Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#1228
  1. Transparency - All participants on the ledger have the same document, not copies and it may only be altered through consensus of all participants.
  2. Security - The transaction has to be approved before it can be recorded, it needs to be verified. It then is encrypted and added to the previous transaction. Additionally, it isn’t a transaction on one server, it is on a network of participants and less likely to hack all versus one server.
  3. Improved traceability - If you are getting products through a supply chain, each item is traced from its origin and all of its steps along the way. This prevents fraud.
  4. Increased efficiency and speed - 1. Faster -Eliminate a lot of paper and human error by the computers automating and recording the transaction. 2. Efficient - 1 spot, all participants same info. so you don’t have to search many places to verify and provides trust which saves time trying to verify information.
  5. Reduced cost - You won’t have to spend time checking if you can trust the partner in the transaction because you have 1 version that can not change and you can trust the data not the partner.
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#1229
  1. Transparency: Everyone shares the same data which cannot be manipulated.
  2. Security: Transactions must be agreed upon before they are listed in the ledger.
  3. Improved traceability: A audit trail that can never be removed.
  4. Increased efficiency and speed: Streamlined automated process removing intermediates creating a streamlined efficient process.
  5. Reduced cost: Globalized data base removing third parties and multiple databases, programs, manpower.
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#1230

Transparency- the data in the blockchain is shared by all participants and and updates can be only dome by consensus of all. the change of data will require alteration to all record with the verification. those data is more accurate then in single server.

Security - all transactions in blockchain must be before hand agreed to before are stored. in the blockchain is not possible to break into and change data. it is much easier to hack single server or computer.

Improved traceability - all data from the beginning for the goods are recorded in the blockchain and can be traced back to the source. the total flow of goods are recorded and at any time can be traced.

Increased efficiency and speed - the single digital lager of all transactions is stored in the blockchain eliminating a lot of paperwork, and third parties involvement. every one authorized have access to the stored data and the transactions can be finalized easier and faster.

Reduced costs - blockchain in business would eliminate third parties and bring closer to source those reducing total cost

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#1231

  1. Blockchain is more transparent than other forms of centralized database because it is based on a shared, distributed ledger. All copies of the ledger contain the same information, which is accessible by all users with proper permission at all times.

  2. Blockchain is more secure than other forms of database because all information in a blockchain is encrypted. As information is distributed over the entire network, a single point of compromised security and data corruption will not affect the integrity of the information. Unauthorized changes is extremely difficult to make in a blockchain since all changes are verified through consensus by all ledgers on a network.

  3. Blockchain has enhanced traceability because the entire trail of changes to a piece of information is preserved in the public ledger. Eligible users can audit the entire history of a piece of information without having to gather it from different sources.

  4. Blockchain is faster and more efficient because time needed for data collection, compilation, and verification is greatly reduced through transparency, provenance, and verification by consensus. These advantages also lead to the elimination of dependence on middle parties in traditional transactions, which in turn raises blockchain’s speed and efficiency.

  5. With increased transaction speed and efficiency as well as fewer or even no middle parties, blockchain offers the benefit of reduced costs for business operations. Cost saving is also realized through reduced costs in security and data recovery (because of enhanced security), normalization of data format – all data and their entire history is stored in a uniform format in a single database, and fraud prevention (because of consensus, immutability, and finality).

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#1232

Transparency. A public blockchain allows all participants to see the full history of every transaction made. Everyone shares all the data, nothing is hidden.
Security. By having a distributed network the are many backups of the data, there is no single point of failure or attack vector.
Improved traceability. By adding data in blocks to a chain they are linked in chronological order. It makes it easier to tell what happened and when. The blockchain becomes an easy to audit record.
Increased efficiency & speed. The blockchain removes the need for third party mediators and auditors. Information entered once correctly now becomes stored and easy to access by everyone.
Reduced cost. Audits are easier and faster. No need for trusted third party intermediaries.

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#1233
  1. Transparecy = Blockchain makes all transactions visible to all parties
  2. security = transactions recorded in blocks wich are cryptographic linked.
  3. Improve Traceability = All transactions are recorded on the blockchain
  4. increase efficiency & speed: Once a transaction is recorded on the blockchain everybody can see, or receive the data directly
  5. Reduce cost = No setup cost for servers from 3th parties
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#1234

1 - Transparency:
Transparency allows all parties involved in a transaction and anyone else that has interest in a transaction taking place can see evidence of this happening. Compared to a centralised system, it is not possible to hide or falsify information if both parties are trusting the protocol.

2 - Security:
The consensus mechanism ensures that no one is trying to cheat the system (or identifies when someone is). Once a transaction has been confirmed by a large number of nodes it is permanently added to the blockchain. With many nodes forming the consensus network the single point of failure is removed, making the network resilient against hacking and downtime.

3 - Improved traceability:
When using a blockchain as part of a supply chain it becomes possible to check the provenance of a product and prove that the individual ingredients or components are actually used in a certain product.

