Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#1107

Transparency:

All network participants maintain their own independent ledger of all the transactions that have taken place up until that point. If a new transaction has been received by the network, all the network participants have to come to an agreement on whether the transaction is valid or not through consensus. Distributed ledgers also prevent tampering of data because even if a single transaction in its history, the entire network made up of numerous nodes have to come to consensus on whether that change was valid or not.

Security:

Distributed ledgers help distribute the risk of attack among many network participants. Unlike a centralized database, there is no single point of failure. It takes much more effort, time, and money for an attacker to compromise a distributed ledger as opposed to a single database owned by one company. The integrity of transactions are also protected by cryptography so network participants can validate incoming transactions before appending to the blockchain.

Improved traceability:

Blockchains can provide supply chains an audit trail where you can inspect the origin and journey of a procured item through each step of the logistical process. This helps people to verify the veracity and authenticity of a certain good, to make sure it was not compromised somewhere along the supply chain.

Increased efficiency and speed:

Since everyone is working off the same dataset, there is no need to involve intermediaries to corroborate the data as you would if you were receiving private data from another company. All the information is public and on-chain so it’s easy to independently verify and corroborate the transactions.

Reduced cost:

Removing trust from the process allows companies to free up resources that used to be spent on intermediaries to corroborate the data.

#1108
  1. Transparency - all network participants share the same database.
  2. Security - transactions can only happen if there is consensus, unlike other traditional systems.
  3. Improved traceability - since there is finality in blockchain networks with consensus, the data history is secured and not manipulated + high availability of the blockchain network, therefore improves traceability.
  4. Increased efficiency and speed - traditional databases are centralized and potentially paper based. Having a shared database/ledger eliminates the multiple verification needs done by 3rd parties and facilitates search and access (since it’s electronic) thus cutting manpower and costs.
  5. In addition to the comments on (4.), blockchain data is trustless and immutable and therefore costs related to auditing can be cut.
#1109

  1. Transparency:

  2. Because th eledger is distributed around the network, there has to be a consensus if information will be changed or added.

  3. Security:

  4. There needs to be consensus in order for a record to be added

  5. Information is stored over the whole network instead of 1 computer.

  6. Improved traceability:

  7. You can track the origin of a product digitally

  8. Increased efficiency and speed:

  9. If everything is distributed on a ledger information can be accessed with more speed than traditional paper methong

  10. Reduced cost

  11. No need to deal with so manny middlemen because you can trace the origin of your product.

#1110

Transparency: one only shared ledger, shared in between the full network. This will enhance transparency through consensus

Security: you cannot change something without everyone being aligned - consensus

Improved traceability: all the transactions cannot be changed and hence it is possible to track everything that happened in the chain. For example the traceability in the food chain

Increased efficiency and speed: not intermediaries, only the system is involved and hence speed is faster, and efficiency improved

Reduced cost: less intermediaries and higher efficiency will lead to lower costs

#1111
  1. Transparency: transaction records are available to the parties involved.
  2. Security: transactions can not be altered because they are stored across a network of computers that makes it very difficult to counterfeit.
  3. Improved traceability: historical transaction data can help to verify the authenticity of assets and prevent fraud.
  4. Increased efficiency and speed: less paper and no third party verification process needed.
  5. Reduced cost: this is the consequence of increased efficiency and speed.
#1112

Transparency: Blockchain is public which means anyone can view the complete ledger at anytime. This creates transparency.

Security: Using math and encryption, once a transaction on the blockchain has been verified or agreed upon it is immutable. This creates security.

Improved traceability: The transparency of this distributed blockchain ledger provides for full accountability or traceability.

Efficiency and speed: Because blockchain is a decentralized single public ledger the need for human or paper involvement is minimal and the internet is fast, computers are fast and as such, transactions can be more efficient and speedy because of less paper and human involvement.

Reduced cost: Less hard ware involved such as paper and human involvement minimize costs associated with the blockchain.

