Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#1308

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

Transparency:
With blockchain network you have true transparency, in which through the public ledger you are able to see in real time the information/data that is stored on the blockchain. All the data that is shared on all the nodes for everyone to see and verify all transactions are accurate.

Security:
With transactions on the network being agreed by consensus this is part of the security of the network. Miners and nodes verify transactions to insure that all transactions are true. The network does not need you to trust 1 person on central point to relies on keeping your data safe or secure. With a decentralised network itā€™s more difficult for false data to be imputed or attacked due to incentives on the network by being honest.

Improve Traceability:
With Traceability the blockchain allows complex markets such as supply chains to be more effective by being able to track in real time the supply chain. From the source of ingredients from farms to the final product, a lot of intermediates are involved through out the process. Have real time data allowing you to track the supply chain you are able to have more information and trustless information that can allow the companies improve efficiency and also bring tracked products to the end user in a trustless environment.

Increased Efficiency and speed:
With Blockchain there are no intermediaries needed. The network is a trustless system which in turn reduces the cost on the network due to no middleman. The blockchain is high availability meaning the network up and running 24/7 365 days a year. When the blockchain process the transactions into the block you are able to access the public ledger and see in real time.

Reduced Cost:

With the blockchain bring a trustless network and a p2p network, there is no need for a middle man to take fees for transactions that you can easily do yourself. With the blockchain being again a trustless network you are trusting the maths and protocol on the network there is no need to worry about issues like charge backs or fraud issues.

#1309

Transparency: dirtubuted ledger and available to everyone

Security: Transactions are agreed apon and approved then linked to previous one, preventing fraud

Improved traceability: All can be traced on the chain

Increased efficiency and speed: Less errors in the process so time is saved and when the public ledger is changed it is shared amoung the rest of the participants.

Reduced cost: Less third parties and middlemen and you donā€™t need to trust your trading partner you just trust the data on the blockchain

#1310

Transparency: With a distributed ledger, access to the information is available for all to see that have access to it, such as different parties various companies that are doing business together. For one party to change any data requires the consesus of all parties; however this would be difficult and so all parties must agree on data before it is committed to the blockchain.

Security: As multiple copies of the ledger is stored on different servers it is very difficult for hackers to compromise data. Also, the fact that data is stored on a chain and linked to each previous/subsequent transaction makes this more difficult.

Improved traceability: Blockchain enables data to be stored on a chain of transactions leaving an audited trail and therefore a history of all transactions.

Increased efficiency and speed: Automated transactions; no third party human intervention or messy paperwork to slow things down.All parties can access a single digital ledger rather than working with various ledgers and having to cross check or incurring delays due to further auditing between various ledgers.

Reduced cost: No fees from having documentation to review by third party auditors because it is trustless and immutable ledger that all can access.

#1311

single public ledger that is available for all to track the data.

Transactions are irreversible and it is approved first then it is encrypted to be added to the longest ledger ā€œchainā€

It can be used with any supply chain to track the origin of any component of the product.

It reduces the paper work, because we are all looking at a single public ledger, so we donā€™t need to trust each other as long as we trust the data recorded on the chain.

It reduces the cost because middle men are not needed, just we trust the data on the chain

#1312
  1. Everybody can see every transaction on the blockchain which makes it very transparent.
  2. Because there are so many copies of the transaction and everybody needs to agree to add data a hacker can`t just hack one server but would need to change the data on all ledgers simultaneously.
    3.You can see every step of each transaction so you can see the start and every intermediate.
  3. Because there is only one ledger you dont have to fiddle with who gets what and dont need instances which control the transactions. Also there is only one protocol which doesnt needs translating and which isnt prone to human error
  4. Every middlemen wants some share of the trade so with no middlemen there isn`t a provision you have to pay and with a blockchain it is easier to review your trading partner
#1313

transparency: I think the fed and other central banks hide so much data that we have to wait sometimes months or years after things have happened before we can find out. This is the first time in History where money and governance can be fully transparent and predictable in the future.

Security: Sometimes Blockchain has too much security to a point where things get lost. This is a benefit for many of those willing to take full control over their money unlike ever before. But its a downside for those who lose their passwords all the time.

Improved Traceability: I think traceability is related to transparency. understanding and tracking where things have gone and having a history of the provenance is important for many logisitic companies or product manufacturers.

