Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#1568

Transparency:
Because blockchain operates on a public ledger that is constantly updated and verified by many computers in the network, every transaction is visible to the common person.
Security:
There is great security because of the many computers in the network.
Improved traceability:
Since every computer on the network has access to a record of all transactions, you can see exactly where funds are coming from.
Increased efficiency and speed:
Using a network to send funds, removes human error and the slow paper way sending money.
Reduced cost:
Since you can remove the middle man, you save money and protect yourself from fraud.

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#1569

Transparency - each transaction is transparent to all the participants involved in a blockchain transaction.

Security - a transaction is secured because it is verified and because it cannot be altered, as well as the transaction is encrypted.

Improved traceability - each transaction can be traced to the level of the transaction being originated (Provence).

Increased efficiency and speed - since everything is organized (including the data protocol and data sequence) the whole operation it is more efficient and any clutter is eliminated, therefore, the speed is increased. Also, since there is not Third-Part is involved there is no chance for the human error, thus no need to correct/double verify the information that also potentially may come from different sources.

Reduce cost - since there is not middle man involved, there is no need to add any financial interest of this Third-Party agent that potentially may increase the bottom line of a project. Also since the human factor is eliminated, therefore, also eliminated any possible extra cost to correct a human error. Also, any possibility for a bribery is automatically removed which also can eliminated any additional cost of doing business under certain circumstances.

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#1570

Transparency: All authorized users have access to verify the data on the blockchain

Security: The decentralized network verifies transactions, which are then added to the blockchain. Once the next block is created, the transaction cannot be reversed or changed.

Traceability: All data appears in the sequential blocks on the chain in a historical timeline. This allows input data to be tracked over time, marking, documenting and verifying key events.

Increase speed and efficiency: Data is input directly to the chain through a common distributed ledger, without the need for intermediaries.

Reduced cost: The system is built to ensure trust, eliminate the middleman and automate the process of settling transactions.

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#1571

Transparency: eliminates the need for trust and helps prevent manipulation and corruption

Security: need to ensure the network is safe and reliable

Improved traceability: accountability and proof

Increased efficiency and speed: time is money

Reduced cost: more money for profits

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#1572

#1. anyone can see it and you dont need trust

#2. in blockchain, one a transaction happens, it cant go back. mining also helps in security.

#3. you can easily look at all transactions because all transactions are in the blockchain and every computer has a copy of the blockchain and it is availible to the public.

#4. in blockchain, there is no 3rd party so its much faster.

#5.theres no 3rd party to pay so it costs less for a transaction.

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#1573

  1. Transparencyā€“Blockchain allows for more transparency in transactions. Greater transparency lowers the incentive for bad actors to try and manipulate the system. As every node in the network has the same transaction history identifying tampered blocks is easier.

  2. Securityā€“There is greater security in blockchain because it is decentralized and data isnā€™t stored in a single location.

  3. Traceabilityā€“Products can be easily traced along every step in the supply chain with blockchain technology. This great for businesses and consumers alike.

  4. Speed/Efficiencyā€“Blockchain is a technology that cuts out the middleman making the processes faster and more efficient.

  5. Reduced Costsā€“One of the other benefits of cutting out the middleman is reducing cost as there are fewer participants in a process. I think the potential of blockchain can be seen with remittances. With blockchain, banks and financial service companies like Western Union wouldnā€™t have to be involved in transferring hundreds of billions of dollar and taking ā€œsmallā€ fees in the process. Blockchain would be peer-to-peer without middlemen.

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#1574
  1. Transparency: Block chain is Public distributed ledger that requires consensus from community before a data is finalized.
  2. Security: Info is stored in multiple networks instead of centralized database. Hence, more difficult for hacker to compromise data.
  3. Improved traceability: Ability to trace historical data allows improved traceability of origins of products in the supply chain example.
  4. Increased efficiency and speed: Through real time update of info and removal of hard copy verification.
  5. Reduced cost: Because blockchain is able to remove the involvement of middleman. Hence, this helps the business saved cost.
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#1575

  1. Transparency: The blockchain allows for maximum transparency in the network as all transactions are public, all nodes in the network have the same ledger, and the transactions on the blockchain are immutable.

  2. Security: The blockchain provides improved security as it is decentralized and trustless. Rather than trust a person or organisation you just have to verify the records.

  3. Improved Traceability: The blockchainā€™s high transparency allows for improved traceability, products can easily be tracked through every single step of the supply chain process.

