Thank you for replying to my homework answers. Indeed, they are not always fully correct. Although I take notes during Ivan’s lecture videos, some important information goes directly over my head. Of course, all of these new, unfamiliar concepts are difficult to process; but it will become easier with time.
Sincerely,
Joanna Leigh Gentry
Bitcoin is a permissionless blockchain. You don’t need any permission to view or download the ledger.
True. But if someone lies and we find out, there is no way from them to change their first statement. This will still make it easier to see which company to trust and which not to trust.
Yes. And all of that can be automated. An application which will grab the required information from the blockchain.
Transparency:
One benefit of using blockchain is transparency. Transactions are easily kept track of by way of the digital provenance enabled by blockchain. In the network of transactions, every computer must agree that each transaction is valid. Consensus enables the honesty of blockchain.
Security:
Blockchain enables security by consensus. Consensus is the agreemant of each computer that a transaction is valid or not. Consensus ensures honesty.
Improved traceability:
The transaction data and history traces the asset. This audit trail verifies the asset and fraud is avoided.
Efficiency and speed:
Record-keeping is done by using a single digital ledgure which is shared among all participants who all have the same data which simplifies the transaction and increases efficiency.
Reduced Cost:
With blockchain, trust is not in your trading partner but in the data. There are no middlemen and no reliability on trust.
Transparency:
A history of all of the transactions are visible for even one to see.
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 instead of on a single server, makes it very difficult for hackers to compromise the transaction data.
Improved traceability:
All transactions history are recorded on a blockchain buy multiple nodes at the same time.
Increased efficiency and speed:
When you use traditional, paper-heavy processes, trading anything is a time-consuming process that is prone to human error and often requires third-party mediation. By streamlining and automating these processes with blockchain, transactions can be completed faster and more efficiently
Reduced cost:
you don’t need as many 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
Transparency:
Brings decentralization. Everyone can follow completions, processes, work on network.
Security:
Consensus by multi confirmations makes the whole network works for user who doesnt need trust. Blockchain is a database which is irreversible. Everyone has the single, transparently updating ledger on an infrastructure which never goes offline.
Improved traceability:
Having one single public ledger makes everyone trace transaction process and history.
Increased efficiency and speed:
A bank, as an example, as a central authority between users is responsible of transactions and completion also by security brings high workload. In blockchain, transactions gets being confirmed decentralized. Blockchain is up and online all time, doesn’t get shut off daily like a company or a bank.
Reduced cost:
Transaction doesn’t being held by a central authority which requires benefit for work. Work gets shared by computing power nodes called miners in blockchain.
Transparency: it makes data more accurate, consistent, and transparent.
Security: every transaction/block is linked to the previous one so the alteration of one block would require the alteration of the entire network.
Improved traceability: you can trace anything back to the origin whether it is a product or a financial transaction.
Increased efficiency and speed: as i said it is very easy to track something back to it’s origin, and it is all in one database in which you wouldn’t need to get access to several databases and look into them and gather information from here and there which is time consuming and inefficient unlike the blockchain in which every thing is recorded in a single database and easily accessible which is more efficient and faster.
reduced cost: you wouldn’t need a lot of middle men which can cost a lot.
Transparency
All network participants share the same documentation, and it can only be updated through
consensus. The data is more accurate, consistent and transparent, since you can’t change a
single transaction.
Security
Transaction must be agreed upon before they are recorded. After a transaction is approved, it is encrypted and linked to the previous transaction.
The information is stored on a network, and not a single server which makes it very difficult to compromise.
Improved traceability
If you deal with products through a complex supply chain, it’s hard hard to trace an item back to it’s origins. When exchanges are recorded on a blockchain, you end up with an audit trail that show where the assets came from and every stop on the way.
Increased efficiency and speed
A digital ledger is shared between a number of participants, which makes it faster and more efficiently to complete a transaction. When everyone have access to the same information, it makes it easier to trust each other. A traditional transition is time-consuming and often requires a third-party meditation.
Reduced cost
You won’t need as many third-parties or middleman involved in a transaction. You don’t have to trust your trading partner, just trust the data on the blockchain.
Everyone has a copy of the database. Whenever it is updated it is done so globally.
The data can only be updated through consensus and because there is no “master copy”, The redundancy of the data provides another layer. Combine this with each blocks immutable history and you have a pretty secure network.
Each block has a unique hash that not only identifies and time stamps it but helps to authenticate its validity.
The chain essentialy automates the data entry and management and as such significantly reduces both likelihood and ability of human error.
