Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#1248

Transparency: Blockchain is a distributed ledger, all nodes have a copy of every transaction on the blockchain, and it is open for everyone to see/check/research…

Security: the more nodes, the higher security. A transaction needs to be approved before added to the blockchain. Every node has a copy of the history of the transactions made on the blockchain.

Improved traceability: Every transaction can be observed on the blockchain. Every block, when approved, is linked with previous block.

Increased efficiency and speed: A blockchain is made efficient with matematical accuracy and therefore much faster than traditional time consuming processes.

Reduced cost: Less third parties and automated processes makes it much more effiecient and therefore more cost efficient.

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#1249

Transparency:
All participants share the same ledger with all documents. Any transaction / changes must be agreed through consensus from all parties before being recorded.

Security:
After a transaction / change is approved, it is encrypted and linked to the previous transaction. All informations is stored across a network of computers which makes it very difficult for hackers to compromise / alter.

Improved traceability:
A product can be traced all the way from a producer to the end user. Authenticity of a product can be verified and fraud can be prevented.

Increased efficiency and speed:
Time can be saved and human errors can be prevented. All data a shared on one digital ledger.

Reduced cost:
You don’t need any 3’rd parties or middlemen which will reduce cost.

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#1250

Transparency: All parties from a distributed ledger must agree on transactions through consensus, this means that there is no need to distrust other members.
Security: Encripted data linked on a decentralized ledger makes it almost impossible for hackers to hack.
Improve Traceability: Since every transaction is added to the blockchain and can not be modified finding information and tracing transactions is a much easier task
Increased efficiency and speed: The old banking systems are overrated
Reduced cost: The middle man is is eliminated third party involvement is reduced.

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#1251

Transparency, everyone has access to the same information
Security, the distributed nature of the ledger makes it imposssible for bad actors to compromise the information in it.
Traceability, instant audit trails can be done to verify authenticity
No complex processes as everyones ledger will be updated instantly
Cost reduction, because middlemen can be reduced in transactions, costs can be saved.

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#1252

*Transparency:*Its a trust less network. The ledger can be checked at anytime and transactions have to be agreed upon by everyone befoer they are added to the blockchain through consensus.

*Security:*A decentralized network of computers (nodes)keeps an updated copy of the ledger. (not a central database) Making it near impossible to hack or take control of. the more nodes there are the higher the security is.

*Improved traceability:*Once a transaction has been verified and added to the blockchain it cannot be removed or changed. Meaning we can confidently track movement on the ledger from start to finish.

Increased efficiency and speed: The network is available 24/7 365.so there is no need to wait on a third party to check the ledger or make a transaction.

Reduced cost: We no longer need to use a third party or middle man to make a transaction or check the ledger as its distributed making things cheaper and quicker.

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#1253
  1. Transparency:

Since every transaction on the blockchain can be viewed publicly on the ledger deals are done in the light. A “would be” criminal is actually incentivized to be honest because he will not get on the chain if there is no group consensus.

  1. Security:

There is a possibility of a 51% attack however you would have to be a badass with lots of sats to waste to pull this off so either way the blockchain community benefits. Hacking is one way to improve security in my opinion…a lot of hackers probably have a btc address so there is incentive to not bring the whole thing down.

  1. Improved traceability:

It’s literally a database that you can trust to be accurate. This is because it’s based on math and physics not someone’s random accounting.

4.Increased efficiency and speed:

By eliminating the middle men from transactions (ie the banks) things run a lot smoother.

  1. Reduced cost:

Again without the middlemen there’s no taking a little off the top! 2 for me one for you.

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#1254

Transparency

Transactions/data via the blockchain network can be analysed freely and easily via the blockchain network. Making corruption a thing of the past.

Security

Having a high security network via the blockchain protocol eliminates hacks, staff misconducts that can currently occur in current record keeping systems.

Improved traceability

Business can run more efficiently tracking data/products via the real time audit trail. Streamlining verification, origin etc will save time and money and remove fraudulent activity.

Increased efficiency and speed

Business will reduce time and money as current paper heavy process is vey time consuming and prone to corruption and human error. Blockchain can streamline this process efficiently and securely. Making running the daily business more productive.

Reduced cost

Businesses will benefit financially by utilizing blockchain technology as it will reduce third party audits, reviewing documentations and making a trustless environment to do business. By streamlining all these components time and money is saved.