#1113
  1. The blockchain has greater transparency because it is a distributed ledger, where all participants share the same documentation. The documentation must be agreed upon by all participants.
  2. The way transactions are more secure on the blockchain is transactions must be agreed upon before they are recorded, across a network of computers not a single server. That makes it impossible to hack, because you would have to hack all the computers on the network.
  3. When exchange of goods are recorded on the blockchain you end up with an audit trail. That can not be changed and it shows where the asset came from and where it went because all transactions are linked.
    4)The blockchain is quicker and more efficient because record keeping is performed using a single digital ledger, not a paper heavy process.
  4. Cost are reduced on the blockchain because you do not need middlemen or trading partners. Instead you trust the data on the blockchain.
#1114

Transparency is increased/created, because a blockchain is a public ledger.

Security: Every network participant has their own copy of the data, therefore hacking or fraud are extremely difficult.

Improved traceability: Blockchains make it possible to track things, for example inputs in a supply chain. Since every network participant has access to the data and keeps their own records, meddling is very difficult and the integrity and correctness of the data in the network is much more probable.

Increased efficiency and speed: The transparent nature of blockchain technology decreases the need for intermediaries and controls, freeing resources and allowing for faster activity.

Reduced cost: Blockchain technology enables standardized and transparent public contracts, which reduces cost usually spent with lawyers and intermediaries.

#1115

Transparency: less chance for fraud and misinformation.
Security: Very difficult to hack or unauthorized viewing
Improved traceability: Can easily track audit items in a long supply chain
Increased efficiency and speed: by removing paper and a 3rd party it allows for speed and less error.
Reduced cost: Removes 3rd party

#1116

Transparency: The network data is public and the same for everyone with access.

Security: You get consensus from each node to verify the data before it is added to the ledger.

Improved traceability: Blockchain keeps track of every transaction making it easy to audit.

Increased efficiency and speed: The process is trustless which eliminates human error.

Reduced cost: Blockchain removes middlemen and the redundancies that come with human errors.

#1117

  1. The ledger is available for everyone involved in the transaction to see and verify. There will be nothing in the transaction that is not known. It is a shared copy of the transaction, not an individual copy.

  2. Transactions are agreed upon before recorded. The transaction information is also stored in systems across the network, so a hacker would have to hack every system on the network.

  3. All transactions remain in the blockchain, so all data up to each point would be consistent within each transaction on all systems in the network. They would all agree all the time, or there is an issue.

  4. The ledger and the recording of the ledger is digital, so no paper work to pass around. Also, the ledger information is stored in multiple locations on the network. There is no reconciliation needed.

  5. Blockchain cuts out the middleman and is trustless. There is no need to include third parties whether you trust them or not. The network can be trusted.

#1118 
Transparency: all network participants share the same documentation as opposed to individual copies. No single person can make a change without the change having to be verified by consensus - which cannot happen retroactively, since the transactions are final once accepted. 

Security:  Each transaction has to be verified by consensus before it is accepted into the record.  But before it is recorded in the blockchain, it is encrypted. Once it is entered, it's final and can never be altered. This puts a big deterrant to hackers.

Improved traceability: Each step along the way in a supply chain is entered and verified and cannot be changed, so it is an honest records verified by consensus of what happened and where it happened in each step of the process of manufacture and delivery of a product. This practically reduces fraud.

Increased efficiency and speed: Elimination of human middlemen having to agree on multiple entries is replaced with single ledger than has to be agreed upon by consensus rather than having to wait on many people to input their views on authenticity.  The whole process is streamlined down to math and protocol - both not subject to any change in viewpoint.

Reduced cost: with everyone having access to the same immutable version of a transaction, you no longer need middle men and mountains of paperwork to prove a transaction. The process is clean and the middle men are no longer needed.
#1119

Transparency:
Every transaction’s data are shared throughout the entire network and only available to those who were given permission to access the data.
Security:
Transactions are loaded on blocks once they are mutually confirmed by the network that the data is correct, and once it is on the blockchain, it cannot be reversed. This gives the highest security without needing any third party auditing.

Improved traceability:
Since new data are linked to the previous blocks, we can trace every transaction where they came from and where is the original transaction.

Increased efficiency and speed:
Through the 3 points above, everyone and verify the information they need in seconds base on a trustless network
Reduced cost:
With the above stated, blockchain can reduce huge amount of third party duties and paperwork needed for verifying data’s truthfulness. (A true trustless network)

#1120

  1. Transparency: Since all transactions are recorded on one public ledger its more easy to keep track of all the canged in the blockchain, making reviews more easy and reducing the workload of comparing diferent ledgers of getting thru the different middlemen paperwork.

