Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#1828

Transparency: transparency is given because the information is accepted through consensus, the information is visible and verifiable by anyone and is not controlled by any central authority

Security: The information is safe since nobody is able to change it because it is not on a central server, its on a computer network.

Improved traceability:You can track the information in a safe and auditable way by anyone, making it simple and reliable.

Increased efficiency and speed:it becomes much more efficient since we all speak the same language and human errors are avoided by leaving that work to protocol.

Reduced cost:avoiding a lot of bureaucracies and third parties becomes much more efficient and costs decrease

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#1829

Transparency:
Many parties can access the same set of information and everyone can be certain of the data stored. In order to change any data, the entire network has to decide to change something and it is always open to audit.

Security:
Due to the finality of transactions and consensus oriented network, data is difficult to corrupt. This is crucial for personal information such as financial or health data.

Improved traceability:
There is a clear audit trail on the blockchain so you can verify every step of the transaction. Historical data helps trace any transaction to/from any time on the blockchain.

Increased efficiency and speed:
Physical storage such as paper takes time and is more prone to error than digital information, which can be automatically maintained and optimized.

Reduced cost:
You can cut out the 3rd party verifications because there is inherent trust in the system and protocols. 2 parties can interact with each other, and donā€™t have to worry that either will misbehave. Removing this layer of verification cuts overall costs to these transactions.

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#1830

Transparency: Blockchain is a public immutable ledger. Everyone can check all the transactions.

Security: Transactions on the blockchain are validated by multiple participants and have no central server holding the data. This makes it really hard to alter or delete any transaction on the blockchain.

Improved Traceability: Every single new validated transaction on the blockchain is linked to the previous one. This way it is possible to check the provenance for every record.

Increased Efficiency and Speed: Central databases requires a complex infrastructure that often involves human interactions in order to register, validate, connect, secure and audit transactions. Blockchain integrates all this elements in a decentralized system that everyone has access.

Reduced Cost: Blockchain reduces the effort spent by companies to review documentations and guarantee the transactions because the registers are immutable and validated by the participants.

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#1831
  1. you eliminate trust necessity with ability to check if information is correct
  2. impossible to change data without consensus between all participants
  3. participants able to look at full transaction chain from start to finish
  4. by removing middle man or third party you are achieving both speed and efficiency
  5. same reason as one above
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#1832

Transparency: All data that gets added to blockchain has to be added through consensus, which means that everyone agreed upon by everyone, thus creating transparency.

Security: Data is more safe because it is all traceable and must be agreed upon. There are also multiple copies of the data in different places and it cannot be removed.

Improved traceability: The public blockhain ledgers make it easy for people to access what can even be called a ā€œaudit trailā€ of the whole process of where something came from, to ow it got to you.

Increased efficiency and speed: No third parties or middle men, human error removed.

Reduced cost: The removl of third parties an middle men also reduces costs.

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#1833

Benefits of blockchain Technology

  1. Transparency:
    Nodes share the same documentation , this is a way of being able to achieve transparency and requires consensus if a change in transaction where to happen , which in essence can be a headache as the whole network would need to validate

2.Security:

All transactions need to be validated before that becomes a official entry into the block, once that is achieved , transaction is encrypted and has information from the previous block to maintain the link in chain.
Data/transaction are stored within the entire network as opposed to a single server. Providing greater security against hackers to compromise the data

3.Improved traceability:

In blockchain the great thing about traceability is that you are able to trace all movements from each transition , for example when food gets produced in the factory to when its packaged and put on the lorry , every process is documented in real time , in essence its real time audit.
This allows to verify and authenticate to prevent any fraud of asset

  1. Increased efficiency and speed:

It is efficient in dealing with fast transactions without any clutter/thrid party mediation / speed of transaction trading is a lot faster then using paper money

5.Reduced cost:
Does not require third party mediation, requires less information for you to check, saves time and cost in trusting the blockchain network in processing transactions at lower rate, which can one a big advantage for businesses

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#1834

Transparency: Everyone can see the ledgers and dont need to trust anything.

Security: Trustless system, incentivized network.

Improved traceability: Ability to see the supply chain.

Increased efficiency and speed: Trustless, global interface.

Reduced cost: No intermediaries.

