Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#162

Transparency:Because blockchain is a type of 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. To change a single transaction record would require the alteration of all subsequent records and the collusion of the entire network. Thus, data on a blockchain is more accurate, consistent and transparent than when it is pushed through paper-heavy processes. It is also available to all participants who have permissioned access. To change a single transaction record would require the alteration of all subsequent records and the collusion of the entire network.

Security: Because the blockchain is not on a single server, makes it very difficult for hackers to compromise the transaction data. The transaction when it is approved, it is encrypted and linked to the previous transaction.

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.

Increased efficiency and speed:By streamlining and automating these processes with blockchain, transactions can be completed faster and more efficiently. Since record-keeping is performed using a single digital ledger that is shared among participants, you don’t have to reconcile multiple ledgers and you end up with less clutter. And when everyone has access to the same information, it becomes easier to trust each other without the need for numerous intermediaries. Thus, clearing and settlement can occur much quicker.

Reduced cost: You don’t need the middlemen or 3. party to make guarantees or give you other services.

#163

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

  1. Transparency: Distributed Ledger Technology spread across multiple computers where anyone can view the ledger and records on the blockchain.
  2. Security: Decentralized, not one computer or company controls the system. The blockchain on multiple computers with multiple layers makes it extremely difficult to hack.
  3. Improved traceability: Tracing everything from the point of origin to the point of origin into the source and on for further will create more trust for the consumer.
  4. Increased efficiency and speed: Eliminates many middle men as the transactions or more peer to peer based and trust is placed in Math. Paper is eliminated and chance of loss records.
  5. Reduced cost:Elimates paper and middlemen. Trust in the data not the trading partner
#164

Transparency, everyone has access to the same information regarding data at anytime in a permissionless DLT.

Security, the way data is verified and distributed across many servers using the blockchain makes it extremely difficult for hacking or alteration of the data once a block is clompleted.

Traceability, in a supply chain it is possible to track a product from its origin to final destination and every stop in between.

Efficiency and speed, no need for intermediaries and reduced paper and editing is available to all permissioned parties. Faster settlement.

Reduced cost, elimination of middlemen reduces costs associated with fees and delays.

#165

Transparency: all transactions are public for everyone to see
Security: All transactios are criptograpically signed and published, then assembled into blocks that are criptographically linked into blockchain, such that any change will break the link.
Improved traceability: Inputs from past transactions can be traced into current and future transactions, this can be automated.
Increased efficiency and speed: Transactions are processed and incorporated into blocks in automated fashion, and the records contained in the blockchain become imutable. All processing is automatd with no middleman needed.
Reduced cost: The cost is reduced by eliminating midleman organizations that add processing time and fees.

#166

  1. A shared public ledger offers full transparency in the trail of transactions on chain that anyone can see.

  2. Being decentralized removes any single point of failure and through consensus all transactions must be agreed apon before entering the blockchain.

  3. being a public immutable record that has provenance you can easily trace a transaction to its source due to each transaction being linked to previous transactions in the network all the way back to the creation of the network.

  4. There are some trade offs with efficiency and speed compared to traditional databases as blockchains offer trust-less security however this is still faster than paper methods and removes the need to consolidate information into one places from different sources as everyone has a shared ledger.

  5. Blockchains often cut out middle men and other unnecessary parties reducing markups and fees that would generally be imposed by third parties.

#167
  1. Transparency: Transactions are visible to everyone on the network and transactions can only be accepted into the ledger through consensus. It would be very difficult to change a transaction because collusion of the entire network is necessary and all subsequent transactions would need to be altered.
  2. Security: A blockchain ledger is not easily hacked. Transactions are linked together and they must first be accepted into the ledger through consensus. Difficulty hacking the system increases because copies of the legers are stored across a network of computers.
  3. Improved traceability: Goods can be traced via the leger allowing anyone to trace items back to its origin. This creates an audit trail preventing fraud and unauthorized activity.
  4. Increased efficiency and speed: In a blockchain there is only one leger that is shared across the network and everyone has access to the same information. There is no need for multiple legers to be reconciled. There is no need for an intermediary to get involved in the process.
  5. Reduced cost: Middlemen are no longer needed because the system is trustless. You don’t need anyone verifying transactions therefore documentation is reduced and so is manual labor.
#168

  1. Greater transparency
    Blockchain allows all network participants access to the same shared ledger instead of everyone having their own copy. This copy only changes when all parties agree that a block or collection of transactions are valid. This allows everyone, and anyone to see and check the transactions which this visibility is what we refer to as transparency.

  2. Enhanced security
    Transactions are not valid until consensus has been met and only then is it added to the blockchain. Once a transaction has been accepted it cannot be deleted from the blockchain. It is also decentralized which means there is no single point that can be attacked and take it off line or corrupt it.

  3. Improved traceability
    Exchanges of products are recorded on a blockchain the data can be made to document where the item came from and every stop it made giving us an immutable historical record.

