Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#1688

Transparency; Transparency in blockchain technology is helpful because it is physically impossible to edit or change any records on the blockchain this helps the blockchain become more trustless

Security; Because the blockchain is stored on all computers using it and can only be changed through consensus it makes blockchain impossible to hack as you would need to change the blockchain on over 50% of the computers running the blockchain

Improved traceability; Blockchain leaves a trail everywhere it goes, all transactions executed on the blockchain is saved to everyone’s computers and cannot be changed, this means you can track wherever your crypto or whatever else you are putting on the blockchain

Increased efficiency and speed; Because blockchain is entirely digital there is no need for paper heavy trading where you are susceptible to human error or loss of documents, the entire blockchain is stored on all computers using blockchain so there is no need for paper and no chance of human error

Reduced cost; When using blockchain there is less need for middlemen and third party inspectors like auditors and quality inspectors which cuts down on costs for a business using blockchain.

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#1689

Transparency: Since blockchain is a distributed ledger, all of the participates have access to the same documentation.

Security: Transactions must be agreed upon before there recorded. After the transaction is recorded it is encrypted and the network is decentralized so the transaction isn’t in one particular place.

Improved traceability: threw the transaction recorded on the blockchain, a supply chain’s total network history can be viewed for accuracy of its process, ingredients, participates, and so on.

Increased efficiency and speed: Streamlining and automating processes the use of paper-heavy systems become inefficient. Also, everyone who has access to any specific blockchain has access to information quickly. With paper, things can take longer to receive and even worst, be lost!

5.Reduced cost: A business could cut out most third parties during transactions/trades which could cut costs since blockchain technology is trustless and immutable.

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#1690

Transparency: A blockchain is a distributed ledger, which means that every computer on the network has to be in consensus to add new data to the ledger.

Security: A decentralised network is better protected from fraud, hacks and other attacks because it can afford to have multiple computers knocked out of the network. Once one computer is knocked out, the rest of the computers on the network will continue to keep the network active. In contrast, if I manage to hack into a centralised database, I can tamper with the entire database from one computer.

Improved traceability: Every block on a blockchain links transactions on that block to those on the previous block, so it is impossible to insert a transaction onto the chain that the rest of the computers on the network didn’t verify.i.e. did not reach consensus on. This means that, in a supply chain use case, for example, a company could see where its supplies have come if every step of the journey was recorded and verified on a blockchain.

Increased efficiency and speed: Recording and verifying data on a blockchain removes the need for human third parties. The verification process is built into the network protocol and incentive structure. Consensus also removes the need for trust.

Reduced cost: Same as the above. No need to pay people to audit accounts or investigate supply chains. The blockchain can do that itself by presenting an immutable record of all transactions - i.e. data - on the chain.

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#1691

Transparency: No need to trust any other entities you are dealing with. Instead just need to trust the data on the chain.

Security: Anyone, with access, can see the chain to prevent any malicious attacks. Since a consensus is needed to verify any transactions no one can cheat.

Improved traceability: Easy to see the exact supply chain route any particular component had to take making it verifiable that what someone says they are providing is true.

Increased efficiency and speed: Network is always available and as more join the network more computing power is added.

Reduced cost: Can help eliminate the need for middle men to provide services like auditing

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#1692

  1. Transparency:
    R: In current days tracking any financial or supply chain situation without block chain can take a very long time also companys keep their ledgers locked from the public. Blockchain beside of the really high security can solve this problem by reducing any backtracking of transaction to minutes by anyone who have access.

  2. Security:
    R: The security of the blockchain is based on the blocks encryption and linking to the previous block after the block was accepted in the chain by the majority of the computers and recorded in the distributed ledger.

  3. Improved traceability:
    R: Reconciliation of central ledgers can take very long time in case of traceability. Having a decentralised ledger where everyone have access reduces the tracking time significantly and improves trust in each other.

  4. Increased efficiency and speed:
    R: Using a decentralised system what uses mathematical functions and where anybody can have access form anywhere and at any time reduce the duration of the transactions and trading.

  5. Reduced cost:
    R: Costs are reduced by eliminating the third party mediators.

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#1693

1.transparency: with transparency you can take away the trust, every one can see all the documentation,

2.security:transactions must be agreed on upon before they are recored.After a transaction is approved, it is encryped and linked to the previous transaction meaning that it is impossible for hackers to get personal imformation.

