Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#1167

Transparency: each node on the network shares the same copy of the data record - without a consensus of all members it is not possible to change data!
Practically impossible to alter records, which are available to everyone

Security: Before transaction is recorded, it has to bee agreed upon, then it is being encrypted, linked to previous transaction and then distributed over whole network of computers, where all nodes have exact same copy of the data

Traceability: there is an audit trail on the blockchain that allows you to trace where individual components of the supply chain are coming from

Increased efficiency and speed: no need for third parties for verification which is time consuming and prone for error, no need for documentation, you rely on an algorithm that if extremely fast and records everything electronically

REduced cost: again, lack of need for the third party decreases the cost, nom need for documentation

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#1168

Transparency: The data on a BC is more accurate, consistent and transparent. Any changes to a record would require the collusion of the network making it virtually impossible to hack the system. Anyone on the network with proper access has full visibility of the blockchain of shared documentation rather than individual copies. Changing a single record requires a consensus of the network and the alteration of the record and all subsequent records.

Security: is enhanced because transactions must be agreed upon before they are recorded and then encrypted. Fraud and other unauthorized activities are prevented by the dispirit copies across the network making it difficult to compromise transactional data.

Traceability on the BC is provided by a complete audit trail from beginning to end helping verify authenticity and prevent fraud.

Increased efficiency and speed is achieved by streamlining processes. A single shared ledger builds trust so that clearing and settlements are completed faster since they require fewer steps and less 3rd party involvement.

Having fewer middlemen involved in the process reduces the overall cost.

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#1169

Transparency: A highly available, decentralized network for all to see. Allows for people to interact/transact with each other without a need for trust.

Security: people get to trust the network not a particular organization. Immutable transactions.

Improved traceability: there is a record for all transactions which are verifiable.

Increased efficiency and speed: provenance via blockchain allows for an efficient way to verify layers of information. This reduces time when consolidating financial transactions or verifying supplies or manufacturing etc.

Reduced cost: blockchain reduces cost by reducing time spent on verifying transactions and removes the middle man from several processes.

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#1170

Transparency: Transaction data and history will be more accurate and transparent. It is also available to all participants given the access permission. To change any data on the ledger will require alteration of the entire network, which will make it impossible to be hacked.

Security: Every information on the network must be agreed before recorded and encrypted. This meant that every information will be linked across to each other. Fraud will not be easily performed due to the information being maintained by a network of computers instead on a single database.

Improved traceability: We will easily know the authenticity of the products information from begin to end.

Increased efficiency and speed: Information can be easily processed and a single digital ledger will eliminate the needs for paper work processes. Moreover, it also has a single trustable decentralised base for information access.

Reduced cost: Less middle transaction parties will be needed to ensure trust between two parties. Everything will be shown at the immutable data on the blockchain.

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#1171
blockchain is a public ledger, meaning ANYONE can see transactions within the network. all transactions must reach a consensus to be recorded and then encrypted on the ledger which then gets linked to the previous transaction. this consensus is being reached through a network of computers that share this information. the transaction data now becomes much harder to hack or compromise because it is not on a single server. like i mentioned in security, an approved transaction gets linked to its previous transaction. streamlines the traditional paper-heavy, time consuming process that is prone to human error. you dont need as many 3rd parties or middlemen.
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#1172

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

  1. Transparency: Transactions can only be validated through consensus on the shared network, so there is greater accuracy, consistency, and transparency than paper-based processes.

  2. Security: Transactions must have consensus by the network before they are recorded. After a transaction is approved, it is encrypted and linked to the previous transaction. This, plus the fact that information is stored across a network of computers, makes it very difficult for data to be hacked.

  3. Improved traceability: Because exchanges of goods are recorded, you get an audit trail that shows exactly where an asset came from.

  4. Increased efficiency and speed: Record-keeping is performed using a single digital ledger that is shared among participants, so you don’t have to reconcile multiple ledgers. Also, when everyone has access to the same information, it becomes easier to trust each other without the need for middle-men.

  5. Reduced cost: More cost effective because you don’t need as many middle men or documentation to complete a trade or transaction.

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#1173

Hello

How do you draw this beehive kind ? I like this very much. Izumi

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#1174

Blockchain is a shared ledger which can be updated by network consensus and agreement of all participants. Transactional history is public and transparent to everybody at any time. A change of an sigle transaction record requires the alternation of subsequent record and the collusion of entire network. This provides enhanced accuracy, consistency, transparency as well as security of transactions.
As the information on transactions is agreed before recorded and stored across a network of computers, hackers can hardly compensate this transaction data. This security prevents fraud and unauthorized actions.
Traceability is enhanced by blockchain, because the history of exchanges of goods shows where these goods come from and every single stop they made till the final destination. The traceability helps to verify the authenticity of goods.