  4. Increased efficiency and speed
    Compared to using paper blockchain allows you to streamline and automate processes such as audits and accounting. With only a single record there is no need to reconcile they way traditional multiple ledgers required. You no longer need third party individuals to do the audits and settlements occur faster since everyone has the same record.

  5. Reduced costs
    Blockchain eliminates middlemen since you can trust the data on the blockchain. Blockchain is immutable by protocol so you do not waste time with reviews and audits saving you cost and freeing up manpower for other task.

#169
  1. Transparency: Many people have ledgers of the transaction & the unified global system makes it more tracable & clear.
  2. Security: No one can hack blockchain because it is decentralized and data is recorded on many computers.
  3. Improved traceability: You can find out the provenance of a transaction and trace down the supply chain where a thing came from.
  4. Increased efficiency and speed: No need for middle men as the system is trustworthy. its a more simple process.
  5. Reduced cost: Because its decentralized, you don’t have to pay everybody who owns the money, banks, etc. you dont have to make phone calls or send investigators out into the field to check up on trasactions. The ledger is already in the blockchain so no needs for auditing.
#170

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

  1. Transparency is a benefit of blockchain because it is a type of distributed ledger. This means that all network participants share the same ledger. Every participant has an insight into the same ledger. The ledger can only be updated trough consensus. Every participant of the ledger has to agree on it. When they agree the ledger is updated so all participants has the same ledger. When doing it this way the date is more accurate, consistant and transparent then when going trough paper processes.

  2. Security by helping to prevent fraude and unauthorized activity. There are severel ways blockchain is doing this. Since all transactions has to be agreed upon before they are recorded. When a transaction is recorded it is stored acreoss a network of computers instead of on a single server. This makes it very difficult for hackers to compromise the data.

  3. Improved traceability: Blockchain can help to verify the authenticity of assets and prevent fraude by recording an audit trail. The audit trail shows where an asset came from and every stop it made on its way. The history can helt to verify the authenticity of the asset.

  4. Increased efficiency and speed: By automating many processes transactions can be completed faster. At the same time the record keeping is preformed by using a single digital ledger that is shared among the pariticipants. We dont need to have multiple ledgers.

  5. Reduced cost: By cuting out third parties or middlemen to make guarantees and creat trust you can now trust the data on the blockchain. You also wont have to review much documentation to complete a trade.

#171

Transparency because everyone uses the same ledger and has access to the same information.

If something has to be changed then everyone that has access must agree to the change.

Traceability is improved because everything is documented and everyone has access to that same document. Thus leaving a paper trail

Increased efficiency and speed due to less paperwork, and no third parties

Less paperwork, overhead everything is all in one place. Less labor involved.

#172
  1. Transparency: All permissioned participants have a copy of the transaction.
  2. Security: There is no single point of attack for hackers or authorities to compromise.
  3. Traceability: The transactions leave an audit trail in case of authenticating assets or establishing provenance.
  4. Efficiency: There is no need to reconcile multiple ledgers.
  5. Reduced costs; The blockchain eliminates the need for numerous middlemen.
#173

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

Transparency: Transparency removes blind trust in others. Using a blockchain means that all authorised participants have access to the same database in real time and any subsequent additions or amendments require the approval of all participants on that database. No amendments or removals of any kind can happen without the knowledge and approval of all participants of database.

Security: Due to any transaction being recorded only upon agreement of the entire network and that transaction subsequently being immediately encrypted, it is designed to eliminate fraud and deceit. Spreading out information across an entire network of computers all of which have to agree with each other increases security compared to the storage of information on a single data centre.

Improved traceability: The possibility of keeping an immutable public record of every aspect and movement of a supply chain makes it possible to trace the origin of any product or transaction easily and at any time.

Increased efficiency and speed: The removal of any ‘middle man’ in a transaction by definition removes a time delay and inefficiency that is usually caused when people are involved in the reviewing and agreeing to of terms and processes.

Reduced cost:
Less human involvement means less money being spent on salaries. The removal of third parties is one of the most cost effective steps any company can make.

#174
  1. Transparency. All the network participants share the blockchain, which is a distributed ledger, with consensus .Changing a single record in the blockchain is virtually impossible, because it would require the change to every subsequent transaction in the blockchain, and that would require collusion among all the members of the network.
  2. Security. Consensus provides that alll transactions must be agreed upon before they are recorded. Each transaction is then encrypted and added to the previous transaction, and then distributed among the network . This makes it very difficult to compromise the data.
  3. Improved traceability. The blockchain can be used as an immutable history of transactions, which can be very useful to organizations that have a need for supply chain transactions.
  4. Increased efficiency and speed. Using a shared, distributed blockchain makes intermediaries unnecessary and reduces human error.
  5. Reduced cost. Trusting the blockchain reduces the need for many third parties or middlemen in transactions. Review and creation of documentation is reduced because all participants are the same version of the blockchain .
#175
  1. Transparency: Everyone has permissions access to the same information.
  2. Security: Blockchain provides and guarantees that information won’t be stolen or changed, and prevented unauthorized access
  3. Improved traceability: blockchain allows checking any stage of supply chain
  4. Increased efficiency and speed: allows cut middleman that speed up transitions
  5. Reduced cost: Trustless saves time for all parties on checking if everything correct. Also, relations peer to peer eliminated need to use third party for proofing
#176

