Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#1288

Transparency: The blockchain records are public, immutable, all network participants share a copy and it is available to all participants who have permissioned access.

Security: new blocks are created by consensus, every block is linked to the previous block, therefore a single block can´t be altered without having to alter every block after that one.

Improved traceability:
By blockchain technology you can trace the source of goods.

Increased efficiency and speed:
The traditional methods can be time consuming and susceptible to human error, with blockchain technology most of this process can be automated.

Reduced cost:
Without the need of middle man, business can safe lots of time and cost by using blockchains for their supply chain.

#1289

  1. Transparency:
    because it is a distributed public ledger everyone has access to the same database that has consensus.

  2. Security:
    the transaction/information has to be agreed by multiple parties, once there is consensus it is stored on the block chain that can not be altered.

  3. Improved traceability:
    with complex supply chains the there can be accurate record keeping of information making it easy to track origin and flow.

  4. Increased efficiency and speed:
    because there is a central database/ledger everyone has access to the same information and there is no “Silo” network making it more stream lined

  5. Reduced cost:
    because there are no middlemen that needs to check verify the information it is much quicker that ultimately saves cost.

#1290

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

Tranparency: Because blockchain is a public, immutable ledger records can be checked by anyone anytime.

Security: Encryption, consensus, immutability, decentralization.

Improved traceability: When the supply chain is placed on the blockchain there is greater ability to trace the origin of a product.

Increased efficiency and speed: Streamlining, automation, and payment and confirmation at the speed of the internet.

Reduced cost: Blockchain processes enable you to accomplish multiple tasks at once since the record is generated automatically and as part of the process. Human error and interruptions as well as losing ones place in the process are reduced.

#1291

Transparency is a benefit of using blockchain because there is no reliance on a third party intermediary. This is a consequence to the public ledger system; meaning anyone can view and add information.

Security also benefits from the public ledger system. Anyone can view and add information but requires consensus from the network for validation. In other words requires the “okay” from everyone before progressing further.

Traceability is improved by blockchain as a result of the public ledger system as well. This public access allows users and / or clients to view all aspects of the trading process securely and in real time.

Efficiency and speed is increased by the flow of information. Data moves far quicker than paperwork managed by humans. Efficiency is a result of real time information updates. This eliminates the need for guess work and the “wait for approval”.

Cost reduction is a benefit of blockchain because it replaces the need for the middle man. Third party arbitrators and ratifiers become less important due to the combination of increased transparency, security, traceability, efficiency, and speed.

#1292

Transparency: There is only one ledger that everyone has access to so if a change is made it is made and visible to all, unlike having many copies.

Security: The data is encrypted and stored in many locations. Any alterations will leave a trace that it’s been altered and is not the original copy

Traceability: Provides ease of audits because every prior transaction is included with the current transaction.

Efficiency: There is zero human touching thus a less likelihood of errors. Also, since the ledger is stored in multiple locations you don’t have to wait for someone to grant access to if they are unavailable.

Cost reduction: Less middleman means lower cost which translated into lower prices. Less middle men are needed because you don’t need to rely on trust since you can rely on validations.

#1293

Greater transparency is a benefit of using blockchain because all individuals have exactly the same information that can only be updated through consensus.

Enhanced security is a benefit of using blockchain because it is difficult for hackers to compromise the transaction data, which prevents fraud and unauthorized activity.

Improved traceability is a benefit of using blockchain because it creates an audit trail. The audit trail can help identify the authenticity of assets and prevent fraud.

Increased efficiency and speed are a benefit of using blockchain because multiple ledgers do not need to be reconciled and there is less clutter. Also, it becomes easier to trust each other when everyone has access to the same information.

Reduced costs are a benefit of blockchain because blockchain reduces the number of middlemen needed to make guarantees and review documentation. Time is money.

#1294

Transparency - every transaction can be traced on the public blockchain (available to everyone) to its origin and verified. Its virtually impossible to collude together to modify the public blockchain.

Security - The network is decentralized and consensus has to be reached to verify a transaction. Miners are incentivized to verify transactions

Improved traceability - Every transaction can be traced from origin to destination and also every stop in between. This is very relevant to supply chains for example.

Increased efficiency and speed: Automated network instead of human parties.The network has high availability because miners are incentivized to join. Settlements happen faster.

