Reading assignment: Benefits of the Blockchain technology

[FelipeP]

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

Transparency: everyone on the blockchain network must agree on the transaction, and everyone can see what is being transacted, and it’s recorded for ever.

Security: being a distributed network, it is much harded to hack or alter, since there is no single point of failure, but rather many nodes that interact and inform one another at all moments.

Improved traceability: every transaction is tracked and recorded, and cannot be altered, therefore all data and transactions can be traced all the way to the beginning.

Increased efficiency and speed: Much more powerful relying on the energy and power of thousands of nodes distributed through the world, instead of single machine or infrastructure.

Reduced cost: Maintenance is lower and there are a lot less fees to be paid.

[jaybencali]

Transparency: Because blockchain is a type of distributed ledger all network participants share the same documentation as opposed to individual copies.

Security: Transactions must be agreed upon before they are recorded. Once the transaction is approved, it is encrypted and linked to the previous transaction. Info is stored across a network of multiple computers instead of a single server.

Improved Traceability: An audit trail can be conducted when goods and services are recorded on a blockchain.

Increased efficiency and speed: Once a transaction is sent to a blockchain everyone can see or receive directly.

Reduce Cost: With Blockchain the trust issues an be solved. Not having third parties can save on cost.

[CRYPToNi4e]

1. The is Ledger is transparent through its immutability and always being available to everyone within the network

2. Security is increased through the blockchain as the information is being broadcast to the entire network which reduces the chances of manipulation, hacking and corruption

3. Improved traceability is created through provenance allowing the tracking and the historical data which is available to anyone using the network

4. Increased efficiency and speed is achieved by streamlining the network with the use of the same protocols and ledger information. There are no grey areas with the information.

5. The cost can be reduced when using blockchain as there are no intermediaries. Any information relating the to particular transaction will be found on the blockchain.

[kenny_escobar]

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

Transparency: Transparency gives you more benefits while using a blockchaing because the information is more accurate, consistent and transparent plus that this information cant be manipulated or any transaction cant be removed, thats why why each transaction that enter pass thru a process call consensus.

Security: Data saved in the network before recorded is approved then it is stored in many computers in the network so it no have a single server storage which give data and transactions less points of weakness.

Improved traceability: transactions can be track in real time showing the journey of the product giving more trustless to the company/client and reducing fraud events.

Increased efficiency and speed: traditional paper processes requires a lot of procedures and intermediaries which take a big waste of time while doing processes where every one can see the information, the transactions are recorded- keeping processes will become more efficient and faster taking into account that it would be easier to trust from both sides.

Reduced cost: to do a process in blockchain third parties are reduced so this would guarante that the costs would reduced to the companies because you have more ways to trust your trading partern having acces to see documentation and all the information that is immutables.

[DeanMacF]

Transparency: It is a trustless distributed / pubic ledger which is updated through consensus.

Security: The network is distributed, stored and updated in real time across a network of computers operating in consensus which makes hacking extremely difficult and unlikely.

Improved traceability: Each product can have an audit trail across its production and transportation which accurately identifies all the steps taken and the role plyers involved.

Increased efficiency and speed: A single trustless ledger reduces clutter and speeds up clearing and settlements, on a real time basis which doesn’t require additional auditing.

Reduced Cost: The trustless and immutable system removes the need for grantees or documentation often required from third or external parties needed for trades and its audited in real time.

[HAMMERTHOR]

1. Transparency: is a benefit of using blockchain because all parties in a network have access to the same data and none of them can make any changes without consensus, that means every member must agree to the change. A single change is time intensive and labor intensive since all records up to and after that point will need to be changed.

2. Security: is a benefit of using blockchain because of all the steps that are generated to ensure the security of transactions. These are, consensus prior to recording a transaction, encryption, and linking each transaction to the transaction before it, and storing it on a network of computers rather than a single computer that can be easily hacked.

3. Improved traceability: Goods exchanged on blockchain have a history of transaction data that traces their journey through every step in transportation and this verifies the source/origin of the goods, their stop points and final destination. This prevents fake items from dubious sources being passed off as genuine.

