Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#1628

Transparency:
all information is shared on one forum and not individual copies and therefore when something is altered everyone will know make this the most transparent transfer of information.

Security:
all txs are agreed upon by the entire network before it can be confirmed.

Improved traceability:
all information is kept on a public ledger and cannot be altered therefore anyone can look at the ledger for true information.

Increased efficiency and speed:
information is transact in real time with certainty by a network of computer. this eliminates human error and redundancies.

Reduced cost:
less resources are need to confirm information transfer. resource such as time and HR therefore resulting in less money spent.

#1629

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

Transparency: The same documentation is shared by the members of the network creating essentially a single item to evaluate by all. To change that item would require the members of the network to agree by consensus that there was a change and it verifies causing more accuracy. The change is then permanent in the high security network.

Security: Transactions are agreed upon through consensus for accuracy by a network, then it can be added to the blockchain as a permanent record. It remains forever connected to the chain of transactions. The records are kept on a network of computers rather than a single server, which reduces the opportunity of hacking/hijacking the data.

Improved traceability: Transactions are auditable on the network. The supply-chain trail is more effective for much more traceability to its origin and without true information alterations/fraud.

Increased efficiency and speed: Streamline and automate processes to improve accuracy because they are direct inputs because it is on a single verified distributed ledger.

Reduced cost: Reduces need for 3rd parties and increased trust of data from the blockchain reducing the need for verification outside of the blockchain.

#1630

1.Transparency:

Blockchain is a type of distributed ledger, all participants in the network share the same documention as opposed to individual copies.

2.Security:

Everything on the network must be agreed upon before they are recorded, when they are recorded this will be encrypted and linked to the previous transaction. Data is also stored across the network of computers instead of on a single server.

3.Improved traceability:

When gods are recorded on a blockchain you end up with audit trail which shows where an asset came from and every stop it made on its journey. This historical transaction data helps to verify the authenticity of assets and prevent fraud.

4.Increased efficiency and speed:

No more human errors, removes middle man and uses global nodes to verify transaction.

5.Reduced cost:

With blockchain you donā€™t need trust third parties, instead you need to trust the data on the blockchain.

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#1631

Transparency: blockchain is a descentralised global network where everyone uses the same database under the same standards.

Security: every transaction is incrypted and linked to previous transactions and stored in this global network of computers instead of a single server from a 3rd Party.

Improved traceability: once transaction is recorded in a blockchain, you have an historical transaction audit trail that can never be reversed.

Increased efficiency and speed: the transactions are recorded in a single digital ledger and shared among everyone, decreasing: ledger reconciliations, paper processes, process time and human errorā€¦

Reduced costs: there is no need to 3rd parties guarantees or review of documentation to complete trade - once the trust is on the data of the global network it doesnā€™t matter who you are dealing with

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#1632

  1. Transparency: Blockchain is a type of distributed public ledger where all network participants share the same documentation as opposed to individual copies. This makes it easier to verify pieces of information i.e. transactions, removing the need for trust and opaqueness. Further, to this no information can be edited or removed once added into the blockchain and information can only be added once all other nodes that make up the blockchain reach a general consensus to allow the information in, removing the opaqueness that you would have on a centralized database

  2. Security: The security on a blockchain is high and complex. Firstly, information cannot be added unless all others nodes on the network reach a general consensus to allow the information in. This minimises the risk of wrong information infiltrating the blockchain network. Further to this, once the information has been approved, the data is encrypted and linked to the chain of other nodes, adding a secure chain of information custody. The transparency on a blockchain also incentivises members of the blockchain to tell the truth, as due to the digital provenance with the blockchain there is no need for trust, when people can verify.

  3. Improved traceability: All approved exchanged of goods will be stored in the blockchain. As no records can be edited or removed once entered into the blockchain, this produces somewhat of an audit trail where the journey of a token or an asset can be traced. This is fundamental when trying to verify transactions and prevent fraud.

  4. Increased efficiency and speed: Compared to paper heavy processes and outdated internet solutions, blockchain allows for transactions to be carried out faster, with a greater degree of accuracy and an immense improvement in time efficiency. Information is stored on a single public ledger rather than multiple seperate ledgers, reducing the clutter and improving transparency in both efficiency and speed. Furthermore, as everyone has access to the same information, it becomes easier to trust each other without the heavy and unnecessary involvement of third parties, further increasing efficiency and speed.