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#1255

1 All participants share the same information and it is readily available
2. Information is updated by consensus and is not reversible.
3. History is public, info is easy to validate.
4 It reduces cost and error
5 Financial gain

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#1256

  1. All network participants in the ledger share the same documentation so changing a single piece of information will require changes in all subsequent data. To alter the data, all network participants will have to approve the changes. As it is verified by multiply networks, it is more accurate. It is also easily accessible by the public, so it is transparent.

  2. Once data has been approved, it is stored across a network of computers. This prevents it from being hacked.

  3. Every transaction is recorded so the origin of an item is easily traceable and verifiable.

  4. Substituting paper-heavy processes done by humans with the automated blockchain, transactions can be completed faster. It also decreases clutter.

  5. No middlemen are needed in transactions.

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#1257

Transparency: Transparency allows all of the participants on a network to have an updated version of the transactions taking place on that network. This is beneficial because each person on the network can be assured that they have accurate information, which could only be modified through mutual agreement within the network.

Security: Information on blockchain technology must be verified and agreed on in order to be added to the blockchain, which then becomes available on every ledger in the network. This is beneficial because it greatly reduces the chance of fraud or manipulated information. It also supports a specific way of sharing sensitive information.

Improved traceability: The information about products in a supply chain becomes more available and transparent. This is beneficial because it allows for the reliability of the products to be checked and audited.

Increased efficiency and speed: Everyone is using common information that doesn’t require a third party. This is beneficial because it reduces the time and effort that would otherwise be used for paper-based records of transactions and activity.

Reduced cost: With the use of common information from the network, there is no longer a need for a middle person to manage transactions. This takes away from the costs involved in doing business.

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#1258

Transparency - All transactions are confirmed by consensus before adding it to the public ledger.

Security - Transactions are encrypted and linked. Sensitive information is not stored by central authorities but instead by a network of computers with incentives to tell the truth.

Improved traceability - Provenance allows for real time auditing and tracking of transactions instead of using paper-heavy processes.

Increased efficiency and speed - Blockchain is detached from unnecessary 3rd party authorities with information silos who are prone to human error.

Reduced cost - There is a removal of intermediaries from the flow of money.

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#1259
  1. everyone who has permission can have access to the shared documentation (blockchain, ledger)
  2. after mutual agreement of a transaction, the transaction will be encrypted and stored on the blockchain.
    the blockchain is stored over a network of multiple computers, if some
    participants are off a continuation is ensured by the reamining participants.
  3. if the exchange of goods is at each stage linked to a transaction on blockchain one is able to trace its
    origin, ingredients, exposed conditions(sensors) and quality.
    4)paperwork is error-prone, time consuming and often needs third party mediation.
    instead using a shared ledger all records are correct, faster to complete because of
    reduction of intermediaries and becomes trustless.
    5)all middlemen are obsolete, just trust on the data on the blockchain.
    Review documentation is reduced due to broad access to a single immutable version.
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#1260

Transparency: All transactions are publically posted and viewable from the blockchain database

Security: Because blockchain is decentralized, it is difficult to manipulate, and therefore more secure than
a centralized database

Improved traceability: Supply-chains leave clear trails that can be followed

Increased efficiency and speed: Blockchain works faster and better than older fashioned data basing systems

Reduced cost: Blockchain reduces middlemen which reduces overall costs.

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#1261

Transparency: Blockchain technology has made transactions more transparent.Information about every transaction sent on the ledger
is shared by all participants. In order to change a transaction every participant on the network would have to agree, which would
very hard to coordinate.

Security: Blockchain has very enhanced security for transactions made on the network. Transactions are
encrypted and pass through many nodes making it hard to hack. Historical data of transactions
can help prevent fraud.

Improved traceability: Every tblockchain transaction has a history of every stop it makes on the
network, making it easy to trace.

Increased efficiency and speed: Every blockchain transaction on the network has a record of each stop it makes. Everyone on the ledger
has access to this information, which gives the transaction less hurdles to clear through intermediaries.

Reduced cost: Blockchain reduces the need for 3rd parties to guarantee the trust of a
transaction. You just need to trust the data on the blockchain. Blockchain transactions also reduces the documentation needed
to complete a transaction. These examples reduce cost!.

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#1262

Transparency: world is going to wreck city because people that are ‘closer to water’ drink more. They do it by not being transparent. Transperency, for me, is a step closer to equality

Security: everywhere there are security issues, only in blockchain they are minimized. you cannothhack the blockchain… everyone in the network has a copy of the ledger.

Improved traceability: of course, traceability is a key point that is missing in the current ‘trust’ based system where in a chain of suppliers, anyone can manipulate data. In blockchain network, this is not the case

Increased efficiency and speed: enough is to compare transactions time in banking system and in, for example bitcoin, for speed. For efficiency its enough to say that a blockchain network has no downtime

Reduced cost: big, top notch servers are not necessary.

