Thanks, i always thought btc was a crypto(encrypted) currency so where can i find the encryption in BtC?
Aan ma, jun. 29, 2020 om 21:15, Mauro Fabijanić via Ivan on Tech Blockchain Academy Forum <[email protected]> schreef:
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Public and private keys can be used for encryption. They are the core mechanic of proving what bitcoin address you own. 
Aan ma, jun. 29, 2020 om 21:48, Mauro Fabijanić via Ivan on Tech Blockchain Academy Forum <[email protected]> schreef:
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Explain with your own words, why these are the benefits of using a blockchain.
- Transparency on a blockchain enables all participants to use the same documentation ledger. All transactions as well as any updates on the ledger can only be recorded through a consensus of all network participants. Therefore, the data is easily verifiable, concise and more accurate.
- Security on blockchain is an important feature because information can only be recorded if it is verified by the network consensus. The data is then stored on the network of computer nodes rather than a single database so that failure, corruption and hacking is reduced.
- Improved traceability of supply chains is more in demand everyday. Also, authentication of resources, goods and assets is also in high demand. With blockchain’s improved traceability in these areas we can improve quality control and reduce fraud.
- On blockchain increased efficiency and speed is achieved when compared to processing traditional transactions. Blockchain streamlines with single ledger verifiable record keeping without having to recompile and make corrections as with traditional methods of processing transactions.
- Blockchain has the ability to reduce the cost of processing transactions compared to traditional methods since no 3rd party intermediary is needed to facilitate transaction. All information about the transaction is shared in a single ledger which is available to all involved parties.
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(1) Transparency - blockchain technology is triple entry accounting and allows all permission parties (or anyone on a public blockchain) to view the transaction data.
(2) Security - owing to the consensus nature and the way bitcoin blocks are mined with hash power, once a set of transactions are published in a block, it is very difficult if not impossible to change the data later, making the information secure. Also since each node on the blockchain stores all the data of the blockchain, if one computer node “goes down” the data is not all lost, as in private data networks.
(3) Improved traceability - an open blockchain tracks all information inputted on it, with timestamps and transaction information, making tracing information relatively easy.
(4) Increased efficiency - since all data is recorded and runs live 24/7/365 it removes the need for many middlemen as well as improves the speed at which information and value can be accessed, stored and moved since you no longer need to deal with cumbersome paper trails.
(5) Since it is all online and reduced/eliminated middlemen the costs of working on/with blockchain technology is significantly reduced.
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With greater transparency all network participants share the same documentation which
can only be updated or changed through agreement from everyone. This ensures consistent, tamper proof documentation.
Blockchain provides enhanced security through 1. mandatory agreement before transactions are recorded, 2. information is stored across the network instead of a single server, and 3. blockchain encryption of approved transactions.
Blockchain improves traceability by providing a reliable audit trail to prevent fraud
Legacy models reliant on paper processing are slow and outdated. Blockchain provides a quicker model which is streamlined and automated.
Reduced costs is key for the success of any business and is great for consumers as well.
Blockchain tech reduces the need for many third party services which can be pricey and time consuming. Data on blockchain will be a single immutable version which cuts out various third party functions normally needed for guarantees and verifications.
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Benefits of using a blockchain:
- Transparency: anyone on the blockchain network can view all the transactions recorded on the ledger.
- Security: through encryption and other control mechanisms, information on the blockchain cannot be modified without recording the changes made.
- Improved traceability: blockchain can be used to trace entries on a supply chain to insure there are no fraudulent activities.
- Increased efficiency and speed: because verification is done via code and encryption rather than humans, blockchain is efficient and fast.
- Reduced cost: the elimination of some middlemen in the blockchain helps to reduce costs.
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Explain with your own words, why these are the benefits of using a blockchain.
Transparency:
Transparency is key in any organisation,partnership or any process that involves more than 1 person.Therefore if the issue of transparency in any process is required and we have a technology that makes it possible in realtime that every party that is involve is aware about transaction(s) on or before it is happening and an agreement is reach for it to occur such that no alteration can be meddled with then the issue of trust is relied on such mechanism.And if such mechanism makes it unachievable for a single entity to alter any records then a blockchain standard protocol is in place.Altering a transaction will alert other users,will collude the network and it is deemed impossible.
