Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#944

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

Transparency: Blockchain utilises a shared ledger instead of individual copies. Actions are levelled out on a global scale to ensure we all work from a common template. It therefore follows the ethos of ‘all for one and one for all’!

Security: The record of every transaction is encrypted then shared across the entire blockchain network NOT tied down to a single computer. Blockchain therefore brings all users within shared security levels - there are no ‘standard’, or ‘executive’ levels of security and individuals don’t have to buy in to a premium to have full security confidence.

Improved traceability: A significant benefit of blockchain lies in the ability to identify and verify the provenance of any item or material along simple or complex chains of supply.

Increased efficiency and speed: The burden of middlemen and out of date paper trails is withdrawn through the common global ledger of blockchain. This reduces the need for mediation from ‘specialist’ services, cutting costs and speeding up processes. The placing of a single digital ledger to work from also radically reduces the possibility of ‘human error’ in auditing and accelerates the chain of information.

Reduced cost: The blockchain filters out a whole raft of previously required expensive professional auditing, reconciling services. A number of third party agencies are also cut out. Furthermore, with ‘time being money’, the speeding up of transactions allows costs to be cut.

#945

While its true that blockchain reduces human error and replaces traditional slower process which involves paper, it is still slow when it comes to transactions per second. For bitcoin we are trying to make it more scalable by implementing a second layer solution called “Lightning Network”.

#946

Good answer. Provenance and finality are the key features that improve blockchains traceability.

#947

Transparency:

Security: Records are immune to hacking or tampering due to distributed processing, encryption, blockchaining, proof of work, and incentives to do the right thing

Improved traceability: Records are permanently stored and all the ledgers are shared throughout the network. Audit trail can be done fast.

Increased efficiency and speed: Removal of middlemen and clearing houses and the elimination of proving through paper-based or centralised financial institutions

Reduced cost: Since there is little need to verify and re-verify through traditional audit procedures, the ledger is all-in-one proof you need

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#948

Explain with your own words, why these are the benefits of using a blockchain.
The benefits of BlockChain are combined in a system where a public ledger is utilizing Provenance by permissioned party’s (nodes) to verify data in a data-entry only system thereby creating a transparent way of auditing data and preventing fraud (security). Realtime tracking of data in a public ledger creates a historical record whereby any data can be traced and verified, assets/goods are tracked at point of acquisition, every stop, and where they end up at, eliminating the need to reconcile data.
The disruptive nature of the BlockChain immutable system eliminates any need for third-party or middlemen trust, creating less documentation thereby reducing overhead costs for companies. An overall efficient, fast, safe system. I could go on but it’s Mothers Day so. You guys Have a good Mothers Day.

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#949
  1. Transparency offers users an opportunity to look through the history of all the transaction in the blockchain.
  2. Security: Being database/Information/Transaction/etc is not stored in one single location but instead in a network of computers of many different location makes this technology highly secured.
  3. Improved traceability: Traceability of any given products/ transaction/etc. greatly improved because everything recorded in the blockchain are true and correct recorded in an open ledger in a consensus work and therefore helps much accurately in traceability.
    4.Increased efficiency and speed: Because everyone has easy access on all the information it will be much more easier and very efficient more forward and automating the process with much less work and countertimes.
  4. Reduced cost: The cost can be greatly reduce due to the absence of middle man, third party man, only a peer to peer. You can do business directly to any be it a stranger or friend- you don`t need any trust.
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#950

Transparency :
Allows all data to be viewed on a distributed ledger so all participants in the network have the same ledger and can check the accuracy of data coming through.
Security:
The transactions must be agreed upon by the network. The ledgers is controlled by multiple computers rather than a single server making it harder to breach data and all the data is encrypted and linked to other transactions.
Improved traceability:
Products can be traced back to their original origin through blockchain, so you can see where and when transactions took place.
Increased efficiency and speed:
Since the blockchain is trustless you dont have to factor in human error, you also dont have to use multiple ledgers as all transactions can be viewed in one ledger.
Reduced costs:
You can cut the middle man out as blockchain is trustless. you can do peer to peer transactions rather than going through a vendor.

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#951

  1. As in the blockchain same ledger is shared by all those who have the permissioned access. Thus, if any entry addition is to be made on blockchain it is done through consensus and thus, it is transparent. Any change will required to change entire network so, blockchain network is consistent, accurate and transparent.

  2. Any transaction processed is agreed upon various members who have access. Thus, after consensus about a transaction is reached it is encrypted upon the blockchain and linked to previous blocks. Also, database is not present on single server. Infact it is available on distributed network making it difficult to hack.

  3. As, blocks are added but they can not be removed or data can not be deleted makes blockchain network highly traceable. All record of the data especially in a supply chain network can be obtained such as from where product shipment originated where it stayed and what additions and subtractions were made on its way to the destination.

  4. By streamlining and automating manual paper work online can improve efficiency and speed of process. Transactions can be made within few seconds making blockchain networks a speedy solution.

