Reading assignment: Benefits of the Blockchain technology

[LucianT]

Transparency: - the blockchain database is the same for everyone, and can only be changed via consensus

Enhanced security: - every transaction has to be validated before stored on the blockchain;
- the blockchain database is stored on a network of computers, being more difficult to be hacked.

Traceability: - every data that goes into the blockchain leaves a trace that can’t be changed or deleted which makes the system able to prevent fraud and verify the authenticity of assets;

Efficiency and speed: - by automating the processes with blockchain and by eliminating the “trust” issues;

Reduced costs: - by excluding the middleman and the third parties.

[Ag9]

transparency: easy to track any transaction and it is automatically auditing

Security: data is not kept on one server, but with many users which provide trust and security

Improved traceability: easy to track all records as it is not possible to remove or change

Increased efficiency and speed: no need for paperwork or middlemen, fast and efficient

Reduced cost: no need to hire people to do work, many things happens automatically.

[Ana]

1. All network participants share the same documentation; need for consensus; availability to all participants who have permissioned access.
2. Before transactions are recorded they need to be agreed upon; hackers have more difficulty to compromise the transaction data because information is stored across a network of computers.
3. Exchanges of goods are recorded on a blockchain and it’s possible to see where an asset came from and the stops it made on its journey.
4. Transactions can be completed faster and more efficiently because everyone can access the same information, there is no need for intermediaries and it’s easier to trust.
5. No need for middleman to trust (you trust the data on the blockchain); no need to review so much documentation to complete a trade because everyone have a permission access to a single and immutable version.

[ScottP]

1. Transparency: Any additional transaction on the blockchain is agreed upon through consensus and that information and history is available to everyone to see providing a complete picture.

2. Security: That the ledger is fully recorded and kept on all the nodes in the network makes it difficult to falsify or change any of the data. With more and more sensitive data entering the blockchain space its important that that data is kept secure against it being compromised.

3. Traceability: Having a product with a vast supply chain and being able to follow and document its path to the customer is a huge selling point and the traceability of blockchain enables that.

4. Increased efficiency and speed: With one ledger shared and agreed upon by the entire network it takes away human error and third parties to verify and transfer.

5. Reduce Costs: By taking out the need for third party verification of data/funds within a transaction it decreases settlement times and costs.

[Deon]

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

Transparency:
All users share the same documentation as opposed to having individual copies. For updates on this universal version consensus across the network is required. Increased transparency means less room for corruption, dishonesty and theft.

Security:

Every time a transaction is processed it is encrypted and linked to the previous transaction. All this happens on a network of computers around the world. This makes it icredibly difficult if not impossible for hackers to compromise the security of the data. This makes blockchain technology a no-brainer for any for of sensitive data.

Improved traceability:

The high level of security and transparency makes improved traceability possible. A trustless audit trail of an item on a blockchain network creates many opportunities for improved traceability in many industries.

Increased efficiency and speed:

All participants share the same version of the truth and therefore the need to audit and reconcile transactions is removed. This leads to less clutter and more efficient value streams.

Reduced cost:

Without the need for trust many third parties can be bypassed thus reducing costs. With all participants using the same version of the truth there is also in some cases no need for auditors which may also lead to cost savings.

[StephenNewton]

Transparency : The Ledger is public, which creates a trustless environment through transparency.
Security: With the network being decentralized it makes it extremely difficult to attack one central entity.
Traceability: All transactions are recorded on the chain making traceability of origin completely possible.
Efficiency and Speed: Real time audits, transactions happen in seconds not hours or days, Removal of intermediaries
Reduced Cost: Tx fees are extremely cheap in comparison to traditional methods

[Sol]

1. Transparency:

Blockchain technology makes it impossible to alter or change any documentation on the record by requiring to go through consensus. As a result, all documentation or transaction can be viewed by all network participants who have permissioned access.

2. Security:

Blockchain is the most secured record keeping system. Transactions only performed through consensus protocols across a network that makes it very hard for hackers or anyone to hack, alter or change the data.

It’s a safe haven for critical information shared by financial services, government, healthcare, etc. by preventing fraud and unauthorized activities.

