Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#1748

Transparency: The transactions and terms of any contract agreed upon on the blockchain are held there and are readily available for everyone to review.

Security: Changin anything about something agreed upon in the blockchain would need consensus and every single block after that block would also need to be changed. Also tracing back a transaction is transparent.

Improved traceability: As every agreed transaction is recorded cryptographically and
is immutable and that every transaction is transparent on the blockchain, all transactions can be traced.

Increased efficiency and speed: As there is one immutable ledger the contents of which everybody agreed on before it being input there is less room for miscommunication, less messing with multiple stores of data, less data reconciliation, thus faster and more efficient.

Reduced cost: Reduced third parties and middlemen needed to complete the transaction, you trust the data in the block, not the counterparty you’re dealing with.

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#1749

Blockchain technology is an elegant way of creating something that is basically written in stone but can move at the speed of light around the globe so all can almost simultaneously see it. Every transaction is transparently placed on the ledger and cannot be changed. Since it cannot be tampered with security is super high… which makes trusting others not an obstacle to slow you down. All transactions can be traced back to their origin (though they may be a pseudonym). Because it is all electronic it is operating at high speeds and because there is not a need for a bunch of middlemen (middlepeople?) then it makes it even faster and lower cost.

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#1750

  1. Transparency is beneficial because it increases trust and security, all transactions are available on the blockchain for anyone to see.

  2. By not having everything on one single entity/computer But on multiple like in blockchain, it makes it more secure and resistant to hacks.

  3. Better traceability is beneficial because it’s very hard without using blockchain to trace something/transaction back to its source, this benefits both the consumer as well as the businesses using it.

  4. Because blockchain involves a digital ledger that all on the network share , it make the entire system more efficient and hence faster, that means For example, sending money Is faster because the transaction doesn’t have to go through middle men , it’s from A to B without The multiple steps And people involved Before the transaction is processed like in traditional finance .

  5. Reduction in cost is beneficial to all , to do the same thing at a fraction of the cost is just a positive for both businesses and consumers.

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#1751

Transparency: Because the transaction must be confirmed by the network before it is recorded this enhances transparency. Secondly, blockchain is a single ledger which is available to all participants this also ensures transparency because no single participant can changes the record. This ensures accuracy, consistence and transparency. Traceability of transaction also ensures transparency, accuracy and authenticity.
Enhanced Security: Security is important for transactions and trade. Blockchain ensures security because transaction must be agreed upon by the participants before it is confirmed and recorded. Once the transaction is confirmed and recorded it cannot be changed by one or a group of participants without a consensus of all the participants in the network. This also makes it harder for hackers to compromise the system because the documents are distributed across a network of computers. Blockchain also makes it difficult for documents to be changed through fraud and authorized interference ensuring integrity and accuracy of recorded data.
Improved traceability: Transactions in a blockchain leave behind an audit trail of data that shows the origin and movement of the transaction. The trail of data is helpful in verification and authentication of asset and prevention of fraud.
Increased efficiency and speed: Blockchain transactions do not need the authentication of third-parties and middlemen. Trust is created by the system and not third-parties and middlemen therefore it is easy to make transaction fast and efficiently. The workload is also reduced because no need to reconcile data from different sources and ledgers since blockchain uses a single ledger.
Reduced costs: By cutting out third-parties and middlemen blockchain reduces costs significantly. Since in the blockchain every participant has access to the same document there is no need to review many documents in order to complete a transaction.

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#1752
  1. Transparency means that they has the same documentation shared by everyone and available to all with access.
  2. Security because transactions are agreed upon and approved, then linked to the previous one and stored across the network.
  3. Improved traceablilty meaning everything in the supply chain can be accurately tracked.
  4. Removes middle man and uses global nodes to verify transactions
  5. Reduces cost because middle men are not needed.
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#1753

Thanks Mauro for the explanation!!!.. Indeed, I notice the difference, it’s clear now… :wink: :+1:

#1754

Transparency is beneficial because it provides a permanently visible record of transaction histories available to all, and significantly reduces the need for multiple ledger copies as only one is required.

Security is beneficial because it ‘enhances’ security. It requires consensus before recording, all records are encrypted, linked and stored across the entire network.

Improved traceability is beneficial because a constantly available audit trail makes it simpler to verify authenticity and prevent fraud.

