The benefits of blockchain

[crypto-lion]

the benefits of blockchain is as listed below.

1. transparency in transactions
2. since you can only add and can not delete from the blockchain , its therefore impossible for manipulation
3. since its an open source ledger where series of verification is made , it eliminates fraud
   4, because of the ease of tracking activities on the blockchain , Auditing becomes very easy to carry out

[Alko89]

Hi @crypto-lion
I have reviewed your answer in the other post, can you please use the designated thread for your homeworks next time. It makes it easier for us to review all the homeworks.
If you have a topic you wish to discuss, feel free to open a new tread

[thecil]

Hello @crypto-lion.

I guess you confuse on where to post your answers, here is the link of the assignment topic.

Reading assignment: Benefits of the Blockchain technology

Transparency: You can literally see everything. You can verify that it is what it is and from where it says it is from. Security: The rabbit hole someone would have to go down to make even the smallest of changes is incredible. The whole thing would unravel and it would be impossible to keep up the fake. Improved Traceability: Being able to see the origins and supply chain in this trustless way ensures that things are what they say they are. Increased efficiency and speed: Single record-keepi…

If you have any more questions, please let us know so we can help you!

Carlos Z.

[Demosthenes]

This platform is confusing. Did i post this in the wrong place?

[Alko89]

Hey @Demosthenes I think my @thecil just posted your answer as an example to Crypto-lion. Your answer is in the right place

[thecil]

Yes, I mistype the link for the homework, this is the good link.

Reading assignment: Benefits of the Blockchain technology

Explain with your own words, why these are the benefits of using a blockchain. Transparency: Security: Improved traceability: Increased efficiency and speed: Reduced cost:

The point is, you should post your answers on the proper topic, there our team will be reviewing your answers, but this topic has been created from crypto-lion to only post his answers, then our team will not reach to him.

All your answers should be posted in their proper topic for the assignment (this link can be found at the end of each lesson in the course)

If you have any more questions, please let us know so we can help you!

Carlos Z.

[newtonbrown1]

Benefits of Blockchain

1. Transparency:

Legers are available for public view. Increased accountability, Increased integratory.

2. Security:
   Increased and improved security, decreasing significantly falsified information, and doing away with a ‘trustless’ systems and promoting a system of verification.

3. Improved traceability:
   Creating an audit trail, improved security, reduction of fraud, increased authenticity, and tracking.

4. Increased efficiency and speed:
   Remove middlemen, unify records, automate agreements between parties.

5. Reduced cost:
   Remove middlemen

[Appleseed]

1. Transparency
   Transactions are open for public viewing, therefore bad actors cannot corrupt the ledger with accounting tricks. Every stakeholder is able to see what the other parties are doing.

2. Security
   All transactions are encrypted and linked to the the previous ones thus forming the blockchain. This makes impossible for these entries to be altered.

3. Improved Traceability
   Blockchain has a built-in audit trail that allows you to trace where each transaction came from so it is
   always possible to track something.

4. Increased efficiency and speed
   Because blockchain is decentralized payments can be made from one party to another accross borders without 3rd party actors. Rental payments can automated via smart contracts.

5. Reduced cost
   The efficiency and speed of blockchain helps in reducing costs. Additionally, since a lot of third party actors are eliminated this will also help in reducing costs.