3. Improved traceability:

Another great feature of blockchain in comparison with a traditional chain is the asset can be traced from the beginning to the end that prevents fraud and verify its authenticity.

4. Increased efficiency and speed:

Automating trading on blockchain transactions can be completed faster and more efficiently than the traditional way of trading that’s slow and inefficient that may cost a lot of money to expedite and fix the problem by using third party entity. The transaction also can be shared by all participants that prevents a clutter of files and access to the same information. So, trading on blockchain is much quicker and safe.

5. Reduced cost:

Reducing cost is the most important thing for the majority of businesses to stay on business and profitable. Blockchain is the best solution to reduce costs since it eliminates being dependent on third parties just to make sure the transaction is safe and quick. Instead, we just have to trust the data on the blockchain and no need involving on the trade since it’s automated and all participants will have access to a single, immutable version.

[GauravS]

1. Transparency:
   Blockchain is a free source and can be accessible by anyone, Hence there is huge transparency also if any new transaction has been committed then this will be confirmed after mutual consent.

2. Security: There no central authority involved here. Blockchain is spread over multiple systems and its not possible to hack it because if anyone try to alter the previous block data then it has to be verified by all the systems present in the network and hence will be very difficult to hack.

3. Improved traceability:
   Each block is having information about its previous block. And hence it’s very easy to track.

4. Increased efficiency and speed:
   If we compare Blockchain with traditional manual ledger then its quite obvious that manual entry is time-consuming and also high chances of human errors. This can easily be avoided by blockchain. Multiple systems on the network can confirm the transaction which obviously increases the efficiency and speed.

5. Reduced cost:
   With the help of Blockchain, we can avoid many 3rd party companies for eg Audit companies because with Blockchain we can track the previous block and hence it will be easy for a company to perform the audit they dont need to pay heavy amount for audits because we only need to trust the data on the blockchain.

[SheaD]

Transparency: Is visible to everyone, no hidden money.

Security: Backed on everyone’s computer. One simply has to look at blockchain to know if it is real.

Improved traceability: Can see all passed transactions

Increased efficiency and speed: More trust and has the potential to be quicker than banks.

Reduced cost: No banks=More money for everyone else.

[bkindbreal]

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

1. Transparency: provenance guarantees everyone in the system knows what is happening at the same time. Making sure information is correct without depending on trust.
2. Security: since it is descentralized and everyone in incentivised to tell the truth we guarantee that outcome.
3. Improved traceability: there is an audit trail to guarantee the provenance of any data.
4. Increased efficiency and speed: as everyone has access to the same information, and through a single ledger you can get that information in the network it makes the operation very effective.
5. Reduced cost: you dont have to spend money on third parties or intermidiaries.

[Starfield]

Transparency: In blockchain, data are structured in distributed ledger and the consensus mechanism ensures the accuracy, and the immutable nature of the data contained within the blockchain. This allows for verification of transaction history, creating trustless environment where transparency is enhanced as the information is verifiable 24/7/365 as long as the internet is in operation.

Security: decentralized nature of blockchain allows for greater security where it eliminates a single point of failure, and fraud/unauthorized activities are reduced by consensus mechanism which ensures the accuracy and immutability of the stored data.

Improved traceability: In case of supply chain management, use of blockchain can provide audit trails of each and every supply/component that make the final product, where every recorded trail can be traced back to its origin. This ability to verify the entire origin trail of the product creates trustless environment.

Increased efficiency & speed: Use of blockchain allows for everyone to have an access to the same information/ledger, eliminateing third-party meditation to audit the accuracy of contained data. This allows for automation of many processes, streamlining the entire process resulting in faster transactions.

Reduced cost; Trustless and immutable nature of blockchain can eliminate the need for third-party services. And ability to verify the information also eliminates the need for audit,
making the entire process faster and efficient, resulting in reduced operating costs.