Increased efficiency and speed: Everything today is about speed and efficiency. Computers work a lot faster than humans and this helps bring about an automated society. Eventually lots of industries will be Decentralised Autonomous Organisations

Reduced Cost: Time is money but also cost is money lol. Every business looking to reduce costs will research and be convinced by these cost cutting measures. It just take time for old CEOs to understand how it works. More use cases are needed to build the momentum

#1314

1- Transparency is cultivated on blockchain by the fact that everyone has access to the SAME information and needs to come to a consensus in order to approve a transaction. Therefore there are no HIDDEN or secret transactions that can take place. This further instills the idea of trustlessness!
2- Security occurs on the blockchain as a result of having a network of computers that can be relied on to store a history of transaction information that cannot be changed by any one person or only kept on any one server!
3- Traceability occurs on blockchain through this idea of ā€œdigital stoneā€ as mentioned in one of the first lessons. Each time a transaction is verified, itā€™s recorded and can be ā€œtracedā€ to its origins! This particular feature is good for shipping/distributing companies.
4- Without the use of middlemen or tracing paper trails, the entire process of verification of any kind becomes less time consuming!
5-Again, companies save by not having to hire middlemen or pay for various systems to complete investigations into where funds were spent, etc.

#1315

1.transaction histories more transparent because of the use of blockchain and creates a trustless network
2.enhanced security is boosted because transactions are stored into a virtually non erasable network.
3.instead of tracing a product to its original holder/producer, traceability is improved through chain-blockā€™s audit trail instead.
4.increased efficiency and speed is achieved through automating the network creating less problems and human error to gain efficiency and speed.
5.reduced costs is reduced through a lack of 3rd parties and middlemen grabbing costs.

1 Like
#1316

Transparency:
Distributed ledgers updated through consensus

Security:
Agreed upon transactions are encrypted and linked to previous transactions and maintained through distributed ledgers

Improved traceability:
Each addition to the blockchain creates an audit trail outlining an assets journey

Increased efficiency and speed:
Digital Ledgers are transforming conventional GAP accounting

Reduced cost:
Self managing and peer regulation equal less overhead

#1317

transparancy: trustless and traceibel

security: there are stored on many computers

improve traceability: trustless betwen every part, you can see the hole chin

Increased efficiency and speed: no third party or human and is never closed

Reduse cost: no humans who neds pay

#1318

Transparency:
blockchain is a type of distributed ledger, all network participants have the own copy of the ledger and it is possible for everyone to check data on the blockchain

Security:
Transactions must be agreed upon before they are recorded, it is encrypted and linked to the previous transaction. This, along with the fact that information is stored across a network of computers instead, makes it very difficult to compromise the transaction data.

Improved traceability:
Everything in the blockchain can be trace so this help in all the use cases that need traceability

Increased efficiency and spees:
It could be automate and when there is one digital ledger that is shared, it is easier to exchange information, there are less middlemen and everybody has access to the same data on the network what makes it more efficient.

Reduced cost:
With blockchain, you donā€™t need as many third parties or middlemen to make guarantees, no middlemen, less costs

#1319

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

Transparency: Because you have Multiple people involved in verification.
Security:Once it is transacted, canā€™t be changed. Multiple networks, less likely hack.

Improved traceability: Because you can work with anyone without having to establish trust.

Increased efficiency and speed:Transactions are able to be verified and completed quicker. Saving time, manpower, and beaurocracy.

Reduced cost:So many less people needed to be paid to accomplish the jobs needed. Tasks are verified and completed quicker. Time is money! Quicker means cost savings!

#1320
  1. Transparency - Every party to a transaction has access to the same record on the blockchain. .Data in this record is immutable and only changed through consensus of the entire network. Ownership and validation of this record is made clear and safe by this process.
    2ā€¦Security - Transactions are immutable. They cant be fraudulently alteredā€¦ The decentralized network is difficult to compromiseā€¦ When one node is compromised other nodes support and spread the riskā€¦ Their is no central administrator making the decisionsā€¦ Human error is reduced while code and protocol take over through collective agreement.
  2. An immutable record is available in the public ledger. This cant be approved unless the protocol around authenticity have been approved.
    4./5. The middleman is eliminated and peer to peer transactions can take place. Verification is faster and cost are reduced when this third person is not needed. One record in the ledger for all parties eliminates the duplication of documents and speeds up the transaction processā€¦Costs are then reduced.
#1321
  1. Transparency: Transparency is one of the key words in crypto space. Every single participant of the network share the same immutable record of transactions. Provenance with any progression included is auditable at any time.
  2. Security: Security is created by consensus and improved by decentralization and immutability
  3. Improved traceability: an audit trail based on blockchain can show the provenance and every single step of the supply chain in one single record of this asset
  4. Increased efficiency and speed: efficiency improvement by eliminating unnecessary intermediaries
  5. Reduced cost: no trustselling party = less cost
#1322

Reading assignment: Benefits of the Blockchain technology
Explain with your own words, why these are the benefits of using a blockchain.

