Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#1208

Benefits of Blockchain Technology:
Transparency: data stored in the blockchain is more accurate, consistent and transparent due to all participants verifying and adding new transactions to blockchain; thereby resulting in a consistent public ledger throughout the network reviewable by all. This public ledger can only be updated through consensus within the system. Any attempt at a change to a single transaction record would require changing every copy of the record contained within the majority of all nodes and collusion of the entire network.

Security: all transactions must be verified by each node attaining consensus, before it can be recorded in the blockchain. attempts to alter are very difficult as compared to centralized systems. A great strength also lies in the financial incentive for network participants to support the principles of the network.

Improved Traceability: audit trail that shows where an asset came from and every step it made helps verify authenticity of assets and helps prevent fraud.

Increased efficiency and speed: record keeping is performed using a single digital ledger that is shared with every node in the network. This removes the need to reconcile multiple ledgers in a centralized network. Trust can exist with the protocol as opposed to individual parts of a centralized system; which lends to more efficient clearing of transactions.

Reduced cost: donā€™t require as many third party or middlemen for guarantor/trust account. individual transaction review is greatly reduced , as transactions are verified with consensus and are immutable. And the entire ledger is public.
Improved:

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#1209

Transparency: Everyone involved in a transaction works with the exact same data/information set and any modifications must be unanimous without disregard for disclosing the process of said modifications.

Security: A uniform copy of each record is distributed across a network of computers and any signs of corrupted data is easily identified, agreed upon, corrected, and subsequently rewarded.

Improved traceability: Information within the blockchain is constantly updated. If Iā€™m buying an organic tea bag, I can be sure itā€™s organic each and every time I buy it.**

Increased efficiency and speed: Since every party involved has the same updated information and data in real-time, discrepancies are easily addressed

Reduced cost: No more middle men, less useless jobs.

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#1210

  1. Transparecy: It is possible beacuse all ttransactions will be in only one big ledger, the Blockchain. This is an adventage compare to others systems in the way that is is very easy to check any transaction.

  2. Security: This feature is another great benefit because as it is extremely difficult to hack the blockchain, the trust in the system for the envolved parties is high and there is on need to invest a lot in security.

  3. Improved traceability: I think this point is very correlated with transparency in the following way: the most traceability, most transparency.

  4. Increased efficiency and speed: As with blockchain is less needed the invest in audit, security and others aspect, and is less paper work needed, the efficiency and speed is obviously higher.

  5. Reduced cost: Again, with less paper work, third parties involved, invest in security, invest in IT are needed, the cost is clearly lower.

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#1211

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

  1. Transparency: Every transaction can be verified by anyone on the blockchain.
  2. Security: There is minimum to no risk of hacking or cheating the blockchain.
  3. Improved traceability: Every transaction is recorded forever on the blockchain and can be re-traced at any given time in the future.
  4. Increased efficiency and speed: Automation is helping with the quicker settlement of transactions. No printed record but all recorded on the blockchain ledger, saving money and time.
  5. Reduced cost: Since we donā€™t need to print all the transactions, and automation reduces the need for human manual management, the blockchain runs at a very reduced cost.
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#1212

no lying, everyone has copy can confirm if something was supposed to be done, no need of middle man, donā€™t have to pay middle men.

#1213

1.Transparency: all the nodes can have access to the information that is unalterable.
2. Security: everything is decentralized and each operation must be verified, the information is unalterable, all transactions are encrypted and saved in the Ledger.
3.Improved traceability: You can check and track any transaction from its origin.
4.Increased efficiency and speed: Everything becomes more efficient and faster because nothing depends on a third party, everything is recorded in the Ledger every time a transaction is made.
5.Reduced Cost: more efficient systems reduce cost because there is less paperwork less people involved. Trust is in the code, not in the human.

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#1214

Transparency: Due to the distributed ledger all permissioned parties have access to all information. The information is not added until verified and consensus is reached.

Security: Again due to distributed ledger technology the information is immutable. Once consensus is reached the transaction is encrypted, and added to the blockchain which is stored on numerous nodes around the globe.

Improved traceability: Every step is recorded in the supply chain and is available to permissioned parties making the entire route traceable.

Increased efficiency and speed: The need for intermediaries is reduced if not removed. At this point it is peer to peer making the transaction so is much faster.