[DatalyticallyPrudent]

1. Everyone is in agreement at all times and the network is up to date.
2. Through consensus, it becomes almost impossible to corrupt or mis use the system for one’s own gains.
3. From tracing something from its origin, it creates a trustless value at the ended where you know exactly what your getting is and the other person has exactly what they are offering.
4. By staying up to date, there is no time lost in making sure everything is current. No time lost in making sure you have what you are trying to send. Also, you can eliminate middle men that are needed at times to confirm both parties are acting appropriately. Finally, auditing is quicker.
5. “The cost of doing business” is greatly reduced. For the answers that come with increased speed also have reduced cost in salaries. The only cost needed to maintain the network is the electricity used by the miners.

[Nicholas_Diluccio]

@ivan

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

Transparency:

Security:

Improved traceability:

Increased efficiency and speed:

Reduced cost:

transparency: With a publicly available ledger, all transactions are verified by everyone else in the ledger, meaning its very difficult to fordge an entry. This is a major factor for a trustless system.

Security: Using a decentralized network that makes use of multiple systems makes a tragetted attack on the network exponentially harder.

improved traceability: Companies that wish to verify their supply chain authenticity (whether or not their goods/services are what they say they are/come from where they claim they do.) have an extremely easy to audit history when the chain is verified using blockchain technology.

increased efficiency and speed: Compared to traditional methods blockchain technology removes the trust aspect and makes settlement and clearing easier and transparent

[Samtoshi]

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

Transparency: The process is Auditable all along the process (each transaction). One is able to see each transaction that has happened and the entire history of any given piece of info on the blockchain.

Security: The ledger is copied across every computer in the network and in order to add a transaction it must be agreed upon and if someone wanted to change a past entry it would require the collusion of every computer on the network which makes it nearly impossible.

Improved traceability: The process is Auditable all along the process (each transaction). As opposed to paper heavy processes that involve many many steps (for example: a long complex supply chain)

Increased efficiency and speed: Numerous ledgers can be boiled down to a single digit ledger that encompases all the ledgers that would have been used. Also the entry can be automated which increases the efficiency when compared to traditional record keeping.

Reduced cost: You don’t have to pay 3rd party auditors to have peace of mind trying to trust trade partners. You can have a trust-less environment and eliminate many middlemen along the process because there is a shared unchangeable (immutable) ledger that all parties can view at any time.

[Oussama]

Transparency: In blockchain, the same networking system is shared beteween the participants, no transactions will be executed without the consent of all participants, and when all participants have access to the entire data, it almost impossible to be hacked.

2-Security: In the blockchain, all participants have access to the entire data, so it is very difficult to damage these data or to hack them because all participants get access to the same network.

3-Improved traceability: When the blockchain is used, an audit will be made that will have the entire transaction information, and all participants get access to the same data, so they don’t need trust

4-Increased efficiency and speed: Normally in case of transaction, so many procedures, papers and meditators are needed to ensure efficiency and security, which is a time-consuming process, In the blockhchain you don’t need papers and meditators to ensure security, you don’t need to trust any party, every thing can be verified and so this will certainly increase the speed and efficiency.

5-Reduced cost: In the blockchain you won’t need third parties and huge processes, thus, should reduce the cost.

[Gaelaxy]

1. Transparency:
   Blockchain data is more accurate because it is immutable and because it is a permissionless distributed ledger all the participants can view the data at any time.
2. Security:
   Each block in the blockchain is stamped with the time it was created and two hash codes, one for the block and one for its preceding block. Changing any data in a block automatically changes the hashcode thereby unlinking the chain. Since all the participants in the blockchain network curate constantly updated copies of the blockchain, the unlinked copy will be rejected before any transactions can be made based on the altered data.
   The security of private records, like legal documents and health records are protected with private keys held by the owner of the data. So even though the data is on the blockchain it is encoded and only the holder of the private key and decode it.
3. Improved traceability:
   Blockchains keep time-stamped records so they are an excellent solution for tracking distribution chains and supply networks. Any participant in the network can trace where a part came from or where it went including each step along the way and when it was logged into the database.
4. Increased efficiency and speed:
   Recording secure data and making transactions with a blockchain takes only minutes even when dealing with foreign exchange and multiple parties. Retrieving data is even easier because the system is open and permissionless.
5. Reduced cost:
   The costs of maintaining mountains of data securely and then accessing it when needed is extremely expensive in centralized systems. Blockchains reduce costs by reducing the need for security systems and managers. Reducing the time it takes to record and retrieve data adds up to significant savings in personnel, equipment, and office space. A secure and transparent supply chain saves not only time and money, but can prevent failures that lead to downtime, lawsuits, bad publicity, and loss of public confidence.