3.Improved traceability:The historical transaction data can help verify the authenticity and prevent fraud.

4.Increased effciency and speed:Since record keeping is performed using a single ledger that is shared among praticipants , you dont have to reconcile multiple ledgers , and you end up with less clutter, and everyone has acces to the same imformation ,it becomes easier to trust each other without the need for numerous intermediaries.

5.Reduced cost:with blockchain you dont need as many third parties ir middlemen to make guarantees , instead you can trust the data on the blockchain.

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#1694

Transparency: The transparency on a blockchain network is far greater than any other type of database due to the fact that it is a distributed public ledger which means everyone who is using it has a copy of it that is distributed globally. Any change made to it must be made after the entire network has agreed in a global consensus.

Security: If a hacker wants to hack a normal database it would involved just hacking and changing information on one database. This is impossible to do on blockchain because it is information stored on a publicly and globally shared database that needs everyone to agree before those changes are made. These changes or transactions are then encrypted. This prevents fraud or any criminal activity. It will discourage criminal activity due to the fact everyone is born into a fairer system without any corruption or bias.

Improved traceability: On the blockchain a real time trail is made of every transaction or for example an item being delivered. This is a permanent record of every transaction or items journey, including every stop made and a real time status report. Also this information can be accessed by anyone at anytime on their own computer or phone that has connection to the internet for example, which cuts out having to contact any kind of company support that may not be so reliable.

Increased efficiency and speed: By using a single digital public ledger that is distributed globally, efficiency and speed are increased by using the blockchain to trade or transact or validate information between anyone and everyone. Since everyone has a copy of the information there is less delay in accessing that information. There is zero paperwork needed so that comes with less cost. Human error is also taken away as a variable within the blockchain process.

Reduced cost: All the cost of manufacturing, producing the actual paper and the cost of employing the staff to do all the paperwork in the current system is erased when using the blockchain. The single immutable version of data gives everyone access to any trades or transactions so there is no need for any middle man to go and ask which is overall more cost effective.

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#1695
  1. Transparency is always going to be a huge benefit for most blockchain use cases from supply chain, financial and health care to name a few
  2. Security is a critical aspect to financial services and having this baked into blockchain makes this beneficial over traditional systems
  3. Improved traceability only serves to increase the trust in a trustless system and benefits multiple blockchain use cases (e.g. food industry, medical and healthcare, supply chain, financial)
  4. Increased efficiency and speed are benefits of blockchain by removing human intervention and automating the transaction process
  5. Reduced cost is a benefit achieved through elimination of multiple third parties for verification and simplifying the build process on one global protocol
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#1696

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

Transparency: Blockchain networks are available to all involved and they share the same documentation instead of each company having their own. All transactions are are agreed upon and they can’t be changed.

Security: Blockchain networks prevent the fraud and manipulation of sensitive data. Transactions are all agreed on and then are encrypted. This data is basically impossible to hack because it is sent across the network and not in the hands of one person.

Improved traceability: Blockchain networks heavily reduce fraud of information. These networks allow you to know where everything is and comes from at all times due to the audit trail it produces in the supply chain.

Increased efficiency and speed: Blockchain networks allow you to trust more people because everyone can see what is going on.There is no more relying on 3rd parties, it eliminates any human error, and it does this in a very quick process over the network. The digital ledger is shared with everyone in the process.

Reduced cost: Blockchain networks allow you to spend less time reviewing documents because all parties can see everything. Because of this you will need very few 3rd parties if any when getting what you need to run your business.

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#1697
  1. Transparency: Since transactions reside on a digitally distributed ledger, all network participants share the same documentation as opposed to individual copies. That shared version can only be updated through consensus, which means everyone must agree on it.
  2. Security: After a transaction is approved, it is encrypted and linked to the previous transaction. This, along with the fact that information is stored across a network of computers instead of on a single server, makes it very difficult for hackers to compromise the transaction data.
  3. Improved traceability: When exchanges of goods are recorded on a blockchain, you end up with an audit trail that shows where an asset came from and every stop it made on its journey. This historical transaction data can help to verify the authenticity of assets and prevent fraud.
  4. Increased efficiency and speed: Record-keeping is performed using a single digital ledger that is shared among participants, and multiple ledgers do not have to be reconciled. When everyone has access to the same information, it becomes easier to trust each other without the need for numerous intermediaries. By streamlining and automating these processes with blockchain, transactions can be completed faster and more efficiently.
  5. Reduced cost: With blockchain, you don’t need as many third parties or middlemen to make guarantees because it doesn’t matter if you can trust your trading partner. Instead, you just have to trust the data on the blockchain. You also won’t have to review so much documentation to complete a trade because everyone will have permissioned access to a single, immutable version.
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#1698

