Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#984

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

Transparency:
Blockchain uses historical transaction data this can help verify the authenticity of assets .

Security:
It secure because transactions must be agreed upon before they are recorded .

Improved traceability:
Blockchain make it easy to trace an item where it came from and every stop it made on it’s journey. It also uses historical transaction data this can help verify the authenticity of assets .

Increased efficiency and speed:
Record-keeping in blockchain uses streaming , a single digital ledger that is shared among participants. It is free of human error and no need 3rd party mediation needed .

Reduced cost:
By cutting middle-men and 3rd party you only need to trust the data. Less documentation to complete trade because every one will have permissioned access to a single immutable version.

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#985
  1. Transparency - all transaction data are available to everyone who has permission to access the data. Hence, they are reviewable by anyone who has permission to access the data.
  2. Security - because each transaction has to be agreed upon by each and every member of the network before they are entered into the ledger they are (almost - there’s always the remote possibility of 51% attack) guaranteed to be legitimate. Once the data is entered into the ledger they become a permanent part of subsequent transactions on that ledger and this data is almost impossible to change or delete because to change/delete already-entered data that would require the agreement of all members of the network.
  3. Improved Traceability - each and every transaction on a ledger are recorded, therefore every step along the way can be accurately traced from the first transaction to the most current transaction.
  4. Increased efficiency and speed - because the data for each transaction has already been vetted by each member of the network before they become part of the ledger they are by default trustworthy. Therefore there isn’t any need to acquire the services of a third-party to verify the accuracy of data. Because this additional third-party step is not necessary in a blockchain it is therefore faster and more efficient compared to the traditional way of doing business.
  5. Reduced cost - time is money. Because of the increased efficiency of blockchain compared to the traditional way in which data is handled blockchain technology results in cost savings in the long run. The elimination of the need for third-party verification is also another factor in reducing associated costs.
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#986

Transparency is important cause it makes all transactions traceable. Every blockchain system is an open source and accessible to view by anyone. This brings the next level of finance and maybe even decentralised governments which is run by people, all open and available to see by everybody.

Security - Blockchain is more secure than any other record keeping system. Every transaction has to be approved by the network of computers and after approval is encrypted across the network. This makes it harder for hackers to disrupt the transaction data. Industries where protecting data is crucial, like healthcare, finance, governments, blockchain can change how the information is shared and stored by helping prevent fraud, unauthorised activity and corruption.

Improved traceability : blockchain makes it very easy to trace every kind of transaction or shipment that is added to the system.

Increased efficiency and speed: sending transactions trough blockchain removes the time of going trough third party. System is making tranfers to be fast by getting approved by big network of computers running the system all the time.

Reduced cost : cost is reduced mostly by removing the middle man from transactions. Blockchain systems are made to do transactions very cheap and there is no one who can make up their own charge for the transaction if you don’t go through third party.

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#988

I prefer the mix of this track and with ‘around the world’

PS. let’s keep it about crypto homework in here :wink:

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#990

Maybe because bitcoin is a harder, stronger and better asset? :wink:

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#992

Transparency:
The entire network is validating the transactions so no trust is needed, just mathematical algorithms. When we don’t have individual copies that can be modified or altered at any time, but we have a chain validated by the whole ledger that cannot be modified, we can talk about transparency. Same documentation and data for all.

Security:
Blockchain main security point is the way transactions are done. First, there must be an agreement. After that, the modification in the chain is done by adding data, not modifying or removing and this data is encrypted. Furthermore, since it’s done by the whole ledger, it’s really difficult to suffer a hacking attack. Everyone would now that there is a modification and would notice it. Apart from that, we can now exactly when and where PII is being shared or used.

Improved traceability:
Blockchain data can not be altered, just added. So if in a chain of supply there is any kind of data that is included at the beginning (for example food ingredients), in the final step of the chain this data must remain where it was. It helps to prove authenticity or modifications of the products.

Increased efficiency and speed:
First of all, it’s digital and automatic, what makes it Real Time processes. Transactions are done by all the participants in the shared network, so we don’t need the separately agreement of all the nodes and all them have access to the info at the same time.

