Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#822
  1. Transparency:
  • A distributed ledger syncs individual copies.
  • Every update of the ledge needs consensus ,
  • This results in a consistent and transparent ledger
  • This ledger is public to all participants
  1. Security > Transactions:
  • … must be approved and linked to the previous transaction.
  • … done by a network of computers instead of on a single server (difficult for hackers to compromise).
  • critical information can be protected
  1. Improved traceability:
  • In a spul chain every action can be stored in a blochain. This assures permanent historical transaction data that even make live audits possible.
  1. Increased efficiency and speed:
  • Blochain transactions replace paper-heavy processes,
  • No human error
  • transactions can be completed faster
  • single digital ledger simplifies > No reconcile multiple ledgers (less clutter).
  • No numerous intermediaries needed >> much quicker
  1. Reduced cost:
  • Trustles > No need for numerous third parties or middlemen
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#823

Transparency: On the blockchain every transaction is recorded and can not be changed. Therefore for everyone participating is able to get every small information.
Security: depends on the amount of miners. The miners there are the more difficult is it to get rewarded the higher is the security level. Less miners means less security.
Traceability: the blockchain network makes it possible to track every “ingredient” of a transaction since every ledger has to verify a certain transaction. Therefore, nobody can lie or at least have to determine a significant amount of effort to change the current information.
Efficiency and speed: There are no information silos like on the internet (cloud services) because everyone is able to communicate peer to peer.
Reduced costs: The less people are involved in an transaction the more are the costs reduced. Since there are no middle man, and transactions happen to be peer to peer, the fee is much much smaller.

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#824

Transparency
Every transaction is recorded immutable on the public ledger that is the blockchain.

Security
No one central point of failure. The global network makes it very difficult for hackers to compromise the transaction data.

Improved traceability
Anything in the supply chain can be recorded and tracked on this network. This historical transaction data can help to verify the authenticity of assets and prevent fraud.

Increased efficiency and speed
Blockchain can facilitate speed and transparency with any kind of transaction, all while being trustless.

Reduced cost
Transactions are cheaper because you don’t need as many third parties or middle men to make guarantees.

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#825

Transparency: Blockchain is a type of distributed ledger where all network participants share the same documentation and the shared documentation can only be updated through consensus. This is way blockchain is accurate, consistent and transparent.

Security: Every transaction has to be approved through consensus, encrypted and linked to previous transactions. The information is stored across the computer’s network so It is hard to be compromised by hackers.

Improved traceability: The transactions are recorded and they cannot be removed. This allows to track the origin, the traceability.

Increased efficiency and speed: Blockchain allows transactions to be faster and efficient compared to the traditional, paper-approach. All participants use the same platform without the need of intermediaries.

Reduced cost: The middlemen are removed so the cost is reduced.

#826

  1. Transparency- Blockchain is a distributed ledger, all participants share the same documentation to refer to. Everyone is seeing the same thing, no room for lies or hidden things.

  2. Security- Transactions must have consensus(be verified) before they are recorded. Information is stored across a network of computers making it harder to hack.

  3. Improved Traceability- Exchanges of goods recorded on blockchains create an audit trail that traces a product and can help to verify the authenticity of products.

  4. Increased Efficiency and Speed- With a single digital ledger for all to refer too, there is no need for reconciling different ledgers. It is a trustless system so lees third parties are required to intermediate a transaction.

  5. Reduced Cost- No need to hire third parties. Everyone has access to the same immutable documentation, and numbers will be solid, no refunds. Simplifies the process and renders it trustless.

#828

  1. Transparency: Because blockchain is a distributed ledger and all network participants share the same documentation and it is available to everyone with permissioned access. Also it is impossible to manipulate data on the blockchain.

  2. Security: It is secured because all transactions must be agreed upon before they are stored on the blockchain. And all approved transactions are encrypted and linked to the previous transaction. And due to the fact that, data are stored on network of computers makes it difficult for hackers to attack the system.

  3. Improved traceability: Because all transactions can be accessed on the blockchain in real time and since all data are linked to previous data, it is much easier to trace.

  4. Increased efficiency and speed: Because there is a single digital ledger that everyone can access so intermediaries are not needed which increases efficiency.

  5. Reduced cost: You don’t need as many third parties to make guarantees because it doesn’t matter if you can trust your trading partner, hence there are no extra costs involved.

