Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#904

1- Distributed Ledger allows transparency as all participants have the same copy of the same Ledger. Anyone with Permissioned access can feel sure that the data is correct and immutable.

2- Every entry/transaction must pass consensus before it is added to the block. Once agreed upon its is linked to the precious transaction, and thus the next transaction. Where it becomes permanent and immutable. The ledger is shared with the network (decentralized), which makes it more secure than when centralized.

3- When items are placed and recorded on blockchain it creates a verifiable provenance, along with a complete record of its chain of custody. This allows a user to access this complete and immutable history to confirm an items source, path of transit and custody. Real time auditing also allows, immediate tracking and traceability.

4- Simply by saving time and removing intermediaries.
Information can be entered from a single point digitally, and immediately shared amongst all participants. Reducing human input which reduces human error. Removing intermediaries not only saves expense immediately, but also allows the settlement to take place almost instantly, and time is money.

5- Partially answered in the previous…
The reduction of intermediaries (3rd parties and middlemen) reduces expenses on the outset. The efficiency of the being able to deploy Capitol quickly also allows that Capitol to get to work for you faster. Considering large transactions delayed for days might cost enormous interest.
Efficiency is a key to Blockchain reducing costs. Having large amounts of data having to be gathered from different sources and then reviewed by multiple people takes a lot of time. With Blockchain all of the information is distributed identically and accessible to all participants. Fast, easy, cheap.

#905

  1. Transparency is made possible by everyone in the network having access to the same information and being able to confirm this information is correct

  2. Security is made possible by the encryption of changes made in the ledger meaning no previous block can be modified

  3. Links in the chain can be viewed by anyone in the network allowing much easier access and auditability to the chain of supply of a product

  4. Efficiency and speed are increased by cutting out the middlemen required to carry out audits in a supply chain and by reducing or cutting out the need for paper documentation

  5. As a result of all this, costs are greatly reduced

#906

1: Transparency the blockchain is a distributed ledger that all participants have access to. Data on the blockchain is more accurate, consistent and transparent.
2: Because you need multiple verification and consensus there is better security.
3: Because all data is stored on the blockchain from cradle to grave it improves the traceability.
4:As it is no a paper based system it improves speed and efficiency it is available 24/7/365.
5: As it is more efficient it reduces the cost.

#907

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

Transparency: All transaction within blockchain is shared by all participants and cannot be changed unless a consensus is reached by all participants in the network.

Security: once a transaction is agreed upon and entered, it is linked to the previous transaction. It cannot be tampered with moving forward.

Improved traceability: it can be difficult to find out where a product came from. The history of the products involved and information about them can be obtained easily within the block chain.

Increased efficiency and speed: blockchain presents all the information related to the transaction to all participants. This creates transparency and trust and allows decisions to be made quicker.

Reduced cost: if the data is deemed to be true, it is easier to move forward with any deals. This saves time and eliminates due diligence.

#908

Transparency:

It’s transparency because blockchain is like distributed ledger, instead of each participant share an individual copy of a documentation will share the same documentation through all the networks, Also if someone try to update a transaction will be hard because will need to go hover all the network to change it and will fail.

Enhanced Security:

Transactions should be approved for all the nodes in the network before being recorded When the transaction finishes it´s encrypted and linked to the past transaction. Another feature is that blockchain is a network where each computer is like a server so there a lot of computer making difficult to be attacked for hackers.

Also, you cannot remove or update transactions if you do not have all the approval from the network making this more security for financial, hospital, and government companies.

Improved transability:

Since blockchain is immutable and all the participants have a shared distributed ledger is easier to have tracking of something, for example, we can track where started the production of coffee to the final consumers, also the customer can guarantee if the product is original or not, have a good ingredients or not.

Increased efficiency and speed:

You can make a transaction without a third-party, with the contract you only need to trust in the other part also we can avoid humans’ errors in the transactions. Also, everyone has access to the same information making this more secure.

Reduced costs:

You avoid paying transactions to a third-party you only need to trust in your partner and also we can avoid read a lot of documentation.

#909

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

Transparency:The blockchain public ledger oerates by consensus which then makes all transactions open for all to agree before it is done. All network participants share the same documentation as opposed to individual copies.
Security: After a transaction is agreed upon and approved, it is encrypted and linked to the previous transaction. The information is stored across a network of computers instead of on a single server, thus making it almost impossible for hackers to compromise the transaction data.

Improved traceability:
Transactions recorded on a blockchain end up with an audit trail that shows history details and trends of an asset thereby verifying the authenticity of assets and preventing fraud.

Increased efficiency and speed:
Transactions are completed faster and more efficiently. as record-keeping is performed using a single digital ledger shared among participants, thus eliminating the need for a later account reconciliation.

Reduced cost:
With blockchain, many third parties or middlemen are eliminated, so is the need to review heaps of documentation to complete a trade because everyone will have permissioned access to a single, immutable version.

