Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#1808

Transparency: All network participants have access to the ledger on which data is being added. The addition of data requires the network’s consensus.

Security: 1- Consensus. 2- New transactions are encrypted and linked to the previous transaction. 3- The information is store in a decentralized network of computers.

Improved traceability: The blockchain keeps a record of every action in a supply chain, thus making tracing more accurate and not trust-based.

Increased efficiency and speed: Transactions can be streamlined and automated with one, instead of multiple, ledger that can be accessed by all participants simultaneously. This also eliminates the need for multiple intermediaries.

Reduced cost: The increased security and transparency of blockchain helps to eliminate middlemen, thus reducing costs.

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#1809

1- Because all transaction are visible to anyone in real time
2-Transactions are encrypted and once sent cannot be modified
3- Everything that happen in the block chain is traceable from its origin
4-There is not need of third and the network is automated
5- There is a reduce of cost because there are not third party but it all one unique system.

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#1810

Transparency: Everyone has access to the same immutable ledger creating greater levels of trust.

Security: This level of trust continues to secure the blockchain. The finality and immutable nature of the blockchain makes it more difficult to have false transactions. Decentralization also can provide a more difficult barrier for bad actors.

Improved traceability: The transparency allows tracking of all transactions (if made available to person requesting information. Public vs Private blockchains)

Increased efficiency and speed: Depending on the transactions per second that the blockchain can handle, yes it is faster. Visa is faster than bitcoin today. However, sidechains/layer2/lightning network will provide infinite scalability going forward.

Reduced cost: Improved efficiency and transparency can lead to data analytics to reduce cost.

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#1811

Transparency

Transparency means it is a distributed ledger that has the same documentation shared by everyone and available to all with permissioned access.

Security

Security because transactions are agreed upon and approved, then linked to the previous one and stored across a network of computers, not just one. This prevents fraud.

Improved traceability

Improved traceability meaning everything in the supply chain can be accurately tracked.

Increased efficiency and speed

There is a single digital ledger that everyone has access to so intermediaries are not needed which increases efficiency.

Reduced cost

Data on the blockchain is trusted and immutable which reduces cost because middlemen are not needed.

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#1812

Transparency: Everyone must act with honesty because it is good for all the actors involved need to reach a consensus regarding all the changes that want to be include on the BC.

Security: As everyone involved have the latest copy of the BC and all the information had been included through a consensus mechanism, there is no chance for a dishonest actor to hack the network or fabricate data.

Improved traceability: You can always trust on the history of transactions because they are immutable as they cannot be altered.

Increased efficiency and speed: The supply chain process speed can be improved and automated so that you don’t have tons of paper for digitizing and analyzing and gathering insights without the waste of time when you have to concile multiple sources of data.

Reduced cost: Because everything on the BC is supported by algorithms and math not in intermediaries or extra processes that increase the costs.

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#1813

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

Transparency:

data is available to all parties with access to information. its uploaded in real time and cant be manipulated without all who have access to said data to agree on the change

Security:

by the means of encryption and consensus along with being tied to data that has been previously written provides a strong deterrent to data changes to many parties involved to make the change be unnoticed not to mention the fact it is encrypted.

Improved traceability:

produces have the ability to be tracked from source to completion and the inability of the data to be tampered with

Increased efficiency and speed:

data is uploaded to a single distributed database eliminating the need to keep several copies of information. streamlining the process of access to information

Reduced cost:

data is available to all and gets verified though math and science on the block chain dont need third parties to source and check if other parties books are correct. NO need for third parties reduces cost.

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#1814

  1. Transparency - All transactions in the blockchain are public and thus auditable. Everyone can agree on the transactions by coming to a consensus. This prevents a single party or multiple parties from corrupting or rigging the system in their favor by changing data in the blockchain.

  2. Security - Because the data is stored on a network of computers this helps increase the security by making each computer agree upon transactions or additions to the blockchain. Because of this fact, it makes it much more difficult for a government, or hacker or company to try to change or remove the computer since it’s distributed across the world.

  3. Improved Traceability - In an example of a supply chain, this allows for items to be traced back to its origin. With a pure system with public knowledge it allows for auditing of any item or group of items through the system and prevent fraud.

  4. Increased efficiency and speed - With blockchain you are relying on computer code and logic and not on human error or some paper trail which can be cumbersome and filled with errors. A blockchain automates and removes the need of a middleman.

