Reading assignment: Benefits of the Blockchain technology

[igenew]

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

Transparency.) Blockchain technology also regarded as a public ledger allows all the participants to view transactional processes of which there are many such use cases. The blockchain technology ensures accuracy, consistency and transparency.

Security.) Blockchain across a network provides consensus, a network of computers that have the same record of past transactions and all these nodes have to be in agreement with new transactional data presented. Once these transactions has been authorised it’s then encrypted (Hash) and added to the previous block within the chain. This enhances security by deterring malicious attacks, also there is no single point of failure.

Improved traceability.) The blockchain also provides other use cases, it may be used to track and trace supplies within a supply chain. This provides authenticity and reduces fraud.

Increased efficiency and speed.) The blockchain is used to digitally sign transactions, negating the need for use of paper, which requires a lengthy process and third parties. The blockchain produces a trust less environment thus increasing efficiency and faster agreements.

Reduced cost.) Blockchain reduces the need for separate entities to get involved, its these third parties that drive up the cost of any transactional data, also there is less need for duplication, as the ledger is immutable.

[J.C]

1. Greater Transparency: is a benefit of using blockchain because blockchain is a distributed ledger, where all participants can view the same transactions, also if someone where to want to change a transaction, they would have to go back and change the older transactions and have the participants within the network do the same.
2. Enhanced Security: transactions need to a consensus with the participants in the network, in order for it to be approved. then it is stored within the blockchain, having a network of participants rather then one entity makes it harder for hackers to compromise.
3. Improved Traceability: when many companies deal with products, it’s hard for them to trace every destination that the product goes to and any third party involved, therefore with provenance a company can trace every path in where the products go.
4. Increased Efficiency: with blockchain record keeping is done with a single ledger that involves multiple participants that all have access to the same information. this removes less cluster and settlement can go on quicker.
5. Reduced Costs: blockchain enables a company to get rid of the middlemen,they can rely on trusting the data on the blockchain.

[J_Door]

Transparency: Everyone with internet access can verify the data in the blockchain. Therefore its completly transparent.

Security: Once you make a transaction this cannot be reversed or duplicated, miners and the nodes are in charge of this field. This property makes scams unlikely to happen within the blockchain.

Improved traceability: You can trace and track every single transaction in the blockchain since its open.

Increased efficiency and speed: Since you dont need to trust a 3rd party you can speed up transactions knowing you can always verify these.

Reduced cost: By removing the intermediary agents within transactions it helps to reduce costs within the global infraestucture (blockchain).

[FinancialFreedom]

Transparency: All transactions has to be approved all of the computers (nodes) within the network to reach consensus before being approved. It is immutable public information for everyone to view and any alterations to the transaction records will require alterations of all related transactions which will likely collude the network.

Security: Transactions are only approved after consensus is reached within the network. They are stored across all of the nodes within the network which means there is no single point of failure. Every transaction is encrypted after being approved. There are financial incentives in the form of block rewards to entice people to join as miners, improving security and ensures that BTC is a high availability network which runs 24/7/365.

Improved traceability: Every transaction that is recorded cannot be removed. As BTC is a Unspent Transaction Output model (UTXO), all transactions can be traced back to its origin through provenance. This transaction history enables you to verify the authenticity of the assets

Increased efficiency and speed: By having provenance in financial transactions, we will be able to make all the existing financial processes much more efficient. You can trust the network/protocol as everything is public and can be mathematically verified. Consequently, blockchain technology also removes the element of need to trust someone. As blockchain is a global database and infrastructure, there is no barriers limiting you from interacting with other infrastructures. Everyone can use the same infrastructure to build their applications using the same standards.

Reduced cost: Blockchain technology removes the need for intermediaries and middle men hence significantly making any existing processes much cheaper and efficient. It has no single point of failure and is a high availability network meaning a business never has to worry about unforeseen circumstances causing an outage. Its finality element also means once a transaction has been approved by the distributed ledger, it is final and immutable which means no unforeseen factors can affect it in the future

[thoth]

Transparency: All transactions are public
Security: transactions cannot be altered
Improved traceability: All transactions are time-stamped
Increased Efficiency and speed: The blockchain information is easily accessible in a trustless way
Reduced cost: many layers for the use of the information are eliminated and therefore cost are reduced

[acf]

Transparency : Transparency is a benefit for blockchain as in a database it is important to know about all transactions and this helps prevent these transactions from manipulation. Due to the distributed ledger system blockchain employs, where all nodes on the blockchain have the same individual copy of the database, the system is considered highly transparent as anyone with permissioned access can access the whole database that employs consensus to verify transactions.

