Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#884

Transparency:
Every transaction/block could be check by anyone. It is a public and accessible ledger.

Security:
Blockchain is a decentralised network, formed by several nodes so It can not be hacked, at least the probability of breakdown blockchain network is nearly nule

Improved traceability:
Transactions contains info about where come from: provenance and finality are key features at this point. you can not undo.
Increased efficiency and speed:
Because of the incentives nodes can work properly, achieving their own resources and having a high avalaibility and performance

Reduced cost.
It is not a dedicated solution for every customer. Blockchain removes specific IT clients architecture consequently it is a more efficiency technology, the man in the middle is no longer needed.

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#885

Transparency: is a great benefits because all the participants who have permission access share the same information and the shared information can be updated only through consensus which means everyone must agree on it .

Security: benefits because all the transactions must be agreed before they are recorded , encrypted is linked to the previous transaction.Another great benefit is all the transactions are shared across a network of computers instead on a single server which makes it very difficult for hackers to compromise the data.

Improved traceability: this can help for all the information’s which are stored to have the authenticity verified , in this way all of them can be made public and help to preventing frauds.

Increased efficiency and speed: in this network all the data can be process, validate much faster , reduce significant human error and replaces the traditional slower process which was involving papers.

Reduced cost:This one of the most important benefit for any company , with this technology most of the thirds parties will completely disappear from the processes.

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#886

Transparency

When a transaction is made, it is written on the blockchain. Every node in the blockchain network has their own local copy of the blockchain which is identical to the original one. So every transaction that is made in the network, everyone can see that transaction, which makes blockchain very transparent. If you wanted to change a certain transaction, everyone else in the network would need to agree on that.

Security

Every transaction must be verified before it even gets completed. Since that transaction gets stored on all the computers in the blockchain network, hacking the data is basically impossible.

Improved tracebility

Everything that is happening can be seen on the blockchain in real-time. That means that any product could be traced (where it was produced and every stop it had in the production cycle). That also applies for all of the transactions that are happening on the blockchain, and basically everything else that is being ran on the blockchain.

Increased efficiency and speed

Doing anything using the traditional processes is time consuming and most of the time it requires a middleman which is prone to human error. Using the blockchain, the whole process is automized, which means the transactions can be done faster and more efficient.

Reduced cost

The trust between parties doesn’t matter because blockchain basically does it for you. With blockchain, third parties or middlemen are not needed to make guarantees. Because of that, the costs are lower, which is basically a priority for every businesses (especially smaller ones).

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#887

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

  1. Transparency: If someone wants to make a modification, everyone with access to the chain can both see it and must agree.
  2. Security: All data must be agreed upon before being appended (or modified) so a scammer can’t just hack / steal the main server.
  3. Improved traceability: Don’t need to take anyone’s word for where product ingredients originated from as the facts can’t change. What’s that word we used? Provenance.
  4. Increased efficiency and speed: Wow, so much quicker when you’re open 24/7/365. There’s not comparing one record to another or reconciling various databases with each other, it can all be set up one period and the process just duplicated for the next.
  5. Reduced cost: Once set up, minimal labour costs… Time will be drastically saved to and ‘time is money’.
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#888

Transparancy: the public ledger which is the database of transactions can be downloaded by anybody, and therefore, checked.
Security: a transaction, first of all, needs to be agreed upon and then second, is added to a database of which numerous copies exist on multiple cpu’s, which makes it much more difficult to hack.
Improved traceability: since there exists only one database that it is publicly available, anyone can check the history of goods and services.
Increased efficiency and speed: I don’t need middlemen to secure/make/approve my transactions, I just need the network to agree on it. That’s trusting in the math.
Reduced cost: since I don’t need the bank or any other middlemen, it will dramatically reduce the cost to involve them (because they aren’t any). It’s also one currency, so who cares about conversion fees?

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#889

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

  1. Transparency:

Blockchain is a distributed ledger, so the same data is shared across a vast network of nodes rather than there being a single source of data or central authority - the data is visible to every node and can only be changed by consensus. Although a transaction record cannot be changed once written to the ledger, making a false entry would require the collusion of the entire network. Even in the event of such collusion, the protocols would require the whole history of transactions in the ledger to be rewritten in order to accommodate the false entry, the cost of which would be prohibitive.

  1. Security:

The same attributes that make blockchain transparent also make it secure. The distributed ledger is visible to all nodes and can only be updated by consensus. Transactions must be agreed upon before being written to the ledger where they are encrypted and linked to previous and subsequent transactions. This linking of transactions to form a verification chain not only provides an audit trail, it also means that for a transaction to be modified, every linked transaction in the chain would also have to be modified. This and the fact that the data is stored across a widely dispersed and highly redundant network of nodes means there is no single point of failure that a hacker can target.