Transparency:
Blockchain is available for anyone, there is only one public ledger instead of many that is always open to look up confirmed transactions.
Once the transaction is on the blockchain you know that it can never be changed.

Security:
There is no one party that holds the blockchain data but many computers who all have to agree with each other (consensus). The more nodes the higher the security. Incentive to keep high security and 24/7 365 because of making money. Itā€™s all mathematically checked, confirmed and canā€™t ever be changed. It is very hard to cheat or hack.

Improved traceability:
You can easily trace a transaction (also very old ones) and see where itā€™s from originally.
For example with a supply chain and you want to check a certain productā€™s authenticity.

Increased efficiency and speed:
Everybody has access to the same information (IRT in real time) so you donā€™t have to hussle between lots of different centralized ledgers to get pieces of info.
You donā€™t have to rely on humans to verify if some data is right, which takes time and is sensitive to errors.

Reduced cost:
You can skip a lot of middle men by using the blockchain because you donā€™t need third parties to guarantee trust anymore.

#1323
  1. Transparency: everyone has access to the same data
  2. Security: you only need to trust the math and algorithm instead of a third party
  3. Improved traceability: everyone is inspecting and validating the data; and you can track it yourself
  4. Increased efficiency and speed: itā€™s all automated, no manual intervention
  5. Reduced cost: everyone is sharing the cost, contributing to the network
#1324

Transparency is a benefit because everything is right there for all to see. You can trust the blockchain and not the person on the other side of the transaction and still do business comfortably.

Security through consensus takes away worries about errors and hackers. Everyone knows about the transaction before is happens.

Improved traceability is demonstrated because everyone knows where the product is in the process forms the origin to the final destination and all stops in between.

Increased efficiency and speed are gained by eliminating the need for paper and people. The blockchain removes multiple ledgers and human error.

Reduced cost come because middlemen and third-parties are cut out.

#1325

Transparency:
Transparency gives everyone the same information to work with so there is no need to compare with other records.
The data is very difficult to change and easy to trace its provanance.

Security:
Blockchain takes away the trust that would be required to another business and puts it into the single source of immutable information. Because inorder to change it you would require 51% consensus but this is extrememly diffuclty to obtain.

Improved traceability:
Its easy to follow from start to finish of a transaction because it is available on the same global public network. Nothing can be hidden.

Increased efficiency and speed:
Since it is one source of inormation you no longer require intermediates to audit or process the information.

Reduced cost:
Once again its on a single source. No need to go around trying to round up all the information like in a paper operation. This saves time and money.

#1326

On the blockchain *TRANSPARENCY is achieved because the same documentation is shared among everyone on the network and the history is updated by consensus.
SECURITY is achieved because transactions are agreed upon before being recorded then linked to previous
transactions then encrypted. Because all this data is available across all individual participant in the network it makes it hard for any hacker to compromise the data.
Improved Traceability on the blockchain because all components of your transactions leave an audit trail of assets showing provenance.
Increase efficiency and speed due to stream lining and automation and record keeping is on one ledger and does not have to be reconciled across ledgers.
Reduced cost because of fewer third party or middle men no review of data needed , clearings and settlements are quicker.

#1327

Transparency: Blockchains increases transparency because everything is documented on a permissioned immutable ledger, and altering this data would require everyone on the network to collude all the subsequent transactions that come after the one in question, as the transaction would be linked to all these subsequent transaction after being encrypted, which is difficult to achieve.

Security: Blockchain increases security since all transactions are linked with one another in a chain of blocks, therefore, to alter or manipulate any of the data would require you to change every subsequent block after the block in question, decreasing the risk of hacks and preventing fraud.

Improved traceability: In the cases where you are selling products, blockchain can be utilised to track every point within the process so that you know where your products are coming from and how they are produced along the way, and since its done on a single ledger, you wonā€™t be prone to any human errors due to problems encountered when reconciling information from multiple ledgers.

Increased efficiency and speed: transactions can be completed with greater speed and efficiency since the information is gathered from a single ledger, as opposed to reconciling the data from multiple ledgers, which may require more work as well as third party intermediaries to perform that for you, creating an opportunity for human errors. Blockchain takes the process of trust out of the equation, so along with a more efficient system, the data being presented is more trustworthy.

Reduced cost: Increasing efficiencies will reduce costs due to less errors being made in the process. Alongside the decreased amount of third party applications of infrastructure you would normally use and the nuances that come alongside that burden. With blockchain, everything would be neatly organized into a single ledger, so you would reduce unnecessary costs by replacing your old multiple systems for one that does the same thing better, faster and as an aftermath decreasing costs due to the efficiency of it.