#910
  1. transparency: it’s single ledger that distributed to multiple network participants. in order for a transaction to be validated, it needs to be confirmed by all participants. reducing errors and fraudulent activities.
  2. security: transaction must be agreed upon by participants and it is recorded to existing transaction record. also it’s recorded across all network instead of single server thereby make it difficult to change or modify without consensus.
  3. improved traceability: it has immutable history where everything is recorded and not erased. also it’s accessible to all participants thereby making it easy to trace.
  4. increased efficiency and speed: by working directly with open ledger, it takes away needs for middle man or other extra steps that hinder efficiency and make transactions happen faster.
  5. reduced cost: having less third party or middle-man like entity plus efficiency of system in general would reduce the cost of running enterprise.
#911

Transparency: it can only be updated through concensus
Security: blockchain network can help prevent fraud and unauthorized activity.
Improved traceability: exchanges are recorded in the blockchain network and cannot be recomoved.
Increased efficiency and speed: with the blockchain technology the transactions can be completed faster and more efficiently.
Reduce cost: you don’t need as many third parties or middlemen to make guarantees. That reduces cost.

#912

Transparency: It allows all network participants to have access to all transactions.
Security: Each and every transaction mush be agreed upon before it is approved. To change a single transaction would require the collusion of the entire network.
Improved traceability: Every single transaction that has ever occurred on the blockchain can be traced, leading to improved traceability and the prevention of fraud.
Increased efficiency and speed: Since it has a single digital ledger that everyone has access to, intermediaries are not needed.
Reduced cost: Given that blockchains are trustless networks, third parties and intermediaries are not needed to verify the authenticity of each transaction, thereby reducing costs.

#913

Transparency - All participants share the same documentation. Data is agreed upon collectively. Data is public.

Security - Data is only updated via consensus. Data is spread out on many computers making hacking extremely hard.

Improved traceability - Production history is public. Data cannot be changed or manipulated.

Increased efficiency and speed - It is peer to peer and very fast. Removes middlemen.

Reduced cost - Removes third-party brokers. Removes paperwork expenses.

#914

[quote=“ivan, post:1, topic:8421, full:true”]
Explain with your own words, why these are the benefits of using a blockchain.

Transparency:
The transactions are available as a public ledger for all of the users of the network to be seen

Security:
Nodes form the Blockchain Network resulting in same DB being available at different nodes resulting in High Security and Availability

Improved traceability:
As it is a transparent ledger of transactions, you can verify all transactions and how they originated and traversed through the different nodes

Increased efficiency and speed:
Direct transactions can be effected without any middle layers resulting in reduced cost and increased speed and efficiency

Reduced cost:
Direct transactions can be effected without any middle layers resulting in reduced cost and increased speed and efficiency

#915

Transparency: Because all transactions can be verified by many computers (people) around the world and then showed publicly in the network.

Security: because it is a decentralised network which is almost impossible to hack, modify or manipulate the informations.

Improved traceability: the possibilty to create an blockchain network around traçable products is very improved by the fact that all informations are saved forever in the blockchain data and cant be modified or deleted. It removes trust.

Increased effeciency and speed: No third person, no central autority, can make transaction go peer to peer and increase the speed.

Reduced cost: as there is no middle man, costs or comssions are very low.

#916

1. Transparency

Transparency creates this environment of trustlessness that blockchain is aiming for. There is no question about whether transaction or supply chain records are accurate. Transparency is really what makes Security, Traceability and Increased efficiency possible in the first place.

2. Security

Through transparency, decentralization and the consensus network, the entire process is extremely secure. Data is public so it cannot be manipulated in secret, and the decentralized consensus network make it extremely difficult for the information to become corrupted.

3. Improved traceability

In the example of the yogurt company, this makes it so that there is a trail of information that can easily be traced through the supply process. In it’s proper implementation, this would mean that every part of the supply chain process would be tracked and recorded to ensure that none of the suppliers are cutting corners or lying. In the example of BTC this means that no hacker can come along and claim he has 1 billion BTC, because there will not be a traceable record of that happening.

4. Increased efficiency and speed:

With all of the above mentioned improvements to security, transparency and a more easily traceable supply chain process, this will naturally lead to massive increases in efficiency. Companies will be able to perform tasks and collect information on those tasks faster, and trust that the information is secure.

5. Reduced cost:

As a company’s processes are made more efficient through the potential of blockchain, the natural next step is that this will reduce costs. Not having to constantly audit information, follow up with suppliers means that time and money can be spent elsewhere.

It also makes it so that companies can avoid any legal/PR/branding challenges by, for example, claiming to be an all natural yogurt company when in reality someone in the supply chain is injecting the yogurt with chemicals.

#917

Transparency: Less paper and centralization involved. Everything is digital and the transaction is agreed on by consensus before being added to the blockchain. Once added, it can not be removed so you can trust the accuracy of the ledger.