Compared to the traditional process through banks or middlemen, blockchain allows the simultaneous verification of transaction without human errors. Using a single shared ledger, all the participants have access to the same transaction history which makes it easier to trust strangers without going through intermediaries.

As explained in the previous paragraph, blockchain omits the need for middlemen to verify the your trending partner. There will be no need to review so much documentation, because all participants will be granted an access to single immutable database.

Izumi

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#1175

1. Transparency:
a. On a public blockchain, everyone is able to verify the integrity of a transaction
b. The information stored on a blockchain is available to everyone
c. The source code and mathematical functions operating the blockchain, are usually available to the public for scrutiny
2. Security:
a. Information stored on the blockchain is based on consensus, instead of having a single party in control of data
b. Sensitive information stored on the blockchain can be encrypted
c. Due to its decentralised and consensus based nature, a blockchain is both tamper-resistant and fail-safe
3. Improved traceability:
a. Every transaction on the blockchain is stored there forever. This historical transaction data allows to trace the origin/destination and authenticity of transactions made on the network
4. Increased efficiency and speed:
a. Interacting with a fully automated, trustless blockchain network with a single digital ledger greatly reduces time spent for every transaction made
5. Reduced cost:
a. Less auditing due to the blockchain’s public nature and immutability
b. No intermediaries because of a single digital ledger and automated verification through mathematical functions

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#1176

Transparency - It is a public ledger where all transactions can be viewed. All networks in the blockchain share the same documentation and can only be changed with consensus from everyone.

Security - It is stored across a network of computers not a single server, so makes it much more difficult to be hacked. And all transaction’s must be agreed before they are recorded.

Improved traceability - Everything can be tracked from it’s origin and this can help prevent fraud.

Increased efficiency - Removes the middle man and is not prone to human error. It is a much more streamlined process as to the traditional approach.

Reduced cost: Removes third parties and saves time not having to review documentation to complete transactions.

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#1177

Transparency:
Within a blockchain network, all participants share the same ledger which can only be updates through consensus. This public ledger is visible to anyone on the network.

Security:
Each transaction requires consensus from other nodes before it is recorded. Once recorded, it is encrypted and linked to the previous transaction. All records are stored across a network of computers opposed to a single server, making it less prone to hackers due to the difficulties.

Improved traceability:
Traceability is a great advantage of blockchain as every event is recorded. If you look at the production of cookies as an example; the manufacturer needs to get the ingredients from different suppliers, and this needs to be recorded in the database. The suppliers need to prove where they got the ingredients from or how they produced the ingredients, this is also recorded in the database. Therefore we as the consumer will be able to trace the production of the cookies all the way from the raw ingredients to the delivery/sale of the product, as long as we have access to the blockchain network.

Increased efficiency and speed:
Blockchain is a digital protocol which removes the possibility of human error, therefore third-party mediation is not required and as a result potential delays are avoided. All information is stored on a single ledger; thus no time is wasted searching through multiple directories.

Reduced cost:
In relation to how blockchain improves efficiency, that leads to lower costs. Time is money. Therefore, you could prove that less third-party mediation would save you money as you would have to employ fewer people. You could also prove that because of increased efficiency, you were able to process more transaction in a set time frame.

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#1178

I use Thortspace. The free version does everything but high-volume sharing. Enjoy!

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#1179

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

  1. Transparency:
  2. Security:
  3. Improved traceability:
  4. Increased efficiency and speed:
  5. Reduced cost:

The structure of blockchain allows all the steps of a transaction to be tracked and analyzed removing the trust from the network. Through consensus, the transaction is validated by multiple nodes participating in the network. This makes the network secure and stable. It also virtually eliminates the possibility of data tampering and fraud. By eliminating the need of middlemen and guarantors, the transaction gets securely cleared faster, with no possibility of chargeback and allows the interchange of info, settlement and confirmations in a single step, globally.

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#1180

Transparency: Everyone involved can see all transactions with nothing hidden from any party because this is not possible in blockchain
Security: This is built in to blockchain as no unauthorized access is possible.
Improved Traceability: From genesis to the end blockchain records everything and since the entries can’t be altered transactions leave a definite trail that can be trusted.
Increased Efficiency and Speed: Fewer participants are needed to complete transactions especially in processes where third parties clog up the system.

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#1181

Transparency:
Since blockchain is a DLT (Decentralized Ledger Technology), all participant nodes in the network, have the same shared datas. Every data that has to be added to the blockchain, is reached trough consensus.
Once the agreement is reached by all nodes, the data is encrypted and put in a block with its transaction history. Trying to change a single recorded data in blockchain, require changes of all subsequent recordings in the network, which ask huge effort, and makes it nearly impossible.

