Reading assignment: Benefits of the Blockchain technology

[cryptologist]

Transparency: because the information is put into a network where all participants share the same documentation, which can only be updated by consensus where all parties must agree upon. This makes information more accurate and consistent when compared to traditional methods of bookkeeping. Besides, it is available to all participants in the ntwk.

Security: because transactions must be approved before recording, then encrypted, and linked into the chain with the previous transaction. Also, all records are distributed across the ntwk instead of a single server, which makes it very difficult to hack. These characteristics are not part of other record-keeping systems.

Improved traceability: because when exchanges are recorded into the blockchain, one ends up with an audit that shows all the stops that assets have made.

Increased efficiency and speed: because blockchain helps to streamline and automate trading processes while at the same time avoiding the reconciliation of multiple ledgers -which in return also creates less clutter. Clearing and settlement can occur much quicker.

Reduce cost: because intermediaries can be avoided to guarantee transactions. Trust is moved to the data from the partners. Documentation is much simpler because everyone have access to a single immutable version.

[asteriskWorldChamp]

Blockchain technology inherently contains qualities of transparency, security, traceability, efficiency, speed, and reduced cost. These assets are naturally derived from its protocol that can be an asset to multiple businesses functions and applications. Transparency can make production trustworthy through verification. Security through consensus on the public ledger. Traceability with an unchanging blockchain. Efficient and speedy because no paper work is needed to be exchanged. Cost effective because a company does not need a outsource a third party to do one of these functions and take a companies revenue.

[Shin_Nishikawa]

@ivan

Transparency

Data once created cant be altered, based on concensus, in the distributed tech ledger

@ivan

Security

The network is incentive to improve security by joining the network to make it more decentalized,no single entity can change the data, all nodes need to come to consensus

@ivan

Improved traceability:

Blockchain has two layer join together, the accounting and transaction layer that makes it easy to track and see the origin of transaction , where it move and how is was spend. it also goes to supply chain infrastructure as well

@ivan

Increased efficiency and speed:

Innovation is running towards automation via smart contract or Daos which reduce human error, a lot of paper work , multiple ledger system plus apps

@ivan

Reduced cost

reducing human labor, 3rd party apps. and multiple ledger

[Elena.S]

1. There is greater transparency because with the blockchain, every transaction is noted onto the blockchain. If a product has to run through multiple places before reaching its final destination, all of those stops are available to see on the blockchain. This prevents companies or people to lie about a part of the product or transaction.

2. It is much safer because it being decentralized. It is nearly impossible for hackers to breach the system when instead of attacking a centralized system with one main network, there are thousands of computers that have their own copy of the blockchain, making it very difficult for a successful breach to occur. All of the computers storing the data must agree that the new transaction is valid, so if a fraudulent transaction happens, the computers with the correct data will not agree with the transaction, not allowing the transaction to be added to the blockchain.

3. It is much easier to trace the origins of things because every transaction that the item has gone through has been noted on the blockchain, allowing you to see the truth about where the item has been throughout the course of its life.

4. It is much quicker because instead of having to trust multiple third parties before completing a transaction, you can trust the data on the blockchain. You don’t even have to trust the person you’re making the transaction with, you just need to trust the data on the product that’s on the blockchain.

5. Using blockchain can lower the cost of completing transactions because, again, instead of possibly needing to hire an auditor or a fact checker, you can trust the blockchain’s data. Saving you the money that you would’ve spent hiring a third party inspector.

[Stormie]

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

Transparency:
Any alterations must be done through consensus. All network participants have access to the same data.

Security:
Because the data is stored across a network of computers, hackers find it more difficult to change the data. Transactions must be agreed upon prior to alteration.

Improved traceability:
Recording on a Blockchain allows an audit trail of the item from start to finish and every stop along the way.

Increased efficiency and speed:
Using blockchain for transactions allow record-keeping on a single ledger which can be accessed by multiple people.

Reduced cost:
Blockchain removes the need for multiple third parties.

