Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#1268

Transparency: All transactions are recorded on the blockchain, there is no ability to hide transactions.

Security: Blockchain transactions must be agreed upon by both parties before anything can happen. Also, because the blockchain is shared on many computers it hinders hackers’ ability to compromise the network.

Improved traceability: Whether financial services or a product of some kind, the journey of an asset is able to be completely checked and verified for authenticity

Increased efficiency and speed: Blockchain technology removes the need for human intervention or an intermediate step which can slow processes down because it’s automated to only fulfill an action when the information is correct.

Reduced cost: Because the need for third party institutions is removed with blockchain, institutions that would normally provide security or insurance are not taking a ‘cut’ thus more value is able to be sent/received

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#1269

Transparency: with blockchain, no transaction without consensus; also the blockchain is decentralized i.e the information/data are shared across the network every node has the copy of information

Security: no human involvment, all are done by computers, nodes through maths and algorthm. The trustless reinforce the security

Improved traceability: by using provenance that improve tracing the origin of any transaction.

Increased efficiency and speed: no third party in blockchain’s process

Reduced cost: no banks charges, no third party costs for any activity in blockchain.

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#1270
  1. Transparency:

The Blockchain network is accessible to all who have permission access to it. Everyone has a copy of the distributed ledger of all the transactions. Transactions can only be update if all the parties in the network reach consensus. To change a transaction everyone within the network would have to be complicit in agreeing to make the change of that one transaction which would be a monumental task. It’s safer to say that the record is immutable. Overall, Blockchain is more accurate, consistent and transparent than other existing methods.

  1. Security:

Security in the Blockchain network is accomplished by Consensus through provenance. Once transactions are approved, they are encrypted and linked to the previous transaction creating an ever increasing string that, over time, is impossible to reverse establishing immutability. The decentralization of the network allows for multiple fail safes when it comes to hacking attempts to alter the data. They attacker would hav to alter every single Ledger in the network to tamper with the transaction. This insures the immutable integrity of the Blockchain ledger acting as a safe guard against fraud and unauthorized activity.

  1. Improved traceability:

Blockchain provides a transaction layer and an audit layer at the same time allowing for the easy and efficient tracking of complex supply chains in a business. The historical transaction data can verify the authenticity of goods tracking them at any level of production and location helping to prevent fraud.

  1. Increased efficiency and speed:

The Blockchain stream lines and automates transaction on a public digital ledger making it fast and more efficient. A public digital ledger means there is no discrepancy in the reconciliation of transaction data. This allows for trust-less-ness and a faster more efficient clearing and settlements of transactions.

  1. Reduced cost:

With the existence of, and access to, the public digital ledger, the trust-less network protocols and the elimination of third party middle men, the costs of transactions are greatly reduced.

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#1271

  1. Transparency: Blockchain provides ultimate visibility to anyone that access the blockchain. The chain is available to anyone and is accessible.

  2. Security:
    It’s close to impossible to hack the blockchain because the data lives in all nodes, not a centralized server. The attempt to re-write the data becomes incrementally harder the more blocks that are finalized.

  3. Improved traceability:
    We are able to trace every transaction that has occurred on the blockchain and trust that it is valid. We can see everything from start to finish.

  4. Increased efficiency and speed:
    We no longer need trusted third-parties to handle transactions or the verification of data. Humans will no longer need to actively push data through which is slow as opposed to an automated system that runs 24/7.

  5. Reduced cost:
    We no longer need to spend resources is actively verifying and pushing data through a central database.

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#1272

Transparency:
Transparency is key to having a system we can all trust. We know that we are all viewing the same information. From the lowest level employee to the top employee the information can be verified and the same for all participants.

Security:
The blockchain is more secure because it requires consensus from unbiased participants. This creates a system where we don’t have to necessarily trust one another. We can trust the results of the consensus on the blockchain. It is also more secure because everything can be traced to its origin or genesis.

Improved traceability:
Tracing everything to its origin is very valuable for auditing. The blockchain allows you to see each transaction as its verified.

Increased efficiency and speed:
The 24/7 up time of the blockchain is key to its speed and efficiency. No longer do we have to wait for banks to open to verify transactions. We can see it on the blockchain as it happens.

