Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#101

Transparência : Pois ao tratarmos de blockchain publicas, sabemos que todas as transações podem ser checadas por qualquer pessoa.

Segurança: Pois o mecanismo de consenso utilizado na blockchain é um método extremamente seguro de checar a confiabilidade de informações.

Rastreamento melhorado: Pois o registro de todas as transações na blockchain permite que um alto nível de organização possa ser alcançado, aumentando produtividade de pessoas e empresas, otimizando tempo e permitindo maior eficiência em geral.

Eficiencia e velocidade aumentadas: Eficiência e velocidade são duas qualidades necessárias no mundo atual, tanto para pessoas, quanto para empresas, essas duas características melhoram a qualidade de vida, de produtos, de serviços e permitem uma gama enorme de novas possibilidades.

Custo reduzido: Pois, para que as blockchains possam cumprir seu papel principal, que é melhorar nossa qualidade de vida, elas precisam ser competitivas com as opções atuais, como os bancos por exemplo. O livre mercado acaba sendo o mecanismo pelo qual as blockchains vão melhorar suas velocidades e trazer benefícios para todos.

#102

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

  1. Transparency - Everyone can see the same records as everyone else and changes can only be made with consensus.

  2. Security - records are secured with cryptography and are immutable. Information is stored across a decentralized network.

  3. Improved traceability - With a blockchain you can trace every single transaction back to the genesis block (the entire history).

  4. Increased efficiency and speed - Everyone has access to the same data at the same time in a single ledger which eliminates errors and double checking information.

  5. Reduced cost - Elimination of middlemen and independent systems.

#103

I think the author means node validators would have to collude on the acceptance of an alternated record. Changing a record would change the block hash where that transaction was recorded and hence all subsequent blocks and their hashes would also be changed. The collusion is that you need a consensus of nodes otherwise the change is simply rejected as an invalid transaction. Getting a consensus for something like this would be impossible.

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#104

They probably mean, if you want to change a transaction, you need to change it on Every node in the entire network. unlike on a centralized sysyem where you just need to change on 1 server (Because the blockchain is stored on every node)

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#105

Transparency:
All transactions on the chain can be audited by anyone.

Security:
Finality of transactions and the fact that a copy of the chain of transactions is kept on all computers participating in the network.

Improved traceability:
Origin of recored transactions can be traced through the chain since each transaction is linked to the previous one.

Increased efficiency and speed:
Removes the need for paperwork and allows for a trustless relationship between network participants.

Reduced cost:
No need for middle man and other documentation.

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#106

with transparency there exists honesty, with transparency and honesty, security is greatly enhanced, for the individual and commerce generally.
Improved tractability increases efficiency, and speed and confidence in blockchains. A decentralized fast secure system will reduce costs.

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#107

Transparency:
Transactions are public so everyone can see what is going on.

Security:
Blockchain is distributed, so risks of centralized databases don’t apply here.

Improved security:
Transactions leave auditable path, which can be verified.

Increased effiency and speed:
Blockchain eliminates usually required third party and manual labor.

Reduced cost:
Eliminating middle men and excess processing reduces costs.

#108

Transparency
Blockchain transactions are verifiable and traceable, which makes the whole process transparent.

Security
Hackers are not capable to mess with blockchain data as it is not available in one single point.
Also, transaction data cannot be changed once they have been approved on the blockchain network.

Improved traceability
As every transaction history is recorded, this makes it super easy to trace it at every single point of the transaction.

Increased efficiency and speed
Reduced paper work means less human errors and faster processing for the transactions.
Also, miners replace the need for auditing.

Reduced cost
As all transaction participants trust the blockchain data, then a transaction can be performed without the need for intermediaries.

#110

Transparency: The blockchain is a distributed ledger which everyone has access to the same documentation and that shared version can only be updated through consensus.
Security:Block chain will prevent fraud and unauthorized activity because after a transaction is approved it is encrypted and linked to the previous transaction.
Traceability:Companies have a hard time tracing items back to their origin because the products are traded through a complex supply chain.Blockchain makes it easy to audit, verify and track data.
Efficiency and speed: Traditional ways of trading require paper and can be subject to human error. Record keeping is performed using a single digital ledger that is shared among participants. Its easier to trust each other when everyone has access to the same information.
Reduced cost: With blockchain you can get rid of third party companies or middlemen. You will not have to review so much documentation to complete a trade because everyone will have permissioned access to a single immutable copy.