Increased efficiency and speed is beneficial because a digital blockchain record makes it easier to stream and automate processes. There’s less clutter, and less friction in these processes as you wouldn’t need to reconcile multiple ledgers, nor would multiple intermediaries be necessary.

Reducing cost is beneficial because you would only need to focus on trusting the maths of the permanent blockchain. There would be no need for 3rd party guarantors.

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#1755

Transparency:
-Everyone shares the same documentation, which can only be updated through consensus.
Security:
-Transactions are agreed upon before being recorded, and then it is linked to the previous transaction. It is stored on a network of computers and not on a single server.
Improved traceability:
-The blockchain has an audit trail that shows where an asset came from, and every stop it has made.
Increased efficiency and speed:
-Automation makes transactions faster and more efficient.
Reduced cost:

  • You don’t need 3rd parties and middlemen.
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#1756

Transparency:
Transactions are becoming more transparent when on blockchain because all data is linked to a public ledger which is accessible to anyone. The data on blockchain is verified by multiple servers across the globe. Thus making it more trustful and transparent for all to see.

Security:
The great thing about blockchain is that it is stored on a large network of servers which makes it more difficult and basically impossible to hack. Each transaction needs to be verified first before its added on blockchain and its encrypted.

Improved traceability:
Blockchain can record every stop a product or its ingredients make before it arrives. For supermarkets and consumers this is a great advantage as they know where the problem with the product might come from and it make the process allot faster if any problems occur.

Increased efficiency and speed:
It removes allot of human error which increases speed and efficiency.

Reduced cost:
Less middlemen in the chain reduces allot of cost and safes time which also reduces costs

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#1757

Transparency: Anything can be changed without altering the rest of the network. Blockchain is only consensus.
Enhanced Security: While information is accepted, there is no way to changed it or go back.
Improved Traceability: Transactions are saved to verify authenticity and make sure there is no fraud.
Increased efficiency and speed: A digital ledger is shared and as everyone has access to the same information it’s easier to trust each other and the network.
Reduced Costs: Reduce the need for payment intermediaries such as stock exchanges, payment networks and money transfer fees.

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#1758
  1. Blockchain is a public ledger into which all data/documents are shared among participants. Every update of data/documents has to have the consensus of the network participants. All this together makes the Blockchain to be more transparent and therefore safer and more efficient if compared with other network systems.
  2. On the Blockchain network every transaction is approved by participants, then is encrypted, linked to the previous transaction and stored in a plexus of computers. Itself, mining, increase the number of nodes therefore the safety of the network.
    Because of what above mentioned, Blockchain represent the most sophisticated technology to manage and process sensitive intelligence data for the crucial sectors like finance, healthcare, etc.
  3. In the Blockchain network, all transactions are stored in the systems; infact no data is erased. This is by definition the best way to preserve the traceability of products in those sectors like logistic management, food industry, etc.
  4. Efficiency is physiologic to the Blockchain network. Two major elements that promote efficiency in the before mentioned network are: transactions do not need to be managed by a third party and Blockchain is a public ledger so you do not need to conglomerate different private ledgers.
  5. Blockchain is probably the most efficient work environment, because inside this network system everything is processed according to mathematics.
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#1759

Blockchain solutions do really benefit our business world in so many ways.

To summarize the article and hit on this key points we know that Transparency is key to any industry, knowing that we can always go back into the blockchain to verify past transactions really provides that very needed transparency.

Security, I feel that you can say there is strenght in numbers, and overall what everyone wants is “stronger” security. Knowing that blockchain has the same information dirstibuted amongst so many network participants really provides that much needed security.

Improved traceability, can also be related to the transparency aspect of the blockchain, since everything is recorded and immutable, it really helps us trace anything back and know with certancy of its validy.

Increased efficency and speed, I think this is a topic that could be furthered discussed. Though it does offer more efficient and faster ways than our traditional methods, but we know that blockchain still needs further development in order to be able to onramp on a really industrial scale. We have seen how the Ethereum blockchain got really saturated and became inefficient at tiimes such as ICO and Kritpokitty craze. Never the less I do believe that in due time and with constant development we will have blockchains that are robust engough to support the masses.

Reduced cost, well that is a no brainer.

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#1760

Transparency: All network participants share the same documentation.
Security: Is gained through the decentralized nature of the blockchain through economic incentive to mine.
Improved Traceability: As a record is created on the ledger you end up with an audit trail that shows where an asset came from and every stop it made on its journey.
Increased efficiency & speed: Since record-keeping is performed using a single digital ledger you don’t have to reconcile multiple ledgers.
Reduced costs: You don’t need as many third parties or middlemen to make guarantees.

