Reading assignment: Benefits of the Blockchain technology

Blockchain and Bitcoin 101
#1948

Transparency: Benefits are that all parties see all the information, which reduces the ability of participants to scam through lack of clarity/transparency. Also, allows everyone to track all steps of the chain and all transactions.

Security: Because blockchain is immutable and decentralized, and based on a distributed ledger, it is much more difficult to introduce a false transaction, or to hack the system.

Improved Traceability: You can trace products on a blockchain through the entire life of the product, and be more secure in the steps it has undergone.

Increased efficiency and speed: because it is a distributed ledger, it avoids the issues of combining multiple ledgers, and allows for simpler accounting and tracking. It also allows for fast transactions as it is paperless and avoids 3rd, 4th and 5th party involvement

Reduced Cost: Relates to all points above. Increased security, more transparency, more efficiency and speed all yield lower costs.

1 Like
#1949

Transparency:

The ledger or transaction history is public so everyone can view it

Security:

For a transaction to process all the nodes must agree making it better than one server that can be hacked

Improved traceability:

Each transaction is recorded and reviewable

Increased efficiency and speed:

Automation of Blockchain makes it faster and less prone to human error

Reduced cost:

Less paper and humans needed

1 Like
#1950

Transparency: because all of the information is registered on one public ledger shared across all entities.
Security: Each transactions must be approved by consensus, encrypted and linked to the previous one.
Improved tractability: Since all transactions are linked to each other it’s very easy to check all transactions history on the ledger.
Increased efficiency and speed: All the information is stored on one unique ledger shared across all entities, therefore making it more efficient to process all the data.
Reduced cost: Given the reliability of the technology, cost of verification is quite low.

1 Like
#1951
  1. Research is making it more evident that there are numerous benefits related to blockchain technology where there is the ability to have more accuracy, consistency and transparency in business and, multiple, other areas for humankind.
  2. Evidences of satisfaction with security of transactions due to a mandated consensus by the computer network, with encrypting and linking to previous transactions, which makes it far, more difficult for hackers to be successful in interrupting transactions. There is, now, the opportunity to share sensitive information with more means to prevent fraud and activity being imposed by unauthorized persons or personnel.
  3. Ability for companies, agencies, health facilities, etc., to have records or products traced, accurately, from beginning to end of journey is more guaranteed, with no room for fraudulent activity.
  4. Ledgers will no longer have to be reconciled, with transactions being able to be completed much faster and more efficiently, with no need for intermediaries.
  5. Costs are reduced since documentations are reduced, with no need for an intermediary and access is permissioned to one immutable version.
1 Like
#1952

Transparency: the same records are stored in each and every node. Only when consensus is reached, then the record can be updated. Everyone and anyone can view then contents of each and every linked blocked.

Security: No one hacker can alter the block as they would need to alter all nodes, which is difficult. In POW they would need to control 51% of mining power which is very difficult. Also corporations can encrypt their private data and store in the public blockchain. each block is linked to the previous block which means it would be impossible to alter past blocks without affected the block after. Makes it impossible to alter past transactions.

Improved traceability: All data in the blocks can be viewed by public. And with each new block mathematically linked to the previous, all transactions can be traced.

Increased efficiency and speed: no need for intermediary, record keeping is streamlined and human auditing is no longer needed.

Reduced cost: no need for auditors or intermediaries.

1 Like
#1953

Transparency: Any participant can look at the data that is currently within the blockchain.

Security: The blockchain stores data using numerous computers throughout the world each with their own copy of the blockchain (decentralized) rather than a single server. Having a single server increases the risk of manipulation and more easily to hack.

Improved traceability: You can trace data from its origin using blockchain because its transparent.

Increased efficiency and speed: The fact you can trace data on a single ledger blockchain rather than tracing data from different systems,programs, and traditional ledgers, saves you time and effort

Reduced cost: Its much cheaper to reach consensus and make decisions because blockchain serves as a single ledger whereas traditionally, you would have to spend money on lawyers and other third parties to search for data and reach consensus.

1 Like
#1954

Benefits of using a blockchain:

transparency : by maintaining a Distributed Public Ledger (DPL) which everyone can access and review the blockchain gives all participants visibility of all the transactions ever recorded on the blockchain, enabling them to track any operation

Security : the decentralized nature of a blockchain ensures that the whole network can never be compromised by the failure or attack of a portion of this network. Because every node keeps a copy of the ledger, no single entity can ever compromise the integrity of the network

Improved traceability : by keeping an immutable record of all transactions any history of transactions can be traced back to its origins without ever having to trust the participants in the network

Increased efficiency and speed : this will depend on the use case but for processes involving many different participants and heavy auditing and verifications the blockchain can remove trust from the equation making transactions faster, and avoiding heavy paper trails. The burden of validation and tracking is distributed all over the network, and rewarded by financial incentives

Reduced cost : by removing the maintenance of a central entity and the fixed costs associated, along with all possible intermediates taking a fee on each transaction the blockchain can be very cost efficient to transfer value from one party to another directly without the need for any intermediate

1 Like
#1955

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

Transparency:

  • Every transaction confirmed by the network is captured in a global decentralized database and is there for everyone to see .