1. Transparency:
Blockchain is a distributed ledger, therefore all parties share the same Blockchain or copy of the Blockchain.
The version which each party holds can only be updated through consensus and not through the actions of individual actors.
Any change in the Blockchain would require the consensus of the network as a whole

2. Security:
All transactions must be agreed upon before they are recorded it is then linked to a previous entry forming an immutable chain.
The fact the it is stored on a distributed network makes it extremely difficult to change or alter the Blockchain, unlike the case where it is stored on one centralised server.
The cost of tampering with the chain would outweigh by far any benefit .

3. Improved traceability:
The block chain gives us complete traceability and integrity of all transactions so tracing any one transaction becomes an easy task as compared with the present situation.
This could be really important in healthcare scenarios and of course financial settings.

4. Increased efficiency and speed:
Traditional methods involve a lot of paperwork and possibly different systems using differing protocols.
Blockchain transactions can be completely automated and can contain accounting and transactional information in one transaction.
Instead of many possible ledgers we have one shared ledger.
Trust is automatic and mathematical so the need to trust other people / companies is eliminated from this perspective.
Clerking and settlement are much quicker and real time auditing becomes a realizable goal .

5. Reduced cost:

As stated the Blockchain provides trust so the need for intermediaries/ middle men is reduced. You only need to trust the data on the Blockchain, not any associate or partner, this is the whole truth. This reduces the amount of scrutiny which goes into each trade .

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#1699

Transparency:
On a public ledger all participants have access to the same local copy of the database. For any update to be made, all network participants must be in consensus. These properties result in blockchain being far more transparent than the traditional centralised database where only individual owners may have access to the database and can make updates to it without giving visibility to others.

Security:
Any database is susceptible to being corrupted but blockchain has properties that make it more secure from attacks. The information is stored via a network of computers instead of one single server. There is no incentive for TX to be changed meaning that once a TX is confirmed, it is irreversible. This creates a trustless environment.

Improved traceability:
If every network participant has access to every database for every step of a products journey, you can improve traceability. As TX are only added to the public ledger by network consensus and with full transparency, blockchain tech generates far more efficiencies in provenance than traditional methods.

Increased efficiency and speed:
Human error, information silos, the need for intermediaries and the question of trust are all aspects that can lead to process inefficiencies. Blockchain removes these efficiency blockers and thus is able to support far more streamline workflows with better data integrity.

Reduced cost:
Human error, information silos, the need for intermediaries and the question of trust are costs to a business. Blockchain removes these and thus can reduce costs to business.

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#1700

Transparency: The blockchain provides transparency by being a decentralized and distributed, this means that the data on the chain depends on common consensus therefore the alteration of data is not easily achievable.
Security: The transactions in the record must be agreed upon before. The information is not stored on a single server so it is difficult to hack it.
Improved traceability: It is easier to trace back the journey of the products from manufacturer to supplier to merchant when the data is recorded on a blockchain.
Efficency and Speed: The system is automatized, only one single ledger is being distributed with the same “true” information.
Reduced cost: By cutting out the middle entities a company can save on their costs and it allows peer to peer trust between trading partners.

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#1701
  1. Every party can see and read the transactions you make.
  2. Because blockchain doesn’t have a core The copies are stored in computers around the world. This creates great security.
  3. With blockchain everything you have done with blockchain is on blockchain you can trace everything back transactions, transportation or origin.
  4. Anything you’ve posted on blockchain is easily accessible which creates efficiency. The middle men get eliminated and you only need to trust the system, which also makes it faster.
  5. As i stated above the middlemen are eliminated you just need to trust the system and the math which makes it simple and at the same time cheap not only for your money but also time.
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#1702

Transparency: The blockchain is a distributed ledger where all users have a copy of every passed transaction, it can only be updated through consensus and once approved it can never be removed again.

Security: The blockchain is secure as transactions must be checked before being approved. It is an encrypted system and it is impossible to hack it (only 51 attack that is very hard to perform).

