Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#1768

Benefits of using a blockchain.

  1. Transparency: Distributed ledger for recording transactions/events in a blockchain do not allow modification of current/preceding records. Hence, data is legit
  2. Security: Due to consensus, involved internet security protocols to encrypt and share data and immutability - tampering of data is almost impossible.
  3. Improved traceability: Due to a single source of truth, record-tracing and auditing is much easier and reliable
  4. Increased efficiency and speed: Again, due to single distributed ledger and global network of miners supporting 247365 - record-keeping, tracking, audit and reconciliation activities are much faster and reliable
  5. Reduced cost: Instead of maintaining multiple ledgers and too much middlemen ship, single distributed ledgers and pretty low transaction fee(mining fee) involved, costs decrease
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#1769

Transparency: All participants of the blockchain network need to agree on and verify all transactions through consensus. This makes the data transparent, consistent, and trustless.

Security: Data is stored on a network of many computers rather than just one that can more easily be hacked. Furthermore data transactions must be verified by all participants of the network. Blockchain is therefore a good way to avoid fraudulent activity.

Improved traceability: For example in supply chain, products can be traced to their origin using an audit trail of data recorded on the blockchain. This is very important to the authenticity of the products rather than relying solely on the trust from that company supplying the goods.

Increased efficiency and speed: Using third-party intermediaries is time-consuming and expensive. Blockchain is more efficient than traditional means since everyone already has access to the digital ledger.

Reduced cost: No need for third-party intermediaries which are expensive and rely on trust. Blockchain is trustless and relies on math and protocol.

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#1770

Transparency- Blockchain database actors within the network share identical frameworks enabling group consent creating trusted digital process accuracy ensuring records accessible immediately
Security- Nothing is critical but Blockchain goes much further ensuring solid empirical impenetrable security allowing your most sensitive document / product to have a level of protection negating any fraud or malicious activity
Improved traceability- A network system with the ability to collate implemented data along the products trail/ journey, showing each and every fingerprint of data accessed where, when, by whom, and verification of inventory. Easily audited in seconds 24/7/365.
Increased efficiency and speed- A single database refined to suit trading allowing account or transaction be finalised at lightning speed well presented leaving no mess, smooth ledger transition to end product
Reduced cost- A correlation of all users trusting the blockchain data to deliver with prior authorisation / authentication providing quality, no risk, timely, less fiscal costs and massive benefit to invest assets elsewhere

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#1771

The following are the benefits of using a blockchain

Transparency

Historical records of transactions are more transparent.

Parties involved use the same shared records of transactions.

Consensus is the only method by which transactions can be updated leading to greater accuracy, consistency and transparency.

To alter any part of a recorded transaction would be ludicrous and an act of deceit against the whole network. It would involve changes throughout all subsequent records.

Security

There is increased security as transactions must meet prior agreement and approval before they are linked to past transactions using encryption.

This information is stored across a series of computers rather than being stored in the one place.

Improved traceability

There is increased traceability because transactions show an historical trail from start to finish of a process, thus verifying the authenticity of the transaction or asset.

Increased efficiency and speed

There is increased efficiency and speed by streamlining and automating recording processes.

By using a single digital ledger that is shared, there is no need to reconcile multiple of times. This will also allow for collective trust.

Reduced cost

There is no need for multiple intermediaries for you to gain trust because your trust is based on the data provided on the blockchain. This efficient, accessible and immutable data will be available for everyone to review.

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#1772

  1. Transparency, is one of best features of blockchain technology. I mean, there is no other tech with the same level of transparency, where all members share the same information. There is no possible way to trick or hide any sort of transaction, thatā€™s because it only exists one version of that shared ledger and it can only be changed with the approval of all participants.

  2. Security, one canā€™t succeed on a transaction before it is confirmed by all. Only after this consensus it is recorded on blockchain, after this previous approval, transaction is encrypted and linked to previous transaction record. To increase security level even further, a copy of transactions history is stored across multiple participants and not on a single authority, which reduces the chances of a central hacking attempt.