Security:

  • The network has incentives in place to maintain for high security and availability. The network value / math protocol and decentralized confirmation mechanisme ensures a trustless network. In case a part of the network goes offline it becomes easier to mine so new nodes will arise to maintain a high security / availability level.

Improved traceability:
Every action is captured on the network and is visible for everyone,

Increased efficiency and speed:
The blockchain is 7x24 hours available .

Reduced cost:
More insight in the supplychain proces to ensure optimal bussiness processes

1 Like
#1956

1.Transparency: all data are visible on the ledger to all users.
2. Security: all data is linked to previous block of data, so it is very difficult to manipulate or hack - not possible with todays technology
3. Improved tracebility: we can view all the transaction on the bockchain in real time. Moreover, we can trace where all the information comes from
4. Increased efficiency & speed: as all parties have access to the same information, we do not need to keep multiple legders or documents, what saves time and energy.
5.reduced cost: First of all, in blockchain we don’t need intermediary services, which cost money. We trust math and protocols :slight_smile:

1 Like
#1957

Blockchain gives Transparency by creating a ledger that everyone can see. The ledger cannot be changed by any one individual because all the participating computers would have to agree and change at the same moment in time.

Security is achieved by having an immutable ledger, meaning that multiple computers must agree in order for the transaction to take place. The transaction cannot be achieved if a minority of the computers change the information in the ledger. This provides a more secure transaction process.

Improved traceability is created by the blockchain ledger system in which every transaction is transparent and can be followed throughout its journey.

Increased efficiency and speed in the transaction are achieved when fewer middle men are required. There are fewer steps to go through and fewer stops along the way, thus there is less chance for errors in the transaction.

Reduced cost results when there are fewer paid middle men participating in the transaction process.

1 Like
#1958

Transparency:
Transactions can only happen when the entire network checks it and comes to the same results. Once a transaction has been verified and become a part of the blockchain it can not be altered.

Security:
there are copies of the blockchain content on all nodes of the involved network. Therefore at the failure of one node, there are still countless other nodes that contain the same information. Therefore, any information in the blockchain can in practice not be lost.
Improved traceability:
for complicated processes immutability of the blockchain guarantees that all information once secured will be available. For example in a complicated supply chain all delivery steps are directly accessible And once they are on the blockchain, they can not be changed.

Increased efficiency and speed:
for transactions no third party for checking and approval is needed. Approval and checking needs time and trust. Since trust is not needed in blockchain, this step can be saved. So transactions can take place directly between two partners.

Reduced cost:
Third party is not needed anymore and therefore does not need to be paid. Therefore, bank fees or expensive auditing processes can be saved

1 Like
#1959

-Greater Transparency
This is a benefit of blockchain because all information is stored in one place as opposed to unlimited individual copies. The network runs on a consensus protocol, so because of this, it is impossible and undesirable to try and cheat the system or hide anything.

-Enhanced security
There is no one single server, there is a global network of computers on which all of the same information is stored. This makes hacking extremely difficult and therefore prevents fraud and increases security. All transactions must be agreed upon by each computer in the network and once this takes place, the approved transaction is linked to the previous one where it will be stored forever.

-Improved Traceability
Blockchain completely changes and enhances the current supply chain methods by offering a more public and permanent trail of goods. For physical goods, like food, businesses will be able to verify exactly where their items have come from, where they’ve been along the way, and what their quality was at each point in the chain. This can be applied to multiple industries.

-Increased efficiency and speed
Blockchain’s store of information greatly improves upon traditional methods of individual record keeping. Everyone has access to the same information in the same place which speeds up trading processes by cutting out the middlemen. When trust is removed from the equation, everything becomes more efficient.

-Reduced costs
Due to the trustless nature of doing business with blockchain technology, the parties trading with each other do not need to pay for an intermediary to ensure business is conducted honestly. Because the data on blockchain is available to all, it removes the need to review or compare documentation, therefore eliminating disputes and reducing costs and time.

