Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#1508

Transparency: The information is public, easy for everyone to see with no chance of anyone hiding data.

Security: The network never sleeps, with no chance of shutting down and losing data, it also records data to the block which is irreversible.

Improved traceability: Every single piece of data on the block can be traced back to its origin.

Increased efficiency and speed: With a wouldwide network constantly working the transaction times are very quick and effortless.

Reduced cost: Paper heavy industries can greatly Reduce their paper consumption. The removal of middle men reducing man power costs.

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#1509

The blockchain provides many benefits, such as transparency. Meaning, it allows for anyone to have access to the ledge and see the activity of it’s users.

Another benefit, is security. It’s network is made up of nodes around the world so it makes it very difficult if not impossible to hack. As there would be the need to hack all of the nodes at once to alter or erase anything in the ledger. The bigger the network, the more secure it is.

Traceability is another benefit. Anything can be traced to it’s origin. Contracts, representing assets, products, ingredients, etc. are listed in the ledger so anything can be traced back and verified. So it’s history is also transparent and traceable.

Increased efficiency and speed. This is yet another benefit. Executing contracts, trades, sales, etc. with paper or intermediaries can slow down transactions. Having one ledger which everyone has access to on the web, can reduce time and cost. When transferring assets, one does not need to wait days but just minutes for transactions to take place since it’s done all by algorithms, designed to verify information and display it, fast and easy.

Obviously, cost is an automatic benefit from the use of the blockchain, as it reduces or eliminates middle men. You only have to trust the ledger which is verified by code and miners. So you have less steps in any transaction since there are less steps taken to complete a trade, purchase, transaction, etc.

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#1510

Transparency: Everything is on the chain for everyone to see

Security: Everything on the chain before it is committed has to be verified via consensus. The decentralised network is also more secure.

Improved traceability: Everything on the chain before it is committed has to be verified via consensus, the chain is visible for all to read from and track what has happened to an item (tokenization) or where a coin has been (can trace transactions). Everything is transparent and there to see.

Increased efficiency and speed: One single platform that can be accessed directly via a high availability network.

Reduced cost: Time is money, being able to go directly to the chain and read from it knowing that the data has providence means that there is no need for further verification steps or other thrid parties to be involved due to the finality of the chain = reduced cost :wink:

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#1511

Transparency: Everyone can examine the transactions recorded on the blockchain ledger.

Security: The immutability of the recorded transactions can be relied upon.

Improved traceability: The blockchain ledger can keep a history of where something originated.

Increased efficiency and speed: Everyone can examine the transactions recorded on the blockchain ledger in real-time without relying on documents produced by intermediaries.

Reduced cost: Transactions can occur in a trustless environment without relying on documents produced by intermediaries.

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#1512

The blockchain infrastructure inherently achieves transparency through its network of participants. The mere fact that a copy of the ledger can be found through all the network makes it more transparent. It is, with the crurrent state of technology humans have achieved, almost impossible to temper with the information without getting busted. In fact, in order to validate a transaction, it must be changed in every copy of the database. And to do so, there is a consensus process that takes place, in which every participant must verify its copy and approve the veracity of the new transaction.

It is also more secure because transactions must be verified through a mathematical protocol before they are recorded. The approval of the transaction than leads to its recording. As this wasn’t enough, it is recorded in all the copies of the decentralised network.

This effect creates an improved traceability as every transaction is recorded and cannot be deleted. Using the different adresses recorded, we can therefore see where the money/good came from, where it stopped and where it ended up being.

Increased efficiency and speed is also inheritent to the blockchain infrastructure. In a way it eliminates third parties (i.e. accounting audits) and automatizes all the recording of data. There is only one database, that is shared through the network, which allows everyone to have access to the same information. For this same reason, a better cost efficiency is can be achieved: as it is impossible to scam your business partner, it is unnecessary to have a third party involved to make sure the transaction goes as planned.

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#1513

Transparency - each party is able to see 1 common ledger
Security - since the public ledger is held on a network of computers it makes it almost impossible to compromise. And each transaction must be verified by consensus.
Improved traceability - products in the supply chain can be traced through the blockchain from beginning to end
Increased efficiency and speed - each party has access to the same ledger and through the blockchain is eliminates human error and inefficiency
Reduced cost - eliminates the need for third party confirmations

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#1514

Transparency. With blockchain you have one digital copy and before the transaction is verified and and added to the ledger it must have the consensus of the network and upon its approval it is available to be viewed by the community of users.