  5. Reduced cost - By removing the middleman out of transactions, or auditing, this can save massively in cost.

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#1815

Benefits of using a blockchain:

  1. 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.”

“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.”

  1. 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. Blockchain has an opportunity to really change how critical information is shared by helping to prevent fraud and unauthorized activity.”

  2. 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.”

  3. Increased efficiency and speed:
    “By streamlining and automating these processes with blockchain, transactions can be completed faster and more efficiently. And when everyone has access to the same information, it becomes easier to trust each other without the need for numerous intermediaries.”

  4. 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.”

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#1816
  1. The fact that blockchain is decentralized sums up why it is very transparent; anyone with access to the database can see its content, and to have access to the database just requires having an internet connection to the blockchain so that you can access your copy of the database information. On top of that, any additional transactions that get added to the database must be agreed upon in order to be permanent, and once permanent the data is there for good.
  2. Blockchain has high security because once a transaction, or block, is created and verified by multiple sources connected to the database, then the information is permanent, therefore eliminating risk of tampering.
  3. Improved traceability with blockchain means that understanding and visualizing the supply chain of transaction is a lot easier to understand and track. This also allows for improved auditing standards because the information on the database will be widely accessible and highly trusted.
  4. Eliminating third parties to complete and verify any given transaction will increase the efficiency and speed of how businesses operate when blockchain is fully implemented in their IT structure. This is possible because of the efficiency and speed of blockchain itself, which is a direct contribute of being a decentralized platform. Decentralization allows for more transparent information, which then allows for decisions to be made quicker and more efficient than previously allowable with centralized platforms.
    5… Without blockchain technology, the need for intermediaries to interact with your business increases your overall expenses, and most of the time you have to pay extra in order to have more trust with those third-party business partners. However, with blockchain, there is no need for third-party intermediary expenses when all the information you could need is on the decentralized database. You are then paying less for more trust and efficiency; hard to beat that!
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#1817

Transparency: all users share the same documentation not a copy.

Security: Consensus, encryption, and its distributed nature protect transaction data.

Improved traceability: provenance and fraud prevention.

Increased efficiency and speed: single immutable ledger streamlines trust

Reduced cost: no third parties and less time allocation to transact

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#1818

Transparency: everybody shares the same documentation apposed to everybody having there own copies so nothing can be hidden, also for anything to be changed it requires a general consensus of everybody involved

Security: for a transaction to be made it must be agreed upon by both parties then the transaction is encrypted and attached to any previous transactions, also since all record are kept on a network of computers it is very hard for and hackers to change any information as they would have to get approval form all other systems to make any changes

Improved traceability:when you are purchasing something it is very simple to trace back where the product came from as all information of how it was made and where each individual parts came from on the network

Increased efficiency and speed: blockchain makes the process faster and more efficient by having record-keeping performed using a single digital ledger so that it doesn’t get to cluttered by having multiple ledgers and removes human error by having everybody collaborate on the same ledger instead of everybody having there own version

Reduced cost: block chain reduces cost by cutting out the middle men by having everybody being able to access the same documents so you dont need to trust your partners you just need to trust the data

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#1819

Transparency:

All the transaction are public and verified.

Security:

A decentralized system is way more difficult to hack than a centrilize server

Improved traceability:

All transaction are tie to the previous one creating a chain easily verifiable

Increased efficiency and speed:

Only one ledger to verify, less people involved in the process.

Reduced cost

As same as the previous point no need to middleman or people to hire to verify reliability of your business partner

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#1820

Transparency: Everything is visible for the parties to verify

Security: Everything is secured by multiple points to prevent tampering

Improved traceability: there is a permanent record of every tx

Increased efficiency and speed: removes much human error and 3rd party verifications with automation

reduced cost: removes lots of human error and 3rd party oversight.

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#1821

Why are these the benefits of blockchain?

Transparency: With blockchain, it is a distributed ledger, meaning all users of the network share the same documentation leading to more accuracy and more transparency.

Security: all transactions on the distributed ledger are confirmed by consensus, encrypted, then linked to the previous entry, making it very difficult to hack.

Improved Traceability: A supply chain recorded on a blockchain produces an audit trail of every event along the supply chain, which improves traceability and helps with provenance and fraud protection.

Increased Efficiency and Speed: Because everyone using the distributed ledger is sharing the same documentation, there is no need to reconcile multiple ledgers and less need for intermediaries (if at all), which makes the process much quicker and far more efficient.