1 Like
#1960

transparency: in the blockchain not in every one there are also anonymus blockchains like monero and a punch of other you can see every transaction

security: the dezentrilized system and a attack to more than 50% of the newtwork is almost inpossible or is

supply chains are secure and transparent this means traceability

still a little problem as you can see at ethereum right now, the more traffic the higher the cost but it is already much better than 2 years ago…here I really like tron and xrp

without a middle man you always reduce your costs

1 Like
#1961
  1. All transactions are on blockchain visible easy to check. Noone can change or hide a transactions.
  2. Decentralized blockchain has no centre, so is very hard ( impossible ) to attack all nodes around the world same time.New blocks are added to blockchain after consensus majority of nodes.
  3. Traceability is connected with transparency. In public blockchain are transactions visible, so you can trace a all movement much easier than with paper records or records in some close centralized database.
  4. Speed is improved by removing paperwork and using information on blockchain.
  5. Increasing speed, removing midleman reduce a cost.
1 Like
#1962

Transparency: nothing is hidden so you can go back and check.
Security: Recorded transactions cannot be changed. Ever.
Improved traceability: Since ever step is transparent you can trace all the activity.
Increased efficiency and speed: Many transactions are immediate.
Reduced cost: Costs are seriously reduced on the Blockchain

1 Like
#1963

Transparency: Blockchain technology grants users transparency by using a public distributed ledger. Transaction can be reviewed at anytime by anyone and does not require permission to the ledger to be granted by a central authority.

Security: Blockchain networks are able to achieve a higher level of security by using consensus to verify transactions. In order for a transaction to be processed, a network of decentralized nodes must agree that the transaction is legitimate. Since there is no centralized network for hackers attack, manipulating transaction data is impossible.

Improved Traceability: In blockchain, anytime an asset is moved it is encrypted and tied to it previous transaction history. This is all recorded on the ledger and allows users to easily trace the origins of their assets.

Improved Efficiency and Speed: By using decentralized nodes that are always operating to process transactions, blockchain networks can process transactions faster than centralized banks. People that use centralized banks may have to wait days to transfer their funds. With blockchain, transferring funds can be done anytime in a matter of minutes.

Reduced Cost: Since all transactions can be verified on one public ledger using blockchain, this cuts out the need for businesses to hire third party auditors to review and compare multiple databases. This can be a timely task and can cost businesses a lot of money. Usually this cost is passed on to customers through the company’s products. By using blockchain and cutting out this unnecessary cost, companies can save money and offer products cheaper than their competitors that are still using private databases.

2 Likes
#1964
  1. Transparency: Everyone owning the same documentation instead of individual copies allows for transparency for all transactions on the block chain, for all participants to see. To manipulate this process would not be worth the time or headache, this being a consensus, more then likely not all nodes would agree on being dishonest. Especially with a financial incentive to be honest and true.

2.Security: All transactions need to be agreed on by all parties involved before they can be recorded, A consensus. Once this agreement is made, it is encrypted and linked to the previous transaction. This method being spread across multiple nodes makes this extremely difficult for hackers to compromise data compared to a single server. This helps protect against fraud and unauthorized activity financial institutions, governments, and health care.

  1. Improved Traceability: With improved traceability in a complex supply chain, can make it very difficult to trace items back to there origin, with this new transaction data, we can help verify the authenticity of all assets to prevent fraud.

  2. Increased efficiency and speed: When all data is on the same ledger and can be shared by the participants involved, it becomes easier of intermediaries, which can also prove to be faster and cost efficient. When you use the traditional process pushing traditional paper process, this can be prone to human error which often requires third-party mediation.

  3. Reduced Cost: By reducing the time of going through mounds of documentation to complete a trade, cutting middle men and third parties, this can reduce cost tremendously. You also do not have to rely on trusting your trading partner, instead you just have to check the data on the block-chain. This can also be extremely cost efficient by reducing the amount of mistakes made, is some cases could also prevent a lawsuit.

1 Like
#1965
  1. Transparency allows everyone to verify transactions, eliminating the need for trust.
  2. Because of the finality of the data entry on blockchain, security of that information is established. Once a transaction is on the chain, it’s there permanently and cannot be removed without collusion by a majority of miners.
  3. This data retention is invaluable for allowing the traceability of products or funds or resources or allocations. Supply chains will be transformed by this.
  4. An updatable, immutable public record cuts inefficiency down to a minimum. Redundancy and error can be drastically reduced with this new tech. Auditing becomes nearly effortless.
  5. With the innovations above and the consequences of the development of these concepts, one major natural result is cost effectiveness.
1 Like
#1966
  1. Everybody has access to the ledger and that means it is transparent.
  2. Because several nodes must agree to additions to the ledger it’s basically impossible to make false additions or to change previous entries, also as there are many nodes it is now basically impossible to hack the network as a hacker would have to hack several nodes at the same time.
  3. In a supply chain everybody involved wold make an entry on the blockchain about when and what they provide and this facilitates an easy way to backtrack the chain of supply.
  4. Everything is entered on the ledger in real time so this removes traditional record keeping and audits.
  5. the removal of third parties and audits reduces cost
1 Like
#1967

Transparency, every transation is publicly visible on the blockchain
Security; It is hard to tamper with the blockchain as the transactions are linked and changing something would require to change the whole blockchain and other participants will reject this as it is not the consensus truth.
Improved traceability: In supply chains you can verify on the blockchain, what happened where and see if that is the consensus = truth
Increased efficiency and speed = No need for middlemen and paper work, everything accesible on the blockchain.
Reduced cost: no middlemen, no paper work = less costs, time is also money

1 Like