Security is enhanced because the information is spread among a network of computers and has no centralized agency controlling, manipulating or distubuting that data for its own benefit or profitability.

Improved Traceability. With Blockchain Technology it possible to trace a product from its origin to its final destination and trace where it has been and what has been to it every step of that way. V Chain perhaps?

Increased efficiency and Speed. Since everything is done digitally there are less moving parts in the machine and less hands to pass through.
Thus, increasing the efficiency and speed of the transaction.

Reduced Cost. When you increase speed, efficiency and middlemen your costs decrease.

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#1515

I think you nailed it!

#1516

Transparency: 1 ledger publically accessible to all

Security: Immutability through decentralised consensus and practically not being able to change the what has been verified in the 1 shared ledger

Improved traceability: Because all transactions are logged on 1 ledger you can track easily from origin to delivery

Increased efficiency and speed: There is only 1 shared version of the truth, no need to compare, exchange and audit multiple ledgers, accounting resources etc…

Reduced costs: No longer needing expensive third party intermediaries to guarantee or confirm the truth

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#1517

Transparency: anyone granted access to the data can see exactly what is going on

Security: because the data is spread across several computers in the network, it is harder for hackers to get in

Improved traceability: if you have a supply chain, you can see where products are coming from, and do not need to depend on middle men to mediate! decreasing costs as well!

Increased efficiency and speed: using blockchain cuts out any paperwork, human error, and third parties to help keep data. this is quicker, more accurate, and efficient.

Reduced cost: no one has to pay the middle man to mediate, and there is also reduced chances of being misinformed about what is going in your company–also saving time and money.

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#1518
  1. Because it is an distributed ledger, where everyone has an inside in this single database.
  2. Transaction are recorded in blocks with cryptographical relationship to each other. To change things you must afford massiv energy that´s not easy possible
  3. You can trace everything in the supply chain that can be tracked accurately.
  4. It removes the "middle man"by using global nodes to verify transaction rustless by math.
  5. By removing the middle man and removing the paperworks.
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#1519

benefits of blockchain is seen in its transparency on how because its one central ledger of information thats shared nothing can be altered or changed without everyone verifying the information agrees on the new data. which leads to why its so secure because the protocol of how the information is verified parties can know that communication is totally between the parties involved and things cant be forged. If your a business that deals with a supply chain or many vendors and data is exchanged you can track it to origination to authenticate everything. This is what allows for greater efficiency and speed because there are less parties in between the data transfer on a network that operates 24/7 and thats why lastly blockchain cuts down cost associated with data transactions because the lack of third parties besides the verifying of the data leads to less intermediary fees that can arise and this is why Blockchain will eventually change how all business is done.

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#1520

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

Transparency:
Everyone can see the transaction recorded on the digital ledger, shared by the network participants
Security:
There has to be consensus, after agreement it is written and encrypted and linked to previous transaction
Improved traceability:
You can trace all actions through the supply chain, so the origin off all parts is know (audit trail)
Increased efficiency and speed:
No human error involved, all is written in shared digital ledger. No intermediair involved
Reduced cost:
No need for third party, just have to trust the data

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#1521

Replycancel

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#1522

Transparency: Everybody has the same copy of the blockchain and so everybody can see the same information in the same moments of time. There is no single system up and running in the world that could do that in this moment.

Security: Information that is sent across the blockchain is not stored on any single computer, but on different computers all around the world. Which makes it much harder for someone to hack a particular organisation or computer. That also cuts expenses for security a lot!

Improved traceability: Because everybody is using the same ledger, it becomes much easier to follow a product from A to Z. You can see every step on the way in real-time.

Increased efficiency and speed: Because everybody uses the same system, that makes it much more efficient. No need to have 10 different systems all needing to be tied together. And that also creates speed in business processes. Besides the fact that everything can be viewed in real-time on the blockchain across borders, companies and continents.

