Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#81

Transparency
The data is shared by all network participants and would require the collusion of all participants in order to change a single record. Attempts by individuals would be obvious and would fail verification thus leading to greater transparency.

Security
Transactions must be agreed upon through consensus before they can be recorded to the blockchain. They are then encrypted and linked to the previous transaction before being stored across multiple computers on the network. These actions make it extremely difficult for bad actors or external hackers to manipulate or compromise the data.

Improved traceability
Blockchain technology is already providing solutions within the supply chain sector to combat fraud and counterfeiting. Immutable records can be created for every step of the supply route providing a complete audit trail and verifying the authenticity of a particular product. The potential for its use in custody and chain-of-evidence cannot be understated.

Increased efficiency and speed
When data is stored on a single digital ledger that is shared by all participants, the need for time consuming paper-heavy processes involving multiple ledgers and intermediaries is removed. As a result, transaction settlement becomes much quicker.

Reduced costs
Reducing costs is paramount to a business and blockchain helps by creating a trustless environment that allows the removal of middlemen and third parties. All parties in the transaction have access to a single immutable version of the data.

#82

Transparency: Transactions are able to be seen by anyone to confirm if it has been competed or not.

Security: Because there is no one place to hack it makes it unhackable.

Improved traceability: Eliminates a 3rd party to rely on for tracing and any possible discrepancies along the supply chain.

Increased efficiency and speed: Transaction done with accountability reduces 3rd parties for confirmation thus reducing time.

Reduced cost: All done at the same time so no need to hire someone as blockchain eliminates the need for banks, 3rd party confirmation or accounting.

#83

Blockchain 101 Bitcoin

Transparency

Blockchain is a distributed ledger technology that records transactions over a network of nodes

Since many copies are held on many nodes it is easy to view and verify and cannot be altered

Security

Since the transactions are permanent and are based on math protocols, trust is not required to use the blockchain

Value can be sent over the internet securely

Improved traceability

With consensus one can view the full supply chain

The system is enhanced because of the full historic record of transactions with data showing the transaction at each stage

Increased efficency and speed

Traditional systems of record keeping third parties and paper and duplicate copies is removed.

Reduced costs

Blockchain is a single record with all transaction with real time auditing

#84

Transparency: in blockchain all the information is agreed upon before it gets added which means that all the participants are clear on whether they actually agreed or not which makes it easier to verify, and you don’t need to trust you can easily verify. and also in blockchain all the information is public or private to the people who need to access it. and it cannot be changed or manipulated. and all the participants have the same copy which also makes it easy to verify.

Security: In order to change one single piece of information it would require you to alter and change all the information in the blockchain which would cause the collusion of the entire blockchain. which makes it very hard to manipulate. And it is insanely hard to hack because the data is not stored only in one server, but it is stored in a network of computers in which there’s no central point to hack or begin with.

Improved tractability: every block includes information which links it to the one before, which means, it is very easy to see the origin of the information. And the information is public or private to the participants which makes it very easy to track.

Increased efficiency and speed: Unlike traditional business models which are slow and inefficient, where a trusted third party is needed which makes the process prone to human error and slow. In blockchain the third party is not needed in which you can easily verify for yourself which increases efficiency, and the data is easily accessible, and stored in one place which increases the speed.

Reduced cost: Blockchain removes the middle man which reduces the cost. and its important because most businesses want to reduce the costs to make more profit, and with blockchain they can do that without needing to lower the quality of the business, it would actually make the quality higher in which it will make it faster.

#85

Transparency: All participants of a permissioned blockchain, or everyone in case of a persmissionless blochain, has access. Everyone can trace an asset all the way back to its origin. Businesses can easily verify the validity of their partners claims. All transactions must be agreed upon before they are added to the blockchain. Everyone can look at the data without having to trust an intermediary.

Security: Because the same data is shared across all nodes, the risk of data loss is substantially lower than that of a server based system. Because every node has the original data, it can’t be tampered with by a single entity. If a transaction was to be changed, the network would have to agree on it. This immutability means ultimate security.

Improved traceability: An asset or product on a blockchain can not only be be traced back to its origin, but also can it be tracked at every stop it has made along the way.