  5. Reduced cost: Blockchain technology removes the need for third parties. It also removes the need for accountants and banks as blockchain can present both the accounting layer with the transactional layer. There is no need for extra labour to keep on top of admin and paperwork as the blockchain is immensely transparent and completely paperless

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#1633
  1. Public distributed ledger anyone who has access can check transaction.
  2. After a transaction is being agreed by the nodes itā€™s being encrypted and linked
    to the previous transactions on the public ledger which is shared on network of
    computers rather than on single server which poses more security risks.
  3. Blockchain allows transaction to be traced and verified.
  4. Single digital ledger means all involved have same information at the same time
    therefore more efficient and quick.
  5. No middleman.
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#1634

Benefits of using a blockchain.

Transparency:

Since blockchain is a type of distributed ledger, all network participants share the same documentation, and that shared version can only be updated through consensus, that everyone on the network agrees on.

Security:

It must be first approved, after approval it is linked to the previous transaction.
Also, this is copied to an entire network of computers, thus making it harder to compromise.

Improved traceability:

Using blockchain you end up with an audit trail that shows where an asset comes from and every stop it makes. A historical transaction that cannot be undone.

Increased efficiency and speed:

Blockchain eradicate the use of a paper-process and multiple third-party companies to verify. Blockchain uses a single digital ledger to store absolutely all transactions and always replicates it for less clutter and trustlessness.

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Reduced cost:

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Since blockchain is immutable, and a single source, it cuts down cost to have to hire middlemen or third-parties to verify numerous steps and documentations.

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#1635 
Transparency:

To be transparent is to be seen by everyone as you see it. Blockchain is transparent due to the global knowledge of its consensus rules, and due to the copy of data every participant has, just by knowing the latest hash that is shared by everyone, you will know the data and the status is shows are the same throughout the blockchain.

Security:

Since de data is throughout the internet in copies, it takes more than one hacker to change the blockchain.

Improved traceability:

Since the past is ā€œin the pastā€ in a public ledger, it cannot be changed, so you have the absolute sure that the data and the facts it portraits is in the past and happened as it is shown.

Increased efficiency and speed:

Although it is distributed, all the participants work with only one copy of the data, meaning it can be consulted everywhere, if a infrastructure for it to be done in a global fashion would be huge and is bettter than several copies of the database that would need to be reconciled reduicing the trustworthiness of the data.

Reduced cost:

You would not need to double check transactions, reducing costs.

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#1636

Transparency is a benefit of using blockchain because it allows transactions to be verifiable by the entire network and therefore allows for more security. Security is a benefit because it allows the people involved in any blockchain related transaction to trust that their money and transactions are safe. Improved Traceability is a benefit because it allows for simpler auditing of supplies and spending. This in turn, creates increased efficiency and speed in business dealings, which then contributes to lower cost.

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#1637

Transparency: Everyone has a copy of the database on their own network and it can only be changed through consesus of all the computers.

Security: Transactions need to be agreed upon within the network, and also the data is encrypted, which makes it harder to hack.

Improved traceability: With blockchain you can trace back every transaction and that way remove the trust from the picture

Increased efficiency and speed: Transactions are fast and stored in a single database, so record keeping is easier. Everyone can access the data so no need to verify something anymore.

Reduced cost: No need for accounting firms between and no more inaccuracies in calculating the transactions.

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#1638

1 - Transparency: requires consensus, and can be freely audited

2 - Security: Immutable ledger which has inbuilt verification. everyone has same version, preventing alterations. strong encryption is used

3 - Improved Traceability: Everyone can trust the system, so everyone can check/audit transactions

4 - Increased efficiency and speed: reduces human error, no reconciling of versions, cuts out requirement for go-betweens

5 - Reduced Cost: No need for middle-men, no need to spend time gaining/creating trust, less documentation to verify (one trustworthy ledger)

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#1639

  1. Documentation is shared within the public ledger which is only updated through concensus ensuring transparency for everyone in realtime.

  2. Security is seriously improved as all transactions are recorded, verified and linked to the previous transaction across a network of computers making it very difficult to compromise.

  3. For example traceability within a supply chain products would be recorded on a blockchain providing realtime auditing of each and every product verifying its hstory and authenticity.

4/5. Efficiency and speed are increased by streamlining processes on a single ledger and reducing the cost as the information is accurate (less human error) and trustless which gives everyone whom has permission, access to the digital ledger reducing the need for middle men/women thereby reducing costs.

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#1640

1 - A public ledger every person can have access to. Each transaction must be agreed (consensus) by each party before it is written.