1 - All data which can only be based on facts due to mutual approval are in the open for anyone to see

2 - You don’t have to trust in intermediaries. Once a transaction has been confirmed by the network, this is final. After confirmation, the transaction will get encrypted and will be linked to the previous transaction. This information will be stored by a network of computers (nodes) instead of a central database/single server which makes it practically impossible to manipulate/reverse

3 - You can trace your product/transaction in real-time from A to Z on the Blockchain. All this information needs to be verified and approved by the complete network hence you don’t have to worry about manipulated data

4 - You don’t need a 3r party to verify transactions and this highly increases the efficiency and speed of the transaction. Also, the Blockchain eliminates the risk of human error

5 - Since you don’t need a 3rd party, you also don’t need to pay any 3rd party fees. Also, you don’t have to pay for auditing and verification of data as this will be done in real-time

#177

Transparency: everybody has access to the same information and any changes are only done so via consensus on the network. All this information is public.
Security: Consensus to update any data increases security as no one person or organisation is in charge. All the information is verified.
Improved Traceability: Every information added to the ledger is verified and made public. It cannot then be changed to you can trace back to see complete history of anything.
Increased efficiency and speed: Information is quickly validated via the network. This also means than there can be no human error in the process.
Reduced Cost; As all information is stored on the network there is no need to check various different ledgers which is timesaving. Also there is no need for everything to be on paper. As everyone can access the same information then no third party is needed.

#178
  1. Transparency: It’s a distributed ledger that has the same data shared by everyone and available to all with permissioned access.
  2. Security: Transactions are agreed upon and approved, then linked to the previous one and stored in a decentralized manner. This prevents fraud.
  3. Improved traceablilty: Everything can be accurately tracked.
  4. Increased efficiency and speed: There is a single digital ledger that everyone has access to so intermediaries are not needed, increasing efficiency.
  5. Reduced cost: Data on the blockchain is trusted and immutable which reduces cost as middle men are not needed.
#179

Transparency is great because there will be proof of all transactions. Because of decentralization, there is not one entity in control of the information. All networks share the same information. It’s self-auditing.

*Security because of encryption and decentralization hackers can’t get it. Also, bad actors of other types don’t have power.

*improved traceability Blockchain records long supply lines, and make many transactions easily tracable.

*Increased efficiency and speed: beacsue the acounting is already included in the transaction and there for both parties to see, intermediaries and middle-men are not needed. Also, human error is eliminated.

*Reduced cost No paper, less humans needed, decentralized platforms have automatic functions and no one is there collecting all the money. Less fees

#180

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

  1. Transparency: All transactions are final and made with consensus of the the rest of the decentralized network. Everyone can see all valid transactions. Fraud is nearly impossible because it would require the majority of the network also agreeing and/or being frauded.
  2. Security: Every transaction is encrypted and linked to previous transactions, and stored across a network of servers instead of a single central server.
  3. Improved traceability: full audit trail (e.g., supply chain)
  4. Increased efficiency and speed: Since everyone has access to the identical information in real-time, no need to go through post-transaction activities to verify different ledgers. Also don’t have to work through iterations to verify in order to create trust.
  5. Reduced cost: Dont need to pay for 3rd parties to perform mitigation or do services like accounting because you dont need to trust your trading partner. You can trust the network and the math.
#181

Transparency:
All network participants have access to the same information that can be trusted. All information is saved on multiply shared identical version of the blockchain, instead of identical individual copies. The shared version can only be updated through consensus, which rules are known to all participants/.

Security:
Data are stored in an identical version on multiple computers across the network, which makes it much more difficult for hackers to hack it.

Improved traceability:
When a record is saved on the blockchain, it leaves an audit trail, that makes it easy to track its origin. In industries that deal with products going through a complex supply chain, by looking at the blockchain history we can easily verify the authenticity of a product.

Increased efficiency and speed:
Blockchain streamlines and automates traditional time-consuming paper-based processes. By giving participants having access to one ledger where trusted information is available to everyone, there is no need to spend much time to process all information, which results in reducing time for transaction settlement. Transacting parties can trust each other without the need of involvement intermediaries.

Reduced cost:
When using blockchain, you don`t need to trust your trading partner, therefore there is no need to spend money on third parties or middleman. You only need to trust the data stored on the blockchain. Also, costs are reduced by saving time that otherwise would be spent on a review of many documentations.