Security: It’s more secure because of consensus and lack of centralization. You don’t have to worry about a third party tampering with data nor hackers getting in since everyone on the blockchain has a copy of it.

Improved traceability: Data added cannot be removed since everyone has a copy of the blockchain. This means that you can track and trace a good through every step of the supply chain.

Increased efficiency and speed: Everyone has access to the blockchain ledger and since no one has to trust that other people are doing the right thing, everyone has the same correct information. There is no longer a need to reconcile multiple ledgers or have a bunch of third parties involved in processes.

Reduced cost: With blockchain, you will no longer need to involved middlemen or third parties. This will save companies time and money.

#918
  1. Transparency: Blockchain is decentralized, and can only change when the network comes to consensus based on their own copy of the ledger. The transactions are available to everyone and is not controlled by any authority
  2. Security: everyone in the network must agree for a transaction to be accepted on the blockchain, it’s encrypted and linked in the chain next to the previous transaction and as every node has a copy the transaction is not only confirmed on one server, but is stored throughout the network in their copy’s of the ledger. This makes hacking, fraud and stealing much more difficult. Sensitive data can be stored more secure.
  3. Improved traceability: when goods are recorded on the blockchain it easy to see where an asset came from and where it has been. It is the blockchains nature that you can only add transactions, not remove them, and therefor cheating in the network gets difficult. It will be obvious that you are not telling the truth if you clame something the network cannot verify.
  4. Increased efficiency and speed: by using a single public digital ledger the prowess of trading are streamlined and automated. Everyone will see the same information in one shared ledger which makes it less complicated and eliminates a lot of potential clutter and trust issues.
  5. Reduced cost: you don’t need to trust your trading partner because of the finality of the blockchain. Every transaction is immutable, so you don’t need middlemen and insurance to avoid fraud.
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#919

Transparency: Every participant of a network has an access to all data of blockchain. New data can be added when everyone reaches consensus.

Security: Decentralization ensures network security.

Improved traceability: Once any data is put on a blockchain it attaches to old block and there is no way to edit or erase it. Therefore one can trace the information till its provenenace.

Increased efficiency and speed: Human errors and third parties are avoidable by using blockchain. Real-time access to distributed ledger speeds up process/

Reduced cost: There is no imperative for third parties that may cost much.

#920

1.Transparency provides the assurance that all transactions are verified pre inscription to the ledger and the same transcript (distributed ledger) is transparent or accessible to all to view at any time.

  1. The ledger is downloaded and stored across many computers so it removes fear of deletion or alteration. New data is verified by many sources through consensus, assuring correct information is recorded, linked to previous data

  2. All transactions are recorded in the ledger so you can trace this data every step of the way back to its origin. This provides verification of authenticity

4.It removes all middle men in transfer of information which save time in generating copies of transcripts etc… Automation of consensus for the distributed ledger saves time around potential disputes involving variations in different people’s written transcripts.

5.With trust removed and consensus verified, you do not require trusted middlemen to do the work of transferring information. No money lost through corrupt partners and unnecessary salries are saved.

#921

ransparency:
everyone can view the public ledger

Security:
its very difficult to change a transaction

Improved traceability:

you can track any transaction

Increased efficiency and speed:
smart contract

Reduced cost:
less legal cost, because trusless

#922

Transparency:

The ledger being distributed on a decentralized network of nodes, the data is immutable and for every to audit.

Security:

There are numerous ways as to why a decentralized database is more secure than a centralized one;

  • Immutability of data entry vs corruptibility of data entry
  • Acceptance of data by all network vs central authority authorization
  • Network is distributed vs centralized
  • In order to corrupt data on a blockchain, you need to attemp a 51% attack, and it is usually not cost-effective depending on the size of the network hence the attacker has no real incentive to do so.

Improved traceability:

Because of it’s tamper-proof aspect a blockchain is an ideal architecture to use for supply chain tracking, the data being available for everyone to see, it is as transparent as a ledger can be hence trustless exchanges can be conducted without third party. All end users do not have to rely on third-party intermediaries that could potentially corrupt the data. Don’t trust, verify.

Increased efficiency and speed:

  • 24/7/365 1/4
  • No third party required hence reduced intermediaries equaling higher speed and efficiency.

Reduced cost:

  • No third party required hence reduced intermediaries equaling lower transactional fees between end users.
#923

Transparency so everyone knows what’s on the table being laid out.

Security trusting the mathematical code, the protocol behind BTC to know that we can live a governance free. without inerface. having user to user transactions trusting the trustless system.

improved traceability- the ledger provides a detail account of your financials, inventory & the supply chain of the products you maybe selling on your shelf.

increased efficiency speed- having all the data on the ledger gives you one view of the things happening. rather than having separate accounts of the same transaction. giving you more time to get your own work done.

reduced cost- with everything that blockchain does guess what. it eliminates the need of a book keeper, accountant and someone keeping track of your inventory. giving you more bang for your buck!