  2. Security: By making all the participants verify the transactions it reduces greatly the chance of misdemeanour or corruption as the responsabilty is spread among all the players.
    Also the incentives system rewards for playing by the rules instead of looking for shortcuts.

  3. Improved traceability: Using the public ledger tecnology it gives you the chance to be able to track all the transactions done in the blockchain.
    Since its inmutable and interested parties can get acces to check it makes it a great way to track from value to physical products.

  4. Increased efficiency and speed: Compared with other methods used currently the blockchain allow for fastar and more eficient transactions since it lowers the workload in paperwork and in verification of the data.

  5. Reduced cost: Due to the previous mentioned aspects it can bring a massive reduction of costs if aplied properly in certain bussiness areas, one of the most popular is supply chain and value transfer.
    For both cases you would save in workload in paperwork and data verification, making the process cheaper.

#1121

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Transparency:
All transactions are visable.

Security:
Transactions are recorded in blocks which are cryptograhic related to each other. To change things in a blockchain you need so much energy which is impossible to bring in.

Improved traceability:
All transactions are pseudonymous recorded on a blockchain.

Increased efficiency and speed:
Ones a transaction is send to a blockchain, everyone can see or receive this directly.

Reduced cost:
Not everyone have to setup a bunch of servers to keep a central database for their own in the air.

#1122

1.-Transparency: The data (depending on blockchain) is public
2.-Security: The network relies on algorithms that require multiple verifications
3.-Improved traceability: Blocks in the blockchain produce tags that are traceable
4.-Increased efficiency and speed: No intermediaries
5.-Reduced cost: No intermediaries

#1123

Transparency achieved through consensus, where everyone must agree and confirm any changes in database.
Security achieved by storing all the data across the network of computers, all transactions must be verified by everyone with network access before it can be recorded.
Record of all transactions on the blockchain.
Record keeping automated and shared through the network, less clutter in database leaves no room for human error.
No need of third-party involvement, open access to all transactions on the blockchain.

#1124

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

Transparency: everybody can download the bitcoin ledger and verify any transaction that’s ever happened on it - who sent, who received, how much received and what was the cost.

Security: each transaction is linked to the previous one. If you tried to alter any transaction in the past, you would need to rebuild all the blocks after that and all the network would have to agree on it.

Improved traceability: if you are a manufacturer, you can trace where your contents come from, and the contents of the contents. You can prove your customers what is in your product.

Increased efficiency and speed: in banking system, if the sender has bank A and receiver has bank B, they have to wait until bank A communicates bank B and these third parties make an agreement for the transaction to happen. If everybody uses the same blockchain, it is not necessary. There is, however, some waiting time for block to be mined. The more security you want, the more blocks you should wait. In bitcoin, 6 blocks is usually considered enough which takes about an hour compared to few business days for banks.

Reduced cost: you don’t pay any third party for executing the transaction. There is, however, the transaction cost to keep mining but it is much less.

#1125

Transparency:
all network partners use the same documentation, making the data on the blockchain more accurate and consistant. The data is also available to all participants that have access / permission to access.

Security:
A transaction can only be recorded nonce all participants agree. once this has been done, the data is encrypted and linked to the previous transaction. making it difficult to hack.

Traceability:
There is an audit trail on the Blockchain that makes it easy to trace the origin of an item. this helps in verifying the authenticity of the item and prevent fraud.

Efficiency & Speed:
with blockchain is it possible to make transactions faster. SInce everyone is sharing the same information it saves time, and it makes it easy to trust eachother.

Reduced costs:
By trusting the data on the blockchain there is no need for middlemen or parties that need to do audits. This does not only saves time but also cost

#1126

Transparency: because of consensus each node has the same information. all transactions are verifiable.

Security: transactions are irreversible and stored on active nodes. because of the use of these nodes it is practical impossible to hack the system

Improved traceability: all transactions are reported on a blockchain. the complete chain is traceable.

Increased efficiency and speed: no need for registration on a paper system. all transactions are automated.

Reduced cost: next to improved efficiency (which will reduce cast) there is no need for middlemen or parties to verify because trust is not necessary. the system is trust-less because of the verifiable data.