Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#61

Everyone can see a transaction on the chain and you dont have to trust anyone and you are anonymous to a certain extent.

Blockchain are not registered in one single server and very difficult to hack and to shut down. The more servers the stronger the network.

A transaction on the chain will always be there. It becomes more difficult to manipulate.

we don’t have to wait several days for a transaction and it becomes cheaper to send money to other people globally and no one can ask where and why you make a transaction.

we do not need to use banks or third parties and it will save us time and money.

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#62

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

Transparency: Everybody share the same data as others and when adding something in the blockchain requires verification of others.

Security: 3 things: 1. Transactions in blockchain must be verified by the network before recorded. 2. When transaction is approved, its encrypted and linked to the previous transaction. 3. All data is stored across the network with other computers instead of single server.

Improved traceability: Provenance. All transactions can be traced chronologically to the source of first transaction.

Increased efficiency and speed: When doing anykind of trading which needs heavy paper work is time consuming and prone to human error. Blockchain can fix this. All data is shared in the ledger with other participants and all data coming in must be verified by other nodes makes it trust-less and efficient.

Reduced cost: Blockchain cuts the middlemen in trading. Example money transfering overseas can happen in seconds while the traditional way has so many middlemen it takes days to send money from europe to usa.

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#63
  1. Transparency: Today records in industries such as banking are not transparent, other industries they might be partially transparent but they are easily altered, transparency means as ease of view without potential for obfuscation. Blockchain data structures make it impossible to obfuscate a transaction or data entry into the ledger without consensus of the network. This could be incredibly beneficial to business and society in specific use cases like banking or monetary systems, government or community organizations, and in normal everyday business transactions and systems such as a supply chain.
  2. Security: Security is improved in the blockchain data structure for several reasons, custody of data entry requires consensus of the network. This consensus marked by the collaboration of decentralized nodes makes it very difficult for hackers or bad actors to input illicit entries. Additionally, the cryptographic nature of the chain makes it currently impossible for a brute force attack on the network.
  3. Improved traceability: Links of a data chain are much easier to follow then current data points: varied emails, hard copy receipts, varied carrier systems all make for a cumbersome task of Provenance verification. Blockchain can excel at these task’s and compile a single point of data for easy auditing of various types of related information.
  4. Increased efficiency and speed: First there was Snail Mail, then there was Email, now there is Blockchain. The efficiency of having a supply chain, voting records, government expenditures, or the like on a single type of easily auditable data structure will speed up any sort of analysis that might need to be done. This is verifiable quickly by participants in the chain and in the future, could be managed by computer programs.
  5. Reduced cost: There seems to be a variety of third parties between companies that verify this or verify that about provenance, or some other similar concern. The fact that the chain is a decentralized, immutable, trustable and secure ledger will reduce costs by reducing or eliminating the need for these middle men.
#64
  1. Transparency: everyone sees all that takes place on the network and everyone has the records to check what is happening.
  2. Security: all is done by consensus and there is no need to trust, audit or verify records, as the environment does it automatically
  3. Improved traceability: all operations that are recorded on the blockchain leave a trail so everything is traceable from start to finish.
  4. Increased efficiency and speed: no time is lost with verifying transactions or auditing records, everything is happening instantly and the system is built to record all.
  5. Reduced cost: again, cutting out the middleman is the biggest cost saver and also time saver, which also translates into reduced costs.
#65
    1. All participants have access to and share the same documentation which to alter, would require the collusion of all participants.
    1. Because the transactions are agreed, then encrypted and linked to the previous transactions on the network it is very difficult for hackers to compromise the data.
    1. Blockchain creates a live audit trail that shows every transaction an asset has made.
    1. Blockchain can automate the services carried out by third party mediation in a transaction, which makes them redundant and speeds processes up.
    1. Businesses can reduce their need for third parties because they won’t need to trust their trading partners, all parties will have access to the same live updated information.
#66

Because blockchain participants share one version of their ledger, a recorded transaction becomes transparent. Network nodes receive incentives for availability and many decentralized nodes make a network secure. A supply chain (network) is a easy example to explain tractability because all participants needed to create and sell a product can record the (parts of the) product on a blockchain. This is more efficient than using paper. The need for guarantees made by different parties in the supply chain become obsolete because you can trust the data on the blockchain.

