Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#1388

Our world has a massive “trust” deficiency and we’re witnessing the sum total of our global, national and local systems breaking down from it and it’s weaknesses. Not only are these systems inefficient and slow they are also full of corruption. Our financial and record keeping in government, corporations and institutions lack accountability and are overburdened by archaic and vulnerable systems such as in accounting. This can be said for our economic systems such as our fiat central bank currencies, so called scientific research, educational curriculum and charity allocation of donations to name a few. Besides lacking transparency these systems also lack security and efficiency so even the most honest of them will have incur tremendous costs associated with the old centrally controlled systems.

A new world of block chain systematically provides an alternative to the old world systems by creating and maintaining the most secure distributed and transparent ledger of data resulting in increased speed and overall efficiencies of that data. The benefits, especially to a free and sovereign person such as you and I are at this point in time impossible to predict.

#1389

Transparency: when using a blockchain transparency is use of the data/transaction being visible and verifiable to everyone on the network.

Security: using a blockchain incentivizes the miners in btc’s case to be honest and not cheat the system by duplication, stealing or double spending on the blockchain. Also your not trusting an organization, your trusting the math and protocols involved in the networks set up.

Improved traceability: the improvements come in the fact that all information is organized, mapped out and neatly condensed, yet worldwide. visible and verifiable, everything can be followed and tracked on the blockchain. every transaction and in btc’s case coin can be followed and see the history of the coin. somewhat scary though.

Increased efficiency and speed: since everything is happening worldwide on one blockchain, skimming through the information is easier and can move faster since it has its own designated highway of sorts.

Reduced cost: using a blockchain helps reduces cost because now you don’t need as many actual people/employees to keep track of all the information moving around, especially when running a business.Transactions and data can be easier to monitor, keep track of and organize. especially when dealing with taxes and audits.

#1390

Transparency is achieved through decentralized nodes containing same ledger and same info. All must agree to transaction.

Security is enhanced in that transaction is encrypted and attached to previous transaction.

Traceability through an audit trail that the blockchain creates.

Increased efficiency and speed due to cutting out middle men/women or intermediaries and all ledgers are the same and updated real time.

#1391

Transparency: All transactions are recorded on a public blockchain are reachable and traceable.

Security: It is conidered to be highly secure system due to its signstue and encyption. Fraud control.

Improved traceability: Once the transation or data has been recorded it cannot be changed but transaction can be tracked - through addresses or trail with visibility.

Increased efficiency and speed: The transaction completed faster and more efficiently.

Reduced cost: Very little transaction fees. It accepts payment in digital currencies.

#1392

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

Transparency:
malicious activity is clearly visible to everyone verifying transactions on the network. Which is good.
(Depending on the blockchain, any addresses attempting to compromise it will be seen and automatically flagged as malicious, robbing itself of any financial gain). ?

Security:
everyone on the blockchain is responsible and financially incentivised to keep the blockchain secure. this is a benefit because security is important for everyone’s financial position. especially among those who have the most to lose.

Improved traceability:
all transactions once verified are stored on the blockchain permanently and visible to everyone on the network. thus leaving a trail to be followed. this is good because it also allows anyone acting to compromise/undermine the blockchain to be found.

Increased efficiency and speed:
there is no need for paper trails as its all digital and blockchain is direct from transaction to verification by nodes to network the nodes are what make up the network. that is blockchain. this is good because it also eliminates the need for countless, unnecessary middlepeople.

Reduced cost:
this is good because unnecessary middlepeople become obsolete and are let go, freeing them up to go and learn about cryptocurrencies, decentralised apps, blockchain, blockchain developing, how to make there own dapp! or if that’s not there thing they can learn about something else! preferably something useful to a society that really just wants to be healthier, stronger, intelligenterer and constructive (or at least less damaging) to the world it resides on!! eh??? :smiley:
Also no need to waste money on paper. Or pens. Or the upkeep of an office. :wink:

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#1393

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

Transparency: it is achieved because everything is reflected in the general ledger, the information is distributed through the network and each participant has access to the same information. The version can only be updated through consensus, all parties must agree, any change generated is reflected in everything and creates collusion for the entire network.

Security: data exchange is carried out through encrypted and encrypted operations, something that allows us to preserve data exchanges and guarantee the security of all those involved. Additionally, the decentralization of information guarantees its total immutability.

The information is stored on a computer network and not on a single server.

Improved traceability: Each block in the chain stores the information and the blocks are linked to each other. This allows tracking where information can be tracked more easily and history processed at any time.