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#1835

Transparency: In blockchain every transaction goes through consensus before entering into the ledger. all transaction history is accessible to everyone on the network and and they can verify it before approving the new transaction. Hence every transaction made in blockchain is transparent.

Security: In a blockchain network once a transaction is approved and made it is encrypted and linked with previous chain of transactions. Encryption is irreversible, and all the transaction records / ledger is distributed to everyone on the network. Even though some part of network breaks down, information is available on other computers in the network. This is how it is totally secured.

Improved traceability: In a traditional trade, to trace the origin of an item, it requires compilation / audit of individual ledgers/ records of all the intermediaries in the supply chain. any intermediary in the supply chain can also intentionally or unintentionally make mistake in record keeping. Hence it will be difficult to trace the origin of a product. In block chain every new transaction is linked with previous transaction. Also all transaction is irreversible once it is entered into the blockchain. Traceability is improved by making it easier and faster.

Increased efficiency and speed: I a traditional trade there are several intermediaries who are involved in a transaction. Every intermediaries take times to complete his/her role and and also make mistake sometimes. however in block chain transaction is peer to peer without any third party involvement. transaction is secured by protocol and not trust dependent. this is how it increases efficiency and speed.

Reduced cost: In blockchain since every transaction is peer to peer and no third party involved, it reduced the cost of third parties involvement, it reduces cost for quality verification etc. Since transaction is approved mathematics in automation, I reduces manpower cost.

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#1836
  1. Transparency is just one of benefits of using blockchain technology because all participants share the same data and it is impossible to change any information without consensus. Thus it is impossible to manipulate the data.
  2. Security is a very important feature of blockchain. Blockchain is way more secure than any other system because on every transaction there must be an agree and then they are recorded. Information regarding the transaction is stored on many computers in opposite of other system where information are kept on only one server.
  3. Traceability is one of benefits of blockchain technology. This feature enable tracing the origin of information and all the way to real time.It is very important when dealing with supply chain as it is crucial to verify the authenticity of assets and preventing fraud.
  4. Increased efficiency and speed using blockchain technology is reflected in the way that it is much faster and clutter free to process the transaction because there are no needs for mediation or third party involving.Also this process is error free and everyone use the same ledger thus there is no need to trust each other as it is possible to check each information.
  5. Reduced cost are very important for every business and blockchain allows this option because third parties or middlemen does not have to guarantee for the transaction and business owner does not have to trust them yet he trust the network and the data on that network. Thus, business owner does not have to pay to middlemen.
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#1837

Transparency: Everyone in the network can verify the database.
Security : Because everyone can verify the database in the network nobody can alter the data whitout consensus.
Improve traceability: Every nod has a copy of the blockchain.So if anyone want to do some changes in the chain the system will tell us were is coming from.
Increase efficiency and speed: It is efficient and fast because everyone in the blockchain has a copy of the database, if someone modify any data in the blockchain at the same time everyone is going to have the same information.
Reduce cost: Reduce cost because eliminate all the unnecessary intermediary in the process of a exchange.

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#1838 
1. Transparency:  This is beneficial because It allows people to access record and verify them through math and protocol.
2. Security: It is secure because all transaction have to go through a Conesus. All transactions are encrypted and linked to a previous transactions, which are stored in a network of computer make it harder for hackers to try to hack the network.  
3. Improved traceability: All transactions are irreversible and kept on blockchain, which leaves an audit trail. All transactions can be verified through math and protocol. 
4. Increased efficiency and speed: There is no intermediaries and itā€™s an automated process. 
5. Reduced cost:

Donā€™t need to use intermediaries

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#1839

Benefits of using Blockchain.

Transparency:

Security:

Improved traceability:

Increased efficiency and speed:

Reduced cost:

#1840

  1. Transparency: All authorized users of BC will be able to see any record.

  2. Security: since all records are added to BC after consensus, no party can alter records.

  3. Improved traceability: complicated supply chains or user bases are better served through BC, as audits and origin auditing can be done cheaply and efficiently.