  3. This is all about provenance feature. With blockchain it is possible to validate and confirm all steps and procedures of a certain supply chain. This historical info ensures authenticity and fraud prevention.

  4. So, blockchain avoids all third-party mediation and middlemen, as well as human error. By the benefit of working on a single digital ledger, shared among all participants, processing speed is not even comparable with human performance, not to mention that with a single digital ledger that is no need to work and reconcile on multiple ledgers.

  5. Blockchain provides trustless, which means that intermediaries and central authorities are no longer needed, because with blockchain i do not have to trust on my trading partner, only on blockchain technology.

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#1773

Transparency: In the blockchain environment not only is the transaction record available for all to see, but it is also distributed among many nodes across the network and confirmed via consensus.

Security: All transactions on the blockchain are confirmed via consensus, and then recorded immutably in the blockchain. This record is shared and verified by all the nodes of the system, guaranteeing the veracity of the record.

Improved traceability: Through the use of the blockchain, a supply chain could be verified without the need for trust between parties. A real time audit takes place of every items journey from creation to consumer.

Increased efficiency and speed: Not only is everything happening digitally which improves efficiency and speed, its happening on one unified system verifiable in real time removing the need for intermediaries and auditors.

Reduced cost: A natural bi product of increased efficiency and speed is reduced cost. When you establish a trustless systems between parties, you remove much of the need for middle men along the way.

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#1774

Transparency: with transparency everyone has access to the same immutable database.
Security: distributed nodes of blockchain are near impossible to hack all at the same time.
Traceability: All actions can be labeled and registered on the blockchain- where everyone can verifiy it.
Efficiency: Instead of having two copies of every transaction, everyone has access to the same database.
Reduced cost: no need for middlemen when using blockchain solutions!

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#1775

Transparency:

  • All transactions can be viewed at any time via the open ledger.
  • Changes require the approval of the entire network.
  • All network participants share the same documentation

Security:

  • The network cannot be hacked
  • Transaction data is ā€œsafuā€

Improved traceability:

  • Supply chains and the exchange of goods can be documented via the block chain.
  • More transparency and less fraud.

Increased efficiency and speed:

  • Less timeconsuming
  • No human errors
  • Requires no third-party
  • Blockchain is faster and more effective.

Reduced cost:

  • Businesses donā€™t need as many third parties or middlemen
  • Less documentation
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#1776

The digital global economy has made verification more important then ever. Without transparency, vast amounts of data are being leaked and value is being trapped in Silos.

The use of blockchain enables value protocol (math protocol) and is decentralized so that security is not trusted but verified through a network of computers.

When a transaction comes through, the network decides whether or not it should actually be in the network. When a decision is made several parties are involved. The accounting and transactional layer are combined into one transaction making it accessible to track and trace.

The infrastructure is agile and efficient hence it has never been offline. It operates 24/365. Everyone is responsible on keeping it alive. Human errors and traditional processes have been automated so it eliminates duplicate work and errors. The infrastructure is built on power and speed for processing an infinite amount of transactions.

Since everyone is incentivised on keeping it alive, it eliminates 3rd party and this reduces costs as trading with partners become direct.

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#1777

Transparency: Everything that happens on the blockchain is known and accessible for everyone to see. Right now, and forever.

Security: A transaction must be accepted by the network and is then stored on the blockchain network which has better security (for ex against hackers) because itā€™s decentralised network.

Improved traceability: Every single part off information that is moved on blockchain is theoretically written in stone, and since itā€™s accessible to anyone itā€™s easy to prove if something is true or false. Which the Nodes are doing before accepting a new transaction.

Increased efficiency and speed: Since a third party isnā€™t needed anymore (to establish trust between transacting parties) the transaction is faster.

Reduced cost: No need for third parties that makes guaranties because there is no need to trust your business partner since you can verify the information on the blockchain.

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#1778

Transparency - All documents are shared and which can only be updated through consensus

Security - information stored across network, Prevents fraud and unauthorized entry, Transactions are encrypted making it difficult to hack

Improved traceability - recording and tracing every movement to prevent fraud

Increased efficiency & speed- Everyone has access to same information, reconciliation can be done on a single ledger without a lot of cluster

Reduced cost- only need to trust data on blockchain, No need for 3rd parties and middle man.