#67

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

Transparency:  The ledger is open to the public so people can see where money is coming from and going to.  Not just money but all ingredients or parts/materials used in the supply chain.

Security: The blockchain is not controlled by a central authority but rather by a number of decentralized actors on the blockchain must come to consensus on any one entry or transaction. Also no centralized target to hack. No one author of a central database to change.

Improved traceability: There is a ledger on the blockchain that has 24/7/365 availability. The ledger is public and therefore transactions are and can be easily track back to their origins.

Increased efficiency and speed:  Blockchain is trustless and therefore the human element can be removed from business transactions.  

Reduced cost: Because of the decentralized ledger there is no need for a third party audit.
#68

Transparency:
-record on blockchain is transparent everyone participating in the network. Everyone has the access to the same information. Any change on the blockchain is done only through consensus.

Security:
There is no single point of failure, no single central authority to control and decide on the truth, thus more secure from hack and fraud.

Improve traceability:
The history of the data on blockchain and subsequent changes are all recorded and auditable.

Increased efficiency and speed:
It is a triple book-keeping record. The reconciliation is done at the same time with the record keeping itself. Thus speed and efficiency much improved.

Reduced cost:
There is no intermediary or trusted party involved, thus reducing the cost.

#69

Transpareny-
With Distributed ledger all transaction are transparent on the database (chaing) available for all to see.

Security-
The security element is due primarily by the network nodes all running the software and agreeing upon
the transaction being submitted and recorded.

Improved Traceability-
Exchanges of goods can now all be traced back to its origin in real time.

Increased Efficency-
Having access to all information at the same time trust is easier allowing for quicker
processing and settlements.

Reduced Cost-
By trusting in Blockchain a business and person can eliminate all third parties to
verify and quarantee all transactions.

#70

TRANSPARENCY: In blockchain, all the participants in the network share the transactions in the ledger, rather than having individual copies. In order to make changes to the ledger, it has to be by consensus, which means that all the participants in the network must agree. But making changes to it, it’s a pain in the neck because it would alter all the other records.
SECURITY: Information is secured and difficult to hack because 1) there has to be consensus among the network for a transaction to be recorded, 2) the transaction is encrypted and linked to the previous transaction and 3) the information is stored in a network of computers rather than a single server.
IMPROVED TRACEABILITY: No matter how complex, when the supply chain or exchanges of goods are recorded on a blockchain, it is possible to trace every movement of every asset from beginning to end. This makes it easy to verify authenticity and prevent fraud.
INCREASED EFFICIENCY AND SPEED: With blockchain we can avoid paper processes, that are often bound to human errors and third party mediation. With blockchain, transactions are quick and efficient, and since all the records are performed in one ledger shared in the network, all the participants have access to the transactions/information making it easier to trust each other.
REDUCED COST: with blockchain, there is no need of third parties and no need to have to trust a trading partner. All we need is to trust the data in the blockchain. There is also no need to review documentation to complete a trade, because before completing a trade, it has to be agreed upon by the network parties.

#71

Greater transparency - all network participants share the same documentation.
Enhanced security - transactions must be agreed upon before being recorded.
Improved traceability - supply chain.
Increased efficiency and speed - streamlining and automating process with blockchain can lead to transactions being completed faster and more efficiently.
Reduced costs - do not need as many third parties or middlemen.

#72

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

Transparency:

The fact that each transactions must be approved by all blockchain ledgers before registered makes the operation more transparent and accountable

Security:

In order to effect these transactions they must go to each and every ledger and the transaction must be achieved through consensus gives it additional security.

Improved traceability:

The fact that all transactions are recorded on each and every transaction makes auditing a simple and precise operation. In which confidence that each and every ledger will coincide with all others. No conflicting reports with one or the other ledger are seen as with the more traditional method of bookeeping.

Increased efficiency and speed:

Since every transaction is shared among all ledgers there is no need to reconcile accounts with less clutter.

Reduced cost

It is simple electronic transaction which saves on money, machines and personnel with higher degree of accuracy is achieved. No need for third party intermediaries.