#111

  1. Transparency:
    The decentralisation of the distributed ledger means that all transaction records are identically recorded in multiple locations. Having the same records spread across a large network for all to see is the core of blockchain transparency. All transactions regardless of how much, and between which addresses, are viewable.

  2. Security:
    Since blockchain is decentralised in nature it does not rely on one central point of control. It is a digital ledger of transactions with every computer in the network having a complete copy of the data. A lack of a single authority makes the system fairer and considerably more secure. Blockchain utilises innovative consensus protocols across a network of nodes, to validate transactions and record data in a manner that is incorruptible.

  3. Improved traceability:
    Because blockchain technology operates on a distributed platform rather than a centralised platform, each participant has access to exactly the same ledger records at all times. When information is updated, it’s updated for everyone in the network at the same time. This empowers the whole supply chain to be more responsive to any fraud threats and improves the overall tractability of the product or asset.

  4. Increased efficiency and speed:
    Trading assets or money involve multiple parties and these parties need to be trusted. By using the blockchain we can remove the 3rd party completely. There is trust built into the blockchain where there is a single shared ledger between the two transacting parties and this makes it easier for the two parties to exchange value or assets or money. So this would improve the efficiency and speed of a supply chain.

  5. Reduced cost:
    There are many ways how blockchain can reduce costs. Supply chain involves an extensive amount of manual inspections and paper-based transactions. The process also has a lot of intermediaries, a high risk of illegal transactions, high costs, and low efficiency. Blockchain can reduce manual interventions and employ smart contracts in order to digitize procedures that rely on paperwork. So this would greatly improve the efficiency of supply chain finance and reduce manual operational risks.

#112

Transparency: all participants share the same data, you can trust that data is correct, data can be accessible at any time

Security: each transaction must be mathematically proven as valid before recording and each block of transactions is linked to the previous one, i.e. too difficult to modify afterwards. And the same data is stored on multiple servers, if it is modified on one server it is not valid, so the security of data is extremely high.

Improved traceability: if every step of a product’s supply chain is recorded on a blockchain, then you can check instantly and efficiently all its history and nobody can cheat or fraud about the origin or the quality of the product.

Increased efficiency and speed: as transactions are recorded on blockchain, we don’t need paperwork and trusted intermediaries, avoiding delays. This accelerates and automatizes the verifications at every step of the transactions.

Reduced cost: The trust created by the code of blockchain gives trust about the data of the transactions and therefore it is useless to have intermediaries in order to verify the validity and correctness of data. The avoidance of intermediaries causes reduced cost.

#113

Across the global supply chains, financial services, government and many other industries, innovators are exploring ways to use the blockchain to disrupt and transform traditional business models.

  1. Greater Transparency . Transaction histories are becoming more transparent through the use of blockchain technology which is a type of distributed ledger - all network participants share the same documentation instead of individual copies - and all information is updated through concensus. Transactions on the Blockchain are immutable, which means that the information can be accessed by everyone - this creates transparency.

  2. Enhanced Security: Security is increased because the blockchain is a global ledger system. Products, ingredients and services which are traded through a complex supply chain - with blockchain the historical transition data allows you to trace assets and prevent fraud.

  3. Improved traceability - For USECASES where ingredients and products travel through multiple processes, each stage of production and sales can be traced through the blockchain.(see above.)

  4. Increased efficiency and speed - streamlining and automating these processes with blockchain, transactions can be completed faster and with more efficiency.

  5. With blockchain you don’t need as many third parties or middlemen to make guarantees because the blockchain creates trustlessness i.e. it doesn’t matter if you can trust your trading partner - instead you can trust the data on the blockchain.

1 Like
#114

Hey dude, what’s this cool software you are using?

#115

Transparency:
The blockcain is a distributed ledger where everybody in the network does share the same information. The information can be checked and traced back to verify these information.

Security:
All transactions have to be agreed by the network and are encrypted and linked to the previous transactions. Also is the information is stored on multiple locations instead of a single server. Changing one transaction within the chain would not work without change all subsequent and it would have to be done across the majority of the network.

Improved traceability:
The block chain creates a audit trail back to the origin of any given transaction. Tracing back for example goods does become very easy even allowing to check the complete path from origin through all stops. This allows to prove authenticity and prevents fraud.