  1. Improved traceability:

The audit trail provided by the cryptographic linking of transactions not only ensures the authenticity of each transaction, it also allows all changes to the ledger to be viewed in real time and for each ledger entry to be traced back to the beginning of the chain.
This is particularly important for verifying the provenance of products or assets that are traded through a complex supply chain. The blockchain allows each item in the supply chain to be traced back to its origin and to be tracked at every stage of its onward journey.

  1. Increased efficiency and speed:

Traditional methods of exchange can be time-consuming, prone to human error and often require intermediaries to enable the exchange and third-party mediation when something goes wrong. Having a single, immutable, distributed ledger on a digital network that is accessible to and shared by all participants means transactions are trustless, near-instantaneous and peer-to-peer (i.e. do not require intermediaries). The automated verification and real-time auditing also means you do not need to maintain, compare, and reconcile multiple ledgers. Hence clearing and settlement are much quicker, which improves the speed and efficiency of value exchange.

  1. Reduced cost:

The same factors that improve speed and efficiency also reduce costs. For example, there are no intermediaries to pay because the blockchain protocol automatically provides verification and approval. It is also cheaper for all participants to access a single distributed ledger than it is to need multiple siloed ledgers to complete a trade.

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#890 
Transparency: For someone to change something on the network it requires consensus which means that the entire network has to confirm the changes to take place.

Security: All transactions must be agreed on before added to the network. Instead of having a single server and instead multiple servers it makes it more difficult to hackers to hack. It is harder for hackers to get access to sensitive data in for example health care, financial services, etc.

Improved traceability: In the supplychain it is hard to track what happened with the product back to its origin. With blockchain you can track what happened along the way until you get to use the product.

Increased efficiency and speed: When trading with traditional system it requires alot of paper-work etc and you will have to trust a third party. With blockchain you would only need to trust the network with maths and algorythm.

Reduced cost: For many businesses it is a priority to reduce costs. You would not need middlemen to make guarantees as you just have to trust the data on the blockchain network.

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#891

Transparency:
All transactions are transparent meaning both parties have access to the same information. Making things more secure with no possibility of false documentation.

Security: transactions are stored on a network of computers which makes it harder to be hacked. Encryption protocol with having each transaction linked to the previous one makes hacking extremely difficult as well. Security of our personal information or important documentation is extremely important. Once it is out there is no way to know how many individuals have the information.

Improved traceability: Being able to trace a product back to its original beginning is wonderful. Think about the world today…once the quarantine lifts and people are buying say clothing again how will they know it did not come from somewhere that had tons of workers with COVID19? With blockchain technology we could have this!

Increased efficiency and speed: No need to audit anything. Anyone can check out the transactions which means both parties can verify them and that would be that. Saves time and money. No auditor needed for hire etc.

Reduced cost: Very easy here. . .all corporations and people want to make money. . .reducing costs through taking the middle man out saves money, making them more money which is what anyone would want!

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#892

Transparency: Blockchain solves the issue of transparency by giving everyone access to a digital ledger that shares the same data with everyone. This data is agreed upon consensually and to alter the data for your own benefit would require collusion of the entire network. This results in more accurate, consistent, and transparent data.

Security: Before adding a transaction to the blockchain and rendering it factual, this said transaction must be agreed upon by the entire network. Once it is approved it is then encrypted and added to the chain. This keeps the security and integrity of the transactions secure and this data is stored throughout the entire network of nodes, not a central network, making it virtually impossible to hack.

Traceability: In today’s world many companies rely on trust and word of mouth to verify assets and their origin. With blockchain you know exactly where an asset has been from Point A to Point B which removes human error/alteration.

Speed & Efficiency: In today’s world many processes again rely on humans and paper which are prone to error and manipulation. Adding blockchain to a business will save time and money by removing the need for third party auditors and making the process digital will provide you with real time data at a touch of a few buttons.

Reduced Cost: Blockchain tech allows for real time auditing and removes the need for paper processes. Most of these services are provided by third party companies that charge an arm and a leg and also need access to the company’s sensitive data. It also removes the thieving banks and other middle men from the equation which results in less money wasted for you.

#893

1- Transparency is higher in a blockchain because all participants share the same version of the database (distributed ledger) instead of individual copies and in order to update it with new data the agreement of all participants is needed to reach consensus. With this features it becomes hard to change even a single transaction, you would need to modify all subsequent data and the collusion of all the network participants.

2- Blockchain offers more layers of security than traditional databases. It starts with consensus, every new transaction needs agreement to be recorded, after we got encryption, new recorded transactions are encripted and linked to the previous one, and all of this happens in multiple nodes at the same time and not on a single server.

3- when applied to complex supply chains it grants improved traceability since we can have a precise trail of exchanged goods. This give participants the ability to check the origin of goods and every step they made through the chain. This historical transaction data allows to verify the authenticity of assets and prevent fraud.