Reduced cost - less parties involved in approving transactions and book-keeping.

#1295
  • Transparency
    • Transactions are stored on a public (or sometimes permissioned) ledger and cannot be altered.
  • Security
    • Information is stored across a network of computers instead of a single server making it difficult to compromise.
  • Improved traceability
    • Goods exchanged can be recorded on the blockchain leaving an audit trail of where it came from and who it came from. It can help very quality and authenticity and prevent fraud.
  • Increased efficiency and speed
    • All information record is stored on the blockchain and available to the different parties preventing information silos. That makes the information trustable and reduces the need for intermediaries reducing time for settlement.
  • Reduced costs
    • Blockchain reduces the need for most third parties which reduces the overall costs of doing business.
#1296

1.) Transactions that are transparent.
2.)Transactions agreed upon before being recorded.
3.) A supply chain watchdog.
4.) From a paper heavy, third party system to a blockchain that is streamlined.
5.) No third parties to take care of.

#1297

Explain with your own words, why these are the benefits of using a blockchain.
Transparency:
Blochain is a public ledger represent an shared version of data set can only be updated when all participants come to agreement(consensus). Everything is in public and transparency increased.
Security:
Transaction is agree upon before it can be encrypted and added to the block. To temper with the record the attacker will need to alter the sequential blocks on all network simultaneously
Improved traceability:
The provenance of origin is easily trace for all record are in public
Increased efficiency and speed:
Replace paper heavy human labor with digital ledger save time because all participants can access the record any time
Reduced cost:
Without the middle man cost was highly reduced

#1298

  1. Transparency: Blockchain is a type of ledger everyone shares the same network. Through consensus on the network everyone agrees before any changes are made.

  2. Security: Transactions are encrypted and linked to the previous transaction. It is physically impossible to change a confirmed transaction as they are all linked together on the network.

  3. Improved traceability: The blockchain confirms every transaction and they are all linked to it can be followed and audited to prevent fraud.

  4. Increased efficiency and speed: It is all on the network and does not require any third parties. It eliminates human error by streamlining and automating processes where everyone has access to that information.

  5. Reduced cost: Blockchain is more transparent, secure and efficient this reduces the cost in these areas automatically. It removes the need to rely on third parties to provide services thus driving down costs.

#1299

  1. Transparency
    Since everyone on the network has a complete copy of the ledger (all transactions), any change requires the whole network to agree on it. This guarantees accuaracy since no one person or group can alter it for their own ends.

  2. Security
    Since the network has to agree on all transactions and all transactional data is encrypted and saved on a large network and not just one computer, data breaches become extremely difficult to perform. This in turn prevents the compromising of sensitive data.

  3. Improved traceability
    The blockchain allows you to track a product/transaction from the very beginning and every step along the way, thus preventing any fraud. This also allows you to locate any problem along any part of a supply chain.

  4. Increased efficiency and speed
    Without the need for multiple ledgers or several intermediaries, everyone can access all available information in a single ledger. All tracking, audits or settlements occur much faster.

  5. Reduced cost
    You can dramatically reduce third party involvement since you no longer need them. Instead of using them to establish trust between organizations, you simply trust the blockchain. You also shrink the required documentation since everyone has access to the same ledger.

#1300

Transparency - As blockchain is a public ledger, everyone has access to all states that have ever happened on it. This allows for better consistency and efficiency when one needs to go back and verify a specific state change.

Security - Before any change is added on the chain a certain consensus must be reached. Since each block takes previous’ block hash into account the reversibility of its transactions becomes almost impossible once that takes place.

Improved traceability - Using blockchain as a supply chain tracker, an item’s path can be recorded at each point which brings traceability and efficiency in a possible trustless environment.

Increased efficiency and speed - Blockchain lowers the need for traditional record-keeping systems as it itself is using as a record-keeping system which makes it much easier and faster to keep track of things just by leveraging this technology.

Reduced cost - By efficiency and speed you also benefit from reduced cost of operation, as you no longer require a middleman to keep track of things, like a bank or accountant.

#1301

All concerned parts of the blockchain can see the audit trail left from the transaction being performed

Being distributed it has no single point of failure (unless again there is a bug in the blockchain code itself!) as the security is spread across many nodes and therefore reduces the hacker’s ability to corrupt data.