Reduced cost: No need for middle men, because they become obsolete

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#1523

Transparency is a benefit because everyone using the network kan check the transactions on the blockchain. And before changing transactions the whole network must reach consensus.
Security is great on the blockchain because there is no single point of failure. The information is stored on a network of computers. Impossible to change when there is no consensus of the network.
Improved traceability because the ledger is public and you can trace al the transactions prior.
Increased efficiency and speed because everybody has got the same information. No need for trust and middle men. Witch makes everything faster.
Cost is reduced by a faster, more efficient, more accurate way to interpret the information on the blockchain. Cutting out third parties.

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#1524

The benefits of using blockchain in your business are numerous:

  1. Transparency: Everyone, including non-participants, can view the items posted onto the blockchain. It’s not locked in a mysterious, proprietary database, hiding behind proxy servers, firewalls, and access rules. It’s open for everyone to see.
  2. Security: Transactions must be agreed upon before being recorded into the ledge, and it is encrypted. Encrypted ledger entries are extraordinarily difficult to modify. Furthermore, the ledger items are distributed amongst multiple computers spread around the globe. This makes it difficult to alter, as a nefarious entity would be required to modify all ledgers.
  3. Improved traceability: Because each supplier would post the origins of their products and components to the blockchain, it can be easily viewed by all participating members. Any single supplier who mistakenly or nefariously posts inaccurate information could be called out by any other participating member. It goes further than that, though. If they entries are public, then the public can also scrutinize the origins of components and raw materials. In the case of a food-bourne illness, the exact location from whence it came can almost immediately be isolated.
  4. Increased efficiency and speed: Because there’s no arduous paper entries and/or disparate systems to deal with, the efficiency and speed of transactions are increased almost exponentially.
  5. Reduced cost: Because it’s a trust-less environment, there are less third-parties and middlemen who need to be relied upon to guarantee the authenticity of supplies or transactions.
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#1525

1. Blockchain is a type of distributed ledger, all network participants share the same documentation. That shared version can only be updated through consensus, which means everyone must agree on it. Data on blockchain is more accurate, consistent and transparent than when it is pushed through paper-heavy processes.
2. Data is stored across a network of computers insted of an a single server, makes it very difficult for hackers to compromise the data. In any industry where protecting sensitive data is crucial - financial services, goverment, healtcare - blockchain has an oportunity to really change how critical information is shared by helping to prevent fraud and unautorized activity.
3. When exchanges of goods are recorded on blockchain, you end up with an audit trail that shows where an asset came from and every stop it made on its journey.
4. By streamlining and automating processes with blockchain , transactions can be compleated faster and more efficiently. Since record keeping is performed using a single digital ledger that is shared among participants and when everyone has acces to the same information, it becomes easier to trust each other.
5. It cuts out the 3rd parties or middlemen.

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#1526
  1. All transaction is open for everyone to verify on the blockchain. Hence there is transparency in blockchain.
  2. Decentralization ensures security
  3. Open public ledger makes traceability improved on the blockchain.
  4. Transactions on the blockchain are faster than traditional systems especially with newer innovations.
  5. Cost of transactions is generally smaller using blockchain and also cost of doing business using blockchain has proven to be effective. For example, in auditing and supply chain.
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#1527

Transparency:
Blockchain uses a distributed ledger that shares the same documentation and the same information is used throughout. It shows the transactions with all the information and to change previous transactions, you would need to alter subsequent transactions, which would affect the entire network.

Security:
Information on the blockchain is secure because it’s linked to previous and future data and the information is stored in a network of computers and not on a single server, which then doesn’t allow hackers to gain access to the information stored.

Improved traceability:
With blockchain you can trace the origin of the supply chain and you can track every stop of the way. In our current system we rely on trust and information we can see on for example food labels. They have the information on there, but there is no way for you to trace it back to origin and instead you would have to trust them. This comes back to the point, where we are creating a trustless system. Don’t trust - verify!

Increased efficiency and speed:
With blockchain all the information is stored on the same ledger and all the people will have access to the same information. THis means that transaction can be completed faster and more efficently.

Reduced cost:
WIth blockchain you do not need intermediaries to make decisions and verify, instead you trust the data and all in all you don’t have to go through a large amounts of documentation.

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