[Sasa_Nikolic]

Transparency: Because all of the information is publicly visible on an open blockchain network Transparency is a feature of blockchain systems. Transparency brings trust in a network. As all the nodes of a network have a copy of the whole blockchain and validate the transactions on a blockchain by the acceptance of majority, blockchain ensures accuracy of the data it stores on a whole new level.

Security: It is very hard to change the data stored on blockchain. It would require a single entity to acquire more “power” than all other participants on the network to start changing the transaction data. Or, majority of the network participants would have to turn malicious to start confirming wrong data on purpose. Either way, any of these processes is time consuming and very costly for anyone trying to do it. And even if someone would be successful in such a endeavor they would be left with a network that no one trusts anymore and thus it would become useless and the malicious actors would be left in big losses.

Traceability: Blockchain technology makes traceability of money, products, parts, and ingredients way easier than traditional systems. If the whole production of a product, from the supply chains to distribution and sales, is recorded on the blockchain by each party involved in the process of production, tracing any information about the product can be easily audited and monitored in real time.

Efficiency: “when everyone has access to the same information, it becomes easier to trust each other without the need for numerous intermediaries. Thus, clearing and settlement can occur much quicker.” - and safer

Reduced costs: By cutting out the intermediaries in the process of trade and exchange of money, goods, and services cost are bound to get lower. Additional fees that are a regular part of today’s economy can be minimized thus providing businesses with less costs and potentially even end users with lower prices for the products they use.

[Marquette_Isabel]

Improve traceability is the saliva swab and blood sample test of blockchain technology. It removes the grapevine rumours of origin and purity of product, ingredient or source throughout the supply chain. Which will verify how organic the product or ingredient. This will enhance or devalue the outcome.

Increased efficiency and speed and knowledge of terrain and timing and weather conditions and weakness and of prey and number of allies is what all predators must have to survive and excel in the wild. With blockchain technology, an industry, company or individual will have trusted insight knowing their transaction have completed with 100% assurance.

Reduced cost is the road to wealth, and middlemen and highway robbers. With blockchain consensus technology platform middlemen are reduced and the trusted data from the blockchain which is a knight in shining armour saves time, energy and by shortening review of documentation to complete a trade transaction. Because every party has open access to a single, immutable version.

[A.Mors]

Transparency : blockchain is a type of distributed ledger, all network participants share the same documentation as opposed to individual copies. That shared version can only be updated through consensus, which means everyone must agree on it. To change a single transaction record would require the alteration of all subsequent records and the collusion of the entire network. Thus, data on a blockchain is more accurate, consistent and transparent than when it is pushed through paper-heavy processes. It is also available to all participants who have permissioned access. To change a single transaction record would require the alteration of all subsequent records and the collusion of the entire network. Which can be, you know, a headache.
Security : There are several ways blockchain is more secure than other record-keeping systems. Transactions must be agreed upon before they are recorded. After a transaction is approved, it is encrypted and linked to the previous transaction. This, along with the fact that information is stored across a network of computers instead of on a single server, makes it very difficult for hackers to compromise the transaction data. In any industry where protecting sensitive data is crucial — financial services, government, healthcare — blockchain has an opportunity to really change how critical information is shared by helping to prevent fraud and unauthorized activity.

Improved Traceability If your company deals with products that are traded through a complex supply chain, you’re familiar with how hard it can be to trace an item back to its origin. When exchanges of goods are recorded on a blockchain, you end up with an audit trail that shows where an asset came from and every stop it made on its journey. This historical transaction data can help to verify the authenticity of assets and prevent fraud.
4. Increased efficiency and speedWhen you use traditional, paper-heavy processes, trading anything is a time-consuming process that is prone to human error and often requires third-party mediation. By streamlining and automating these processes with blockchain, transactions can be completed faster and more efficiently. Since record-keeping is performed using a single digital ledger that is shared among participants, you don’t have to reconcile multiple ledgers and you end up with less clutter. And when everyone has access to the same information, it becomes easier to trust each other without the need for numerous intermediaries. Thus, clearing and settlement can occur much quicker.