Security:
Blockchain protocol being recorded on a public ledger and available on all public nodes makes it difficult for transaction to be compromised, for fraud to take place or unauthorised activities of altering the data.In the case of transactions the blockchain protect and secure data after a transaction is decided by by encrypting and attaching it to some source of previous transaction in a chain which is unbreakable and thus the transaction can never be lost or altered.
Improved Traceability: Blockchain makes industry becomes more reliable,operate more efficiently in dependable manner by a process of audit trail. Every organisation will perform it’s rigorous part of an operation without knowing how deep or where there product maybe question if it needs arise that question will be easily answered as all the process has been recorded in a technique along the production to supply chain process.
Increased efficiency and speed: Less cluster, single digital ledger shared among partcipants and elimination of numerous intermediaries,human error and efficient time consumption makes all business operates in swift manner to clear and settle operation process
Reduced cost: The issue of middle man will be nullified as all the information needed are publicly available with less documentation as all process has been set in automated manner.
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Transparency
Blockchain is a public distributed ledger and available for real time tracking and auditing of transactions added to the blockchain. Each participating node on the network in the blockchain has same copy of data which can only be updated after consensus among all participating nodes.
Security
Approved transactions are added to the blockchain in encrypted format and linked to previous transaction. Transaction copy is stored across the decentralized network and makes it very difficult for hackers to manipulate data.
Improved Traceability
Blockchain enables digital provenance by being a decentralized trust less distributed public ledger. The transactions are stored on the blockchain after consensus among the network nodes based on verification of data stored on the blockchain and are immutable. This enables maintaining an immutable history of transactions which is beneficial for supply chain industry in tracing the products from source to destination.
Increased efficiency and speed
A blockchain is distributed ledger available to the public for building applications on the same global network on which data/ transactions are available to everyone. The data stored on the network is verified through consensus and immutable and thus trust less. This saves lot of time in completing and settling transactions faster without additional verification and human errors.
Reduced cost
Blockchain is a trust less distributed public ledger where transactions are added to the network after consensus. Cost of verification with additional 3rd party are not required and thus businesses achieve cost reduction.
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- Transparency: With public ledgers that all have the same thing on them this removes the lies an=d sneakiness someone could do to cook their books.
- Security: the thing that stood out to me is that it is stored on everycomputer/ device involved on the blockchain. it is not confined to one server. So harder to hack and change/alter
- Improved traceability: It shows you the journey that a product took. so it is very traceable. meaning you can trace its authenticity.
- Increased efficiency and speed:
All the audits and transactions are done through computers. they combine alot of the steps in one step, remove human error and it is all electronic no paper work needed. - Reduced cost: You dont need to hire a third party to do anything it is peer to peer. It takes the partners out of the equations and the computers do it all.
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As of late the world has been a little chaotic. We’ve got pandemics, protests, riots, and as Murphy would say, “Anything that could go wrong, has gone wrong.” But even with all these wonderful little Murphy’s Law events, I just can’t help but feel a little bit optimistic. And I hear the audience out there! They’re yelling, “But Bitcoinstache! What the heck is making you feel even okay with all these shit storms we’ve been having!?” Well, my curios and frustrated audience, I’m gonna tell you. I’m optimistic about blockchain. Yes I can’t help but get a little bit excited about that technology behind Bitcoin no matter how bad our circumstances might be. I know! I know! I should be panicking and running around like a chicken with it’s head cut off, like the rest of you out there, but I can’t stop thinking about how blockchain is transforming the world right now before our very eyes. We are living in the most technologically disruptive times since the advent of internet, even perhaps since the invention of the light bulb, or heck we might even be in the midst of a change greater than the creation of the Gutenberg Press which lead us to the Reformation. I think the saddest thing about living through technologically disruptive times is that most people are completely oblivious to the significance of the change that is coming and miss life changing opportunities. Blockchain is going to rock our world with unimaginable progress and benefit mankind in spectacular fashion. Read how blockchain is going to benefit us so you can be prepared and take advantage of this revolutionary technology.