Greater efficiency and speed: decentralization allows us to simplify this process of data transmission, there is a single digital book that gives us greater speed in the management of any information we consult, there are no intermediaries.

Low cost: since there are no intermediaries, trust is only in the blockchain data, the possibility of streamlining our processes and communications. Due to a more direct relationship between internal systems and devices, we can automate the execution of processes.

#1394

Transparency: Transactions are more transparent due to the use of a single public ledger anybody has access to. The ledger keeps of all completed transactions.

Security: It is more secure because of the trustlessness of the blockchain. With the blockchain there is no need to trust people. rather than that we trust math, the protocol and the network.

Improved traceability: With the block chain it is easier to trace the origin of a good or transaction. This is because of the immutability of the public ledger. The ledger has a complete record of every transaction ever made.

increased efficiency and speed: Using blockchain makes it easier and faster to complete transactions by automating the process. This takes away human error and by using the public ledger avoids cross checking ledgers.

Reduced cost: Blockchain takes away the need for middle men due to it’s trustless nature.

#1395

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

Transparency:
Trustless environment. All involved in a transaction have the same information which is verified by each of the blockchain nodes/computers, whereas on traditional record-keeping method transparency requires trust in middle entities.

Security:
each transaction is cryptographically represented and mathematically solved before it is approved and linked to the previous transaction. the information is kept on a network of nodes instead of a single one.

Improved traceability:
in a supply chain, Items are identified and immediately located on every stop/node of the route to the destination.

Increased efficiency and speed:
no need to verify multiples ledgers. automatization and streamlining of processes allow fast efficient processes.

Reduced cost:
reduce third parties, as trust is an intrinsic characteristic of blockchain

#1396

Transparency: Blockchain is ledger distribution technology, all participants have access to the same ledger. Consensus is required to make any alterations the ledger which requires all participants to agree on alterations. In order to make any alterations the transactions on the ledger, one must make alterations to previous transactions. This allows blockchain to be highly accurate and transparent.

Security: Everyone must agree on transactions before they are recorded on the ledger. Once this is verified it is encrypted and linked to previous transactions. Since the record are available on all computers and not any single specific computer. Hacking this network because very difficult for hackers to make changes to transactions. Block chain changes how we share sensitive data, this is highly beneficial data related to government, banking and health related.

Improved traceability: On blockchain items on the supply chain are recorded every time these goods exchange hands. This leaves an audit trail that anyone using the network can validate themselves. Thus items can be authenticated very easily and fraud can greatly be reduced.

Increased efficiency and speed: Traditional paper heavy process often need third part mediation, this is slow and suffers from human error. Streamlining and automating process on the blockchain allows more efficiency. Since all participants are using the same distributed ledger there is no need to validate multiple ledgers systems. This gives way to an efficient trust less system that does not require intermediaries.

Reduced cost: Block chain eliminates third party mediation, which reduces cost because there is no longer middleman involved in transactions. This allow more trust less trade among parties. Finally all data can be self validated by anyone on a network that is unchangeable.

#1397

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

Transparency:
The ledger is public and can be audited at any time, from anyone. This is especially great for supply chains.

Security:
A 3rd party does not need to be trusted with important and private information.

Improved traceability:
The blockchain being immutable and verifiable by consensus creates a permanently accurate ledger, which can be audited and traced at any point.

Increased efficiency and speed:
With humans not physically shuffling papers around, that increases speed and efficiency, inherently reducing costs.

Reduced cost:
See above.

#1398

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

Transparency:

  • A decentralized ledger enables all participants to see and verify every transaction made. This makes all the data on the ledger completely transparent to the participants.

Security:

  • A decentralized ledger is extremely difficult to hack or alter without the participants realizing. In order to have a security threat, more than 51% or consensus of the ledgers would have to be hacked simultaneously and with the other 49% not realizing in order to change the ledger. This is very improbable and becomes even more improbable with proof of work and the current incentives on the network.

Improved traceability:

  • This one is goes with greater transparency. The blockchain ledger is decentralized throughout all the nodes so every node can trace and verify the authenticity of every transaction. This greatly reduces errors for every participant on the network and allows everyone to trust that all the transactions are valid.

Increased efficiency and speed:

  • Everyone sharing the same ledger and not needing a middle man increases efficiency and speed. This in my opinion is the greatest accomplishment of the blockchain. Lots of man hours are spent forwarding/verifying/copying data and these could be greatly reduced with blockchain.