Reduced costs

For most businesses, reducing costs is a priority. With blockchain, you don’t need as many third parties or middlemen to make guarantees because it doesn’t matter if you can trust your trading partner. Instead, you just have to trust the data on the blockchain. You also won’t have to review so much documentation to complete a trade because everyone will have permissioned access to a single, immutable version.:

[Chris13]

Transparency- Multiple parties check every transaction. You can also look back at every at every transaction ever made because it is recorded on the blockchain permanently.
Security- Once again multiple sources every transaction so if you disrupt one block you will disrupt all of the data making it easier to keep secure.
Improved Traceability- It takes all of the work out of audits and book keeping.
Increased efficiency and speed- It can securely make transactions around the world in a fraction of the time.
Reduced cost- Blockchain can reduce the cost of sending money any where in the world.

[Cryptosingh]

TRANSPARENCY : Since the blockchain is a decentralized public database (public ledger) where all the transactions that ever took place are open publically to be seen and verified. Every entry made on the blockchain needs to be approved by many parties through a consensus thus any attempts of wrongdoing can easily be found out.

Security : When any new transaction is agreed upon and recorded on the blockchain it also gets encrypted. The transaction then gets recorded not only on one but multiple computers (nodes) thus making it very hard to hack .

Improved traceability : The traditional supply chain run by humans can cause a lot of confusion or misinformation when it comes to tracing and tracking the origin of a particular product . In the blockchain every new entry is agreed upon and recorded accurately through every step it passes on the supply chain thus improving the traceability enormously.

Increased efficiency and speed : It is as simple as man vs computers. Moreover on the blockchain there is only one ledger that everyone has thus removing the need to go through many secondary ledgers. Also there is no need for third party or intermediaries to aid the transaction process thereby making things more efficient and in the process removing the trust factor which governs the traditional supply chain making it prone to many frauds .

Reduced Costs : Blockchain technology does not need any intermediaries or third party agents in between buyer and seller thus making it cheaper. It also does not need a huge workforce putting in long work hours.

[abhunt]

Benefits of using a blockchain:
-Transparency: The blockchain uses a network of users who verify and come to a consensus to add each transaction to the ledger which is accessible to all users. This means anyone can access the ledger to see transactions but cannot change or remove them. Any changes would require another consensus of users to add a change to the ledger network.
-Security: Fraud is prevented because transactions must be agreed upon by the network ledger consensus rather than a central authority. This makes it impossible for a hacker to reach all the parts of the network needed in the consensus. So it improves security by having multiple checks. Also by linking a new transaction to the previous one this means if someone tried to change it they would have to then change all previous transactions because they are linked which would be impossible to do.
-Improved Traceability: You can use the blockchain to follow each step along your supply chain and for each step to be a verified transaction which allows you to prove the provenance of your items.
Increased efficiency and speed: Instead of multiple ledgers having to be compared and audited the blockchain is all one shared ledger where you can automatically verify transactions accuracy which is more efficient and allows the business process to move more quickly.
Reduced cost: Costs are reduced because of the need for less paperwork (its all one shared ledger) and the reduction of need for middlemen.

[OhNo]

Transparency: Blockchain allows for all participants to share the same documentation. The shared version can only bee updated if everyone agrees on it.
Security: Information is stored across a network of computers instead of on a single server, making it extremely difficult to be hacked. Transactions must be agreed upon before they can be recorded. Once recorded transactions can then be encrypted and linked to the previous version.
Improved traceability: When exchanges of goods are recorded on a blockchain, you end up with an audit trail that shows where an asset came from and every stop it made. This can help verify authenticity of assets.
Increased efficiency and speed: Traditional methods are prone to human error, require multiple legends and often can require third party mediation. with blockchain all participants have access to a single digital ledger.
Reduced cost: With blockchain you don’t need a middleman to make guarantees with a single, immutable version there’s no need to review lots of documentation.

