Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#924

Reading assignment: Benefits of the Blockchain technology

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

Transparency: Transactions are open for all to review. They are signed by their originator and verified by all nodes on the network.

Security: When a transaction transitions its state to be placed on the blockchain, all nodes will test the veracity of its new state, through the use of cryptography. Also, each block contains the hash of the preceeding block, which is an element used to calculate its own hash(immutability). All nodes have their own copy of the blockchain.

Improved traceability: As all transactions are logged on the blockchain, an audit trail is produced and easily accessible to all. No need for a third-party to perform audits.

Increased efficiency and speed: Workflows can send the results of their process steps as transactions to the blockchain, reducing the number of middle men and leaving an audit trail at the same time.

Reduced cost: Less chance for error, thus reduce costs.

#925

Transparency:

In Blockchain all network participants share the same documentation. When everyone agrees on it, it can be updated through consensus. It is available to all with permission.

Security:

Because of the transactions must agree before they are recorded. And when this is stored in the entire network instead of one computer it minimizes the risk of hackers. This is a huge possibility in business such as healthcare and in the government sector.

Improved traceability:

With recording on a Blockchain, you can follow the products path in the entire supply chain, all the way back to its origin,

Increased efficiency and speed:

We all know the slowness of making transactions in today’s Fiat currency society. The banks take days before you get your money, it takes days to convert it to foreign currencies etcetera. Blockchain automating this processes which makes transaction complete faster and more efficient.

Reduced cost:

Without a third party and less middlemens you reduce huge amount of costs. Trusting the data on the Blockchain network you don’t need these middlemens, like Paypal, because you don’t need to trust the partner you deal with. You trust the system based on math instead.

#926
  1. Transparency:
    Information can only be added to the blockchain via consensus where the data has already been verified by multiple sources before it has been confirmed and added to the blockchain. All data on the blockchain are final and irreversible. The data cannot be removed or updated, and can be independently verified and so trust is not required to transact.
  2. Security:
    Once a transaction is verified/confirmed by consensus, independently across a network of computers, it’s inserted in the blockchain and it is linked with all the previous blocks in the chain. If a malicious actor were to attempt to tamper with a transaction to change it, they would need to change all of the blocks that contain the transaction and all subsequent blocks in the blockchain. This would be very costly and difficult to do.
  3. Improved traceability:
    All transactions are on an immutable, decentralized ledger that is public where transactions are independently verifiable and given a coin in an address all previous transactions that led to the current state can be traced.
  4. Increased efficiency and speed:
    Blockchain streamlines and allows for automated processes so that transactions can be completed faster and more efficiently using a single digital ledger that is shared among participants having access to the same information.
  5. Reduced cost:
    With immutability and verifiable transactions, trust-less transactions can occur directly between parties without the need for intermediaries with associated fees resulting in clearing and settlement occurring much quicker.
#927

Transparency : Blockchains works decentralized in a consensus network system requiring the majority of approval (not a single point of control)
Security: Blockchain is decentralized and public digital ledger, which transactions can’t be removed or deleted. It requires a consensus in the network creating a trustful environment.
Improved traceability : Transactions are linked to existents history blocks, allowing an audit trail and system integration. (ie: track the history a food chain, from the what the cow eats until the beef which we buy in the supermarket).
Increased efficiency and speed : Since there transactions can not be removed or changed, stakeholders would trust in the system cutting the middlemen, contracts and all the processes and papers required to conclude several activities (ie: Supply Chain). Besides it easier to analyze the data and think about best solutions.
Reduced cost : Just not having a middlemen who does not add value to process, but only must be there because of the current process, reduces significantly the cost. But also having more data integrated available, gives more change to define the best strategy

#928

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

  1. Transparency:
    Since the blockchain is public, transaction history is available and open for anyone to verify transactions which have been agreed upon by the network. The blockchain is shared across the network and is immutable so the transactions can be trusted.

  2. Security:
    The blockchain is highly secure because transactions are encrypted and connected to the previous block. Miners across the world are also incentivised to keep the network secure by gaining block rewards. Attempting to hack or double spend would come at a significant cost to a miner and would not result in gaining block rewards.