Security : The blockchain provides the benefit of security by first including transactions only when all decentralized nodes on the system come to a consensus of the legitimacy of the transaction. Once a consensus is formed the data is encrypted and linked to the previous transaction. Security is also increased as the transaction is stored across multiple decentralized computers instead of one single server making it very hard to hack. As a result, blockchain benefits the security of highly sensitive data in order to prevent fraud and unauthorized activity.

Improved traceability : Blockchain benefits traceability as every transaction is recorded with an audit trail that shows where a transaction came from and wherever it has been on the blockchain. This type of historical transaction data can help verify the authenticity of data and prevent fraud.

Increased efficiency and speed : Blockchain helps automate and streamline the process of data collection. Since a single digital ledger contains data on the whole blockchain, only one ledger needs to be accessed to attain or record data making it quicker than accessing multiple servers with different types of data. Additionally, due to the fact that everyone has access to the same information it becomes easier to trust each other without the need for intermediaries; greatly increasing the efficiency and speed of the verification process.

Reduced cost : Blockchains help reduce cost by cutting out the middleman who are traditionally used to verify data and instill trust between two or more parties in a proposed agreement. This is done due to the fact that blockchains make sure data is verified through consensus that can be monitored through a public immutable ledger that everyone can have permissioned access to. This reduces the use for personnel involved in verification and documentation; thereby reducing the cost of the process.

[Snowrider]

Transparency - No surprises in transactions and everyone has the same data to compare notes.
Security - Knowing that your transaction has been validated by several computers on a network provides peace of mind.
Improved traceability - This provides access to how, when, where, and who has had a part in the goods/services you have received.
Increased efficiency and speed - speed in transactions help the supply chain in making commerce flow faster and with less effort.
Reduced cost - The blockchain tends to eliminate the middleman costs in daily transactions. This in and of itself lowers cost significantly.

[RedHorse]

Transparency is a benefit because it enables all relevant parties to work with the same shared ledger/database/document rather than having to exchange documents between different parties to confirm transactions/exchanges.
Security is a benefit of blockchain because it provides an immutable ledger which is not subject to manipulation by any central authority or independent 3rd party. Sensitive information or the validity of transactions remains secure.
Improved traceability provides huge opportunity for improvements in auditing not only in financial services but for auditing supply chains, ensuring quality and ethical sourcing of materials/ingredients.
Increased efficiency and speed the delays caused by the silos of information that have emerged on the global web can be eliminated by an augmentation of blockchain technology creating efficiency of the flow of confirmations of information/value exchanges.
Reduced cost many businesses can save a lot of money by reaping the benefits of the above benefits. The cost and labour required for auditing, the cost for 3rd party services to protect data or verify transactions or transfer information is tipped on its head.

[paddyc1]

Transparency: A digital ledger exists which cannot be altered, so every transaction can easily be traced back to its origin which provides increased transparency.

Security: Both parties have to agree to a transaction before it goes through, money cannot be simply stolen. All approved transactions are immutable and linked back to all previous transactions, making it very difficult to compromise data.

Improved traceability: As all transactions are linked back to the previous one, it can be easily traced back to its origin without relying on trust.

Increased efficiency and speed: Blockchain cuts out the middleman for a transaction, which greatly improves speed, removes any paper heavy work, and improves reliability.

Reduced cost: There is no third party with blockchain, which greatly reduces cost. As no one is required to approve the transaction, it is much cheaper. Everyone shares the same digital ledger.

[Tango]

Transparency: All transactions are on the distributed ledger for all to see on the blockchain. The computers on the network all have a copy of the transactions making it more accurate & consistent than if it was on paper. Accessible for all participants. Tampering is near impossible as all the computers on the network would have to agree on any change.

Security: Consensus has to be reached, better than traditional databases that are open to attack. Info is stored on multiple computers and is the reason its harder for hackers to compromise it. All blocks check the previous record to verify it is ok to proceed.

Improved traceability: To track goods from start to finish it is easy to see on the blockchain / audit trail. e.g. Wine you may see the full ingredients where they came from time date to every stop and start through the process till its final destination.

Increased efficiency and speed: Less paper process as everything is on the blockchain, record is available for all participants to see & no need for extra ledgers clutter of paperwork.