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#829

Transparency: Blockchain is completely visible and traceable of all transactions and there is no central location or singular confirmation.

Security: The transactions are on multiple network locations and all transactions are viewed and confirmed by all before a transaction is completed. This makes it completely traceable throughout its life. 24/7/365 days network is visible globaly.

Improved traceability: All transactions are tracked and fully accounted for as the progress. Once a transaction has been approved and completed it cannot be reversed.

Increased efficiency and speed: Blockchain makes all transactions on a digital ledger with multiple networks and no middle power needed for completion.

Reduced cost: All transactions completed without a middle entity which reduces fees and transactions complete in moments not days. Completely trustworthy.

#830

Hi Fabrice, Thanks for the reply and the information. One quick thing here, I don’t want to cheat the system, I want to know if the system can be cheated and if so how it can be cheated. Many people just trust the things they are told by the gurus but, for me, I want to know and understand for myself why, and as specifically as possible why, so many of the tech gurus tout the blockchains major reasons for being as successful as it is. I can appreciate knowing that for now, I just don’t know enough yet but will certainly come back to this topic after I have learned more. Either way though, I appreciate the replies.

#831

Why are these the benefits of using a blockchain?

Transparency: In an global environment which requires increasing adherence to regulations together with a global sentiment that customers/users trust in corporations is declining, transparency is a necessary game changer.

Security: Traditionally, by placing all vital information at one place imposes a greater risk opposed to sharing the power of an entire security army which is the blockchain network.

Improved traceability: As anyone is able to trace transactions and information with a guarantee stamp that it has never been tampered with across a blockchain reduces extra verification efforts and improves trust.

Increased efficiency and speed: By openly combining and sharing the full supply chain of a company’s full operations on a single place, on a single ledger, cuts of unnecessary input from middle men, intermediaries as well as humans with our natural errors. Going from point A to Z will eventually be shortened to going from point A to B.

Reduced cost: A combined increase in trust, efficiency, timeliness and security among any business process will undoubtedly result in reduced cost.

#832

Transparency: Protocol has transparent ledger for anyone to view

Security: Each transaction has multiple incentivized authenticators

Improved traceability: Open and distributed ledger allows for real-time auditing

Increased efficiency and speed: No paperwork shuffle and takes out the middleman

Reduced cost: By taking out the middleman and the paperwork you also reduce cost

#833

Transparency: All data is on an open and distributed ledger, so everyone can see the same record.

Security: Because it is a distributed ledger, it is very difficult for anyone to change any data on the network because they require consensus from the rest of the network.

Improved traceability: All data and/or processes can be traced through each blockchain transaction.

Increased efficiency and speed: Reducing and/or eliminating third parties and having a public ledger which is updated in real time, no paperwork or human error, eliminating regulatory costs and wait times.

Reduced cost: Reduced overheads with less/no third parties, reducing or eliminating physical branches

#834

Transparency

As all nodes on the blockchain network each have a copy of the ledger, which requires consensus in order to add new records. As the records cannot be tampered with centrally, it makes for transparency and ease of verification

Security

This is stems from the immutability of transaction records. This is partly due to effort required to add new records to the blockchain as well as the inherently designed inability to update or delete hitherto added records. In addition, there is a cryptographic linkage between consecutive blocks of transactions. Decrypting this link is difficult, and it creates an unbreakable chain linkage between blocks. It helps too that the data is stored in a distributed fashion across nodes on the network. In order to compromise the data, one would have to have a consensus on the compromised data.

Improved Traceability

An intrinsic quality of the blockchain is the fact that data once added to the ledger is final and cannot be modified or destroyed. This enables audit trails, all the way back to the 1st transaction recorded on the blockchain, thus enabling provenance

Increased Efficiency and Speed

Streamlining processes through the creation of smart contracts on the blockchain allows for the automation of business processes, eliminating waste from having to verify paper processes. This is further enhanced by the fact that participants on the network have access to copies of the same ledger, and so reconciliation between different ledgers is not required

Reduced Cost

Blockchain technology eliminates the requirement for third parties or middlemen. This is because you can easily verify ledger transactions on an immutable and yet distributed document

#835

The leger is verified through the concencus of the network.
The transaction is verified by an entire network not one indivdual
The movement of value can be audited every step of the way.
No paper or clutter or third party to go through
No third party is needed

#836

Transparency - Once all network participants can all see the same documentation the transparency is obvious.
Security - Since information is stored on a network and not single sourced, all nodes must agree before the transaction is recorded.
Improved Traceability - The blockchain creates an audit trail showing all assets and all movement.
Increased speed and efficiency - When all parties have access to the same information, the process can be trusted without reconciling multiple ledgers.
Reduced Cost - Third party auditors and insurers can be eliminated.