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#1761

1)is when everybody can check everything , whether is the code or the whole history of transactions(in blockchain environment )
2)there is no way to edit and delete the stored information in the blockchain .
3)anybody can trace the funds from the beggining to the actual moment , no any other currency doesn’t offer this feature , while the owners of the wallets are remaining anonymous.
4)it’s running 24/7 , has a automatic-rebalancing mechaninsm of achieving consensus , can be pow or pos that balances the dificulty of the network
5)no middle-man fact reduces most of the costs.

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#1762

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

  1. Transparency: All network participants share the same documentation as opposed to a single copy.

  2. Security: aggrement of users - Consensus, encryption, and trans. linked to previous trans. and the fact that storage accross a network vs a single server makes it difficult to hack and compromise data.

  3. Improved traceability: Blockchain recods the journey of the data and has a built-in audit trail to verify authenticity and prevent fraud.

  4. Increased efficiency and speed: single ledger for reconciliation and speed vs multiple ledgers…Universal accessiblity creates trust and efficiency without intermediaries…

  5. Reduced cost: single immutable blochchain…no need for intermediaries or mifddlemen.

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#1763

Transparency: you can see every transaction through the blockchain, it is a public information
Securty: the information is immutable and they generated through the consensus of the network. Once approved its is encripted and linked previus block
improved traceability: through the blockchain it is possible to trace every transaction publicly
increased efficiency and speed: as we do not have 3rd party mediationevery thing is made smothly
reduced cost: as you do not need the believe in 3rd party to interfere in the process every thing become cheaper

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#1764

Very good @Ricardo_Okazawa! :smiley: Welcome to the forum! :slight_smile:

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#1765

  1. Transparency allows other people to see transactions and decide whether or not a transaction is true or not.

  2. Security is increased b/c other people decide what is true or not. And once a transaction is final it can not be erased or said to have not happened.

  3. With improved traceability, people can trace any transaction to see if it happened or not.

  4. With Blockchain speed is increased and more efficient than stacks of paper hours and hours just trying to find one document or reicept for a transaction when with blockchain you can just… search for it and you can find it in seconds.

  5. everyone wants lower costs, and with blockchain you dont need other people to make guarentee just trust the data

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#1766
  1. Transparency : Blockchain is more transparent as all transactions are approved by a network of computers before recording them on the distributed ledger instead of by one central authority. Since the entries are shared any modifications or manipulation needs Consensus by the network which is highly complicated.
  2. Security : Since blockchain copies are stored across multiple networks its not easily hackable. Immutable nature and traceability ensures transactions are more secure.

3)Improved Traceability : Since all new transactions are linked to previous transactions traceability is useful in many applications such as complex supply chains or financial sector.

  1. Increased efficiency and speed : It has potential of automating many supply chain processes and in other important sectors such as health care and finance. It can reduce the need of auditing and increase the clearance and settlement process.
  2. Reduced cost: Since blockchain is based on maths and set of protocol it reduces the manipulation which increases cost benefits from real estate, healthcare to government sector.
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#1767

Why is transparency a benefit of using a blockchain?
Transparency keeps users honest since every transaction is publicly readable and shared across the entire network. A dishonest user cannot lie about the details of any given transaction, since its truth is already known by every node in the network.

Why is security a benefit of using a blockchain?
Security is accomplished by requiring transactions to be approved by multiple nodes, encrypted, and distributed across the entire network. Tampering with any transaction would be costly and would be rejected by the remaining nodes in the network.

Why is improved traceability a benefit of using a blockchain?
Since any given transaction can be entirely traced through the blockchain back to the very moment it was created, users can easily verify its authenticity and mitigate fraud.

Why is increased efficiency and speed a benefit of using a blockchain?
Nodes on the blockchain can quickly and efficiently prove the validity of a transaction because they each hold a copy of the same public ledger. Instead of multiple ledgers being passed between entities, this single public ledger provides a common ground upon which all nodes in the blockchain can agree.

Why is reduced cost a benefit of using a blockchain?
A blockchain removes the need for one or more middlemen within a given supply chain or pipeline. Users can also spend far less time verifying and authenticating lists of documentation because the public ledger is automatically, swiftly, and continuously validated with each transaction insertion.

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