  3. Improved traceability:
    When transactions are recorded on the blockchain, the history is fully auditable making it possible for someone to trace the journey of a product through a supply chain

  4. Increased efficiency and speed:
    Since the blockchain is public, it can be used for entities to transact with eachother and provide them with one version of the truth so there is no need to reconcile different sets of ledgers or get intermediaries involved which can be costly and time consuming and generate a lot of paperwork.

  5. Reduced cost:
    Reducing the intermediaries needed can result in saved costs as well as reducing the cost of time that someone might spend on reconciling and verifying transactions.

#929
  1. Transparancy. it is clear that a public ledger that cannot be altered needs very little verification once there is consensus that the transaction is valid. Once that is done it is merely a matter of logging historical data
  2. Security is the strength of the blockchain. As the network itself handles security, a lot of additional security solutions can be avoided to secure the data. This has financial benefits as well as resource benefits
  3. As the ledger is on a public network and shared by all participants in the network there is full historical transaction data that is available for review. It doesn’t require even auditors visiting a company’s archive and digging through binders full of paper in the archive
  4. As the information is processed digitally and available instantly, there is almost no time lag. Any information is available on simple demand (with the right access)
  5. As a lot of functions such as security and archiving are achieved by the network, significant savings can be made by making use of the blockchain technology. The standardized way also allows for interoperability which has it’s own benefits
#930

  1. Transparency:
    Deals done behind closed doors can be manipulated or misrepresented. With the greater transparency that blockchain affords since it is a public ledger, all parties involved in a transaction can see what’s going on.

  2. Security:
    It’s much easier to hack, steal, or alter transactions stored on a single computer. Transactions on the blockchain have to be agreed upon, approved, and then they are are recorded, encrypted and linked to a previous transaction. Because transactions are stored across a network of computers, they are much more difficult to compromise.

  3. Improved traceability:
    Transactions recorded on the blockchain are much easier to audit because they leave a trail from their origin to their completion.

  4. Increased efficiency and speed:
    Traditional record keeping relies on a paper-heavy process, 3rd party mediation, and multiple ledgers all of which add up to a time consuming procedure. Blockchain streamlines all of this.

  5. Reduced costs:
    Because you can get rid of expensive middlemen and a multitude of documentation reviews, costs can be reduced substantially using the blockchain.

#931
  1. Because there are no individual copies of the ledger, only a shared one, it can not be updated without consensus. Everyone must agree, a checks and balances system, which creates accuracy and consistency.
  2. All transactions are agreed upon before they are recorded. They are then encrypted and linked to the previous transaction which creates a secure trail. And all records are stored on a network of computers, not just one, so less susceptible to hacking.
  3. All exchanges of goods are recorded. There is a complete trail of every step that the item went through along the way, traced back to its origin.
    4.Traditional paper systems are time consuming and room for error. Automating the process creates a faster and more efficient system with less clutter.
  4. By eliminating the middle man you cut out extra costs.
#932 
Transparency:

All parties involved in a transaction utilizing blockchain work off the same ledger. There is no way for an individual on one side of a transaction to alter data without all parties bearing witness. Everybody knows what is happening with all components of a transaction at all times.

Security:

All recorded blockchain transactions require consensus and, once approved, are tied to previous transactions. Thus altering data within a transaction (intentionally or erroneously) is nearly impossible. Because transactions place on a decentralized network security if further enhanced by the lack of a central point for bad actors to attack.

Improved traceability:

Because all components of a transaction are indelibly recorded on the blockchain they are easier to trace. Audits are not dependent on the information (and whims) of individuals within the supply chain.

Increased efficiency and speed:

Blockchain is essentially a single ledger than can replace the multiple data points that can characterize a normal transaction. Having all participants focused on a single source is obviously more efficient than having oversee and audit multiple independent data points.

Reduced cost:

The IBM article focuses on the reduced need for third party intermediaries and their associated costs in blockchain transactions. One realizes the answer to all of these questions is the same: from cost to security to transparency the benefits come from a network where everyone is working of the same ledger and consensus is required to change it. Call it ‘Centralized Decentralization.’