  5. With absence of need of third parties and middlemen makes blockchain cost-effective.

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#952
  1. People with access can see and trust what happened on distributed ledger
  2. Because it’s irreversible and miners are incentivised to keep it this way
  3. You can see every single step that happened on a ledger
  4. No middle man involved, less finances spent and quicker process
  5. No middle man involved, so less money spent which is what businesses always trying to achieve
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#953

Transparency:
Blockchain allows transaction records to become more explicit and clear. All participants must agree on a record before it can be commited to the blockchain and all subsequent records will depend on the legitimacy of it. Transactions cannot be manipulated or falsified without modifying the entire chain from that point forward to maintain cohesion.

Security:
Enhanced security is a benefit provided by blockchain because data is stored with high redundancy by many nodes. A centralised network by contrast has very little redundancy and may thus be compromised far more easily.

Improved traceability:
Digital provenance can be applied by blockchain systems to allow assets and their components to be traced back to their source supplier and ensure their authenticity. Paper-based supply chain management is typically conducted ad hoc and to varying standards of accuracy making it far less reliable.

Increased efficiency and speed:
Blockchain is faster and more efficient because everyone is working from the same information or ‘on the same page.’ This has the effect of streamlining the process of confirming and clearing transactions - allowing for a frictionless exchange. There is also no requirement for intermediaries who may take additional time to legitimise the transaction.

Reduced cost:
Costs can be reduced using blockchain technology by no longer needing to pay intermediaries to trade with partners who cannot be trusted - user need only trust the protocol. Blockchain can be considered an ‘automated intermediary’ that is far cheaper to run because no humans need to be involved and compensated.

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#954

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

  1. Transparency: The data is available for all parties to access and check a transaction. All transactions on a blockchain are updated through consensus. There is only one agreed upon copy of the blockchain that all groups agree on.
  2. Security: There are many ways a blockchain is more secure that other record-keeping systems. All transactions must be agreed on prior to getting added to a block. Once a transaction is approved it is encrypted and linked to past transaction. Information is stored across the world on a network of computers - not on a single server.
  3. Improved traceability: When something is recorded on a block chain it has an audit trail that shows every stop the asset has made from the beginning.
  4. Increased efficiency and speed: When record keeping is done on one digital ledger that is shared among many parties you don’t need to reconcile many ledgers. When everyone has access to the same information it is easier to trust everyone with out the need for intermediaries like auditors etc. Settlement becomes much quicker for all parties involved.
  5. Reduced cost: With the correct use of blockchain you won’t need as many third parties to make guarantees because you can just trust the data on the blockchain. Everyone has permission access to a single immutable transaction.
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#955

Transparency: eliminating trust for the public and/or businesses within the supply chain.

Security: Harder to compromise data.

Improved traceability: authentication.

Increased efficiency and speed: automation and cleaner overview.

Reduced cost: no middlemen.

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#956
  1. all have access to the same data, that is only stored in one blockchain. and information inside the ledger gain maximum trust as all participants agreed on the terms and the transactions entries - which can not be deleted or modified (usually; as all have participants would have to agree the deletion of previous transaction records)
  2. nobody can play foul (because of consense) and data can not be altered. also we have maximum availability and the system is hard to hack because of the decentralized computer system
    3)since all data is stored in one ledger, information is not cluttered. also you can trace goods from with origin to the destination, and i.e. confirm authenticity - thats why supply chains are the textbook example for “enhanced visability”
    4)since all participants are using one system, that they agreed on, information is easier to enter, track and find. also it is more trustworthy, as all play by the same rules, they agreed on
  3. as all particpants work with one system, cost is considerably reduced, as not other parties or even middleman are involved.
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#957

With the possibilities of a permanent ledger, all transactions can be traced to the source providing a self fact checker for every transaction. No one will have to prove anything because Blockchain enables it by default.

Blockchains ability to be a permanent ledger prevents the ability to create or alter finalized transactions. Each transaction is agreed upon by the whole network before it is published.

Along with the permanence of each and every transaction, comes a way to track the whole purchase chain. Each transaction is linked to a previous transaction until reaching the origin of the item.

By making the entire process under the same standards/protocols and making the process digital, Blockchain is able to become very efficient and fast. This speed is translated to not only the quickness of verifying each transactions, but by creating new sales at a faster pace.

Time is money, and when things are done autonomously for you and your company you save money. And that is exactly what Blockchain does, it relieves you of the time to review transactions among other things so that you may focus on others things.

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#958

  1. Transparency: Everyone with access to the network can see the entire transaction history of the blockchain.

  2. Security: The network is highly security due to it’s immutability factor. Once a transaction is recorded, it is encrypted and linked to all previously verified transactions on the blockchain. So in order to alter any transaction, you would have to alter all of them, the entire history of the blockchain.

  3. Improved traceability: Because of provenance, the blockchain has a recorded transaction history for any asset in question - making it easy to audit and authenticate.

  4. Increased efficiency and speed: With the elimination of having to reconcile a transaction among multiple ledgers, you end up with increased speed and reliability when you can validate it on a trustless single & decentralized ledger, blockchain.