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#837
  1. No way to commit fraud on the data
  2. Data can not be easily changed without everyone seeing it
  3. A complete record shows the history of the data
  4. Reduces human error
  5. Removes 3rd parties that charge unnecessary fees
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#838

Transparency: Because it is important to achieve a consensus and it becomes immutable. For someone to modify the changes, it will have to change the version on all computers

Security: Because it helps keeping the sensitive data encrypted and even if some single entity is compromised, the data copies are available on the entire network.

Improved Traceability: Because it can help trace the transactions of the past and the products in the supply chain to their roots.

Increased Efficiency and Speed: It is important so that the transaction can place at earliest and secondly the copies of the data is available on multiple nodes and one can quickly request/access the nearby node for verifying the information.

Reduced Cost: You donot need any middle man to keep the data safe & guarantee. And despite they say, still there is no gurantee that your data is not modified. It can safely be distributed on blockchain without compromising it or any modification.

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#839

Benefits of using a blockchain.

  1. Transparency:
    Because blockchain is a distributed ledger. all network participants have the same data/documentation as opposed to individual copies. Change can only occur when there is a consensus, which means everyone agrees on it.

  2. Security:
    Blockchain has high security in several ways. Every transaction must be agreed upon before recorded. After recording, it is encrypted and linked to the previous transaction. It is stored on every network participant, so difficult to hack.

  3. Improved traceability:
    Because of provenance, items can be traced back to its origin. The historical transaction data helps to verify the authenticity of assets and prevent fraud.

  4. Increased efficiency and speed:
    Record keeping is performed using a single digital ledger that is shared among participants, so less clutter. It is easier to trust each other without numerous intermediaries. Clearing and settlement can occur much quicker.

  5. Reduced cost:
    Blockchain disintermediates intermediaries. Less documentation is needed to complete a trade because everyone will have access to a single immutable version.

#840
  1. like with ‘pure nomic’, all players must agree on all changes to the game state–modulo exploits, which according to the article require collusion of ‘the entire network’ but this is not right–leemon baired explained in some talk I saw that the percentage needed for sybil attacks is generally overstated (I think it was 33% vs 50%)
  2. in addition to decentralization, because transactions are linked in a chain manipulating one event alters other events downstream (further down the chain)
  3. the complete history of each coin is public knowledge–only the owners of addresses are pseudonymous, although they might use new addresses for each transaction
  4. faster than paper methods, and you don’t have to reconcile multiple ledgers later (but transaction times are getting slow up-front right now on bitcoin), but there isn’t the same slowdown from intermediaries (unclear if improved centralized systems can be faster than the best possible decentralized system)
  5. there are fewer middlemen to charge fees and there is less documentation (invoices, etc.) to review since everyone has access to the same database
#841

Transparency: this results in a trust less network due to the information being available to all on an open public ledger.
Security: all nodes agree the transaction before confirmation. The transaction can not be edited and there is no single point of failure.
Improved traceability: due to all transactions being recorded on blocks this removes complicating factors, for example middle people and third parties. Retracing of papers and documents is not necessary.
Increased efficency and speed: because the block chain is a public ledger and all transactions are permanently entered, the history of a trade can be retraced resulting in clear transparency of its journey. The middle organisations are not needed so steps removed from the management process, resulting in a slicker more efficient process.
Reduced cost: less people involved to over see work and transactions due to trustless network of blockchain.

#842

Transparency:
because its an open distributed ledger anyone can view it. Its a stark contrast to normal financial institutions

Security:
Due to the a transactions are added and the cryptography, once the transaction is agreed upon by all nodes and securely added to the chain its probably more secure than a normal bank

Improved traceability:
Due to the nature of the network you can trace where it came from went to and how it arrived by you.

Increased efficiency and speed:
These things done by computers it can be resolved much quicker overall.

Reduced cost:
Simply no middle men