Reduced cost:
Through the system of shared computer processing power and incentives we can have reduced costs. Each participant of the blockchain is given an incentive to keep it up and running. This helps spread out the costs to all involved.

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#1273

Transparency: Everyone has equal access to the blockchain and can verify for themselves the transaction history. Public - everyone can see it and Private - Only authorized users can view it.

Security: Transactions must be confirmed by all parties before its executed. The blockchain encrypts and links the transaction to the previous one. It is impossible to reverse or change a transaction.

Improved traceability: All parties can track transaction history on the blockchain. All details about the transactions are available for all to verify.

Increased efficiency and speed: The blockchain records instantly and perfectly.

Reduced cost: You no longer have to keep your own records or hire anyone or agency to audit and record transactions. Since the blockchain does all the recording there is no need for any third party verification, middle men or paperwork.

#1274

Transparency: Blockchain is a public ledger which is available for everyone to see

Security: Instead of a central database, blockchain is made up of a network of computers which makes it less vulnerable to hacking.

Improved traceability: Blockchain is like a digital stone, thus users can easily trace back the origins of a good

Increased efficiency and speed: automation and it is a single digital ledger which reduces clutter, hence increasing efficiency.

Reduced cost: Middlemen and intermediaries are not required hence reducing the cost of transaction.

#1275

Transparency: A blockchain has a a distributed common ledger which anyone with permission can view, this ledger is verified through consensus.

Security: All transactions must be agreed upon through consensus which is very difficult to change information once it has been validated by the network. You would need to change all ledgers on the network to abuse the the system, this can be nigh on impossible across a wide network of nodes or computers. the more nodes you have the higher the security compared to a centralized ledger which has one point of attack.

Improved traceability: A Blockchain records all transaction and related information throughout a supply chain whether this be goods and services or the movement of non physical assets. This leaves an audit trail which has already been verified and very difficult to change.

Increased efficiency and speed: A blockchain is automated it superceeds traditional paper based systems which require constant auditing and prone to human error. This can cause concern over the validity of the information.

Reduced cost: A block chain removes the need for 3rd party auditing which required physical manpower. Transactions are finalized much quicker saving time and resources.

#1276
  1. Transparency: It is a public common ledger based on common protocols accessible by everyone
  2. Security: Due to the use of multiple central servers instead of one and also due to the encryption of the data transmitted . 2 pimples in hackers buts
  3. Improved traceability: all the transactions are varified and account. And also it can be verified through all network levels
  4. Increased efficiency and speed: No middleman and also due to the high availability of the network
  5. Reduced cost: No middelmans so no additional costs are encountered
#1277

Transparency: Everyone has access to the blockchain, can verify transaction, and can look through the database

Security: No single point failure, impossible to fake a transaction, without resining the whole chain

Improved traceability: each transaction is traceable. Each exchange of asset has a reference to where it comes from

Increased efficiency and speed: Each node has the same copy of the ledger, there is a single point of reference that is easily accessible

Reduced cost: No middle man is involved during a transaction, so no commission / fee is taken in during the transaction.

#1278

Transparancy: In blockchain, transparency is achieved through public ledger. These transactions are visible to all parties in the network. This method of sharing data means no single point of failure or source of data. In order for information to be added to the public ledger, all parties must come to a single agreement or consensus.

Security: There are different ways in which security is achieved in blockchain

  • Majority of participants needs to come to consensus / agreement before data is verified and added to the public ledger.
  • In order to trust these participants to secure the data, the blockchain is designed to be immutable and linked to the previous transactions.
  • Respectively compromising these data, one would have to hack previous blocks and do so at faster rate than current blocks being generated. Each blocks generated increases difficulty. Compromising the blockchain is unlikely due to the cost of equipment and energy required.

Improved Traceability: Traceability is achieved through transparency of the blockchain. Newly generated blocks are cryptographically linked to the previous block. This acts as real time self auditing system.

Increased efficiency and speed: Blockchain eliminated the need for intermediaries which interns increases the efficiency, speed and accuracy of work. This is done by eliminating the paper heavy ways of intermediaries which are slow and non prone to error free. Consensus is reached on a transaction quick on blockchain and is published to the pubic ledger.