#933

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

Transparency: Everybody can access the data and what happened at every point in the past

Security: It is much harder to hack or change a blockchain than a centralized system. To do so in a blockchain, the attacker has to alter the ledgers stored on the individual computers of the majority of the network.

Improved traceability: you can track every step of a supply chain, or every transaction that lead up to one transaction.

Increased efficiency and speed: You don’t have to use multiple ledgers to document different processes. Everything happens on one shared ledger and there is no need for trusted third parties verifying anything and slowing things down.

Reduced cost: No need for trusted third parties cuts them out of the transactions. You don’t have to pay them anymore as their service is obsolete.

#934

  1. Transparency means as every transaction is on a ledger within the blockchain system then there’s no need for extra traceability.

  2. As blockchain copies are stored data on a ledger across many computers it’s virtually impossible to hack.

  3. Every transaction is on a distributed public ledger which makes it totally traceable.

  4. Blockchain makes it more efficient in the streamlining process which in turn causes speed and efficiency.

  5. Reduced cost is available due to streamlining.

#935

Transparency:
Every transactions is visible in public ledger and publicly available. There are no ways of lying or hiding something.

Security:
Blokchain is trustless, you don’t have to trust your partner, you trust the network and math behind it. All transactions are verified by the whole network, not by the central authority.

Improved traceability:
It is very easy to track the origin of transaction because all transactions are publicly available in the ledger. Audtiting is a lot easier.

Increased efficiency and speed:
Trading in blokchain is automated process, there is no middle man and need for paper work, thus it’s faster and more efficient.

Reduced cost:
There is no need for third party/middle man in doing transactions. There is also no need to trust or verify your partner, therefore costs are reduced.

#936

Sécurité renforcée

Dans une blockchain, les Ă©changes sont basĂ©s sur la technologie de la cryptographie. Cette technologie vise Ă  crypter des informations pour en assurer la confidentialitĂ©. Les donnĂ©es ne sont pas stockĂ©s sur un serveur mais sur un registre distribuĂ© partagĂ© en temps rĂ©el avec tous les participants. Ce registre ne peut ĂȘtre modifiĂ© sans l’accord d’une majoritĂ© des participants.
L’architecture de ce systĂšme basĂ© sur la dĂ©centralisation permet d’assurer une sĂ©curitĂ© accrue du rĂ©seau en n’offrant aucun point individuel de dĂ©faillance, le rendant ainsi bien plus difficile Ă  hacker.

Une traçabilité améliorée

La blockchain s’appuie sur une base de donnĂ©es distribuĂ©e qui est accessible en temps rĂ©el par tous les acteurs du rĂ©seau. Les informations stockĂ©es et transmises pour les utilisateurs sont inscrites de maniĂšre immuable et vĂ©rifiable par n’importe qui, dans le cas d’une blockchain publique.

Plus grande efficacité et rapidité

Les Ă©changes sur une blockchain se font de pair Ă  pair. L’absence d’intermĂ©diaires apporte un gain d’efficacitĂ© et de rapiditĂ© dans les Ă©changes.

Coûts réduits

Parce que sur une blockchain les échanges se font sans tiers de confiance et autres intermédiaires, mais directement de pair à pair leurs coûts sont considérablement réduits.

#937

Transparency:
blockchain is distributed ledger, all participants share the same documentation available to all of them at the same time.No individual copies.

Security:
Transactions are agreed before they are recorded, then they’re encrypted and linked to the previous transaction. All informations are recorderd in the network rather than a single server,so hackers can’t attack or compromise the transaction datas.

Improved traceability:
When transactions are recorded on a blockchain, we can track their journey. This historical transaction data can help to verify the authenticity of assets and prevent fraud.

Increased efficiency and speed:
automating transactions with blockchain is more fast and more efficient rather than traditional methods.There’s no need for any intermediaries and this speed up porcesses even further.