Reduced cost:
Two main points:
1. Middlemen are not needed anymore, so you don’t have to spend money on that.
There is no trust, so you can be sure that everything will be legal and automatically verified by the ledger.

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#993

Transparency:
when a transaction is made the nodes check if the transaction is accurate and if it is it gets added to blockchain and when it does everyone can see it and thus is everything transparent.

Security:
the security is at a very high level because there is a network of computers that check to see if the transaction you made is accurate.

Improved traceability:
you can trace exactly where the product hes been,what happened to it etc. and will be able to see if the information you were given about the product is accurate.

Increased efficiency and speed:
there is only one ledger that everyone has access to.so intermediaries are removed which doesn’t just make it efficient but also increases the speed.

Reduced cost:
blockchain removes the middle man and that reduces the cost.

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#994
  1. Transparency:
    All blockchain code and data (transactions) are available to anyone to view so nothing can be hidden and validity can be verified…
  2. Security:
    Multiple instances of a Blockchain exist and these are controlled by independent organisations. This provides security of backup for Blockchain data and also the protocol encoded in the software forces these instances to be in alignment.
  3. Improved traceability:
    Once a transaction is written to the blockchain it can never be altered.
  4. Increased efficiency and speed:
    Because there is no intermediary third party, anyone can access the blockchain directly to access information.
  5. Reduced cost:
    Because the Blockchains are available to anyone, third parties, for example banks, cannot charge exorbitant fees for accessing information or transacting business.
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#995

  1. Transparency:
    The viking stones never lie!

  2. Security:
    Consensus is needed to put a transaction through. Once the data is on the blockchain not one singe entity can change, delete or mutate the data. And the data is decentralized that makes it harder to hack the whole thing.

  3. Improved traceability:
    Combined with tracking hardware, goods and conditions can be tracked though the life circle of a product or service. This improves transparency and trust between customer and producer / supplier.

  4. Increased efficiency and speed:
    If all the points of interaction (product and/or service) are in digital form and hardware is there to read, control and confirm those interactions, there will be no paper work and phonecalls needed to bring a product or service from point A to point B.

  5. Reduced cost:
    Point 4-> this makes the supply-chain more cost efficient.

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#996

Transparency: A world wide network with an open ledger once any information is conusensed by nods it is forever traceable and can not be corrupted.

Security:Decentralized ledger which not one company or person has the power to change. A decentralized ledger is acheived with many nods spread out geographically which makes it impossible to breach.

Improved traceability: The open ledger gives you the benifit of traceing any product back to its origin…

Increased efficiency and speed: blockchain takes away all intermediates and trasactions are made peer to peer.

Reduced cost: data in the ledger are without intermediates which reduces cost. No voiding a transaction. there is no fraud and no payback.

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#997

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

  1. Transparency:
    Allows for access to a ledger where anyone can obtain the permanent details of any of it’s transactions at any time.

  2. Security:
    Transaction data is linked to the previous transaction and encrypted. It is then stored on a network of multiple computers, making it impossible for anyone to hack and compromise it.

  3. Improved traceability:
    Each transaction is linked to the transaction before it, leaving behind a data trail that allows for anything to be traced back to it’s source or origin.

  4. Increased efficiency and speed AND 5. Reduced cost:
    No need for costly and time consuming audits or having to perform tedious tasks of merging multiple ledgers together. Using blockchain technology allows for data that is accurate, permanent, traceable and transparent, to be securely stored within it and accessible by anyone at any time.

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#998

Transparency: We can all verify the data on a shared ledger so no trust is needed.

Security: Because of consensus we have no single point of failure.

Improved traceability: Because it is opensource we can verify the data within the blockchain in real time so it means you can trace every transaction all the time.

Increased efficiency and speed: No need for third parties anymore this makes the proces of business faster and more reliable.

Reduced cost: No need for third parties, good traceability for your products within a supplychain will be more efficient and that reduces cost.