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#1263

Transparency: All the information is available to all participants in the same place at the same time. All participants can add a transaction to the network through consensus, but can´t modify past ones.

Security: Blockchain network is more secure by the decentralization, consensus mechanism it operates. Multiple verification points in many different locations.

Improved traceability: It allows to see every input from the beginning, each added block from day 1. As you can not modify past data, you can trust the recorded data.

Increased efficiency and speed: It reduce a lot of paper based work, It does not need each participant to verify a printed set of documents. Each participant has the information in the blockchain, no need to trust third party.

Reduced cost: It cut the middlemen work, it doen´t not need third party to verify the documents. Reduce the number of participants in a transaction from the traditional way.

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#1264

Transparency

On a blockchain, which is a distributed ledger, the whole network has the same immutable information that has reached consensus by each node. This is a fully transparent process to all participants.

To change a transaction that has occurred would require consensus from the whole network - again transparent!

Enhanced Security

Because on a blockchain, the information that is stored on a block is linked to the previous block and all other previously written blocks (like a chain) and this information is stored across all nodes in the network (unlike traditional systems which are stored on a central server) this makes it infinitely more difficult to hack or alter that information. This makes the security on a blockchain much better than current systems that are used.

Improved Traceability

In a supply chain of goods, recording on a blockchain, the trail of any specific element back to it’s origin and each step along it’s journey can help prevent fraud.

Increased Efficiency and Speed

This can be increased by removing traditional paper processes where errors may occur and also when the trust-less environment of the blockchain is used then transactions can be streamlined to clear much faster.

Reduced Costs

Reduce costs by removing third parties because of the trust-less environment of the blockchain.

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#1265
  1. Transparency: Blockchain is a public ledger and anyone in the supply chain can verify transactions and supply chain links.
  2. Security: the chain is based on an extensive network of computers who must all verify every transaction and reach a consensus. To get colusion is almost impossible. You don’t have to rely on one centralised authority. The consensus removes a need to trust the central system.
  3. Improved traceability: Blockchain is one standard system on which every transaction or supply chain link is recorded. There is no need for extensive paperwork and time consuming cross checking. Blockchain is the single system everyone is on, which reduces complexity.
  4. Increased efficiency and speed: Transactions are immediate and seamless. Less paperwork, no intermediaries mean less places for mistakes to happen. It’s quick and simple to make real time audits.
  5. Reduced cost: One system, no paperwork, fast verification, one input to the Blockchain and it’s there forever to be verified by all parties. No need for expensive multiple systems and then third parties following it all up.
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#1266

Transparency:

Because blockchain technology is a distributed ledger where everyone share the same information, this make it totally transaparent for everyone to review that information is true. When everyone have access to the same information, there is no need to trust, but verify.

Security:

Blockchain improve security because the fact that is decentralilized, no one can change or delete the data, so you can trust that what is written once, is reliable. Also have a electricity cost to write information into the blockchain and thats make the system even secure, because make it very expensive to be hack.

Improved traceability:

All the information that is save once, is forever. Is mostly similar to the DNA. Blockchain technology keep track of all information ever written on it. This make it very easy to follow all the transactions since the very beginning. Allow you to know where a transaction is come from and where will go.

Increased efficiency and speed:

The system is 365/24/7, is the longest living network that ever exist. Confirminig transactions is through “mining”, wich is the process of save records into the blockchain. This process is very fast and happen world wide. The waiting time is short and almost instant.

Reduced cost:

Tracking transactions forever into a single ledger, reduce cost for business by removing third party systems and services. By using blockchain to track your transaction, you will no longer need accounting services for example. You can be transparent and save time.

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#1267

[quote=“ivan, post:1, topic:8421”]
Explain with your own words, why these are the benefits of using a blockchain.

Transparency: A blockchain is an active ledger that stores the entire transaction history from inception. All records are accessible for auditing at any point.

Security: Security is assured because every node in the network maintains the same transaction history as all other nodes. Any corruption or hacking is evident because the unaffected nodes will have the consensus results.

Improved traceability: The entire txn history is maintained in the database and is recalculated for every new transaction. The true state is therefore traceable.

Increased efficiency and speed: No intermediaries, clearing houses, central authorities exist in the network. As a result, the outcome of a transaction is calculated in a simple, straight forward manner without waiting for 3rd parties, settlements, etc.

Reduced cost: No intermediaries means no one else gets paid per transaction. This keeps transaction costs low.

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