2 - Each transaction is agreed upon before entry, its also encryptred and linked to all previous transactions in each block. To change any transaction would mean altering every single transaction before it and getting everyone to agree on those changes, which is impossible by todays techonology. Maybe quantum computers would have an impact? At the moment this is not known.

3 - Every transaction can be fully audited and linked to where it came from. The ledger is immutable and also will prevent fraudulant transactions.

4 - Current manual transactions are open to human error. A blochchain will remove any chance of error, but also make the process much more streamlined and efficient by using a single ledger controlled by nodes, all working together to ensure the integrity and securuty of the system remains intact whilst at the same time increasing speed and efficiency.

5 - Being reliant upon a single blockchain is superior in every way including costs. There are no middle men to reply upon any transaction, simply the blockchain and the nodes that run the chain.

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#1641
  1. All transactions are viewable via block explorer.
  2. Immutable means unchangeable. The blockchain is immutable.
  3. Improved traceability: Recorded for all time in a viewable, immutable, hyper redundant record; this is the definition of bullet proof traceability.
  4. Increased speed and efficienciency: no Humans involved in the processing of any transactions via the blockchain!
  5. Reduced cost; Ref 4. Fully automated via blockchain
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#1642

transparency is a benefit of blockchain because the information is decentralized and for anyone in the network to see and check. And in order to change or add something to the blockchain. There must be consensus between all the participants (nodes) of the network
Security is enhanced greatly because everybody in the network must reach consensus before adding information to the blockchain. A democratic vote. And all the information is encrypted and practically impossible to alter or corrupt after the block is added to the blockchain
Traceability is improved because all the information is stored on the network for all participants to check and verify.
You cut out a lot of intermediaries and paperwork. Streamlining the automation process.
The costs are reduced because you do not have to trust people. Instead you trust the protocol.

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#1643

changes can only be made with consensus and those changes are historically traceable in the blockchain. there are not men in between, increasing efficiency and reducing cost

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#1644

  1. Transparency: the ledger can only be updated with the consensus of the network. It would be very difficult to alter any transactions on the ledger as other nodes on the network would not agree to this.

  2. Security: the blockchain network has no central point which can be hacked as it is a decentralised network.

  3. Improved traceability: The ledger of transactions is public therefore if somebody wanted to trace where a bitcoin has come from they could do this by checking the ledger.

  4. Increased efficiency and speed: since everyone has access to the same information there is no need for third parties who could slow down the speed of transactions.

  5. Reduced cost: again as everyone can see the same information there is no need for a third party who would need to be paid.

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#1645

Transparency: Everybody shares the same documentation. Due to the nature of the consensus algorithm, the documentation will only be appended on record with the permission of the entire network and never altered.

Security: Consensus - The network agrees on the validity of information appended to the chain.
Encryption - Every link is encrypted and linked to the preceding link to make it unalterable.
Redundancy - The network effect of having copies of the blockchain stored on servers in disparate locations makes it extremely difficult to electronically attack.

Improved traceability: When every step in an itemā€™s production and distribution process is recorded on a blockchain, the itemā€™s provenance can be reliably established; it is no longer a matter of trust.

Increased efficiency and speed: Creating a paperless process with everybody relying on the same ledgers. Doing away with some mediation and reducing clutter such as paper invoices.

Reduced cost: Cutting third-party guarantors and bookkeepers out of the equation while ensuring the ability to verify product history, quality, delivery times, and recordkeeping are all big plusā€™.

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#1646

Transparency: Transactions are transparent and everyone with permission can see them. For example to alter transaction every participant have to agree with change.

Security: Transactions are linked together and are stored on network on all clients.

Improved traceability: People can easy check i real time older history and origin of transaction.

Increased efficiency and speed: No middle-man needed. Everything is on one network so no third parties involvment.

Reduced cost: Its also cheaper to run one network and no need for third parties.

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#1647

Transparency:
As the blockchain is a distributed ledger, all participants have the same history of transactions. Therefore, is highly transparent.

Security:
The fact that transaction needs verification by consensus of nodes, and once approved is encrypted and linked in the chain makes blockchain highly secure.

Improved Traceability:
Blockchain would be the perfect solution for tracing products as every stop will be recorded along with the start/end location.

Increased efficiency and speed:
Blockchainā€™s distributed ledger removes the need for paper-heavy ledger that every party involved must keep. Furthermore, eliminates the chance of human error and the need for trust between participants.

Reduced cost:
By removing the middle-men and any other party you might require in order to keep ledgers and provide credibility for your trading partners you can significantly reduce costs.

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