Security:
No other network of data ledger in the world is secure as blockchain technology. All recordings are proofed and agreed by all members of the network before they are added to the Ledger. This uniq feature of Distribution, makes it secure against unauthorized entities and hackers.

Improved traceability:
All transactions and recordings in blockchain, for Financial Services, Supply-Chain, Healthcare, Goods & Services…are recorded from their origin and every stops they made in their journey, is traceable and verifiable for their authenticity.

Increased efficiency and speed:
Every thing thing is recorded and automated in one ledger, no need of middlemen facilitators are needed.
Easy to trace and truck.

Reduced cost:
Blockchain removes 3rd parties and intermediaries an automated process of transaction and handling of services, makes blockchain cost efficient, process efficient,

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#1182

Transparency:
The Blockchain technologies is a distributed ledger were all the network participants share the same blockchain, making it very accurate, consistent and transparent as all participants needs to have a consensus before the transaction is added to the BT,

Security:
The BT have a highly security because the transactions are agreed before they are added to the Blockchain, encrypting them and linking it to the previous transaction in the network making very robust in terms of security and very difficult to be compromised or hacked.

Improved traceability:
Having a Blockchain solution in an organisations that requires high asset traceability will resolve a long processing to audit and determine the assets origin, journey, where the asset is? the authenticity of the asset.

Increased efficiency and speed:
Blockchain Technologies by streamlining and automating the transactions process making effective increasing efficiency and speed, as the transactions are in a single ledger shared by all participants in the network.

Reduced cost:
Blockchain doesnt depends on the 3rd parties to verify the transactions or trust to the trading partners. The data that is in the ledger is trusted.

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#1184

Transparency: Everyone knows the data or at least that the data is verifiable.
Security: Less opportunity for corruption. Data is stored in multiple locations.
Traceability: We all have the records.
Efficiency and Speed: It’s automatic vs. manual
Reduce Costs: We trust the protocol so we don’t need to have auditors and regulators watching over things.

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#1185

Transparency: Because the transactions is immutable and each miner has a copy of the ledger, anyone can read it, so, due to these characteristics, we can for the first time, trust in a system without a middleman, Is like we have for the first time a point 0 in universe.
Security: Because of power consumption of the miners and a consensus between them we have a very secure network ,so , we can trust the network and be sure that nobody can, physically, hack it.
Improved traceability: due to all the above being said, now can build all kinds of applications on top of this trust, to trace all aspects of ours life, we can know for sure, what we eat, implementing traceability on ours food supply, in healthcare, in anti-pollution applications and so on.
Increased efficiency and speed: The blockchain Network allows us eliminate the middleman, the bureaucracy, the accounting, so on. Imagine if only those three thing will be be eliminate, how efficient can by?!
Reduced cost: Due to security of the network we don’t have to spend money for another security system, by eliminating intermediaries allows us to reduce costs, allows us to send value whit low fee. Blockchain allow us, to maintain a extra large world database, Transparent, Securely, traceable , efficient, fast network , with low costs.

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#1186

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

Transparency: All transactions are recorded and cannot be removed or manipulated
Security: The network verifies transactions through consensus before it is added to the block. Transactions are also linked to the previous transaction making it almost impossible to hack.
Improved traceability: Everything is recorded and can be accurately tracked from origin to final destination.
Increased efficiency and speed: Alleviate the need for intermediaries because everyone has access to the public ledger.
Reduced cost: No need for third parties to complete transactions so less money going to those services

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#1187

Top 5 blockchain benefits transforming your industry

  • Greater Transparency
    • Because every user of the blockchain already has all the up to date information by a copy which was created by consensus.
  • Enhanced Security
    • Because all transactions are first checked by the network before they are recorded on the blockchain. Instead of storing all the info on 1 point, the whole system has ‘’a copy’’ of the whole. This enhances the security because in makes it much harder for hackers to change the info. Because there will be no consensus if 1 false transaction will change.
  • Improved Traceability
    • There is improved traceability because every step in the supply chain is recorded and cant be changed due to finality. So you can always look up where the product has been and what stops It made along his way.
  • Increased efficiency and speed.
    • Blockchain eliminates human error and mostly doesn’t need a third party mediation. Because the record keeping is done almost instantly and everybody has the same data, its more efficient en faster to conclude a deal.
  • Reduced costs
    • You can simple trust the data on the blockchain so you don’t have to trust the trading partner. Therefore you don’t need much middlemen ( who cost money ) to verify.
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