[AlexaE]

Transparency: Before a transaction becomes available to see, the person has to agree to let it be shown. Then it becomes public and can be tracked and stored on the blockchain for the people you allow to see.

Security: Since the info is stored across thousands of computers, it makes it very hard to hackers to get in and see your transactions. Also, if one computer goes down or loses all your info, there are still all the other computers who have your info stored.

Improved traceability: Once the person has agreed to let their info show, the data of every transaction that has ever been made is shown along with your most recent transaction.

Increased efficiency and speed: By using blockchain to track all your data, it automatically does it much faster and efficiently than a regular centralized network.

Reduced cost: You won’t need as many third parties to count on being reliable, as you can validate transactions, no need for trust.

[SuzeQ]

1. Transparency: All transactions on the blockchain are transparent. All network participants share the same documentation.
2. Security: Transactions must be agreed upon, before being recorded. Information is shared across the whole network, so very hard for hackers.
3. Improved traceability: As every action/transaction can be traced, it is very useful in the supply chain, to know exactly what has happened in each process.
4. Increased efficiency and speed: There are no third parties, no auditors necessary. Everything is synchronized from the start and recorded. Makes it so much quicker without intermediaries.
5. Reduced cost: As actions are faster and omit the middlemen, this reduces costs. Everyone has access to the same copy of the trade/action, access to a single, immutable version.

[Zoltan_B]

1. Transparency: you can review transaction history on the blockchain and since records cannot be altered this gives you reliable history
2. Security: transactions are encrypted; decentralized storage -> hard to compromise data
3. Traceability: audit trail due to historical records being available on the blockchain
   4: Efficiency and speed: don’t have to update multiple ledgers, for trading this means that the clearing and settlement is faster
4. Cost:eliminate some middlemen due to trustless system and thus reduce cost

[cryptoHawk]

Transparency:
This allows for all of the blockchain users to see all of the transactions, which in turn, allows someone to be able to trust the global ledger as opposed to trusting a stranger. Transparency is critical for trustless yet verifiable transactions.

Security:
By having each transaction verified by multiple nodes before it is encrypted and added to the blockchain, it makes it very difficult, if not near impossible, for a hacker to comprise the data. With each block being connected to the previous block, it prevents a bad actor from modifying an earlier transaction, because all other nodes will see a discrepancy with it and not accept any transactions based upon that modified data.

Improved traceability:
An item, such as a raw commodity and up to finished goods, can have their travel history recorded on the blockchain through each step of it’s travel. This can allow a bakery company that uses only organic sugar to be able to trace a specific shipment from origin to their shipping dock to know that what they are receiving is actually what they ordered. It can also allow for their customers to have a view of it’s origin travels also.

Increased efficiency and speed:
Increased efficiency happens because everyone is on the same global ledger and their doesn’t need to be any converting from one disparate system to another. Transactions can have events that are emitted to the network and these events can be picked up by anyone listening to them.

An example would be a company shipping out a Widget to a local mom & pop store. When the Widget gets scanned as being shipped, an automatic event is emitted and the mom & pop store can get immediate notice that their Widget is on the way. The shipping company doesn’t need to send any other communication such as a text or email (or an automated system listening for the same shipping event could actually send a text or email for them).

Increased speed is a by-product of again, everyone being on the same database without need to do conversions or transfers to different systems. Plus, all transactions can be seen as they happen, no matter where in the world you might be. Once the network confirms a transaction, it is as good as gold and can be acted upon.

A simple example of this is the transferring of Ethereum from one wallet to another. No need to wait days for central banks and such to verify the funds, once the transaction is confirmed by the network the receiving end has access to the Ethereum that was sent to them.

Reduced cost:
This happens from the elimination of middlemen, third parties, brokers, bankers, etc. from transactions. Since all parties involved are on the same global ledger, they can communicate and transact directly with each other, saving both money and time.