Reduced cost: Being trustless reduces fraud. Not needing intermediaries takes fingers out of the pie maximizing profits.

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#1215
  1. Transparency, information which has been recorded in the network can be seen by every participants in the network.
  2. Security, information are recorded in the network of many ledgers (servers or computers). So no one can alter the information.
  3. Traceability, the history of transaction or information are recorded in the network. Sot, it is more easy to trace it to origin.
  4. Efficiency and speed, transaction are recorded in the network faster than other method of recording.
  5. Reduce cost, blockchain eliminate the third parties. So, it reduce cost.
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#1216

Transparency: Removes dishonesty. More accurate and consistent data.

Security: Transactions are agreed upon consensus. After a transaction is approved, it is encrypted and linked to the previous transaction. Also, the information is stored across a network of computers instead of on a single server.

Improved traceability: Every transaction is saved on to the blockchain.

Increased efficiency and speed: Automated

Reduced cost: Trust less model cuts out the middle men from supply chain.

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#1217

1)Transparency
Transparency in Blockchain system is the trackability of the transactions that you are doing.
A Network of computers are communicating to each other by adding new blocks of information which is verified and saved on a Ledger.
That Ledger is open source information so it is easy trackable. But changing that information is impossible, since the new data is being verified and confirmed by all the participants in the Network.

  1. Security
    All the transactions must me agreed and confirmed by all the Computers in the Network. And when they confirm that information is being stored in all these computers. It is safe for sensitive personal data since there is no way to edit the information. You can only add new data, no editing.

  2. Improved traceability
    Since every transaction is being recorded, Blockchain system can show you the cronological history of a product in a supply chain. Through itā€™s trackability you can see the origin of a good and what transactions are made with it.

  3. Increased efficiency and speed
    All the information is already verified and confirmed in the blocks, so it is less time consuming and preventing technical mistakes when using Blockchain systems.

  4. Reduced cost
    There is no risk of doing deals even with strangers since what is used is not trust but fixed, confirmed data on the Blockchain. Less paper work is needed as everyone will use a single system. Reduced thirtd-party in the deals.

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#1218

Transparency: Due to consensus across the network there is greater transparency and as a result we have a more consistent and accurate representation of transactions as opposed to paper based methods
Security: Due to consensus we have increased security (data) encryption (data in transit/rest/ in motion) and most importantly the data is stored across a network of computers and not on a file share which makes it difficult or a bad actor (adversary) to compromise
Traceability: There is a complete audit trail from start to finish which aids in verification
Increased efficiency and speed: As opposed to paper based processes, all verification is done across the blocks and less prone to errors and delays.

Reduced cost: Less paperwork and unnecessary dealings with third parties for verification saves costs that would be associated with a paper based approach.

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#1219
  1. Transparency: no need of intermediary that can hide info or how they use them
  2. Security: the information are stored in a network which has many copies all around the world at the same time
  3. Improved traceability: any transaction made at any point in time can be traced back
  4. Increased efficiency and speed: if used as a standard protocol blockchain is much more efficient that many individual network
  5. Reduced cost: cut off middle man
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#1220

Transparency: Rather than having an individual copy everyone shares the same documentation which is approved by everyone, to change a transaction record it would require a lot of work and approval which would be very hard to do.

Enhanced Security: Since all transactions have to be approved by multiple computers before they get approved it makes it harder for fraud to be performed. All data gets saved and encrypted on multiple computers therefore making it hard to be manipulated.

Traceability: All transactions journeys are stored forever in the system and are easy to trace.

Increased efficiency and speed: trading is so much quicker and efficient since its computerized thereā€™s less space for mistakes rather than letting a group of people do it which would take longer and have a higher chance of mistakes occurring.

Reduced costs: Since itā€™s computerized it relies on less staff to be required therefore reducing a lot of costs.

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#1221

Transparency: data is accurate because one copy is shared across the network and can only be changed by consensus.
Security: not stored on a single server so harder to hack
Improved traceability: audit trails are generated with each transaction and cannot be altered or deleted.
Increased efficiency and speed: no paperwork, human error or third party overhead.
Reduced cost: eliminates third party overhead and paperwork.