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#999

Transparency: Blockchain is a distributed ledger sharing documents agreed upon by consensus by those computers on the network.
Security: Transactions are agreed upon by the network before being approved, encrypted and joined to the previous transaction, then stored on the blockchain computer network, making it difficult for hackers to compromise the data. The consenting network prevents sensitive data from fraud and unauthorised access without permissions.
Improved traceability: Tracing origin of goods and services in the supply chain can be improved using blockchain as it provides an audit trail of the supply journey. Also data on the blockchain can help verify the assets and prevent fraud.
Increased efficiency and Speed: Regular paper trails require third party mediation, whereas the blockchain generates automation making transactions faster and more efficient. Participants on the network can reconcile the shared ledger information making it easier to trust each other.
Reduced costs: Blockchain can reduce costs for businesses as they won’t require so many middlemen.The trust within trading partners is diminished by instead trusting the data on the blockchain, since everyone that has permission to access can see the unchangeable ledger.

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#1000

Transparency: Thanks to the ledger, everyone are sharing the same information. That is a better way than individuals having thier own copy. To change it, everyone on the network has to be on board with it. Therefore you will always know that what the leger says is the truth.

Security: The security benefits are, as earlier mentioned, the whole network is needed to verify the transaction. Therefore the greatest incentives will be the networks main incentive wich is the truth. Furthermore, when the transaction is verifired, it will be encrypted and connected to the already existing blockchain and can never be erased. Thanks to that, you will always know that you will get your money, the stranger can´t cancel the transaction.

Improved traceability: When exchanges of goods are recorded on a blockchain, it is possible to everyone to trace it and see where asset came from and every stop it made on its journey.

Increased efficiency and speed: All B:s want to reduce the time, energy and money they put to thier production. With blockchain you won´t need a 3rd-party or middleman to guarantee your money.

Reduced cost: All the record-keeping is in one single ledger that is shared among the network so you don’t have to look into various ledgers. Therefore you end up with less clutter. Less clutter-> less energy needed-> reduced costs.

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#1001

Why these are the benefits of using a blockchain

Transparency: Every node in the network has access to the same information stored in the ledger so any node can verify the premises of an initiated transaction through it and check whether it is viable or not. Each transaction managed by a node is recorded in the common ledger available to the complete network so there are no ‘hidden pages’ in the ledger.

Security: The data in the ledger is shared among all computers in the network and every node contributes with the data of the transaction initiated through it, which needs to be agreed upon by the whole network before the data can be recorded. That process itself represents a big jump from traditional security schemes. In addition to that mechanism, transaction’s data is encrypted before joining the ledger.

Improved traceability: In the traditional scheme, records of transactions are kept into human intervention/‘paper-based’ systems that require an interface between different participants that is not always available. This ‘paper trail’ usually is not up to date within every system that holds pieces of data and most of the time required manual entering. The tracing of a single transaction from start to end in these conditions would consume a high volume of resources (time, funds, people) and even yet it may not be possible to trace it 100%. Blockchain provides the tools for a 100% trace of all recorded transactions at any time within the same environment and with no delay.

Increased efficiency and speed: As mentioned before, paper-based/human-dependent systems may be high resource-consuming and not 100% reliable due to several parties involved. All systems have to be conciliated before moving on and that may take a significant amount of time. The sharing of the same ledger within the blockchain enormously reduces the required time to process a single transaction since there are no several systems to conciliate which increase efficiency to the highest level.

Reduced cost: Since there is a unique ledger shared by all nodes in the network there is no need for middlemen to clear records from different systems with their own ledger neither are interfaces required to assure data consistency between them. So no middlemen, no interfaces, no multiple systems equals reduced cost per transaction.

#1002

Transparency; The distributed ledger allows all parties with permission, to view the same documentation / data and update via consensus by the nodes. There is no need for trust, as provenance ensures verification and truthfulness.

Security; It is extremely difficult to hack the blockchain due to it’s decentralized nature - there is no single central base, but instead thousands of computers that would have to be hacked simultaneously.

Improved traceability; This historical transaction data can help to verify the authenticity of assets and prevent fraud - provenance. Once data has been added to a blockchain, it cannot be removed.