Reduced costs:
as above,there’s no need of third parties or middlemen to have any sort of warranty because there’s no need of trusting partners.This is a cheaper and faster approach.

#938
  1. Transparency:
    All network participants share the same data. This data cannot be altered without consensus.
  2. Security:
    • Redundancy of the data across the network makes hacking the transactions difficult.
    • Encryption & the linking to a transactions previous record.
    • Consensus of the data before it is written.
  3. Improved traceability:
    All transaction data is stored throughout the chain making a goods/services history verifiable against fraud and available for accurate authenticity.
  4. Increased efficiency and speed:
    No need for reconciliation, paper, mediation, no clutter, or intermediaries.
  5. Reduced cost:
    See my answer to 4 <- this answer used for efficiency :slight_smile:
#939

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

Transparency: Every transaction can be easily checked in any moment
Security: Once the transaction is made there is no way to revoke.
Improved traceability: Each step of any process can be registered and tracked.
Increased efficiency and speed: By totally removing any kind of burocracy and optimizing the process of communication between involved parts
Reduced cost: The actual cost of the process is a minimum fraction of the burocratic process

#940

Benefits of using a blockchain.

Transparency:

  • All participants share the same documentation and this documentation can only be updated when everyone agrees (reaches consensus).

Security:

  • After reaching the consensus, new transaction is linked (chained together) with the previous transaction. The information is stored on network of computers instead of single server so it makes its difficult to hack.

Improved traceability:

  • Because transactions are chained with previous transaction when they’re recorded, it makes it easy to trace any transaction.

Increased efficiency and speed:

  • Record keeping is performed using a single digital ledger that is shared across nodes. This makes things less clutter and thus clearing and settlement can occur much quicker.

Reduced cost:

  • Single and immutable version digital ledger eliminate the need of middlemen to verify and provide guarantee and thus operating costs are reduced.
#941

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

Transparency:
Blockchain offers transarency due to the shared ledger so everyone shares the same documentation which can only be updated by concensus.

Security:
As transactions are only approved by concensus, linked to the previous transaction and stored across a network of machines it offers greater security.

Improved traceability:
As all transactions through the network provide an audit trail this provides greater traceability.

Increased efficiency and speed:
By replacing traditional, error-prone processes with the digital shared ledger offered by blockchain this brings a faster and more efficient processing.

Reduced cost:
The increased efficiency of blockchain and elimination of intermediary processes this reduces the costs involved in transactions.

#942

Transparency: Everybody can access any information on the blockchain (as long as he/she has the right to access, obviously). Since everybody must agree to every single transaction, everybody gets to know immediately every information that one would like to add to the blockchain.

Security: being a distributed ledger, informations can not be lost. it is also impossible to forge informations due to the concept of consensus.

Improved traceability: being registered everything from every entity of the supply chain, it is possible to create an exact audit trail. Eg if we want to see where our chocolate comes from, we can trace it back step by step through the whole production process, back to the cocoa beans.

Increased efficiency and speed: when all transactions are being registered on a common blockchain, they can be seen and elaborated much faster than with traditional methods where every company has its own accounting system, maybe using still paper and communicating with suppliers and clients via printed documents sent by post or fax. Also, with a blockchain we can eliminate the factor “human error” that can always happen.

Reduced cost: when everything is saved on a common blockchain, for example for our supply chain, participating companies save money they would otherwise have spent for:

  • verifying the reliability of suppliers involving 3rd parties for this process of verification
  • tracing back the provenience of products received
    That is possible thanks to the trustlessness of blockchains.
#943

Transparency:
Blockchain is an open ledger and all network participants share data in a network where everybody else can take a look at this data. All of these participants have the same ledger.

Security:
It is hard to hack because a hacker need to hack all of nodes on a blockchain network. All transactions all linked and cryptographic with a previous one.

Improved traceability:
It is easier to track your products which you buy, because when somebody does their audit trail that shows where an asset came from and every stop it made on its journey.

Increased efficiency and speed:
everyone has access to the same information and we don’t need third-party.

Reduced cost: We don’t need a third-party to make guarantees instead we trust the data in the blockchain