4- traditional databases require slow trading processes prone to human error that need third party mediation. Using a distributed ledger to keep records blockchain handles transactions faster and more eficiently. It also removes the need for intermediaries because trust is achieved by easy validatable data accessible to everyone in the network.

5- with blockchain businesses can eliminate third parties and midlemans because you dont need to trust your trading partner, only the data on the network. You will also need less documentation once everyone is permissioned to the same immuable version. This reduces trading/transaction costs.

#894

  1. Blockchain gives us greater transparency which means that data is not hidden. All transaction data is accessible which means you do not have to worry about trust. Since all the data is public, you might as well be truthful.

  2. Security is enhanced through blockchain. Both parties must agree before a transaction takes place. Transactions can not be reversed. It is also very difficult for the data to be compromised because the information is stored across an entire network.

  3. Blockchain records where an asset came from every step of the way. This helps prevent fraud because you can see exactly where an asset came from.

  4. Traditional trading is prone to human error and is time-consuming. Streamlining and automating the process with blockchain increases efficiency and speed. When everyone has access to the same data, it becomes easier to trust.

  5. Blockchain requires less third parties or middle men. You don’t have to trust your business partner just the blockchain data. This greatly reduces costs.

#895

Transparency:

  • Information, transactions are not held on any single server, they are held on a distributed public ledger which has to be the same on each node in the network.
  • This makes it very transparent, because anybody with permission can view and trust what they see on the distributed public ledger

Security:

  • The public ledger is distributed across the entire network.
  • The transactions are not stored in any one place
  • This makes it virtually impossible for hackers to alter the transaction data, because they would have to hack it on every node in the network

Improved traceability:

  • It allows for greater traceability because it allows for the ingredients, parts of a product to be traced back to their origin and all the stages the ingredient or part went through before it reached the end of the supply chain
  • This reduces the chances for fraud, and allows a company to authenticate it’s claims about a product

Increased efficiency and speed:

  • It allows for normally paper and documentation heavy processes to become more streamlined and automated
  • This increased streamlining and automation will remove the need for many of the processes to be done by humans
  • It removes the necessity for a lot of the middle men and intermediaries that are usually required to to complete deals, which will cut down the time required to complete certain trading

Reduced cost:

  • The removal of the a lot of the third parties and intermediaries will vastly reduce costs to a business
  • It will allow for the removal of a lot of the due diligence normally required in deals, because of the greater level of the trustless nature of the blockchain, which will reduce costs
#896

Glenn_CostaRica

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

-> Transparency:
Open, public and decentralized blockchains implement protocols and sets of rules that anyone can see, analyze and test. Even the source code for the majority of this kind of blockchains is entirely available for the public in repositories. Also, the data that is produced by the network is visible and auditable by anyone or any system. This represents an immense social value where it is basic to know how all public goods and rules of the system are being managed.
-> Security:
Being sure that no one can beat or hack the system of rules, and the power of the social consensus, is vital. Members of a community that can be sure that their system will not fail will rest peacefully every day and every night, feeling secure and protected, and feeling that their value will not disappear at any time, and feeling the the integrity of the whole network is safe too.
-> Improved traceability:
It is vital, for many users of the system, to be able to trace the origin of many goods or units of value. Companies need to be sure about the origin and nature of all the product or services they consume from their providers, and indirectly from the providers of their providers. In the same manner, we all need to be sure about the origin of many final products we consume, or about some products we need in order to produce other goods. Being able to trace the origin of products or services represents a higher level of security and accountability.
-> Increased efficiency and speed:
In modern societies, speed is considered even more valuable than money sometimes. If a good product or service is also immediate, it will have it easy to gain people’s preference and adoption. One example is common electronic cash versus decentralized cryptocurrencies. If you wish to send money from – let’s say – a country like Costa Rica, to a country like Japan that is relatively on the other side of the planet, then, you would do better if you bought a plane ticket and traveled to Japan to deliver the money in person, because regular cash takes usually 4 or 5 days to arrive. If you send money through a decentralized cryptocurrency, usually, money travels from Costa Rica to Japan in a few minutes.
-> Reduced cost:
If given the choice, people massive show absolute preference for cheaper services in most circumstances, when comparing similar leves of quality and properties. Traditional banking or financial systems, try to take a big cut of every transaction we perform on their centralized systems. In other words, we have to pay a lot of money to use their computers to transact with other people. Decentralized blockchains have the capacity to reduce costs hundreds of times which can give us blasting comparative advantage against the traditional systems.