Improved traceability: With blockchain you can track back all transactions and orgin as all stakeholder are interested to act in a correct way.

Increased efficiency and speed: Blockchain uses a system where everthing is saved in one place, therefore it is much more fast and efficient to use.

Reduced cost: Third parties and middle man are eliminated therefore it reduces plenty of audit and agencies fees.

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#1703

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

Transparency: because everyone is working off the same ledger there’s less room for error and inefficiency.

Security: through consensus fraud becomes far less possible.

Improved traceability: with everything on the blockchain audits can happen instantly instead of tracing something though multiple centralized entities.

Increased efficiency and speed: trustlessness through verification.

Reduced cost: a shared ledger that’s been verified by consensus reduces the need for middle men.

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#1704
  1. Transparency in BC is beneficial because of the public nature of the protocol. Everyone has access to the immutable data. Nodes all talk and agree thus providing transparency across the BC network.
  2. Security in BC is possible for several reasons such as the trustless nature of BC, The finality, the publicness of the ledger, the incentives created by the protocol for miners/nodes to operate in an honest fashion.
  3. Improved traceability is inline with provenance where the BC can track many types of assets from ingredients to clothing to data on the network providing security, trustless transactions and immutability.
  4. Increased efficiency and speed are beneficial to BC technologies because they provide instant and accurate feedback and cut out administrative and middle-man burdens. They also cut down on errors.
  5. Reduced cost is also a benefit of BC because the trust relies on math and protocols thus cutting out the bureaucratic red tape.
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#1705

  1. it is a distributed ledger, transactions are made available to participants in real time, almost impossible to alter records as their has to be a consensus of all participants involved.

  2. transactions are stored all across the network, not on a single server

  3. Provenance makes it possible for any historical data to be traced on the blockchain. Data can be traced from the beginning of transaction, along the way including every stop made until the end of the transaction.

  4. Block chain processes are automated, records are kept on a single ledger making it faster and more efficient.

  5. There are no 3rd parties to deal with because it is trustless

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#1706

Benefits of the Blockchain Technology - Questions July 16th 2020

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

  1. Transparency:

Blockchain technology enable transparency because it’s a public ledger with multiple copies shared by multiple members on the network. All blockchain activity is shared, recorded, and highly available to everyone that has access to the network blockchain. For any changes to take place on the blockchain would require approval from all the members in the network.

  1. Security:

Network security is obtained, when activity(transaction) on the blockchain is acknowledge by all participants before it’s permanently written on the database. This method of Consensus is achieved when all members agree to the validity of the transaction(activity on the blockchain) on the network database(blockchain ledger). Once the transaction is validated, the data is secured with system encryption, stored on all participants database. This will make it difficult for anyone to manipulate the database, because any malicious activities(transaction duplication) will be rejected from the network. This will improve database security and prevent fraud.

  1. Improved traceability:

All data in the network is permanently recorded, allowing the user to view any historical trail of data, Improving legitimacy of the database and preventing malicious activities.

  1. Increased efficiency and speed:

The blockchain infrastructure operates 24/7 non stop, because it’s digital. Removing the slow process of human intervention to support the database.

  1. Reduced cost:

This type of record keeping is digital, removing the use of paper system with multiple parties to write, record, and validate transactions through legacy methods. This eliminates the deployment of leasing an office space, hiring office labor, maintaining an inventory on office materials, maintenance and repair on office equipment. Blockchain technology greatly reduces operational cost.

-Hector A. Martinez

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#1707

Transparency: With permission, members can view distributed public ledger which they all view the same documentation. Cuts down waiting on people to present data when they can see it immediately on the blockchain. Saves time

Enhanced Security: Once transaction consensus is confirmed the transaction is then encrypted and linked to previous transaction. The information is stored across a network of computers, preventing a single point of failure, making it harder to hack. This improves how critical data is shared reducing fraud.

Improved Traceability: Helps verify authenticity of items preventing fraud. The blockchain creates an audit trail which shows where an asset came from and every stop it made on it’s journey.

Increase Efficiency and Speed: Takes the place of the traditional paper trailing and waiting on persons to present data. With permissioned persons having access to the same ledger this promotes greater efficiency and reduces human error.

Reduced Costs: Decreases middlemen saving money those with access are able to view the same ledger and able to make decisions quicker and information cannot be removed from the blockchain.

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