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Transparency
With blockchain transactions are becoming transparent. Let’s talk about war for a moment. Wars are nasty, terrible, and they kill lots and lots of people. I would imagine most people out there don’t like war. (Who wants to get killed in a war?) But for some reason we keep having them. (Especially, if you’re American! Afghanistan, anybody?) The bad thing about war, besides all the death and mayhem, is that they are expensive. (Seriously, wars cost ungodly amounts of money.) The question is, if most people don’t like these wars and if they cost a whole heck of a lot of money, then why do we keep having them? The answer is because our current monetary system is not transparent. The cost is hidden from the general public through taxation and mostly inflation. (How much is a Tomahawk Missile? I don’t know but I bet you don’t and don’t care to know either!) Because the cost is hidden from the general public and paid by slowly robbing everyone of their purchasing power over time; all the Government has to do is sprinkle a little propaganda here and add a dash of racism there and, “BOOM!” they’ve gotten us all into war. (Love bombs away!) But imagine a world where we could actually see the accounting of how much war was really costing us. With blockchain this is possible. Anyone with a cellphone can access the entire transaction history of the blockchain. Now imagine the government trying to sell us into a war and we could see that it was costing us half of your yearly wages to pay for it. I bet we would think twice about supporting war in that situation. The blockchain ledger can be accessed by anyone at anytime and that just makes for a more accountable and hopefully a more peaceful society. -
Security
Blockchain is making the money we earn more secure. I bet you work really hard for everything you’ve got. The question I want to ask you is, where are you storing the fruits of your labor? Whether it be a checking account, savings account, stocks, bonds, or pension more than likely you are trusting someone else with your life savings. (Unless you’ve got Gold bars. Then be careful, someone could run off with your stuff!) This is a problem because you are trusting a complete stranger with everything you have worked your entire life for. What are those people doing with your money while they are in possession of it? (2008, anybody?) What if they lose your money? What if they just simply won’t give you your money back when it is time to withdraw? Now I can already hear you first worlders complaining, “But I have a trustworthy institution! They’re insured!” True! True! Some of us are privileged to have lived in a society that has had relatively safe institutions that we could trust in the past. But there are tons of places in the world where people can’t access these institutions and they have no avenue for saving. Plus times aren’t so rosy right now and you can’t 100% guarantee that if the crap hits the fan your trusted institution will come through. Using trusted central institutions creates an unnecessary problem now, you have to trust them and they are a central point of failure where you could lose your nest egg. With blockchain we can now store our wealth in a trustless more secure way. The blockchain is decentralized, immutable, and anti-fragile. This means that we do not have to trust a central institution when storing our wealth because we can trust the protocol instead. All we have to do is properly secure our keys and we can secure our money ourselves. (Be your own bank!) -
Improved traceability
We can now make sure that our purchased products are safe and healthy with blockchain. Have you ever been in the grocery store and seen the two different piles of oranges for sale? You know, one pile is regular and the other pile is organic. Now sometimes I am a healthy conscious bloke and I wouldn’t mind paying a little more for the more healthy option. But have you ever looked at the two oranges and asked yourself, as I have, “How do I really know that this more expensive orange is really organic? Did they just slap an organic sticker on the regular oranges and charge more?” Hopefully the store you are shopping at is being honest and selling an authentic organic orange. But we run into the same problem as before, we are having to trust a central institution, the grocery store, to be honest. Now with blockchain we no longer have to trust the grocery store and we can prove whether or not the orange is truly organic. Blockchains provide provenance for supply chains. Blockchains can keep a record of who, what, when, where, and why every step of the way for product distribution. No longer must we suffer over paying for the same product with an organic sticker on it. -
Increased efficiency and speed
Keeping records & cross-referencing is a pain, it’s time consuming, and because of blockchain technology it is no longer needed. (How many boomers do I have in the audience?) You know how you guys have been balancing your checkbook for ages? Guess what? You don’t have to do that any more. Basically you were using double-entry accounting to make sure there was no error from the bank or merchant when you made transactions. That is no longer need with blockchain. Whenever we make a transaction they are final, always true, and there is always a permanent authentic record. Some have referred to this feature as triple-entry accounting and is done automatically for us. This saves our most valuable resource time. (Millennials you have never balanced a checkbook in your entire life, but you won’t suffer the consequences of not doing so now.) -
Reduced cost
Fraud costs us all and blockchain reduces fraud. Fraud is rampant in the world we live in now. It used to be that merchants defrauded customers more frequently but now we live in a world where fraud is more rampant the other way around. Retail is rampant with charge-backs, fraudulent returns, and reneging by consumers. This fraud costs merchants money and in order to stay profitable merchants must reallocate those costs to all other consumers. Blockchain eliminates this problem because all transactions are final. There are no charge-backs or refunds on the blockchain. A consumer must be really sure before making a purchase. This makes it where the seller and buyer can do business with each other even if they have no trust with one another because the trust is in the protocol. This elimination of fraud reduces the cost of goods and services for all of us.