  4. Increased efficiency and speed: Paper work can be eliminated, and human error can be elliminated.

  5. Reduced cost: Less man power requied.

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#1841
  1. Transparency
    Transaction histories are visible and available to all eligible network participants. Any updates or changes cannot be done quietly in the back office somewhere, all participants must be in agreement.
  2. Security
    Blockchain protects sensitive information from being compromised by saving the approved transactions in many servers after encrypting them and linking them to each other. There is no one central place for data storage.
  3. Improved traceability
    Transactions in a blockchain are linked together thus making them easy to trace from the entry to exit point. This makes it also easy to verify their validity and increase trust in the network.
  4. Increased efficiency and speed
    Records are kept in a single immutable ledger which is visible in the network. This makes paper-based multiple legder reconciliations by the middle man redundant. Also, blockchain automates record-keeping processes making them fast and efficient.
  5. Reduced cost
    Efficiency and trust enable businesses to save on costs in the supply chain. Accurate data transmission is guaranteed and requires less mediation and manpower.
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#1842

TRANSPARENCY;
There is great transparency in using blockchain because all networks share the same documentation, and a consensus has already been put in place so an individual can not change it. documentation. Everyone has access and can see the blockchain transactions.

SECURITY;
Security is enhanced because all the transactions must be agreed upon by all parties before its recorded, thus making it very difficult for hackers to compromise the transaction data

IMPROVED TRACEABILITY;
Traceability is enormously improved because with blockchain you are able to trace and see what and how a product has been handled, from the raw material to the final product. If its a food product you will be able to know if the ingredients in it are genuine, how it was produced and who produced it. What did the middle man do with it?

INCREASED EFFICIENCY AND SPEED;
Because there is no third party involved, it makes the transactions more efficient and faster. There is no human on the other side to wait for to respond later on. Transactions are instantaneous and trustless. Itā€™s also efficient because there is no human error, we relay on the math and network protocol.

REDUCED COST;
Costs are greatly reduced for businesses because again, no middlemen or third parties to rely on, instead we trust the data and blockchain which is fast and cost effective.

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#1843

Explain with your own words, why these are the benefits of using a blockchain.
Transparency: Ledgers are kept in a network of computers as opposed to a single copy in a single device which can be manipulated at ones own discretion.

Security: Transactions must be agreed upon before they are recorded by the network of computers that have a copy of the ledger. After approval the transaction is encrypted and linked to the previous transactions making it harder for hackers to compromise a targeted transaction.

Improved traceability: Due to provenance, once transactions are approved and sent into the blackchain they can not be changed or deleted, therefore an audit trail is left behind every recorder exchange that shows where an asset came from and where it ended up.

Increased efficiency and speed: Trading on a paper heavy process is time consuming and prone to error but blockchain technology is accepted worldwide and has less middlemen. To add to this, every transaction is automated with mathematical algorithms that donā€™t bend to anyoneā€™s will making it much more efficient and fast.

Reduced cost: Conventional means of carrying out global transactions is vastly slow and costs a lot because the transaction has to go through many middle men. Blockchain technology covers the world therefore making a transaction from one end of the world to another a one time transactional fee affair.

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#1844

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

Transparency: - Blockchain is more transparent because all the network participants have to reach consensus in order to complete a transaction.

Security: - Security is increased because the information isnā€™t stored in a single place. Its distributed through all the computers participating in the network and each transaction is encrypted and tied to the last block.

Improved traceability: - With Blockchain, its easier to trace the origin of all the assests because all the info about where things originate and all the stops it makes are recorded in the blockchain.

Increased efficiency and speed: - Blockchain increases speed and efficiency by using only one ledger shared by multiple participants, so thereā€™s less clutter and all participants have access to the same info making it trustless.

Reduced cost: - Blockchain reduces costs by taking out middle men/3rd parties to complete trades or store info.

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#1845

Why did you leave everything empty? :thinking:

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#1846

Transparency: Single Source of Truth on the Distributed Ledger prevents Multiple versions.

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#1847

Transparency allows all the decentralized ledgers to view and confirm what is on the ledger

Security: A distributed ledger cannot be changed. It can be added to with consensus making it very hard to hack.

Traceability allows each transaction to be reviewed and confirmed again by consensus.

Increased efficiency and speed is provided by confirmation on line by distributed ledger, no constant review of data by third parties to confirm transactions and the cumbersome nature of moving data around on paper.

Reduced cost is provided by the items above. Less intense handling of data. All is shared by all parties involved at a single location on line.

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