Increased efficiency and speed:
It is cutting our middle mans and parties can interact directly. The trust is provided by the blockchain with mathematically proven consensus and shared information for all participants. This does reduce multiple book keeping in intermediaries and flattens the structure.

Reduced cost:
No intermediaries are required, also auditing transaction is much simplified since all parties do have access to the same shared information in the immutable ledger.

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#116

https://www.thortspace.com/

2 Likes
#117

Transparency:
Compared to classic ledger system - which deals with individual copies of trsansactions - blockchain consists of a distributed ledger. Since it is distributed among the network, it is much more transparent.

Security:
In blockchain, every transaction must come to a consensus. If and only if it is agreed upon by enough participants of the network, it is then recorded in the blockchain.

Improved traceability:
In order to prevent cheating, double transactions, etc. blockchain enables us to literally see the whole journey from the origin to the end (i.e. financial transactions, tracing supply chains, checking out health records of patients, etc.)

Increased efficiency and speed:
Distributed ledger gives also the power of speeding up the transactions’ approval and consistency.

Reduced cost:
Lack of need of any middleman or 3rd party greatly reduces the cost of any contract transaction. This also nullifies the reason for believing in the opposite side, since the very network of the blockchain convinces the users to trust the mathematical authenticity of the process. Not trusting people (which are flawed one way or the other), but instead trusting the science behind the technology.

#118
  1. Each and every transaction is shared by each component of the Chain, and its available to be check at any time its needed, by anyone with permission in a private chain, and everyone in a public chain.
  2. To be validated the transaction has to be confirmed by the majority of the nodes, so avoiding false input/output. Also supposedly every participant should have its single address, access to himself alone.
  3. Once an input/output is done, its impossible to change, making much more reliable and traceable the origins and conditions.
  4. Eliminates paperwork, middleman, and decrease confirmation time.
  5. Eliminates needs for someone to authenticate inputs/outputs, no need for maintenance of huge server or hosts, less time to be verified and quicker availability to the market, no middleman.
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#119

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

  1. Transparency: You cannot delete or update what has already happened.
  2. Security: Encryption is used and uses trustless system.
  3. Improved traceability: Transaction history can be fetched.
  4. Increased efficiency and speed: Everyone on the network can get and add data to the same blockchain
  5. Reduced cost: Intermediaries are removed while doing business.
#120

Benefits of using a blockchain.

Transparency:
Blockchain is a distributed ledger with free access to ALL to users of the network. The blockchain ledger can only be updated by consensus of all nodes within the network. i.e. all nodes within the network must validate the new transaction. Once a new transaction is confirmed this means the transaction was appended to the blockchain and can not be changed. Effectively the new transaction is recorded in stone and can not be changed because each block in the chain is hashed (linked) to the previous block.

Improved traceability:
The blockchain ledger provides an audit trail documenting how the asset was created and used allowing independent validation of the asset’s authenticity.

Security:
The blockchain ledger is recorded and tracked by all network nodes instead of a single server increasing the difficulty for a hacker to change the blockchain data records because each block added to the blockchain (after confirmation) is encrypted to the previous block, and only the longest chain is maintained further increasing the hacker’s difficulty to change a previous block added to the blockchain.

Increased efficiency and speed:
Blockchain transactions are tracked by network nodes preventing the need to update a single ledger streamlining process and making the process of record keeping more efficient. With all users having access to read the ledger, which is unbreakable, allows all users to value and trust the network preventing the need for 3rd parties to track and record individual transactions.

Reduced cost:
Through the creation of trust the need for intermediaries and middlemen are eliminated reducing the need for expensive documentation since all users have access to a single blockchain ledger which can not be changed or manipulated.

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#121
  1. Transparency: Since everyone has the same copy of the blockchain, everyone is working off of the same information and there is no confusion.
  2. Security: Since many different parties have copies of the ledger, one actor cannot change the ledger without a majority of the other parties to agree. This will help keep private, sensitive information secure.
  3. Improved traceability: Since the blockchain verifies the steps in a supply chain a product took, it will reduce fraud in an industry
  4. Increased efficiency and speed: Since everyone has access to the same ledger, there is no need to deal with middlemen to verify the information. Trust in the code instead of bureaucracy.
    5 Reduced cost: The lack of middlemen will make everything cheaper since companies won’t need to pay for extra services that a blockchain can provide.