Reduced Cost

  • This goes with the increased efficiency and speed. As you make gains in efficiency this allows you to spend less money on staff and resources that were allocated to data verification beforehand.
#1399

Transparency: all network participants share the same documentation that only can be updated through consensus.
Security: once transaction is approved , information is stored accross a network of computers instead of on a single server makes very difficult to compromise the transaction data.
Traceability:when transaction is recorded on a blockchain you can trace where an asset came from and every stop it made on it’s journey.
Speed: all participants have the same digital ledger which means clearing can be done much quicker. Intermediaries are no longer required.
Costs:no need for third parties or midle man which means less money going to these services.

#1400

Transparency: Everyone on the network has the same information at the same time. Everyone can see what happened and when it happened.

Security: Due consensus, you can forget to trust that the information in your database is correct or hasn’t been modified.

Improved Traceability: As every transaction is recorded in the blockchain, you can track a series of events since their origin.

Increased efficiency and speed: As everything is on a 24/7 network, you don’t need to wait days for a transaction to occur. All information is updated automatically in the network, you don’t need to depend on 3rd party persons or rely on humans to make something to happen.

Reduced cost: As everything is immediately and there is no need to pay 3rd party persons or systems to make sure and monitor that everything is working as it should be.

#1401

Transparency: before any data will be added to the network it should be approved by all participants. Since each participant has a copy of all transaction it is transparent to follow whole information in the network.

Security: all your data in the network is linked to the previous data. It is no way to delete some information but only add.

Improved disability: Each ledger has copy of all transaction in the past. That means that anyone contract or transaction from very beginning.

Increased efficiency in speech: everyone can access to the ledger and no intermediaries are needed. Also hold information will be storaged digital no need for paper

Reduced costs: since there are no way to change the previous data and it cannot be manipulated, there’s no need for any additional security protocols but only record in lenger.

#1402

Benefits of transparency.
Improved transparency is not guaranteed with blockchain but if it is utilised transparency promotes trust and stability between parties and also provides opportunity to see influences or outcomes from other perspectives, the reduction of hierarchy, auditing and the improved dissemination of information. Many chains are opting for a partial transparency where a form of governance is required. There are cases when transparency of data within the chain may not be appropriate, this seems a trade off between privacy and trustlessness.
“So far there has been little emphasis on the distinction between consortium blockchains and fully private blockchains, although it is important : the former provides a hybrid between the ‘low-trust’ provided by public blockchains and the ‘single highly-trusted entity’ model of private blockchains, whereas the latter can be more accurately described as a traditional
centralised system with a degree of cryptographic audit-ability attached.” - Vitalik Burterin

Security.
The distributed, encrypted and consensus structure of blockchain provides high security. No single entity to attack and generally incentivised support of the network through different protocols mean blockchain can be vastly more secure than centralised ledgers.

Improved traceability.
The accessible audit trail of blockchain make the tracing of asset origins very easy. This is a huge benefit to business in the proof of authenticity and prevention of fraud.

Increased efficiency and speed.
The digitisation of information provides many benefits of speed, efficiency and cost over redundant paper based or centralised unconnected digital records. The automation of most auditing and accounting to name a few.

Reduced cost.
The automation of many currently expensive services like accounting and auditing coupled with removal of current security layers around centralised ledgers and reduced culpability in proof of ownership or origin will lead to huge savings for businesses who implement blockchain.

#1403

1.all transactions are visible

2.blockchain is not owned by a person or a government therefor can not be manipulated.

  1. in my mind improved traceability is going to be great, not as much need for bookkeepers and accountants. everything should be tracked for an audit.

  2. my understanding is that you are cutting out the middle man. mastercard company, banks etc. it will be paid direct so should be more efficient and and speedy.

  3. reduced cost will be from cutting out the banks, accountants, lawyers in some cases.

I would take some recommendations if I am on the wrong lead. thanks

#1404

Transparency: Because the distributed ledger can be viewed openly then the total of all transactions can be confirmed and seen. Therefore it is completely transparent.

Security: Transactions have to be confirmed by many nodes to make it a true transaction. If one wants to change a transaction that has already been recorded it would be nearly impossible because they would have to not only change that one transaction but every single other one after that.

Improved traceability: When the data of an asset is recorded on a blockchain then you can see its journey from its beginning all the way up to the point where it is currently. You are able to trace every place “address” that asset has been from it’s inception.

Increased efficiency and speed: For many companies the record keeping can be very time consuming and expensive. Especially when third parties need to be paid to move assets, perform audits, keep, and store records in the traditional way. Blockchain could easily save time, money, and other resources to an industry that adopts this system.