Reduced Cost: Hiring a third party or intermediaries are not required, this reduces the cost and no need to trust middlemen as blockchain follows specific protocols and are immutable.

#1279

Transparency: The blockchain is a database which can be accessed through a public ledger which shows all the transactions being processed on the network. The database is transparent which allow people to trust that the transactions have been verified and completed with math protocol. This leads to a more accurate and stable way to process and record all transactions.

Security: The blockchain network security includes a requirement that all transactions need to be agreed upon before they can be recorded as acceptable. The transactions are encrypted and linked between the previous transaction and the current one completed. The public ledger is stored on a network of computers which helps prevent fraud.

Improved traceability: The blockchain network is transparent and permanent, which means everything can be tracked. This enables the system to be audited which will lead to any finding any errors in the system more quickly.

Increased Efficiency and Speed: The blockchain network allows for direct to direct transactions which removes the need for third party mediation.

Reduced Cost: The blockchain network is a stable, transparent, audible, permanent record of transactions help reduce the errors made by third parties or suppliers. The digital ledger allows for verification to be done with math and the results can be trusted by all parties involved.

#1280

Transparency:
BC is a distributed ledger therefore all transactions are public and all participants have access to the same data.Changing the data requires a consensus throughout the network by all participants.
Security:
After a transaction is approved, the transactions gets encrypted and stored across all participants in the network. The encryption and the distributed data makes it harder for hacker to manipulate the transactions.
Improved Traceability:
Inside the BC everything is recorded. Therefore everything can be traced back to its origins by an audit. In this way you can verify the authenticity of everything and prevent fraud.
Increased Efficiency and Speed:
By tracing any good and services you rely on a lot of paper work, human correctness and sometime on a lot of middleman. This anything else but efficient. By recording every good or service in a blockchain processes can be traced automatically faster and efficient with no middleman involved.
Reduced Cost:
By eliminating the middleman through a trustless environment you reduce costs.
By no reviewing of document, you reduce time and therefore costs.

#1281

  1. Transparency:
    Ans: The Blockchain ledger can be made to be public or Private and immutable.
    This allows all parties who have access to see the transaction history of the ledger from beginning to present.

  2. Security:
    Ans: Transactions are secured by the nodes or miners on the network. If one node wishes to change a transaction, depending on the coded rules, all or a percentage must agree to the change.

  3. Improved traceability:
    Ans: Since all transactions are recorded permanently in the ledger, their historic movements can be tracked by looking back into their origin to end point and everything in between.

  4. Increased efficiency and speed:
    Ans: With the absences of paper and the limited need for human interaction with in the operations of Blockchain, information can be transmitted in seconds with a very high degree of accuracy since it is digitized. Moving money or data over vast distances becomes much more economical and affordable.

  5. Reduced cost:
    Ans: The cost to move information through the network is inexpensive since you don’t require paper, people and the time involved by the use of the first two points.

#1282

  1. Everybody can see everything simultaneously. You can see the record of everything and also, it creates a trestles system which means people can feel free to do future actions.

  2. In a trustless system, people don’t have to worry about getting screwed. Everybody is watching so no one can pull a fast one.

  3. Traceability is so important to know what you are getting. With blockchain everything is right there.

  4. Speed is so important, related to cost. Faster, for the most part with the same quality is better. There’s no person sitting at the top having to okay everything like in a beurocracy … which is actually a good use idea. Bureacracies suck. What if the DMV just had you upload your photo or something … That’d be awesome. Also tickets. Crime is sort of a grey area but if its truly trust less, could be cool. Anyway …

  5. Cost, I mean no brainer right? Wrong! No actually right, cheaper better, cut out the middle men.

#1283

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

Transparency:

Transparency is an important feature in blockchain technology. All transactions are viewable on a public blockchain and viewable to select participants on a permissioned blockchain. It is better to see the activity of all transactions, rather than companies holding their data in a silo in a central system. The data on a blockchain is accurate with timestamps, and is up to date. If the network agrees on the transaction, it will broadcast onto the blockchain.

Security:

Security is another feature in blockchain. All transactions are agreed across the network, that are displayed in a blockchain. When a transaction is broadcasted onto the network, it connects with the previous transaction block, forming a connection to all other previous blocks, which all hold transaction data. The security of blockchain, will make it difficult for hackers to attempt to steal sensitive data considering that the information is always there, and also, multiple computers run on the network to communicate the data.