Increased efficiency and speed: Because transactions are combined with the settlement, they can be processed in much less time. Because no middlemen are required to approve or settle the transaction and the process is pretty much automatic, the blockchain is very efficient and much quicker than traditional (especially paper based) systems.

Reduced cost: For the same reasons blockchain saves a lot of money. No intermediaries have to approve and settle transaction. No auditors have to be hired to prevent fraud by participants of the supply chain. The cost of storing everything on paper or servers with backups can be completely cut. If a participant wants to verify a product’s claims, they can simply trace it back on the blockchain.

#86 
Transparency: All participants have the same database. Everyone sees what's going on. Transactions must be confirmed and agreed upon leaving little or no room for mistakes or shadiness from bad actors. 
Security: Having an identical database on several computers raises the difficulty factor for hacking or unauthorized shenanigans. 
Improved traceability: Things can be verified from their origins as well as at every step along the way. 
Increased efficiency and speed: All transaction data is right there in one place, easily accessible to everyone. No need to reconcile multiple ledgers or rely on outside parties for confirmation. 
Reduced cost: Reduces or even ends the need for costly intermediaries.
#87

  1. As public ledger is accessible by every one its no possible to hide anything so every thing is very transparent…

  2. As Consensus nodes are confirming the transactions the security is there.

  3. everybody has the chance to trace any transactions in realtime.

  4. system is always live and access is realtime so fast access to the history is there . in the other hand miners are trying to use better machines to do faster confirmation on blocks to earn money faster and that improves the transactions speed …

A- there are not middle mens
B- everybody has the chance to offer lower cost and faster transactions by better machines
C- all histories are keeping by nodes for ever so no cost for keeping the records
D- Trustless means less costs for supply chain auditions
E- Less cost to prepare Audit reports

#88

Transparency: The blockchain is a decentralized network where the
ledger of activity is validated by nodes all over the world. They all
share the same data. The data is immutable, cannot go back and change
transactions.

Security: Transactions are validated across the network, consensus
is required. I just learned that valid transactions are encrypted and
linked to previous transactions, therefore hacking the network would be
hugely impossible.

Improved Traceability:
If the supplies that comprise an end product are documented on the blockchain
through a series of transactions an audit trail is available for the supply’s
journey to the end product.

Increased efficiency and speed:
The ledger of activity of a particular item or process is available on the blockchain.
Reconciling this information using computer systems is quicker than scanning
paper or cross referencing multiple databases. When the transaction is confirmed,
it’s done.

Reduced cost: Less reconciling is necessary in this process. Once the transaction is
confirmed on the blockchain it is done. It is revolutionary. The transaction processors, middlemen,
will no longer be performing those confirming functions. Fees saved by transaction participants,
salaries not paid in companies and people need to find new ways of earning a living.

#89

transparency: makes for much easier accounting

security: speeds everything up by not having to rely on a trusted third party to verify transactions.

improved traceability: same as transparency?

increased efficiency and speed: these are both valuable to any enterprise.

reduced cost: easy sell for anything is reducing costs.

#90

  1. Transparency - Since every copy of the ledger is found in all nodes in the blockchain network, everyone will have the same copy with the same information therefore making it transparent to everyone.

  2. Security - Because blockchain is a distributed ledger, it will be very difficult to alter all the ledgers in the network thus making blockchain a very secured network. Also all blocks are cryptographically chained to all previous blocks and are all mined as well.

  3. Improved Traceability - Since blockchain is a record of all blocks chained together to the genesis block, every information is contained in the blocks thus allowing openness, transparency and traceability.