4 - Increased efficiency and speed:
Traditionally, the process of auditing a company process or supply chain would require a lot of effort by an external firm (KPMG, Deloitte etc) and a lot of paperwork and staff internally. Moving this process to a blockchain would have huge savings in terms of speed, with the information available in near real-time. The feedback to a company would also allow processes to adapt in real time also, or allow more dynamic supply chains to adapt to market conditions / supply problems.

5 - Reduced cost:
As above, by removing all the 3rd parties needing to provide information / staff to process the information, huge cost savings can be made. With everyone transacting using a single ledger it becomes possible to see all elements of the transaction process in a single place, everyone sees the same information.

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#1235

Transparency: Since the shared ledger can only be updated by consensus, everyone has access to the same information.

Security: Due to the consensus and linking of data stored across a network of computers it is hard to hack and compromise data.

Improved traceability: Since all transactions are recorded on the blockchain and these records are immutable the history of the item can be traced.

Increased efficiency and speed: All information is on the same shared ledger, there is no need to reconcile the information between different participants.

Reduced cost: No need for a third party due to the trustlessnes of the blockchain.

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#1236

Transparency: all parties have acesss to tge same documents and transaction.

Secruity : the system protects itself and consensus is needed for changes.

Improved traceability: allows for following complex supply chain.

Eff and speed: traditional transactions can have you bogged down with paper work and third party groups. You dont need paperwork and speeds transactions

Reduce cost: the efficiency and third party and time of grtting things done saves andreduces cost for companies.

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#1237

  1. The benefits of using blockchain involves more transparency because it is a decentralized network of independent actors all able to verify and register transactions. This makes it very hard to hack or breach as all actors on the network need to come together to make a change, as opposed to only having one central actor that could be easily manipulated.

  2. Blockchain allows for increased security again as there is a network, decentralized, all able to verify and register an occurence, which makes it very difficult to alter as everyone would need to be corrupted, unlike in a centralized environment where only one needs to be changed.

  3. Blockchain allows for increased traceability as everything is recorded on a ledger which allows for easy record keeping. One may look back on the transaction and follow it to its origins unlike present day transactions.

  4. Blockchain allows for increased speed as there is only one network, one ledger, one system to deal with. current systems involve many sometimes diverse systems which makes it more difficulty to communicate.

  5. Blockchain reduces costs because it eliminates middle men, it eliminates the need to have multiple outside forces to complete a transaction. One need only trust math and the blockchain to complete a transaction.

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#1238

At the core of any blockchain is a distributed, public ledger. This ledger records all transactions/blocks part of the blockchain. As you need consensus among all blockchain participants, the data found within the blockchain is secure and trusted, and of course… transparent.

From my answer above, because full consensus is necessary for the blockchain to be added to, this makes for a much more secure and trusted network.

There is only one public ledger that is shared among all nodes on the blockchain. This ledger makes it easy to trace origins of payments and systems. This is not a paper system. It’s digital. That also makes it easier to trace transactions.

You can fire nearly all of your accountants and audit firms because your finances being on the blockchain massively simply auditing processes for your business. This would reduce costs.

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#1239

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

  1. Transparency:

The transaction history of a blockchain is assessable for all participants in the network and thus making it very transparent.

  1. Security:

Well functioning blocchains are secure because the records of the ledger are distributed among many participants and therefore making it difficult to compromise the transaction data.

  1. Improved traceability:

Because it is possible to record every step of a process on to a blockchain it makes products for example traceable from origin to end point. Every step of the process can be recorded and then audited.

  1. Increased efficiency and speed:

Blockchain can reduce time of auditing to real time, reduce human errors and automate processes in such way that they can be trusted horizontally and vertically. This increases efficiency and speed of processes.

  1. Reduced cost:

Blockchain cuts out middleman and third party auditing needs. This is supposed to reduce costs

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#1240

Transparency: shared information through consensus. Everyone is able to see the transactions limiting the possibility of a fraudulent act.

Security: Transactions must reach consensus before they are recorded, once approved the transaction is encrypted and linked to the other end of the transaction. The information is transmitted globally over the network making it very difficult to compromise data.

Increased efficiency and speed: Traditional methods of paper processing is quickly becoming antiquated. The blockchain offers automation and streamlining through one digital ledger. With everyone having the same access it removes the need for intermediaries making the process faster and more efficient.

Reduced costs. The famous old saying, “remove the middleman”. Most costs are associated with labor, tax, and other logistic based requirements that could all but be eliminated by using the blockchain.

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#1241

Transparency: This means that all the transactions and other data are all visible on the blockchain and are all approved by a network of computers before it is recorded on a public ledger that is open for anybody to see.

Security: It is is secure because the blockchain information is stored across a network of computers that verify transactions through consensus making it extremely hard for it to be hacked and it is decentralised which means there is no single authority that runs it this makes it impossible to edit or delete transactions.

Improved traceability: Excellent traceability is achieved by having only one public ledger that’s information is shared across all computers across the blockchain this makes it easy to access transactions and their origins and every transaction ever is added to this.

Increased efficiency and speed: This is achieved by having all transactions being on only one ledger which everyone can see and access at any time and the verification of a transaction being automated and this eliminates human error and also with minimal wait time unlike if it was written on paper which would also require lots of work.