[cryptoprince]

Transparency
blockchain offers great transparency because everyone on the network receive the same records/documents and no one can change or alter it except everyone agree through consensus. so you can see trust and verify it once you have permission access.

security
there are a few security mechanism blockchain one being (encryption), after transaction has been approve and recorded it is then encrypted and linked with previous transaction, another layer of security is the fact that the information is stored on a network of servers globally so a hacker cannot get access easily. another layer is through mining, because people are being incentivized to mine there will always be a good amount of miners even when it becomes unprofitable to small miners and when more people mine the security level goes up.

improve traceability
with blockchain everything can be traced back to its origin, a plant or fruit can be traced back to what country town and even the chemicals that was used in its development, and you can see everywhere its been before it arrives to you. so you can trust if you see a product says “fair trade” on it.

increased efficiency and speed
blockchain makes life simply with its speed and convenience, firstly it can be used 24/7/365, so this makes it the ultimate system because it doesn’t take weekend breaks like the stock market and other centralize system. when you transfer money to different countries it is received within minutes not like with certain centralized company that takes 2-5 working days. there is no cleaning or maintenance, there are no third parties to go through that is prone to human error.

reduced cost
blockchain reduces cost because you don’t need to hire third party companies, for example you don’t necessarily need and audit or accounting company because everything has been stored on blockchain.

[Veronica]

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

Transparency:

A blockchain provides the benefit of transparency because of its nature of being a consensual decentralized record-keeping system in which changing an already existing data is very difficult, if not impossible.

Security:

The security aspect of it is not really clear to me other than in a general view I grasp due to its immutability and decentralization. According to the article, it seems the order of events is:

1. Agreement (Is this agreement with the source? Or is it an agreement with the network? or both?)
2. Approval - I suspect this is the approval that the source data or request is correct or processable?
3. Encryption - codification of the data
4. Record - which seems to be “orderly,” so there is some sort of time record (maybe logical time, not chronological) or cardinality of the record. Or is it really a chronological time record?, which brings up the question to me about the consensus of all participants: Does it happen simultaneously in order for all participants to have the exact same record?

I obviously do not have very clear how this chain of events goes. I am curious.

Improved traceability:

Blockchain can allow looking at the history of events recorded from the source to its destination. Things like the authenticity of the brand or authenticity of product claims (like ingredients, materials, etc.) can be simply looked up and confirmed without the need for trust through a third party.

Increased efficiency and speed:

Blockchain increases efficiency and speed by eliminating transcription errors we humans all tend to commit by digitally automating the process, which also translates into more speed.

Reduced cost:

Blockchain reduces the need for intermediaries and third parties, fewer people involved, which translates to reduced cost. The data is simply there to be looked up.

[monstrosity]

Transparency: public ledger is visible to all
Security: hacking one computer can be relatively easy a decentralized system is much harder
Improved traceability strong texteability: records can’t be undone
Increased efficiency and speed: removes the middle man, auditors, and signature/verifiers
Reduced cost: removes middle man

[JayThom]

Transparency: Every transaction that took place in order to get to the current product or node in the blockchain is logged and available to see, allowing people to see and verify exactly what has gone on in order to get to this point and know exactly what is in the current piece of data they are looking at. Whether that’s knowing it’s value, materials, ingredients, etc.

Security: Anything that has happened with the blockchain can not be altered or tampered with because it is backed up across a whole decentralized network. And anything new going into the blockchain is verified to be true by the rest of the network before being finalized.

Improved Traceability: Every new piece of data added to the blockchain is linked to all the previous data, so it’s origin is logged and can not be altered at any point along the way.

Increased efficiency and speed: The network verifies every transaction’s validity before it is finalized in the blockchain and after that it can’t be altered. This allows for parties looking to enter a contract to be able to trust the information they are receiving from the other party is true without having to take time to verify it themselves before completing the contract.

Reduced Cost: Eliminates the middlemen in transactions who would have to move the money between parties.