4. Increased efficiency and speed: Because blockchain uses a single digital ledger to which all parties have access, transactions can be quickly and easily completed.

5. Reduced cost: is a benefit because all parties have access to the same secure and immutable data on the blockchain and they know it’s data they can trust. Multiple third-party individuals are not needed to ensure security and immutability because all required information is already in the data, thus saving cost.

[aldrin]

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

Transparency:
** records are immutable, once done it cannot be changed, the creation or record are a mathematical and programmable hash through the network nodes who are incentivize to protect the network by participating in the block creation with cyrptography. this makes the blockchain transparent**
Security:
the nodes participants in the blockchain generates blocks through complex cryptography algorithms that is hard to hack and to modify once the block is complete: then the records are saved in all nodes and verified with certain hashing; this steps makes the blockchain secure.
Improved traceability:
since records are immutable in the blockchain; it’s easy to track a particular address and it’s history of transactions; thus consensus of ledgers can verify the reliability of certain transactions to trace

Increased efficiency and speed:
since blocckain includes the process of transaction between 2 entities; the automation of processing the transaction in the blockchain networks make it efficient (with verifiable info and secure) and fast (no need for 3rd parties to process the transaction(s) and wait validation) thus avoiding any human-error
Reduced cost:
no middle-man, the human that would charge a fee or salary to process this transaction is avoided with the blockchain. only the nodes participating in the transaction and offering a better fee rate will execute the requested transaction

[OliverCalza]

Conceptually, the blockchain reduces friction and acts as a catalyst. Trustless is seamless and fluid.

[emignacio]

Transparency:

• Blockchain is very transparent because every time you make a transaction, it is recorded. Anyone can track the history of your BTC therefore you can even check if it is good or bad.

Security:

• It has great security due to the fact that it has multiple computers running and mining 24/7. Each one would check if a transaction can be done and if a data is correct. If someone changes a value on one computer, it would not work because every other computer has a locally stored value inside of it that can verify the data.

Improved traceability:

• This is done by allowing anyone to view the history of transactions. Therefore anyone can easily trace back what they want to know even back to the first time it is minted.

Increased efficiency and speed:

• Due to the number of computers mining blockchain, the power is very strong and can do transactions and verify them in a matter of seconds. Trusting people and paper transactions can also be avoided and save a lot of time.

Reduced cost:

• This is because people no longer need to trust each other when making transactions. Blockchain voids the use of a middleman therefore reducing the cost of hiring one.

[daim]

Transparency:

• Transactions are recorded on the blockchain. All can see transaction history.

Security:

*No trust is required and the ledger cannot be changed.

Improved traceability:

*Transaction history and movement of products be be easily followed.

Increased efficiency and speed:

*All of the information is already present in one place, the ledger. No third parties are required.

Reduced cost:
*Its a more efficient process than the current model therefore less money.

[Marko1]

Transparency-benefitial because every participant in a transaction knows what’s going on at every moment(through concensus), and every side of the transaction has the same overview of the transaction history(provenance), so this prevents any occurance of missinformation.

Security: It is secure because nothing can be changed without concensus. It’s also hard to get your transactions hacked because blockchain doesn’t have a single server on which it runs, it has multiple ledgers.

Improved traceability: It is really easy to track your transition history due to stacking of blocks of data one on another. Everything is immutable.

Increased efficiency and speed:Efficiency and speed of transactions are improved drasticaly in comparison to a system with a 3rd party system because each ledger has the same transaction information and there is no need for special action to be taken for the transaction to be done, each party just has to agree on the details.

Reduced cost: no payment fee to a third party is needed

[nhreborn]

1. Transparency is a benefit because it gives nodes on the network the ability to track and verify all transactions on the blockchain through the consensus mechanism.

2. Security is a benefit because it povides a certain level of guarantee that the confidentiality, integrity and availability of the data is meeting the requirements of the business while also complying with State and Federal laws. In regards to security on the blockchain, encryption is essential to the authenticity and non-repudiation of that data.