Improved traceability:

A blockchain can be used to track products from their point of origin. Improved traceability is possible on blockchain, by providing up to date data, that is broadcasted from a network of computers. Supply chains can use this benefit of traceability, to monitor goods, that are en route to the next supplier, or even display what has happened to the product from when it started moving down the supply chain.

Increased efficiency and speed:

Another benefit of blockchain is increased efficiency and speed. In a typical supply chain, each supplier holds their own information in their own database, communicating with other companies about their production. With blockchain, there is one ledger for all to use, which will display all the same data for all to view, reducing delays and processing from human data entry and the communication after.

Reduced cost:

With blockchain, costs can also be reduced. Less parties are needed for managing the data which equals less costs relating to the paper work process. Everyone will see the same data on the blockchain, and stay up to date with each business. Blockchain can benefit the cost of dong business in different sectors such as supply chains, financial and legal.

#1284
  1. Transparency:

Transaction histories are becoming more transparent through the use of blockchain technology. Because blockchain is a distributed ledger where all network participants share the same version of the truth. Which is only updated through consensus of all members. Blockchain transactions are visible to all and cannot be changed once they are agreed upon.

  1. Security:

There are several ways blockchain is more secure than other systems. Transactions must be agreed upon before they are recorded. After a transaction is approved, it is encrypted and linked to the previous transaction in an immutable chain that cannot be changed. The blockchain ledger is stored on the network with no central authority.

  1. Improved traceability:

Improved traceability of complex supply chains with blockchain ensures origin and provides an immutable audit trail. The historical transaction data can help to verify the authenticity of assets and prevent fraud.

  1. Increased efficiency and speed:

Streamlined processes and automated processes with blockchain provide transactions that can be completed faster and more efficiently. When everyone has access to the same version of the truth it requires less intermediaries and clearing and settlement can occur much quicker.

  1. Reduced cost:

With blockchain there is less need for third parties to make guarantees because you trust the data on the blockchain. Less documentation review will also cut costs because everyone has access to the same immutable version of the truth.

#1285

Transparency: Documentation is the same across the network. There are no individual copies. This means the blockchain can only be updated through consensus.

Enhanced security: Transactions are agreed upon before they take place in the blockchain. Then they are encrypted and tied to the previous transaction. Also, blockchain is a network rather than a single server, so it is more difficult to hack,

Improved traceability: When exchanges are recorded in blockchain there is a clear record that can be audited.

Increased efficiency and speed: Transactions are automated and don’t require intermediaries. A single, shared ledger eliminates the need for making multiple copies. Equal access to information facilitates trust through trust in the network.

Reduced costs: Blockchain cuts out the middlemen. And there is less documentation to review because everyone will have access to the blockchain.

#1286

these are the benefits of using a blockchain.

Transparency:

  • public, distributed ledger that is traceable and cannot be changed.

Security:

  • verification by millions of nodes globally, 24/7, 365, who need to be in agreement in order for a transaction to be verified as true

Improved traceability:

  • transactions as part of a historic ledger that cannot be modified

Increased efficiency and speed:

  • by creating a system of both recording transactionS and the information about the transaction provides almost real time audit and accounting therefore reducing the need or auditing middlemen, for 3rd party trust bridgeway and no breaks for weekends or working hours means the system can work constantly.

Reduced cost:

  • technological protocol is shared and can be used by many therefore reducing the need to build, manage, audit, and try to share central database contents
#1287

  1. Transparency:
    transactions can be seen and verified by anyone on a public ledger

  2. Security:
    Transaction information is stored at many different computers and new transactions require consensus, therefore it’s impossible to gain access to the transaction database and cheat, unless you convince the entire network to cheat, which is highly unlikely due to the incentive structure.

  3. Improved traceability:
    Through publicly verifiable records that cannot be changed, the audit trail of transactions is better to construct.

  4. Increased efficiency and speed:
    as blockchain is a shared source of truth, participants have less things to check/verify compared to legacy systems, before they can take action on the basis of the displayed information.

  5. Reduced cost:
    middle men are (mostly) removed and so is their cost.