Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#122

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

1.Transparency: All documents are visible to participants that have shared access to the same documentation,To change a document would require all participant to reach consensus therefor always being transparent.

2.Security: When a transaction is agreed it is always recorded and then encrypted and linked to a previous transaction which will then be stored on a network of computers enhancing security as opposed to a single server which is vulnerable to hackers.

3.Improved Traceability: As all process and transfers can be recorded on the blockchain you can have a audit trail so the origin of all process and transfers can be identified.

4.Increased efficiency and speed: Most work processes are are very time consuming with red tape human error and waiting on others taking much of the time. On the Blockchain you can stream line these processes on a single ledger where all participants have access clearing the way for trust, improving efficacy, speed & cost and execution of all projects. is

5.Reduced cost: On the Blockchain there is no need for trusting a trading partner anymore so the use of the middle men for guarantees is obsolete, you just need to trust the math and protocol of the blockchain to reduce your costs drastically.

#123

Homework Benefits of Blockchain Technology.

  1. Transparency. Since Blockchain technology is a distributed ledger and all network participants share the same documentation as opposed to individuals having individual copies, each participant can view the entire blockchain at any time.
  2. Security. Since transactions are agreed upon by consensus and become immutable once confirmed in the blockchain, the only way to change any data is through another consensus.
  3. Improved Traceability. By reducing middlemen and paper intensive processes, Blockchain technology helps to improve traceability of data, products etc.
  4. Increased Efficiency and Speed. Blockchain technology helps to increase efficiency and speed by cutting out many of the middlemen, third party mediation players and reducing overall costs by streamlining any process.
  5. Reduced Cost. Blockchain technology helps to reduce overhead business expenses by again cutting out middlemen, third party mediators and other ancillary players.
#124

Transparency becomes a “default setting” when using blockchain technology, as the distributed ledger can only be altered through the consensus of the network. When the network consists of a multitude of parties with no vested interest in the particular transaction, all bias is removed.

Security is also improved due to the fact that consensus must be achieved by a vast array of network participants, and is therefore less likely to be manipulated in any way.

Since each transaction, once verified by the network, is encrypted and added to the previously-relevant transaction within the ledger, a transactional trail is created, provenance is created, and every transaction can be traced to its origin.

Verification by consensus eliminates the need for any third party intermediary services. A single network-wide ledger requires simultaneous updates, and eliminates the need for time-consuming data transfer between multiple databases.

By removing trust between all parties, and instead relying on data verification across the network, the need for costly intermediary services is eliminated.

#125

Benefits of using a blockchain.

Transparency:

  • Blockchain is a distributed open ledger technology
  • everybody can to see the content of of a blockchain database

Security:

  • The history of a blockchain database is immutable
  • No central point of failure

Improved traceability:

  • With its traceability the proof of provenence can be possible in a trustless way
  • The history of a blockchain database is immutable, so it can alway possible to watch back in past

Increased efficiency and speed:

  • can reduce classic bureaucracy to a minimum => more efficient

Reduced cost:

  • Reducing costs by eliminate the middlemen
#126

Transparency: Every ‘transaction’ is visible to all participants (depending on the type of blockchain)

Security: Every block contains a hash of all of the previous blocks, and in turn each of those blocks’ transactions, so one or more parties cannot override the consensus aspect of blockchain

Improved traceability: As above, the blockchain contains all of the information of previous blocks therefore a party can simply review the transactions to see from where the data/object originated

Increased efficiency and speed: Nodes, miners and so forth are based on computing power, not manual labour, so this is automated and is not subject to sickness, the economy and other issues which hinder a natural person’s ability to perform functions

Reduced cost: Blockchain technology does not require third parties, so this alone reduces the overall costs of transactions

#127

Transparency

Blockchain provides transparency by creating a distributed ledger of data that is accessible to all users that require access to this information whether it’s a public or private network.

Security

Sensitive data is more secure when decentralization is merged with encryption (blockchain). Single point of vulnerability has been removed from the equation.

Improved Traceability

Once transactions or information has been recorded on chain, a permanent record has been created for accurate examination of the distributed ledger.

Increased Efficiency and Speed

Reconciling information on centralized networks requires intermediators to verify data/information, these will ultimately be replaced by consensus driven networks to maximize efficiency by automating certain aspects of data entry, removing the necessity for third party verification.