  4. Increased Efficiency and Speed: The blockchain enables a trustless network where there is no need to rely on third parties and middlemen and real time auditing is possible, thus increasing efficiency and speed.

  5. Reduced Cost: By automating many processes and getting rid of middlemen the blockchain can be used to significantly reduce cost

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#1576

Transparency:
if transparency is a characteristic you require in the data collection and administration then a blockchain is a methodology that can allow the access to the data that is not as easilly altered therefore more reliance on the truthfulness of data can be placed on that data in a blockchain.

Security:
Security of data is very important if the data is money. No one wants their money stolen. A proof of work blockchain by its very nature provides for a high level of security.

Improved traceability:
I still dont know about this aspect as it relates to the blockchain interfacing to the real world. I suppose this is still being worked on by many inc IBM as discussed by Ivan. If its traceability of data published to the blockchain such as transactions then blockchain provides superb traceability of this data by its very definition (each tx in a block can be followed back through the blockchain to its genesis block where the money was minted).

Increased efficiency and speed:
I feel that from my limited knowledge that speed and efficiency is not a strong point of blockchain but that in reality these are sacrificed for the above benefits making blockchain way worse in speed and efficiency than a centralised database.

Reduced cost:

Once again hard to say. If its the cost of sending value then yes it would seem that above a certain threshhold which varies depending on the demand on the network that the cost would be lower than traditional centralised syustems of value exchange or transfer. If its the cost of running the whole POW network as compared to a centralised validator like VISA, the actual cost of the blockchain may be wayt higher.

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#1577

Transparency:The blockchain database is shared across all nodes on the network, each participant has access to the same information. The information stored on the blockchain can only be updated through consensus whereby nodes on the network validate/approve the transaction before committing to the database(ledger). Transactions on the block chain are accurate, consistent and transparent.

Security: Transaction must be agreed upon before committing tot he database, and once approved the transaction is encrypted and linked to the block before it, linking the transaction which helps prevent tampering.

Improved traceability: As transactions cannot be altered, this inherntly provides an audit trail, where by users can now audit more easily transactions, as en example supply chain of product movements, or ingredients used in a product.

Increased efficiency and speed: Reducing manual and or paper based process with intermediaries, blockchain removes these steps and provides more efficiencies. In addition as the the blockchain is distributed multiple systems can be engaged to perform a transaction

Reduced cost: Optimised transactions, reduction of middlemen

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#1578

Transparency: When nothing is hided all is crystal clear

Security: security is the spine of a trust environment

Improved traceability: when you know the past you can focus on the future

Increased efficiency and speed: we live in a perpetual motion and impatient world ,time is running fast

Reduced cost :the money hoarding here can be benefit somewhere else

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#1579
  1. The blockchain technology uses a distributed ledger as a means of storing data across the network. It means that every node in the network has the latest copy of the ledger stored on it, and any new transaction needs approval of each node before taking effect as an irrevocable entry in the ledger. Unlike traditional databases where certain users may be granted privileges to alter the data with no agreement from other users, the blockchain technology does not envisage this opportunity. Therefore, no data can be changed without consensus of other nodes, and this is reached by the use of math and electronic protocols rather than by relying on any relationship of trust between the parties to a transaction.
  2. The use of blockchain enables enhanced security for the network data as any unauthorised entry would have to be approved by each node of the network before being permanently recorded in the ledger. As the ledger is distributed across the network in real time, it is unlikely that any unauthorised entry will be accepted by the network as no consensus will have been reached by the nodes as a precursor to it permanently taking effect in the ledger. Therefore, critical information will always be intact and secure with the use of blockchain to prevent from being altered and used for an unauthorised purpose.
  3. It is an irrevocable nature of each entry accepted to the ledger that makes traceability a 100 per cent reliable tool which can be trusted by industries adopting the use of blockchain. Once a transaction has been recorded in the ledger, it cannot be altered or removed as the network does not envisage a mechanism allowing any party to have a privileged access to make such changes. Therefore, one may be sure that any transaction is traceable back to its origin which is useful in many activities, including maintaining supply chains up to standard and preventing fraud in financial transactions.
  4. As the blockchain technology envisages updating the distributed ledger in real time, there is no need to manually cross-refer different databases to keep them up to date. The process is fully automated because of the use of multiple nodes having an up-to-date copy of the ledger in real time, and provided that a node is online is will have had the latest version of the ledger.
  5. Traditional business relationships are based on trust and confidence between the parties. Sometimes people have to go an extra mile to keep this trust afloat, entailing further expenditure. However, there is still no guarantee that other parties down the supply chain are adhering to the same standards, be it ethical, cultural or otherwise. The blockchain technology enables the parties to deal with each other in confidence, but in doing so no reliance on trust is required as all the information is available from a distributed ledger. This will ultimately make any operations more cost efficient, producing savings in administrative and labour expenses.
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#1580