[chrismop]

1. Blockchain is a ledger so anyone has the same documentation or can see the same documentation. Before a change can be made it can only be through consensus.

2. Transactions must be greed upon before the are stored in the ledger. The data is stored on multiple computers over the world so it is very difficult to hack and change

3. When you record the roadmap of a good/product on the blockchain it becomes child play to see where it has been before it is in your possession. It is great for tracing products to see what company’s put in your food.

4. No more middle men ho takes ages to check things. It will be checked true consensus and saved on the blockchain. And people make mistakes math not.

5. You don’t need third parties or middlemen anymore to check things. Just the blackchain cheap and easy!

[spongetti]

1. Transparency
   The distributed ledger within the network provides the same information to veverybody.
   Further information (blocks) can only be appended to the BC throughouit the consensus mechanism.
   All transactions are visible to everyone at any time

2. Security
   All data and transactions are encrypted and distributed to all nodes within the network. It is impossible to modify information without beeing verified by all nodes. Unauthorized manipulation and fraud will not apply.

3. Improved traceability
   The block chain enables complete traceability. The origin of information can be proven beyond doubt. The history of transactions makes it possible to verify the authenticity of assets.

4. Increased efficiency and speed
   Blochchain can automate time-consuming and error-prone processes, so that transactions can be carried out faster and more securely. All participants access the same verified information, so that time-consuming checks by other third parties are not necessary.

5. Reduced costs
   Business partners only need to trust in the Blockchain. Additional verification instances can be omitted. This dramatically accelerates business processes and reduces costs.

[Turula]

1. Transparency: Data on the blockchain is more accurate, consistent and transparent than paper processes because of the public ledger. Any updates to the ledger, such as a new transaction, can only happen when the network is in consensus. The network can only reach consensus once the data is proven to be true. Once the network is in consensus, the transaction is confirmed and the data will forever be stored on the blockchain, public and for everyone to see.

2. Security: Data is secured in several copies, on several computers, across the network around the world. As long as there is one copy, all transactions through the history of that blockchain can be recovered. This makes it almost impossible to completely erase. And once the data is on the blockchain, in order to modify it, you would have to modify every single copy of the ledger in the network to change it. This makes it very difficult if not impossible to hack, falsify or corrupt existing data on the blockchain.

3. Improved traceability: All data on the blockchain are publicly stored forever. This allows you or anyone to trace the data back to its origin as it leaves an auditable trace, making it possible to verify its authenticity, or to prevent possible fraud that might have occurred along the way.

4. Efficiency and speed: Blockchain replaces paper-heavy processes that are bound for human errors and that are usually very time-consuming. By automating these processes through a digital ledger that is open for everyone, you will save time and money as clearing and settlements can occur quicker, it becomes easier to trust each other, and you don’t need a third-party mediation or intermediaries.

5. Reduced cost: Blockchain saves money when you take away trust. You don’t need to trust a third-party, partners, customers or any middlemen. Or that all paper-work is done and done right. With blockchain technology you trust in the digital network as an impartial third-party, incentivized to find the truth through mathematics.

[Denzel]

Transparency: It works like a public ledger, everyone can see what’s happening and at the same time verify information instead of trusting centralized entities.

Security: It is incredibly hard if not nearly impossible to modify a single transaction because it would need you or your team to modify the whole blockchain. The effort surely surpasses the benefit, it is not convenient.

Improved traceability: It is really hard to follow up a complex supply chain by your own, so using blockchain can really be a life saver. It tracks every movement of the supply chain in a more efficient and accurate manner.

Increased efficiency and speed: The traditional methods to keep track of supply chains of transactions is inefficient, it can be victim of human errors and it is also really slow. Unlike blockchain, which is fast and the human error factor gets out of the way.

Reduced cost: It is way more convenient to use blockchain instead of hiring a third party to do the work, blockchain comes with greater benefits and a lower cost.