3. Impoved tracebility is a benefit because it gives businesses the ablility to track any and all transactions on the blockchain. In the event that something goes wrong they can refer to the transactions on the blockchain to track and identify the issue to resolve and rest assured that what they are seeing is accurate through provenance and consensus.

4. Increased effeciency and speed are a benefit because they streamline work processes and reduce overall cost of running the business.

5. Reduced cost is a benefit because it makes busisnesses more profitable and it gives them the opportunity to deploy funds where needed to increasse productivity and innovation

[ratzonchain]

Transparency: The benefit is that all parties and participants can verify and share the same info

Security: The benefit is that it prevents fraud or unauthorized activity with regards to sensitive information

Improved traceability: The benefit is that it make auditing easier and a products origins more verifiable which can prevent fraud.

Increased efficiency and speed: The benefit is that all the data is verified in one place or on one ledger. It also reduces the need for 3rd party involvement and less chance of human error.

Reduced cost: trims the fat by requiring less middlemen etc.

[bniel19]

Transparency allows for trustless transactions in business and personal transactions

Security is one of the greatest features of the blockchain as it is impossible to alter the data

Improved traceability allows for less clutter and paperless ways to track the destination of all things recorded on the blockchain

Increased efficiency and speed will help business transact at higher levels brining more value to both parties

Reduced cost is attractive for everyone involved because it allows better prices for all involved and in a trustless manner

[ed_anon]

Transparency: Transactions are recorded on the blockchain so can be verified by any user on the explorer.

Security: Trust less as the probability of a collusion of the decentralised network to alter previous transactions would be extremely small.

Improved traceability: Transactions can be traced and are recorded forever.

Increased efficiency and speed: Transaction data is recorded on the blockchain with no 3rd party required.

Reduced cost: In some cases it requires less resources to process a transaction.

[RJG_101]

Transparency:
Everyone in the blockchain network has access to the same pool of public data. Everyone understands that due to the decentralized nature of blockchain, the action that has the most concensus is the action that has reliably occurred
Security:
Transactions are encoded and encrypted during each action thereby making them hard to hack or breach; in addition due to the decentralized nature of blockchain, even if a few PCs are hacked and the actions are changed the larger consensus
that is correct will be recorded as true
Improved traceability:
Blockchain records every transaction that has occurred - each step is audited making traceability very easy
Increased efficiency and speed:
One system of compiled and agreed upon data reflects transactions - making human errors less likely and making transactions more efficient,
as systems know exactly how and where assets are going
Reduced cost:
No middlemen are needed to confirm transactions or hold funds - fees will not be taken in quanities that match current financial
systems

[empty_nutella]

Transparency: creates trust, putting peoples minds at ease knowing they can check they’re and others transactions.

Security: the blockchain running on a global network of computers, the consensus mechanism and transactions being linked to the previous transaction assures that everything on the blockchain will always stay on the blockchain.

Improved traceability: knowing where your food comes from and has been let’s you know what your putting in your body, the same can be said about anything you interact with.

Increased efficiency and speed: since transactions don’t need a middle man or heavy amounts of paperwork, it saves a lot of time, time that people don’t have.

Reduced cost: means more money to spend or save for things you actually want.

[Reinis.S]

Transparency: Every transaction is available to see in blockchain.

Security: Transactions are encrypted and hard to hack. To be able to hack network you would need access to all nodes.

Improved traceability: Transactions are linked to previous transaction so it makes it traceable.

Increased efficiency and speed: fast transactions, no human involved no errors.

Reduced coast: No need for third parties.

[lizano93cr]

Transparency: we are switching from trusting on something in order just to need to verify it. No more lies, scams, manipulation.

Security: encryption algorithms and protocols beats human capacity

Improved traceability: automated auditing

Increased efficiency and speed: automated process

Reduced cost: less resources and middleman needed

[chris90]

Transparency: Everyone on the network receives same documentation and is unable to be changed without the entire network agreeing to it.

Security: After a transaction is approved it is encrypted and shared amongst the network from previous transaction

Improved Traceability: allows to be traced back from start as well as verifies the asset

increased efficiency and speed: not prone to human era or paper trails, automated system that tracks it

reduced cost: don’t need any many middlemen or review as much documentation