is a better system than anything to date that can streamline, update and keep an audit of transactions than anything we know of so far.
  5. Reduced cost:- All of the above reduce costs. No middle men.
#781

Transparency: A blockchain is a decentralised ledger where transactions can only be recorded when all network participants agree i.e. consensus. All network participants have the same copy of the decentralised ledger as opposed to their own centralised databases.

Security: Transactions are agreed by network participants before being recorded in the decentralised ledger. There is no single point of failure on the decentralised ledger, so if one participant on the network fails the rest of the network participants maintain the ledger. For information to be lost, all network participants need to fail simultaneously, which will not occur easily.

Improved traceability: All information stored on a decentralised ledger can be verified by inspecting historical transactions on the ledger, preventing fraud.

Increased efficiency and speed: Historically, paper heavy methods are used which involve humans who can make mistakes. Blockchains allow for these methods to be automated and therefore completed more quickly with higher efficiency.

Reduced cost: Blockchains reduce cost by eliminating middlemen and other third parties which increase the cost of doing business.