#73

Also on traceability aspect each and every stop of a product is recorded which makes traeability more simple

#74

Transparency: All transactions are public on the decentralized digital ledger, so that all can see. Making it much harder to change a single transaction.

Security: All information is encrypted and decentralized across a network of computers with no central point of failure.

Improved traceability: Tracing the transnational data is much easier because you can trace where an asset came from and see every stop of its journey.

Increased efficiency and speed: Transactions can be completed faster with blockchain. When everybody has access to the same information on the ledger, it can can be accessed quicker by cutting out the middleman.

Reduced cost: Cost is reduced by cutting out the middleman. You will trust the data on the blockchain.

#75

Transarency: Everyone shares the same information and there have to concensus in order to make a alteration.
Security: There has to be concensus and a transaction is easy to track to its origin. The network makes it more diffiult to hack than one database.
Improved traceability: In blockchain there is audit tracking, which means it is easy and quick to trace it back to its origin through a complex supplychain.
Increased efficiency and speed: Using blockchain minimize the third parties involved and less heavy paper processing.
Reduced cost:No middlemen needs to be involved because you trust the data in the ledger, which is cost cutting.

#76

Transparency: every node in the blockchain contains the same transactions and information and is viewable by everybody with access

Security: transactions can never be changed or deleted once added and are replicated across all nodes in the block

Improved traceability: the life of a product or a series of financial transactions can be captured in every node in the blockchain

Increased efficiency and speed: no need for intermediaries and same data is available to all with access

Reduced cost: data is in one place and can be trusted and can never be changed

#77

A product’s origin speaks on the quality of the product itself. When advertisers hype certain points about their product, its important to verify this information. The blockchain public ledger tracks all transactions and is available to audit at any time. This provides an advantage to the consumer by allowing them to verify instead of trust the products they consider to purchase. This is one way blockchain provides transparency and traceability to the market.

All participating nodes within the blockchain network must all agree on information for it to be validated. Compromising one node is not enough to disrupt the data logged on all the other nodes within the network. The system of consensus makes it harder to manipulate data from outside and provides higher security for data.

Removing the necessity of a middle man speeds up processes and thus increases efficiency within the market. Blockchain allows all transactions to be instant and final which removes trust from the transaction. By removing trust, all the time spent verifying is reduced significantly. By removing or reducing the need for auditing or speeding up the process of a transaction, costs are reduced as well.

#78

You get transparency when all network participants share the same documentation on the distributed public ledger.
Transactions are encrypted and linked to previous transactions making it extremely complicated to tamper with and reaching a very high security level.
When the exchange of assets are recorded on blockchain it leaves a trail of their journey so it is easy to verify authenticity.
This leaves out the human error / fraud factor and cuts out expensive, time consuming middlemen.

#79
  1. Transparency is a benefit of using blockchain because being a public ledger, all transactions are open to the public to see. So it increases confidence in the network.
  2. The Security benefit of the blockchain is seen in the removal of trust in 3rd parties who can manipulate centralized networks to trust in the math and protocol that make up the blockchain. This benefit is also emphasized with the impossibility of the transactions already entered in the network to be hacked or destroyed.
  3. Improved traceability enables the ability to trace things to their origin.
  4. Increased efficiency and speed happens with the removal of information silos which could have been created by third party central authorities.
  5. Reduced cost is another advantage because of the removal of middlemen or third party agents who can inflate prices arbitrarily.
#80

Transparency
Blockchain is a public ledger that enables everyone to see all transactions occured since the beginning of times.

Security
Given the decentralized nature of the blockchain, it is much more difficult to hack it than traditional databases. It is also very difficult to corrupt data in it as every modification requires consensus of many nodes.

Improved traceability
Contrary to traditional systems, blockchain enables to record information regarding the provenance of products in a supply chain that cannot be altered by a single computer.

Increased efficiency and speed
Blockchain brings more efficiency by eliminating the necessity of intermediaries in transactions (e.g.banks) and by providing records that are shared by all parties involved (e.g. real time auditing).

Reduced cost
Increased efficiency and speed results in reduced cost for people, governments and companies.