Automation => fewer errors + increased speed= greater efficiency
Transparency: Once the data is stored in the blockchain, it can be viewed by anyone with permission and they all have the same documentation throughout the network.
Security: Since the transactions are encrypted and having data stored across a network of computers instead of just one makes it harder to hack.
Improved traceability: Since all transactions are linked with previous transactions, it becomes easy to audit or trace an item back to its origin.
Increased efficiency and speed: As the processes are automated, the time required for any third party to audit the transaction is drastically reduced also avoiding the chance of human error.
Reduced cost: By avoiding the need for the middleman in transactions as a mediatory which results in saving time and money.
Blockchain transparency offers the benefit of having an open and public ledger that all participants need to agree upon.
Blockchain security offers the benefit of a having records distributed over a network of computers which makes hacking the system very difficult.
Blockchain traceability offers the benefit of easily auditing the blockchain records and verifying the transactions are genuine.
Blockchain efficiency and speed offers the benefit of efficiency and speed by removing human error and time-consuming paper processing and replacing it with automated verification through the blockchain.
Blockchain reduced cost offers the benefit of reducing cost by removing third parties that were required to verify the exchanges between parties.
1- Any transaction put on the blockchain is verify , reach a consensus before validate and shared on the network.
2 - When the transaction is confirmed, will be store on all the network’s computers , encrypted , linked to the previous transaction , making difficult for the hackers to get in.
3 - Will help to track the the origin state for one product from the chain of production or supply. This will help auditors to verify the provenance of some assets, can prevent fraud .
4 - With the blockchain , when you request a transaction , you receive the information faster and more efficiently , no third part or middle men include .
5 - With the blockchain , you don’t need third part or middlemen to make guaranteed , we have a network we trust and reduce the cost for the products.
Transparency: Once everyone has full visibility about the data in the ledger, there is no need for trust in a 3rd party anymore, but you can validate every transaction/information. Use case: Remove banks, direct peer2peer transactions
Security: Fraud is so much more harder in a blockchain, since one has to not only change the desired transaction/information but all subsequent transactions as well. Every block in the chain builds on the previous one. In addition, the entire network has to agree that a transaction is valid. Bribing one central figure/institution or changing data in a central database is much easier than bribing multiple figures/institutions in a network or changing data in a distributed ledger. use case: gaming and gambling, healthcare, autonomous driving
Improved traceability: 3 things that are important for this are consensus, immutablility and public/transparency. So only validated data is in the database, cannot be changed and is visible to everyone. When this is true, everyone can check what kind of transactions happened and between whom. Use case: logistics
Increased efficiency and speed: No need to wait for a bank to settle a transaction. In a blockchain transactions are settled almost immediately and without any paper work by 3rd parties involved. use case: payments
Reduced cost: Once there is no need for a 3rd party (“a middleman”), you do not have to pay the 3rd party anymore. use case: payments (today payment providers charge you a % of the payment volume without doing much)
Transparency: the fact that transactions on a permissionless blockchain are immutable, can be verified by anyone and are publicly accessible converts blockchain into a trust machine that openly tells the truth
Security: Since the raise of the internet hacking of centralised systems is becoming an ever larger problem. Blockchain prevents such risk by decentralising storage of copies of data across many nodes which results in a massive reduction of the attack surface.
Improved traceability: Transparently stored data provides a database for accounting and auditing. Information for accounting and for audits no longer need to be “recollected” by lengthy and costly intervention of third parties but are available permanently on the blockchain. At the same time improved traceability can create a privacy issue as participants don’t agree to share certain parts of their data.
Increased efficiency and speed: Cutting out third parties and automating their task via automated protocols improves efficiency and speed of transactions. System availability is 24/7 - 365 which further increases these measures.
Reduced cost: Removing intermediaries from the value chain reduces costly interventions by these third parties and re-establishes the direct connection between the “original value partners”
Transparency: You don’t have to trust anyone you are doing business transactions with. The data is visible for all to see thus destroying the ability to be dishonest.
Security: With many nodes being in control of the ledger through consensus it creates and an enormous amount of effort to be needed for an attacker to have dishonest information confirmed on the network.
Improved traceability: By having every transaction and its information recorded you inherently have all the other transactions linked to it also recorded The information is also public so anyone can confirm the origin and exact path of the transactions making traceability a lot easier than it normally would be.
Increased efficiency and speed: Accounting is now an automated digital process. This saves a lot of time an effort compared to older methods.
Reduced cost: by Using blockchain you use a trustless system. Should you need to trust entities (as you would in the older systems) a lot of money would need to be spent of the “middle men” and other systems needed so transaction could be guaranteed to take place in a fair and honest way.