Increased efficiency and speed; Since record-keeping is performed using a single digital ledger that is shared among participants, you don’t have to reconcile multiple ledgers and you end up with less clutter. There is also reduced human error through automation.

Reduced cost; removed third party trust brokers, no need to reconcile multiple ledgers, replaces ‘paper heavy’ processes.

#1003

Transparency: Blockchain is a type of distributed ledger. All network participants share the same documentation as opposed to individual copies Thus there is just one version of dokument that all participants have access to.

Security: Transactions must be agreed upon before they are recorded. After 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, makes very difficult for hackers to compromise the transaction data.

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

Increased efficiency and speed: record-keeping is streamlined on one digital ledger that is shared among participants.

Reduced cost: With blockchain, you don’t need eny third parties or middlemen to make guarantees because it doesn’t matter if you can trust your trading partner. Instead, you just have to trust the data on the blockchain. You also won’t have to review so much documentation to complete a trade because everyone will have permissioned access to a single, immutable version.

#1004

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

Transparency:

  • Since its a distributed public ledger blockchain allows for greater transparency since all entries on the ledger are agreed upon by the entire network instead of a single source. Therefore to change an or add an entry the entire network must be in agreement. This makes it really hard alter data.

Security:

  • Blockchains data are stored across a network of computers. This decentrilization makes it hard for hacker to alter, or take down the network because they must attack the network as a whole instead of a single server. Furthermore transactions are not only encrypted but only those with permission can make them and they must be agreed upon by the network before being added to the blockchain.

Improved traceability:

  • Since all transactions are recorded on the blockchain it makes it easy to trace the history of a transaction since it leaves a trail.

Increased efficiency and speed:

  • Blockchain takes away the need of having to consolidate and reconcile multiple the ledgers involved in transactions because it is all automated and the information is decentralized.

Reduced cost:

  • Blockchain takes away the need for so many middleman / third parties, since you can trust the date on the blockchain. This can lead to increases the speed thus reducing costs for many business.
#1005

Transparency: All historical data is available on the blockchain for all parties to see.

Security: Transactions must be agreed upon by all parties prior to being recorded. Information is stored on all computers and not one central server making it harder for hackers to compromise the data.

Improved traceability: Data can be traced back to its origins, which is critical for supply chains. This prevents fraud.

Increased efficiency and speed: Blockchain makes time consuming and labor intensive processes prone to human error obsolete. This streamlines processes.

Reduced Costs: No need for third parties and multiple eyes to view and approve transactions. For companies that spend a lot for accountants this can be a huge savings.

#1006

  1. Transparency is one of the great benefits of blockchain technology. In the 80’s it would have been a carbon copy or on ledger so to speak documenting everything in one location. Today if it happen it is on the blockchain no ifs, ands or buts. Blockchain is also available to every body who has permission to access it.

  2. Security with blockchain is more secure than other record keeping systems as transactions must be approved before they are recorded. Once it is recorded it is hacker proof as it is stored on a network of computers not only a single server. The transaction is also encrypted and linked to the previous transaction. Blockchain is changing how and where companies across the global store and protect their sensitive data.

  3. Traceability is another key factor in blockchain. Let’s take my skincare line for example. I formulate a natural line of skincare. It starts with raw ingredients. Some are organic and others are not which are noted on the label. These ingredients are sent to me from a few sources. Once I have the orders I formulate the individual ingredients and put the formula in the appropriate bottle (glass or plastic) and wrap a label on the product. With blockchain one would be able to trace where I collected the ingredients, bottles, labels and even the boxes and packing paper I ship the order in to get to your door.

  4. Increased efficiency and speed in an older way of communicating can be daunting. Working in an office where people share spreadsheets, communicate via whatsapp or google chat, email can all get overwhelming if you are working on a project together with a team. You may or may not easily find some communications you were working on because information is spread across multiple locations. Blockchain has all of the information streamlined in one location.

  5. Reduced costs for businesses using blockchain is benefit. Companies are always looking for ways to reduce cogs. Blockchain is working for you 24/7, if you have questions you confirm it on the blockchain you don’t have to take timeout to call or contact a middleman the information is right there in front of you.