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#1779

Transparency: Greater transparency is provided through blockchain. All network participants share the same distributed ledger, and it can only be updated by condenses. Date is available to anyone with permissioned access. Changing a single transaction would require the collusion of the entire network.

Enhanced Security: Blockchain is more secure. Transactions must be agreed upon before they are recorded and if a transaction is approved, it is encrypted and linked to a previous transaction. Because information is shared across a network of computers rather than a single server, it is very difficult to hack. Applications in finance, government, healthcare will benefit from increased security as blockchain helps protect sensitive data.

Improved traceability: In complex supply chains, it is often hard to trace the history of an item. If exchanges are recorded on blockchain, an audit trail traces an asset back to its origin amd every stop it made along the way. This historical data helps to verify authenticity of assets and prevents fraud.

Speed and Efficiency: traditional trading involving paper-heavy processes is a time consuming process prone to human error and often involves a 3rd party. By streamlining the process with blockchain, transactions can be done quickly and efficiently. A single digital ledger provides less clutter. It becomes easier to trust others when everyone has the same data and it cuts out middle men. Thus clearing and settlement can be obtained faster.

Reduced Costs: With blockchain 3rd parties and middle men can be cut from the process because it doesnā€™t matter if you can trust your trading partner. Instead you can trust the data on the blockchain. It provides less documentation as well because everyone has permissioned access to a single immutable version.

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#1780

Transparency: The information is distributed along the entire network and can be verified by all participants. Every participant is capable of checking all transaction history.

Security: The network must aggree by consensus about the validity of transactions. There is no way to alter the transaction without altering all subsequent transactions, which is very ressources concuming and thus noone is insentivized to cheat the system.

Improved traceability: The intire path of an asset in a supply chain can be backtracked thorugh the ledger, no matter how complex the supply chain.

Efficiency and speed: You only use the same verified protocol which all participants use. There are no errors possible and therefore there is no need to correct for errors, which would be time and energy consuming.

Reduced cost: No need to involve third parties to audit etc or middle men to process your transactions.

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#1781

1 - All participants can check all transactions. This transactions are checked by a great numbers of network participants.
2 - The necessity of a consensus bring more difficulties for successful attacks. All participants are encouraged to make the network working.
3 - Every transaction can be traced, bringing more security and safety.
4 - Global nodes are used to verify all transactions. With no intermediaries, network becomes more faster and safer
5 - With more efficiency and speed. It become cheaper to do transactions.

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#1782

1.Transparency: You can see the collective agreement of transactions happening on the nodes (ledger) in real time, no need for an authority to verify anything from any transaction.

2.Security: The decentralised system of many computers running the blockchain around the world make the security stronger the more computers are connected. Shutting down blockchain would mean to shutdown the entire internet, which has never happened before.

3.Improved traceability: The fact we can trace all ingredients or products running on the blockchain makes it easy to track everything from where it has been to where it is now.

4.Increased efficiency and speed: By removing any authority needed to verify a transaction on the blockchain, transactions can perform faster and cheaper.

5.Reduced cost: No person or bank is managing the transaction and taking any fees, decentralised transactions. By trusting the immutable protocol it will reduce all costs taken from agents/middle men.

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#1783

Blockchain provides the user:

better transparency - because the transactions are shared on the global network
enhanced security- because the transactions cannot be changed or corrupted
inproved traceability- because the all transactions from original to final can be traced though out the blockchain.
increased efficiency -because everyone has access to the same ledger
reduced cost- because it is more efficient since everyone has access to the same information and so it does not have to be reproduced over and over.

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#1784
  1. Transparency:

The technology that the Blockchain holds, enables every transaction that is recorded on the ledger to be shared/viewed by all networked participants. The data is not only verified as accurate but also impossible to edit once proven. This decentralized approach brings true transparency, as everyone must agree through consensus before the proof is verified.