Reduced Cost

The trustlesness nature of blockchain eliminates the need for mediators. When two parties engage in a blockchain transaction the necessary criteria needed to execute and conclude the transaction has been verified by the network itself, reducing cost.

#128

Transparency: It is transparent because it can be trusted without the need of a third party and it is available at any given time and any where.

Security: It is secure because is a network that runs globally and every actor on the chain needs to agreed to have a consensus that can’t be change or reverse and even be hacked.

Improved traceability: It is traceable because any item that is register in the blockchain can be verify by anyone looking to have a provenience in the supply chain for example.

Increased efficiency and speed: It is fast because we don’t have to deal with third parties that can slow down or even stop the process of accessing the information.

Reduced cost: By being faster avoiding third parties, the cost of maintaining the distribution of information or products is most efficient too.

#129

Transparency: Transactions are more transparent on the blockchain. Everyone shares the same ledger. It is more accurate, consistent and transparent

Enhanced Security: Transactions are agreed upon before being recorded through consensus. All data is stored on a network of computers/nodes instead of a single server making it difficult to hack.

Improved Traceability: The blockchain leaves an auditable trail of transactions back to its origin which helps to verify authenticity of assets and prevent fraud.

Increased Efficiency and Speed: Because everyone shares the same information/ledger, there is no need for intermediaries or auditing which takes time. A single ledger also means less clutter.

Reduced Cost: Companies save costs as everyone would be using the same technology and have permissioned access to a single, immutable version of the blockchain ledger.

#130

Transparency: In Blockchain a transaction is shared between all the participants , this transaction can only be updated trough everyone agreement. The data it is very accurate , consistent and transparent.

Security: It is very hard for hackers to hack the system because the network data is shared trough a computer network .

Improved traceability : To get to the final product example in a supply chain it is very hard to verify every single passage . With blockchain every passage is accurately been recorded since its origin.

Increased efficiency and speed: Blockchain removes all the unnecessary passages during a transaction compared to a traditional business. There is much more trust between all participants, so the transaction can be made much faster and more efficiently.

Reduced cost: With Blockchain all the unnecessary costs such as third parties or middlemen are not needed anymore to guarantee the business, the trade is not based anymore on trust and every transaction it easy verifiable by everyone.

#131

Transparency: Blockchain is transparent as all participants have access to the same information, a digital ledger. Also
this ledger is distributed over the network and can only be updated through consenses.

Security: Due to the copies of the blockchain on the network and the only way to update the chain is by consenses and all
of this is encrypted it is almost impossible for hackers to change, modify the ledger without being noticed. The update
of the blockchain will simply be rejected.

Improved traceability: Because the information can not be deleted, updated or modified, every information added on the
route of the product is there to stay. It will be easy to go back to see what happened where and when.

Increased efficiency and speed: The consenses of the blockchain takes away having to trust in third-party mediation,
which takes time and money. All information is stored in the blockchain and is there to stay.

Reduced cost: Because clients trust the data on the blockchain because of the consenses and the difficulty to hack there is
no more need for third-party meditation which are expensive and time consuming.

#132

Transparency: the blockchain is public everyone can access his data

Security: information are stored in a ledger which is duplicate multiple time and automatically synchronized. Because of immutability it s also impossible to modify information without anyone to know about it

Improved traceability: Ba following transaction in each block you can easily follow each step of a transaction movement

Increased efficiency and speed: Everything is shared in one ledger using one system is faster than using traditional paper or excel sheet where information have to be duplicated. It s less error prone

Reduced cost: No middle man or 3rd parties who take a commission to verifying information or controlling the data.

#133

Hey Dude,
Any tips on installing Atom.

Do I need github?

D

#134

  1. Transparency makes the transaction visible to everyone on the network. You are sharing the same documentation and not just a copy. Data on the blockchain cant be disputed because the transaction has been agreed upon by the network.

  2. The blockchain is more secure because there is no central point of failure. In order to change the data there must be a consensus on the network around the world. Transactions are linked to the previous one.

  3. Having transactions on the blockchain make it more traceable because everyone can see it. This helps reduce fraud and you can track a product from start to finish.

  4. Blockchain is more efficient and fast because there is less middleman involved. transaction gets verified with the math not a third party. No human error. It is more organized since everything is on one public ledger and not spread across multiple ledgers.