  4. Increased efficiency and speed - Since everybody having the same copy of the ledger, there is no longer the need to access multiple recordings to cross-reference. Each ledger contain the same information thus allowing instantaneous universal-trusted accurate information thus promoting speed and efficiency. And also because of this

  5. Cost is reduced significantly by avoiding multiple data entries/storage of the same transaction.

#91

Transparency:
Anyone who is part of the network can see all the transactions. Cuts out the need to involve third parties. The information is shared by everyone.
Security:
Because the blockchain is a network of computers that all have to agree transactions before being added to the block, means that it is virtually unhackable. Less chance of fraud and corruption. It is a trustless system. Transactions can not be changed.
Improved traceability:
Supplychain businesses can trace back to the source very quickly. Easily identify where in the chain there maybe a problem, if any. Track accountability.
Increased efficiency and speed:
Accounting companies, for example has all the information at source. Auditors can access information from anywhere. Because the information has to be validated initially by the network, then there is no chance of manipulating and changing the figures.
Reduced cost:
No need for intermediaries in certain professions. Information is available instantly. Less waiting time. Time is money.

#92
  1. Because everyone can see all transactions.
  2. Everyone agrees and confirms data that’s inputted onto the network.
  3. You can trace back all transactions to the original source.
  4. No third parties are involved allowing anyone to access the ledger.
  5. No need for third parties, just buyers and sellers.
#93
  1. The blockchain provides greater transparency cause everybody on the network share the same data and these data can only be updated
  2. Security is greater with this technology due to his concept. First, the consensus determines the truth, so each transaction is checked, and after that they’re written in the chain. No changes possible. Then, as it’s a decentralised network, the ledger exist in many servers across the world. It’s not possible to replace the original ledger.
  3. The history of the transactions allows to know and check each step of a process if we consider a supplychain or a financial chain.
  4. As it’s a protocol working between servers it’s more efficient and quick. A lot of third party can be ignore. So less mistakes and the transactions just need the time to be validated
    5.In the same way, no third party, no middle men so the cost is reduced
#94

Transparency: All the transaction on the network are transparent. That mean that anybody with access to the network can see every transaction since the Genesis block.

Security: Since it requires consensus of the network to alter the blockchain, it takes a enormous amont of collusion to achieve in contrast with a more centralized ledger.

Improved traceability: Very useful to improve the tracebility of supply chains for example. It is very easy to audit the blockchain and follow a good or a token through all of its previous transactions.

Increased efficiency and speed: The distributed ledger makes it more increases efficiency because all the participants know they can rely on that ledger. That ledger contains all the information and is not fragmented. Cutting out the middle man increases the speed and reduces the number of intermediaries in a transaction to 0.

Reduced cost: Transactions without intermediaries are much cheaper because no body in the middle takes a cut at every step.

#95

Transparency:
Blockchain technology allows access to public distributed ledger with immutable history of all transaction ever happened on it.

Security:
All transactions are stored on network of nodes and each transaction must be confirmed by consensus before being recorded and cryptographically linked to all previous transactions. This makes very difficult for hackers to compromise the transaction data.

Improved traceability:
As all transactions (that can be associated with products or data) are recorded on a blockchain, their trail can be traced from origin to its final destination through every step it ever made. This immutable history of transactions can be used to verify the authenticity of products or data.

Increased efficiency and speed:
By automating the processes of otherwise third-party mediation with blockchain, transactions are completed faster and more efficiently without human errors. Since records are kept on single distributed ledger accessible to anyone, there is less clutter and there is no need for trust in intermediaries what makes processes much quicker.

Reduced cost:
With blockchain you don’t need third parties or middlemen to make and verify transactions. By trusting in properties of blockchain and having access to its single immutable version, you can just send and receive transactions and check if they are confirmed by network consensus.

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#96
  1. There is greater transparency through the use of the distributed ledger, and consensus.
  2. How transactions must be agreed upon before they are recorded. The transactions are encrypted and stored across a network of computers making hacking them more difficult.
  3. when exchanges of goods are recorded on the blockchain you know where the goods came from and every stop they made along the way.
  4. everyone working off the same copy of the ledger and its streamlined
  5. You dont need as many third parties
#97

Transparency: Blockchain is like a distributed ledger where each of the participants have a copy of all transactios and documents, and whenever there is a request for update, all participants must agree upon the request in order for it to take place.

Security: All transactions in the blockchain must be agreed upon before being recorded. Once recorded it is encrypted and linked to the previous transaction. This provide an extra layer of security.