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#1222

through consensus everyone must agree on the transaction and you canā€™t alter the transaction

everyone on the network can see the information that is encrypted making it near impossible to hack

the ability to track and trace of a product

by having a single digital ledger thats shared among participants is more efficient than multiple ledgers that will clutter

basically the blockchain is the middleman that works for peanuts that you dont have to trust because its immutable

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#1223

Transparency:
When documentation is decentralised and shared by all parties on the network it becomes more trusted. Data canā€™t be hidden or altered when itā€™s verified by consensus.
The result is that users become much more comfortable when that documentation is transparent.

Security:
Encryption and the network effect of many computers storing the data ensures that the security of blockchain information is very difficult to corrupt.

Improved traceability:
Transactions can be added and saved to the network but cannot be deleted or altered and therefore thereā€™s always an audit trail of the chain that can be traced back.

Increased efficiency and speed:
Many organisations have processes that involve a lot of duplication and unnecessary resources. Single digital ledgers resolve a lot of these issues.

Reduced cost:
A lot of old industries that involve middlemen acting as agents just make everything slower and more expensive. Trading can become trustless.

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#1224

1: Transparency: You can see and track all transactions. There is no way to cheat , because transactions are transparent.
2. Security: Nobody can hack, because it is not one place where all your data is stored. It is distributed between network of computers who is working in consensus with one another and making network secure.
3. Improved tracebility: Real time auditing, easy to trace all transactions, can see where the money sent, where things where made, who made it and etc.
4.Increased efficiency and speed: Faster transactions, less fees, no need all the heavy paper work, saving time and avoinding human errors.
5. Reduced cost: You dont need third parties, which can cost a lot of money. Less documentation.

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#1225
  1. Transparency:

Data on a blockchain is more accurate, consistent and transparent than data on a centralised system.

  1. Security:

As the data is stored across a network of computers, who by consensus verify all transactions before adding them to the blockchain, it is very difficult for hackers or a single admin to alter, defraud or delete that data.

  1. Improved traceability:

As the data on a blockchain is transperent whilst also being immutable is offers traceability through historical transaction data.

  1. Increased efficiency and speed:

Transactions using blockchain technology offers more streamlined processes. Using a single ledger shared between all participants removes the requirement for reconciliation. It lessens the possibility of errors. It becomes easier to trust participants and lessens the need for many intermidiaries. Transactions therefore become quicker.

  1. Reduced cost:

Costs are reduced due to less intermidiaries taking their ā€˜piece of the pieā€™. The trustless system of blockchain ensures you can trust just the data on the blockchain as it has been verified through consensus of all network participants who have access to a single immutable version of the data.

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#1226

Transparency: each network node verifies the transaction. Each node validates the same information so there is no risk of alteration.

Security: this decentralized database allows that in all the nodes of the network there is a copy of the transactions made so it is not possible to alter the information of all the nodes at the same time.

Traceability: in Blockchain you can track the origin of transactions through the de-centralized network.

Increased efficiency and speed: to access the information of a transaction it is not necessary to resort to different elements in a network since each one of them has all the information of all the transactions.

Reduce cost: The advantage of Blockchain to lower costs is undoubtedly one of the attractions for any business, since there is no need for intermediaries, in addition there is no risk or need to trust the counterpart.

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#1227
  1. Transparency:
    There is no hiding place for bad actors, no-one can manipulate the transactions to show things in their favour. By having a distributed ledger there is an ability to reach consensus without interference from a third party
  2. Security:
    Many nodes make up the network and these can change regularly so the ability to pinpoint a vunerable host is removed. Also, because each node has a full record of the ledger there is no opportunity to isolate a full copy and try to hack it as the other nodes would not validate it
  3. Improved traceability:
    Many existing processes are time consuming and highly inefficient. Siloā€™s are created that do not interface providing an opportunity to introduce error, duplication and deliberate fraud. The blockchain sweeps away the siloā€™s and provides a trustless source of validation
  4. Increased efficiency and speed:
    Removing middlemen ensures that errors are removed, processes can run more efficiently and quickly and turnaround times can be increased. All this results in higher productivity and savings in cost on tasks that have little value
  5. Reduced cost:
    When transactions can be assured in real time there is a reduction in costs as a result of less labour being used, higher throughput and the potential for increased sales as customers can see all transactions end to end
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