  5. Blockchain reduces cost by making things go faster. The transaction is the confirmation so less trust is put on third parties and their services. Reduces clutter and the transaction is the audit.

#135

just download it from https://atom.io/

#136

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

  1. Transparency: memory and records anyone can see
  2. Security: decentralization, concensus, and honesty, good community.
  3. Improved traceability: honesty, fraud, and theft can be tracked easily
  4. Increased efficiency and speed: p2p
  5. Reduced cost: no third party fees or charges.
#137

Transparency allows all participants to share the same documentation and eliminates the possibility of one participant unilaterally altering the documentation.

Using the blockchain enhances security because every transaction is encrypted and shared across a network, making it harder to alter or to hack.

Because every transaction is stored on the blockchain, it possible to determine not only the origin of a product but every change or addition made to it.

Transactions can be settled faster because third party intermediaries are eliminated from the process.

Eliminating the middlemen and minimizing documentation reduces expenses.

#138

Transparency: It’s good for record keeping where any individual can check the blockchain to verify all transactions.

Security: This very important in the blockchain, for the trust-less method they use on the network of computers use to make it safe.

Improved trace-ability: For big and small businesses to track inventory form the very start of production to the end user. It will prevent fraud in these industries.

Increased efficiency and speed: This will help organizing records to one copy with many participants holding the the same copy to prevent fraud. Saving time and energy for looking through a brunch of paper work. It will reduce human error in the workplace.

Reduced cost: Having one copy of the ledger will bring down operating cost overall. Reducing the middlemen will also save money with b2b and p2p businesses increasing over the next 5 to 10 years.

#139

Transparency: since all nodes share the same copy of the blockchain, there is no ‘trust’ involved. Everyone can verify the history and current state of the blockchain, as well as participate in consensus to update it.

Security: without a centralized entity controlling the database, hackers don’t have a single entity to target, and there is a greatly diminished probability of the network going down (i.e. higher availability).

Improved traceability: the blockchain provides a full audit trail of all transactions on the blockchain. This makes it more efficient to verifiably show the provenance of the blockchain.

Increased efficiency and speed: since the blockchain is real-time, trustless, and digital, numerous inefficiencies are overcome. The blockchain streamlines manual processes and layers of administrative checks/approvals leading to greater efficiency and speed of transactions.

Reduced cost: by removing middlemen that were needed to ensure trust, and by removing layers of documentation for audit purposes, implementing blockchain technology can reduce the cost of doing business.

#140

Hello,

  1. Due to the fact that there are many copies of the same ledger at each node, information regarding the state of all the blockchain can be easily accessed. Furthermore, any person can download a copy of the ledger and become a node himself, increasing security. There is no gatekeeper that can fudge the data.

  2. you cannot modify your own ledger, adding data in you favor, because the rest of the nodes will not recognize you transaction/modification of the data. Data can only be modified through consensus, meaning the new ledger must be agreed upon by all nodes. Data is also stratified, and one cannot make use of a million btc if in the preceding blocks he didn’t acquire as much. Also any transaction is more secure due to its “finality”. What is mine stays mine, until I wish it differently.

  3. All transactions are tracked, and the life of the single element of data can be traced back to its creation (for instance the day that bitcoin was mined.). A transparent diffused ledger is auditable by any person interested. It allows for greater clarity in understanding what is owned or processed.

  4. Automation increases the speed in which one can clear goods, also uniting the bookkeeping and the transactional layer makes things both easier and constantly auditable. These checks allow for less comparisons between physical ledgers. Having a computer work for you determines less headaches and human errors.

  5. Simplifying a process reduces its costs. a transparent process allows for easier interactions with users, limiting claims. A more secure one determines less frauds by all parties. A traceable batch of data allows anybody to pinpoint the exact moment when something went wrong, determining with greater ease who is responsible. Greater efficiency warrants less employees, or at least frees these employees, allowing them to work on a different project within the same company. Having more money is preferable, and often an activity with reduced costs is a more efficient one.

Best

#141
  1. Everyone on the network shares the same information. They all use the same ledger and it can only
    be updated through consensus.
  2. Transactions must be agreed upon before a transaction can be approved. It also must be approved by a network of computers not a singe server.
  3. Each transaction is recorded on the blockchain and can be traced back to its origin.
  4. No more third party, everything is streamlined through the blockchain on a singe digital ledger.
  5. You don’t need the middleman. Less paper work to complete a trade.