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Are you sure we’re done? 
Jokes aside, very well written. You are making great progress!
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- Transparency: Blockchain is like distributed ledger so everyone included in the transaction can see the transaction took place.
- Security: A transaction has to have consensus to be recorded on a block that is linked to the previous block on the chain. And the blocks are store on a network of computer. All this makes is super hard and let’s say impossible to hack.
- Improved traceability: The participants involved in a transaction can see how the transaction took place, how it evolved. If it involves products, the participants can see their provenance and the route taken from beginning to end.
- Increased efficiency and speed: Since we are talking about a distributed ledger on a blockchain whose network never stop working 24/7/365, a lot of intermediaries are eliminated and there no multiple ledgers to coordonate.
- Reduced cost: The transactions are done faster, intermediaries are eliminated, so the cost is reduced.
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Transparency: because it is a public ledger, it is possible for anyone to verify transaction. The data is first agreed upon by consensus. No human intervention is possible.
Security: the data is distributed between the whole network and each computer has the copy of the entire blockchain. The data is encrypted before posted.
Traceability: because of the nature of blockchain it is easy to track all the data as it is recorded in a sequence. If all steps of the process are recorded on a blockchain than there is a way to trace all those steps.
Increased efficiency and speed: it is much faster than keeping traditional books for accounting. There is no need for reconciling so no third party needed. The process is streamlined and automated.
Reduced cost: because it is so automated no third party needs to be involved so many intermediaries are eliminated thus greatly reducing cost.
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Transparency: As discussed before the open ledger adoption requires consensus from everyone that the Invoice for example is the correct invoice, all parties can check it, however certain levels of access can be given i.e. lower level management can see that an invoice is from ‘A’ and its for 100x boxes of x but perhaps not the value, so offering layers of transparency?
Security:
All the ledger parties need to agree the entry , it cannot be removed or changed or amended without consensus, the document data is agreed then encrypted so it makes it super hard for hackers to access and decipher, the decentralised storage also make it virtually impossible to steal change or destroy and so a strength against fraud.
Improved traceability:
The Blockchain can be used for traceability, and an example of this would be a business that required key elements that were very hard to distinguish from copies or something like blood diamonds where a business reputation relies on its totally trusting supply chain to its clients and its own integrity in the market, its no good saying we do our best you have to say we can verify!
Increased efficiency and speed:
The blockchain works 24/7, avoids human error after entry and following consensus creates a trustless clearance system for business and payments for example. Removing the paper, possible time zone desk delays, and human error on checking the system speeds up
Reduced cost:
Trust the data not the person = speed and reduced cost
Transparency: transactions are visible to everyone. There also has to be reached a consensus before a transaction is approved.
Security: you need to trust in a math protocol, and not a centralized entity
Improved traceability: every transaction can be traced from head to tail.
Increased efficiency and speed: trust factor is removed, and transactions are sent in a matter of seconds.
Reduced costs: There is no middle man between party that takes a % of a transaction.
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Bitcoin in this sense doesn’t offer any layers. All data is publicly available and verifiable. It is completely transparent! There are examples to this like Minero, which is a privacy coin and offers full privacy so the funds are only visible to the receiver. There are also a few projects that offer permissioned access to the data stored. A notable example that comes to my mind is the latest OriginTrail update.
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Hello
What I was meaning that if you have a company, yes theres 100% transparency in blockchain but cannot the business using the blockchain release just certain details to their employees working the blockchain i.e. sensitive price data?
Thanks
Adam
Many thanks for the link to the report OrigTrail, very interesting…
you are welcome
I hope the article also explained a bit about this. As said the Bitcoin blockchain is not intended for these types of data. However there are methods to achieve the desired effects but are not part of the Bitcoin protocol in particular.
There have been talks of implementing Mimble-Wimble protocol on Bitcoin but the idea was scratched for what I know and are now separate coins that utilize it. I’m not that familiar with how it works unfortunately
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