  5. Reduced cost: Without having to hire additional tracking, auditing, accounting, and banking intermediary services, you can reduce costs considerably.

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#959

  1. Transparency:
    With a network where everyone has the same copy of information,that can only be changed through consensus, the info is more accurate and transparent to everyone involved.

  2. Security:
    On blockchain, information that is accepted in encrypted and then tied to the last bit of information. This forms the “chain” of information. Without one thing, you don’t have the next. Also when the entire network is on the same page, someone cant just show up and claim they (for example) have 1M BTC out of no where.

  3. Improved traceability:
    On blockchain, a bitcoin, for example, can be traced all the way back to its origin block. You can see everywhere its been since then as well. This creates amazing traceability that could also be applied to things like food products and clothing.

  4. Increased efficiency and speed:
    With paper based wealth, transactions are slow and prone to human error, delays and many more problems. With blockchain, all things are automated, available at all times and trustless to a point where everyone knows that the transactions are true and honest. Also, there is less clutter which is always nice.

  5. Reduced cost:
    On the blockchain, you don’t have to waste time and money verifying your trading partner or other middle men. Instead you can get things done in a day, at a fraction of the cost due to the speed and security of the network.

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#960

Transparency: All network participants share the same documentation so the system is clear

Security: Transactions must be agreed upon so multiple sources help confirm a transaction and with multiple node sources comes increased difficulty to hack the network

Improved traceability: Leaves an audit trail and helps verify authenticity since all bitcoin for example are immediately within the network once it’s mined and never leaves

Increased efficiency and speed: Only uses one digital ledger that gets verified by multiple sources

Reduced cost: Less third parties involved so less people asking for a cut

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#961

Transparency:
A blockchain has greater transparency because it is a ledger that is distributed amongst a number of node/computers. Every node has a list of identical transactions or data. This data being spread out and accessible at so many separate creates a very transparent system for those who are sharing this system.

Security:
A Blockchain provides enhanced security because of the process involved in validating the transaction before it can be added to the next block. When all the nodes agree it is a legit transaction only then is it allowed to be placed in the next block. when that block is complete that transaction can not be changed. Written in stone! I like that concept. This is extreme security because the only possible way to change any data in a closed block is to have control of each separate node in the system to orchestrate a reversal or modify it in any way.

Improved traceability:
When things are recorded on a blockchain it enables the ability to trace things and their origins much easier. The most popular example is that of supply lines. Tracking items from origin to end product. Another example of this that I like is the recording of land deeds. This creates a secure system storing and transferring something such as a deed.

Increased efficiency and speed:
It is not difficult to see why a blockchain network would have superior efficiency and speed over any type of traditional paper or central server type of system. The blockchain is a distributed ledger that updates every participating node in the network at the same time. Anyone within that network can have access to that ledger immediately. Think about how efficient processes such as real estate transactions can be or any other type of transaction that typically requires lawyers and mountains of paper signed multiple times.

Reduced cost:
Reduced costs is a natural and expected result of implementing a blockchain to a system. The elimination of third parties services, fees and time involved alone is huge. The streamline efficiency of transactions across a broad decentralized network eliminates a lot of unnecessary paperwork and man hours.

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#962

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

  1. Transparency: A blockchain has greater transparency because blockchain ledger runs on a system of distributed nodes that contain same ledger of transactions to view, not copies of ledger and thereby the transactions can be viewed by participants.

  2. Security: A blockchain provides enhanced security because all changes to the ledger must be agreed upon by all nodes so not one or one group can alter the ledger or add a transaction without consent of all nodes. No central database also prevents hacking of the system.

  3. Improved traceability: When items or supplies to be shipped, for example, are added to the blockchain the items can be tracked and the authenticity of the item can be tracked and traced which can eliminate fraud and produce reliability of the quality of the product.

  4. Increased efficiency and speed: Recording transactions on the blockchain increases speed of process, decreases the need for “middlemen” and ensures the accuracy of information due to need for agreement of the many nodes.

  5. Reduced cost: No need for increased number of people involved to prevent fraud and ensure accuracy due to the trustless nature of blockchain transactions. All parties have access to information and ledger transactions.

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#963

Benefits of using a blockchain:
Transparency: All data on the blockchain is shared among the network of participants and can only be changed by the agreement and consensus of all users. Therefore all data is verified always.
Security: All transactions must be agreed upon than recorded. Once it is recorded it cannot be changed. The data would be difficult to change because the same data is held across a network of computers. Everyone would have to collude together to change the data which would be very difficult.
Improved Traceability: For all of the same reasons above. The data on the blockchain would be recorded every step of the way. Therefore making it easy to trust, for example, where all the ingredients for a product came from and all the stops it made along the way.
Increased Efficiency and Speed: Without the need for piles of paper and various data storage vaults, transactions happen with much greater speed. They happen instantaneously along with all the above benefits.
Reduced Costs: Without the need for third party verifiers or “accountants” there is a dramatic decrease in cost to do business.

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