Improved traceability: WIth blockchain a product can be traced from its origin and also every stop it made, We can determine if a product was not produced as expected or as advertised etc.

Increased efficiency and speed: Since everyone on the blockchain have the same records its easier to settle or clear any document or transactions without the need for trust.

Reduced cost: Since blockchain allows to settle and clear docuement nd transactions without the need of a middle men or 3rd party. This guarantees a reduction in expenses.

#98

Transparency:
Since the blockchain is visible to everyone there is 100 % transparency. A blockchain is simply a distributed ledger meaning that every node in the network that holds a copy of the ledger can dig into it and follow every transaction, knowing with 100 % certainty that every transaction is final and has been agreed upon by the rest of the network.

Security:
First of all, a blockchain is a distributed ledger, distributed across a network of nodes. Each node keeps a copy of the ledger (the blockchain) that’s basically a list of transactions, collected in blocks. Every transaction has a two hashes; one unique, identifying the transaction itself and another hash referencing the previous transaction in the block. Each block has the same to types of hashed. The transaction hash is generated based on the contents of the transaction and the hash of the block is generated (partially) by the transactions in the block. This means that if you tamper with an existing transaction, all the forthcoming transaction hashes and block hashes will become invalid, and needs to be rehashed. Once that happens, the node that’s trying to tamper with an old transaction will send the new copy of the ledger out to the other nodes in the network, and say: “Hey, this is how my ledger looks like. Do you agree?” (asking for consensus) And the rest of the network will reject it. In a centralized environment, the controlling authority would simply change the network and reach consensus immediately (since there is only one to reach consensus with; itself).

Improved traceability:
Everything on the blockchain is visible to every node keeping a copy of the ledger, and everyone can download a copy of the ledger and look into it themselves. This makes it possible to trace every transaction ever since the genesis block (the first block of the chain).

Increased efficiency and speed:
Since there is multiple peers in the network, and not only one, the time of a transaction will be kept at a minimum. Let’s say you want to send 1 X to a friend. Doing that through your bank will make the transaction time depend on a few things; your banks IT infrastructure, if your bank requires manual confirmation of each transaction etc. etc. When sending X on the blockchain you simply transmit a transaction into the blockchain and the transaction will be confirmed as soon as the network reaches consensus (when miners agree that you have the amount available).

Blockchain basically removes the middle man from the transactions.

Reduced cost:
When sending money through the blockchain you don’t need a middle man. When you send money through your bank, you are, somehow, paying small fees here and there, insurance etc. for the bank to handle the transaction, handle your money etc. When using the blockchain, you still pay a fee to the miners that handle the transaction, but you are able to cutoff every middle man off, that used to take fees for handling your transactions.

Middle men are basically not needed, since you don’t need to trust anyone but the network and mathematics behind the technology.

#99

Transparency: Everyone can go to a block explorer and see the transactions on the blockchain. It is open to everyone, no login, no password.

Interesting what IBM’s article says, that all network participants share the same documentation, they don’t have individual copies. This is really a great feature of blockchain.

Security: There is a high level of encryption, use of different algorithms such as SHA-256, that make the blockchain really secure. Furthermore, every transaction is verified by the miners (in PoW), and participants are incentivized to play by the rules. The blockchain is immutable, and the data cannot be altered or removed by an ill-intentioned individual.

Improved traceability: Blockchain is a great tool for supply chain, for example. Yes, the transactions are traceable, we can trace a transaction back to its origin, find a specific hash, an address or a transaction ID on a block explorer (such as https://www.blockchain.com/en/explorer). It goes hand in hand with transparency, which we spoke of before.

Increased efficiency and speed: Of course the use of blockchain removes the heavy paperwork and automates process, which enhance efficiency and speed, but what is really revolutionary to me is removing intermediaries and replacing middlemen by smart contracts.

Reduced costs: As third parties or middlemen a no longer needed (at least in the purest form of blockchain, because it is less the case in permissioned solutions), costs can be significantly reduced.

#100

In the IBM article (under “Greater transparency”), I wonder what the author means by “collusion” of the entire network.

To change a single transaction record would require the alteration of all subsequent records and the collusion of the entire network.

Any idea?