Cost reduction: It removes third parties that could carry a hefty price because the network is trustworthy and open at all times and your data is secure because it is decentralised so it makes it much less vulnerable to hackers.

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#1242

  1. Transparency: All transactions are recorded on a distributed public ledger and are confirmed by a decentralized network of participants.

  2. Security: Due to the decentralized design of blockchains, there is no single point of failure, and all transactions are confirmed through incentivized consensus.

  3. Improved Traceability: All the transactions can be traced back in history. If a supply chain is recording its data on a blockchain, it leave’s a trustless audit trail to trace the origin of all transactions.

  4. Increased Efficiency and Speed: In legacy systems such as the banking system, transactions bounce around and are recorded in many steps before it reaches its destination. Blockchains automate this process.

  5. Reduced cost: Blockchains are trustless databases that removes the need for middlemen in industries such as auditing.

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#1243

Transparency: the very definition of transparent is that you can see right through it, in other words there is nowhere to hide. How this relates to blockchain technology is that you cannot falsify data or hide discrepancies because everyone can see everything and it only appears on the blockchain through consensus.

Security: the nature of the system being so transparent also makes it more secure and trustworthy but more importantly is that you don’t have to offer up any trust to an establishment or central authority - math and consensus dictate the data contained in the blockchain and therefore your security is ensured by the trustless, distributed, mathematically sound ledger.

Improved traceability: as the data contained is immutable and indefinite, the traceability is greatly improved. Not only is traceability improved but it is generally more trustworthy than in other databases.

Increased efficiency and speed: with blockchain being distributed in real time across the network, you can be certain that efficiency and speed will be greatly increased as there is no need for middle men or time consuming data handling/distributing operations (printing and delivering, etc.) the transparent, secure and immutable data can be seen by all parties in real time and can be acted on in a far more efficient way.

Reduced cost: the costs are greatly reduced when you can cut out the middle man, in the case of current blockchain technology use cases, a third party could be a financial institution, a lawyer, an auditor, etc. Direct connection between all parties to the same, agreed upon information means a greatly reduced need for intermediaries.

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#1244

Transparency:
All the transactions are visible on a PUBLIC ledger.

Security:
Its decentralized meaning, there is no single point of failure. The majority of the network would have to be corrupted. Transactions have finality/immutability

Improved traceability:
There is only one public ledger where you can trace back all the transactions.

Increased efficiency and speed:
it is always available. You don’t need to wait for a middle man to let the transaction go through.

Reduced cost:
You cut out the middle man, it’s peer to peer. No costs for a middle man.

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#1245

Transparency: Transparency is possible on the blockchain because all information noted is shared between everyone that has access to the blockchain. This information is noted on the public ledger. The public ledger provides the information to everyone. This makes the blockchain a transparent information provider.
Security: Every transaction on the blockchain is done through consensus. This means that every node on the network record the exact same information in each block of the chain. If a transaction is made then this transaction is verified by each node by a means of consensus. A transaction is only agreed if each node is in agreement to the authenticity of the transaction taking place. Once the information has been recorded on the blockchain it cannot be removed. This makes the blockchain a secure store of information network.
Improved traceability: The journey of all products are noted on the blockchain. So the beginning of the journey and any stops on the way and the destination of the product is noted on the blockchain. This provides a timeline of the product’s journey that can be seen by everyone who has access to the blockchain. This creates a higher level of traceability for products that journey through the blockchain.
Increased efficiency and speed: All goods and services on the blockchain create an audit trail. This eliminates the need for third party mediation and added paperwork. All information needed for auditing purposes can be found on the blockchain.
Reduced Cost: Because all the information you need can be found on the blockchain it provides a more efficient and less scattered process. This cuts out the need for the middle person and makes the blockchain a more efficient and less costly process for all transactional processes.

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#1246

Transparency in the blockchain plays a major roll when it comes to the distributed ledger. It garantees that all participants share the same documentation about the status of the blockchain. This shared vision can only be updated through consensus.

The continuous adding of new transactions that are agreed upon and aprooved (consensus), than stored on a network of decentralized computers, makes the blockchain resilient to malicious attacks.

The blockchain improves traceability and can show for example the different stops and the origin of a product.

Instead of using paper-heavy processes, the blockchain can circumvent those with the use of only one ledger containing all the information needed. This makes the whole process fast and more efficient and also more shareable between participants.

Cost can be reduced because the blockchain is trustless and businesses can do without trustworthy third parties or middlemen.

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#1247

Transparency:
The blockchain data is more accurate because the blockchain is using consensus, whenever a new transaction gets added, it will have to go through a large scale of machines that have to verify the transaction.

Security:
Security on the blockchain is on point, this is the case because all the approved transactions are stored on a large network and not one single server. This will cause the blockchain to be hacked almost impossibly.

Improved traceability:
Every step your transaction takes can be seen which will help to verify the authenticity of assets and prevent fraud.

Increased efficiency and speed:
There is no 3rd party to deal with, you don’t need a confirmation from your bank.

Reduced cost:
On the blockchain you do not have to hire a middleman or third party in order to have a successful purchase, however, you trust on the mathematics behind the blockchain which will cost a few cents or maybe a couple dollars.

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