All parts of the transaction i.e. the supply chain of an action are recorded and are all within the same system.

It’s one system

Fewer intermediaries (or none) and therefore no more (or less) middlemen milking from the process. i.e. P2P

#1302

Transparency: To be able to verify the truth.
Security: Avoiding leak information from 3rd party.
Improved traceability: To be able to verify the source.
Increased efficiency and speed: To reduce waiting time for approval of the network.
Reduced cost: Lesser fees encourage people to do transaction.

#1303

Transparency: Because blockchains are opensource and publicly verifiable their transparency reduces the need for third party verification of data.

Security: Because the network leverages consensus algorithms it would require an entire network to be in collusion in order to change a record. Therefore the data can be trusted because it is highly unlikely mathematically that such an event would take plac.e

Improved traceability: Since all of the records are public, transparent, and immutable, the chain of custody can be verified. There is no need for a third party to verify or trust to be required.

Increased efficiency and speed: Since there is no need for trust, and verification is almost instantaneous the need for a settlement system, paper process, or third party audit is removed. That adds a great deal of speed to the system.

Reduced cost: Blockchain reduces the need for middlemen to verify or facilitate the transaction. Thus reducing the cost and trust required in other types of transactions.

#1304

Transparency: Blockchain uses a distributed ledger in which all members have the same set of records and have to come to a consensus on all processed transactions before they are accepted into the blockchain. This offers transparency because all nodes have the same information and have to agree on all the information before the block is confirmed.

Security: By using a distributed ledger, there is no single point or centralized server where a hacker could attack and change/ disrupt the information going into the blockchain.

Improved traceability: Using historical transaction data to trace a products origin and stops along the way through the supply chain can offer an enhanced traceability and easy auditing of the process.

Increased efficiency and speed: By having a single record of all transactions, blockchains offer a more efficient method by not have to trace through multiple ledgers. This speeds up the auditing process without the need to question trust the information being analyzed.

Reduced cost: Blockchains simply reduce the cost needed by businesses by having less people, third party auditing, and middlemen in the process of verification.

#1305

Transparency:

All network participants share the same information, and changes which can only be made with the agreement of all other participants (concensus). This allows for complete transparency.

Security:

Blockchain provides enhanced security because all transactions must be agreed upon before they are confirmed and added to a block, after which it is encrypted and linked to the previous block of transactions. This linkage (link in a chain of blocks, hence “blockchain”) provides greater security since a change to any transaction would require that all subsequent transactions be altered – and that would happen only with the agreement of all other participants.

Improved traceability:

Improved traceability is achieved because every transaction in the blockchain can be traced back to its origin, allowing for a complete audit trail. This prevents fraud by allowing for assured authenticity and verification of all transactions.

Increased efficiency and speed:

When compared to traditional, paper-heavy processes, blockchain is faster and more efficient because a single ledger is shared among all participants. This greatly reduces the possibility of human error and/or the need to reconcile multiple ledgers. Having a single ledger enables the clearing and settlement of transactions to occur much quicker.

Reduced cost:

Blockchain technology gives the benefit of not having to trust any other party in a given transaction, eliminating the need for third-party middlemen to make guarantees. Since blockchain is also a faster and more efficient system, the overall cost burden will be reduced.

#1306

1:The great benefit of transparency, is trust! Because of the consensus you do not have to worry what happens to your data/transaction.
2: In any industry that needs to keep its data safe, blockchain helps to prevent fraud, beacause the data are verified by a worldwide network which is impossible to hack.
3:because every transaction is verified and can be tracked and traced where it came from, the sending party can’t hide, so it prevents fraud.
4:Any industry benefits from speed in transactions, beacause time is money, aspecially when you can be sure the transaction goes flawless… it safes headache and stress.
5: If an industry can reduce it costs, it can make more profit or gain a better place on the market by lower costs.

#1307

Transparency: Everyone can see the data from the blockchain transactions.

Security: Nobody can change it because it relies on consensus.

Improved traceability: It has provenance which tracks down the origin of a transaction.

Efficiency: The slowness of a network is out weighted by the need for a third party network and quality control.

Reduced cost. There is no need to pay for a middle man, or an auditor. It also reduces cost by increasing efficiency.