#897
  1. Transparency:
  • An open public ledger that everyone can see, there’s no hidden record/transaction
  1. Security:
  • Digital signature on every block, from the previous block and to the next block. Closely impossible to edit because of their hashrate, the more computers joining the network the more stronger it becomes, and by joining the network the miner got incentives.
  1. Improved traceability:
  • Every transaction is written on the block of record and because of its transparency, it is easy to trace the transaction and become more reliable.
  1. Increased efficiency and speed:
  • Unlike on the old system of paper record, digital record is much easier to access and saves time and effort
  1. Reduced cost:
  • it removes middleman on the trade, which can save alot of money as a business.
#898

Transparency: honesty among participants and the entire network community
Security: Everyone uses the same protocol and multiple nodes verify integrity of network
Improved traceability: Anyone can verify anyone else’s transactions. History is immutable
Increased efficiency and speed: real time transactions with added meta data or accounting layer
Reduced cost: Removes unnecessary middle man

#899

Benefits of using Blockchain

1.) Transparency

Because blockcahins are a type of distributed ledger that can only be updated through consensus, data on the blockchain is more accurate, consistent and transparent then when it is pushed through a paper heavy process

2.)Security

The blockchain provides consensus. Once a transaction is approved, it is encrypted and linked to the previous transaction. This along with the fact that information is stored across a network of computers instead of a single server, makes it very difficult for hackers to compromise data.

3.) Improved traceability

When exchanges of goods are recorded on a blockchain, you end up with an audit trail that shows where an asset came from and every stop it made on its journey. This historical transaction data can help to verify the authenticity of assets and prevent fraud.

4.) Increased efficiency and speed

Through Provenance and Consensus the need for traditional paper heavy process that is prone to human error and often requires third party mediation is eliminated. With a single ledger that is shared among participants, everyone has access to the same information. Thus, clearing and settlement can occur much quicker.

5.) Reduced cost

With blockchain you don’t need as many third parties or middlemen to make guarantees. Instead you just have to trust the data on the blockchain. You also wont have to review so much documentation to complete a trade because everyone will have access to a single immutable version.

#900

Transparency: It is all verifiable by everyone; it is a public ledger.
Security: all it is based on cryptography, math and physics.
Improved traceability: Everyone can view all transactions in the blockchain, so we can verify.
Increased efficiency and speed: it is peer to peer. There is no intermediary.
Reduced cost: No intermediary, no money for them.

#901

Transparency: All data on the blockchain is publicly viewable and relying on a consensus.

Security: No trust needed, no central weak point.

Traceability: All data is traceable to its very origin - less fraud, more efficient supply chains.

Efficiency & speed: No need of intermediaries, relying on one public ledger.

Cost: See all of the above + no middleman needed to be payed

#902

Transparency: All parties share the same public ledger. There are no individual records. All updates are done through consensus of the group

Security: Information is stored on a network of computer rather than a single data base creating more security. Also, after a transaction is approved, it is encrypted and linked to the previous transaction.

Improved traceability:Using provenance blockchain has the ability to trace financial transactions or products to it’s origin. This enables real time auditing.

Increased efficiency and speed:The historical paper process is time consuming and prone to human error. Blockchain allows the ledger to be shared among the network so all participants can quickly access the correct data.

Reduced cost: Because you are not relying on trust, there is no need for a third party intermediary. Also the information is immutable so do you not have to spend much reviewing the documentation. This saves time and money.

#903

Transparency - Blockchain’s distributed ledger allows for all network participants to share the same documentation instead of having to go through multiple individual copies. The shared ledger is always updated through consensus where everyone needs to agree to it and a single transaction change would require the collusion of the entire blockchain network

Security - Blockchain’s security benefit is far better than a centralised network whereby the information is stored over a network of computers rather than one single server. This means the transactions data cannot be compromised as they need to be agreed on consensus before ever being recorded on the blockchain. Any one transaction after approval is encrypted and always linked to the previous transaction. As things cannot be changed or altered and is very decentralised it allows for no one entity to have access to the information on the blockchain, hence it allows for the prevention of fraud and any fudging of the books so to speak.

Improved Traceability - Blockchain allows for real time audit trails showing when and where in the supply chain a specific item has been. This then allows to look at the historical transaction data in verifying the authenticity of the item and removes the trust element and thus preventing fraud.

Increased efficiency and speed - Most importantly blockchain removes the third party intermediary in any transaction involved. This also allows for the removing of human error as math and protocol data cannot make errors. Blockchain allows for the streamline and automation of processes in the transaction and since it is kept on one single ledger it is readily available on the network and shared with everyone having access to the same information rather than having to interact and go through different centralised protocols.

Reduced cost - Blockchain allows for the significant reduction in running costs as no middlemen or third parties need to be present to guarantee a transaction if a person does not trust a trading partner. Blockchain removes the trust but promotes verification hence you in essence trust the data on the blockchain so the intermediary is not needed. Unnecessary paperwork and documentation can be reduced or cut out all together helping in saving costs and the environment as the documentation of the transactions are present on a shared ledger on the blockchain network for access