  1. Security:

Blockchain technology is revolutionary in itā€™s approach for preventing unauthorized activity and fraud. Multi-level security working in unison achieves this as demonstratedā€¦

ā€¦Before being recorded, each transaction must be agreed upon before it can be verified. Then each verified transaction is encrypted before being linked to the previous verified transaction.Finally, as a network of computers store this information on multiple servers, to hack or distort the data is unfathomable considering the immutability and math proving truth of all verified transactions.

  1. Improved traceability:

Blockchain provides digital provenance by removing the element of trust and replacing it with verification.The traceability of any verified transaction relating to goods, items, assets etc leaves an audit trail within the Blockchain which proves itā€™s authenticity.

  1. Increased efficiency and speed:

As Blockchain is open for business 24/7 each and every day (not the usual hours of business), Blockchains efficiency for this one fact alone is impressive and, as the proof of work is verified and recorded mathematically within itā€™s engine, the risk of human error which is present in many usual daily business practices is remedied.The stream lining precision that this provides can propel efficiency and speed within a variety of business models.

  1. Reduced costs

All data in the Blockchain is immutable.The verified transactions are visible to all that are relevant - from production to purchase so to speak. Blockchain offers doors where there were only walls and the possibilities in regards to savings are staggering. Comparing Blockchain to the old paradigms of conducting business isā€¦ errrrrrr incomparable?

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#1785

There are many benefits of blockchain. The greater transparency of blockchain is a benefit because all network participants share the same documentation.
Enhanced security is also a benifit by having a network of computers not a single server verify the information you have consensus this increases security.
Improved traceability is the ability to know where an asset came from and every stop on its journey. This is helpful when tracking transactions, and even the ingredients of food.
By increasing efficiency and speed companies save money because time is money. And even though transactions are completed faster and more efficiently you can eliminate the need for 3rd party verification because of greater transparency.
Reduced cost is another benefit of blockchain this is achieved by needing less documentation because everyone will have access to a single immutable version. And transactions are completed faster also saving money.

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#1786

Transparency:
The blockchain ledger is distributed across multiple nodes and the only way to add transactions to the blockchain is through consensus.

Security:
Because the blockchain is dributed across multiple nodes, there is no single point of failure that would lead to corruption of the data.

Improved traceability:
Every transaction regarding a given data subject is recorded in the blockchain and this data can be made viewable to any authorized party - supply chain partners, auditors, etc.

Increased efficiency and speed:
There is no need for separate parties to a transaction to maintain separate databases and go through a ā€œtranslationā€ process between proprietary systems. This saves a lot of time in the clearing and settlement process.

Reduced cost:
Multiple parties using a single blockchain data solution save money by not having to develop their own proprietary systems.

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#1787

  1. Transparency: Greater transparency is achieved because the record can be confirmed by everyone involved in the transaction. Blockchain information is more reliable and transparent when sourced from the ledger. The information is transparent and stored on many computers with software linked to the blockchain. Paper or computer files not connected to the chain cannot be quickly audited or validated.

  2. Security: Blockchain offers enhanced security. Transactions cannot be recorded until all partners agree on the details. The computer network prevents hackers from infiltrating the transaction. It would be extremely time consuming to hack into each individual computer involved in the blockchain confirmation. Hospitals, banks, and municipalities will be more secure protecting sensitive information.

  3. Improved traceability: The supply chain can be accessed from consensus to every point along the blockchain. The history of whoever has come in contact with the transaction can be traced with succinct accuracy. Questions or problems can be dealt with quickly and efficiently.

  4. Increased efficiency and speed: Math and logistic are done by computers. The information and routes are precalculated and confirmed. The input data can be completed faster than human intervention by hand along the supply chain. The transaction is executed on one ledger. The data can be viewed by qualified groups simultaneously. This supports quick confirmation, accuracy, and settlement.

  5. Reduced cost: The data on the blockchain is immutable and more reliable. Peace of mind reduces the need to hire additional resources to solve problems from consensus to delivery.
    Everyone involved in the process wants to save money to increase net profit.

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