Reduced cost: Like my answer above it is similar in that many third parties would not be needed to keep redundant records, perform audits, or have to deal with the costs that stem from corruption in the first place.

#1405

Transparency: This allows confirmation of a transaction to occur with many observers recording the same occurrence. This is the foundation of having trustless and therefore fast transactions.

Security: Security is paramount when dealing with capital, good, services, records, and many other commodities in our society. Without security no one would want to transact with others for fear of theft, fraud, or other forms of harm. Especially when dealing long distances over a computer network.

Improved Traceability: Tokenizing commodities, goods and services and making them traceable makes insuring quality, authenticity, and even the path that they took to get to market are acceptable and efficient. This saves money, time and in the case of possible spoilage, loss, theft, infection, or whatever a custody chain can reveal shortcomings, authenticate loss, and assign damage.

Increased Efficiency and Speed: Speed can save spoilage, value loss from market fluctuation, and time loss for use. Efficiency saves money and labor costs.

Reduced Cost: These benefit sellers to make bigger profits and buyers on cost of good. By removing middle men along the path and utilizing the function the work is supported by the network passing a portion of the cost on as a value in the coin.

#1406

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

Transparency:

Blockchain is a distributed ledger meaning that all participants of the network share the same lets call it history of transaction and all have to agree upon the next transaction to be added to this list. So all participants have exactly the same information and all have to conclude on the next piece of information to be added. This leads to increased accuracy and consistency of the data and essentially removes the need to trust anyone (person or institution) that the data is correct and true.

Security:

Nowadays it is very difficult to distinguish between what is true and what is “fake news”. For the reasons described above a blockchain ensures through mathematical methodology that the data / information is true. Furthermore, due to the fact that blockchain is a distributed ledger technology, i.e. the data is stored on different computers rather than on a single server makes it more difficult to attack the network. The two points, that one can be sure that the data on the network is true and it is hard for hackers to attack the systems is a tremendous advantage blockchain has in terms of security.

Improved traceability:

A blockchain facilitates the traceability of a certain product in so far that, every entity in the value chain can participate in recording the trail of this product. Each piece of information that is added will be verified by all the other entities participating in the recording of the creation process of the product. Since all of them have an incentive to do so the correctness of the data can be ensured as well as the detail of the information will improved.

Increased efficiency and speed:

Thanks to the single distributed ledger that blockchain uses there is no need to reconcile different ledger with each other as it is necessary today. Let’s take the example of a payment of company A to company B and look at it from an accounting point of view. Company A has to record the outgoing payment and has to match it with the incoming goods receipt in the case of a product. Essentially there are two databases involved, let’s call it the financial database which records the outflow of cash that needs to reconcile with the product database which records the inflow of the good. These two databases need to be reconciled. With the use of a blockchain which uses only one database this reconciliation work is not needed anymore. Furthermore, the need for auditors which control whether the data of the two databases match will also become redundant. You can even go a step further and argue that a blockchain allows to match the cash outflow transaction of company A with the cash inflow transaction of company B. The single distributed ledger ensures that all participants have the same information which removes the need for reconciliation and its control.

Reduced cost:

To keep it short, all of the above mentioned points reduce costs by removing the need for trust & control and at the same time improve security, transparency and traceability.

#1407

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

  1. Transparency is a benefit of using a blockchain because it allows anybody to see the transactions in the blockchain. This gives the individual greater control over what data is shared and how it is used.
  2. Security is a benefit of using a blockchain because it gives the user confidence that when a transaction is confirmed and recorded, it is hard to dispute. This minimizes fraudulent activities and benefits all markets.
  3. Improved traceability is another great benefit of using blockchain because manufacturers will now have a way of tracking the origin of various components involved in the production of a product. The traceability of the blockchain transactions can serve as proof of quality or authenticity and also contributes to the reduction of fraudulent or cheating.
  4. Increased efficiency and speed reduces the amount of time it takes to complete cross-border transactions. It also reduces the angst involved in transactions that involves the control and siphoning of value by financial middleman. Individuals can now sell and ship with greater confidence that the transaction can be executed without having to pay an exorbitant fee to make that happen.
  5. Reduced cost is made possible by all of the above qualities of the blockchain technology. Moreover, reduced cost enables the individual or corporations to have more of their resources available to creating more value. This is such a wonderful thing for humanity because each transaction is more and more easy and energy can be devoted to creation instead of transacting.