1 Transparency: All transaction histories can be reviewed in the distributed ledger.
2 Security: All approved transactions are incrypted and linked to the previous transaction then these information will be stored across a network of computers instead of a single server. This makes it impossible to hack.
3 Improved traceability:Transaction in blockchain are automatically recorded in a secured and immutable ledger that is accessible to all concerned parties. This makes accounting and inventory simple and accurate. Products can be traced with ease, supplies can be verified upon delivery, even the supply chain can be verified automatically.
4 Increased efficiency and speed: Record keeping is performed using a single digital ledger that is shared among all participants. No more clutter and messy paper works, everything is transparent, no more intermediaries, clearing and settlements are much quicker with less or no mistakes.
5 Reduced cost: Reducing cost is the core of profitability. Blockchain will greatly reduce your operation cost. No need for a middleman, increase efficiency, eassier accounting and inventory, more secure way of doing business without the need for earning trust of your counterparts and your data is secured.

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#1581

Transparency:
blockchain is transparent because its a ledger that can only have things added and nothing taken away so everything is visible

Security:
blockchain is secure because every transaction has to be verified bye the network which has no centralised authority.

Improved traceability:
because the blockchain is a public ledger everything is visible every body at all times

Increased efficiency and speed:
because the blockchain is its own data base all the information is in the one place

Reduced cost:
no middle men taking there cutā€¦!

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#1582

Transparency: Anyone can audit and settle disputes with less need for 3rd parties

Security: Removes the need for trust and trusted 3rd parties

Improved traceability: Allows for accounting that would previously be very difficult or impossible.

Increased efficiency and speed: Creates less waste.

Reduced cost: More abundance

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#1583

Bitcoin blockchain is permissionless, so no authorizations is required :slight_smile:

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#1584

Depends on how you look at. For sending a high amount of value in traditional space, can take days while it takes only minutes on the blockchain. Blockchain was make to replace these systems and not compete with the likes of VISA. For sending small amounts you can now use the lightning network which is indeed faster than using VISA.
Also VISA is not in fact that fast. Sure you can send money in a second, but it still takes days for the transaction to actually be settled (or confirmed). Sending a transaction on bitcoin is instant and can be confirmed in minutes.

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#1585

Transparency: The blockchain operates on a public ledger that records data on all the actions that happen on it. This creates a traceable environment that prevents/eradicates fraudulent transactions and documentations.

Security: The information is saved and there is transparency in the system creating a security in the blockchain.

Improved Traceablity: This type of traceability can be tracked back to th source of everything that is inputed or outputted in the blockchain.

Increased efficiency and speed: The speed and efficiency depends on the transaction and waiting speed and digitally there are no speeds. Also the blockchain is much more streamlined than differentiating currencies.

Reduced Cost: There is a reduced cost as all transactions in the blockchain are direct to another user. And in this way it reduces the clutter of how it got there.

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#1586

Transparency: Data is visible to anyone who wishes to search for it.

Security: Data cannot be changed once incorporated in the blockchain

Improved traceability: New data is incorporated as a new piece of information into the blockchain, maintaining its own identity and individuality. At the same time, new data is attached to old data, making each piece of information separate but attached. In this way, data is traceable because itā€™s examinable in an organized manor

Increased efficiency and speed: With all the data visible, organized and immediately accessible thereā€™s no need to have 3rd parties validate information, increasing the speed and efficiency of data exchange.

Reduced cost: A reduction in(often redundant) man power reduces time. Reduced time equals reduced cost.

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#1587

1 blockchain is transparent because it is open to everyone up to the minute (or last status change)
2 if any changes are made they can be tracked and fixed because everything will change up to the last block changed so easy to identify everybody will see change
any attempt to change the agreed terms will create an obvious change that can be seen and it would be very expensive
3 see where an item might be on the blockchain as it moves with time and can see if all agreements are upheld
4 no need for middle men or extra auditors mistakes can be costly they can be rectified through up to the minute checks etcā€¦
5 again no need for middleman reduces cost
3

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