Reduced Cost: The need for fewer third parties (or intermediaries) translates to reduced costs.

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#1822

  1. Transparency: 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. It is also available to all participants who have permissioned access.

  2. Security: Transactions must be agreed upon before they are recorded. 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: 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

  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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#1823

Transparency is is the whole idea behind blockchain, with it being a public ledger that allows anyone to be able to view the ledger to verify a transaction or supply chain. Due to the fact that blockchain is immutable makes it more secure from corruption, hackers, etc. so once information is entered on the blockchain and confirmed by the nodes we know that it is truth/fact. Blockchain can be used to trace a product, back to it’s origins though out it’s production and it can even track the ingredients in your food so that no one can make false claims for any product because the public can use the blockchain to verify a company or individuals statements. Blockchin is way more efficient for any company to use because it is verified by the blockchain which removes a heavy paper trail and human error but it also can continually monitor a companies expenses, taxes, etc. and providing a total of each area at the end of the yr, making things like taxes and audits much easier, ie (the IRS could conduct an audit without even contacting the company being audited. Subsequently, this would reduce the costs of any business or individual.

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#1824

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

Transparency: There is no third party needed. It’s a distributed ledger and all participants have access. There is shared documentation that can only be updated with consensus.

Security: information is encrypted and linked to a previous transaction. also, this information is stored across a network rather than a single server

Improved traceability: you can track all of the transactions made on a blockchain, making it perfect for businesses with complex supply networks

Increased efficiency and speed: you don’t have to reconcile multiple ledgers and there’s no need for third-party mediation

Reduced cost: no fees for third parties

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#1825
  1. Transparency:
  • It means that anyone can verify the state of ledger. That be transactions, time of listing and witch address made the inputs/outputs.
  1. Security:
  • Information is stored across the network witch make it hard to compromise. Every input to the blockchain also have to be agreed upon, before encrypted and linked to previous block.
  1. Improved traceability:
  • A blockchain can prevent fraud by letting producers and consumers verify that received supplies where signed and actually delivered by said supplier.
  1. Increased efficiency and speed:
  • A single shared transparent ledger is a lot more efficient than papers and documents in several hard to trust centralised databases. You’ll have to spend a lot of energy in verification.
  1. Reduced cost:
  • Less third parties and middlemen reduce costs dramatically.
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#1826

Transparency:
all users have access to the same data in a single immutable ledger which is validate by consensus. This removes trust and the need for privately held data, ensuring more accurate data representation

Security:
Every transaction is confirmed by consensus, encrypted and stored on the blockchain network. This takes away the need for central servers and makes it too difficult for data to be hacked, or edited. This eliminates the likelyhood of fraudulent activity (51% exception)

Improved traceability:
When every transaction is stored on an immutable ledger it is easy to trace transactions back to the origin of the transactions history. (provenance)

Increased efficiency and speed:
The need for lengthy “paper trails” are eliminated, offering faster access to data improves efficiency and the need for “middle-men” to verify

Reduced cost:
Businesses longer need to run central servers, hire middlemen or “trusted” third parties to process deals or transactions, and save on auditing. In business, time is money. Blockchain massively reduces time and labor inputs for data, transactions, tacking and much more

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#1827

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

  1. Transparency:

Transparency comes from having an open ledger. We have an open ledger as the data is verified by consensus. Consensus provides us with a trustless database.

  1. Security:

Data inside blockchain is first verified and the encrypted to protect the integrity of such information. Then it is stored on several servers making it very difficult for hackers to obtain sensitive information.

  1. Improved traceability:

It can be extremely difficult to track items back to it’s origin. Blockchain can be used to improve this process by including an audit trail during the exchange of goods. This audit trail can include all of the good journey from inception to final destination. The biggest benefit of this improved traceability can improve authenticity of assets.

  1. Increased efficiency and speed:

Trading using traditional methods can be labour intensive and cumbersome. Many instances require a third party for mediation as we are prone to human error and deceitful behavior. Because blockchain includes data from accounts layer and transactional layer this provides a real time audit. This removes the need for labour intensive processes and mediators. It means we can trust easier and move on to more value added activities.

  1. Reduced cost:

Being trustless means we don’t have to provide a cut to middlemen. The fact that block chain has real time auditing means we can remove costs there as well.

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