Reduced cost: As most companies go by less cost more profit, the use of blockchain eliminates 3rd party & or middlemen as you can transact without trusting your trading partner as you only need to trust the network systems protocol.

[DShelton]

Reading Assignment: Benefits of Blockchain Technology

Q1: Transparency
A1: There’s a single database with all transactions (info added to the database). All transactions (info added to the database) are available to be viewed and audited at any time.

Q2: Security
A2: Copies of the ledger are kept on multiple servers reducing hacking risks. All transactions (info added to the database) are only completed with the consensus of all copies of the ledger.

Q3: Improved Traceability
A3: With a ledger that only adds transactions (info added to the database) by consensus, all parts of the business that are built on blockchain will be connected and cross-referenced.

Q4: Increased Efficiency and Speed
A4 With the consensus of the database, as well as there is only one database, any part of the business that is on the blockchain will have instant confirmation.

Q5: Reduced Cost
A5: With fewer opportunities for error, hacking, and need for oversight, the cost of transactions or operations in a company using blockchain is greatly reduced.

[browndog]

Transparency:
Blockchain is a distributed ledger so all participants share the same data.

Security:
Transactions are agreed before recorded but then they are encrypted and linked to the previous transaction which means all transactions and blocks are linked… This is the most secure network thats ever existed. For someone to tamper with a transaction they have to change all previous transactions and thats impossible.

Improved traceability:
Using blockchain it creates a verified data trail so you can trace a good back to it’s origin. It actually creates a real time audit so even using an external auditor isn’t necessary anymore.

Increased efficiency and speed:
This gets away from trading paper processes which are prone to human mistakes and easily manipulated. Essentially record keeping is available on a single ledger for all to access so it also becomes completely trusted. The settlement or clearing layer can happen faster because your not waiting for filthy dirty middle man fingers to take their cut first.

Reduced cost:
Less middlemen, the banking sector is archaic with intermediary banks involved in country to country transactions, this is a ridiculous costs and it gets obliterated with blockchain. Your now using a trustless platform that everyone can access so everyone benefits instead of the incumbents.

[ArubianCryptoLady]

1. Transparency:
   All participants share the same documentation and everyone who has permission can see all transaction, it’s a public Ledger

2. Security:
   Transaction must be agreed by all, consensus.The information is stored across a network of computers instead of on a single server, that makes it very difficult for hakers.

3. Improved traceability:
   Track of financials tansactions or goods from beginning to end on blockchain, realtime auditing.

4. Increased efficiency and speed:
   Paperless everything is on the blockchain. Because it’s on blockchain transactions can be completer faster and more efficiently.

5. Reduced cost:
   No need of a middle man for gaurantees. Because trust is been removed and we put our trust into the system

[ivleague]

Transparency: Every transaction ever done from it’s inception are recorded and stored on the blockchain.

Security: Because blockchains are decentralized, nodes all over the world store the blockchain data on their individual computers hence making a hack close to impossible to the network.

Improved Traceability: We are able to verify where funds are going to on the blockchain, we know where they come from as well.

Increased Efficiency & Speed: There is one single ledger that everyone uses so you don’t have to trust a 3rd party.

Reduced Cost: No 3rd party managing anything so fees are gone.

[TimD]

Transparency:
A Blockchain is a decentralized open Database for everybody to look into. Its fully Transparent and available for everyone.

Security:
Because of the needed consensus to add to the blockchain and the unchangeable nature of it there is no way of cheating its security.

Improved traceability:
Because you can check the origin and every movement of every block, you can trace every transaction for its providence.

Efficiency and Speed:
Blockchain transactions are non paper, non pre select entity, digital transactions.
No bank or financial institute as middle man.

Reduced costs:
Transactions always required a trustfull middle man, with blockchain you can skip that.
You dont even need to review mulltiple differently structured documentations, its all in one sinlge immutable version.

[Ivan_Z]

1. Transparency: the data is available to anyone at the same time, decentralized
2. Security: storing the data once verified in different nodes at the same time
3. Improved traceability: historical transaction data can help to verify the authenticity of assets and prevent fraud
4. Increased efficiency and speed: sharing data P2P without third-party mediation saves time and avoids human errors
5. Reduced cost:you save cost as you can avoid middlemen to warranty the transaction. The mathematic protocol ensures the transaction

[Anoushka]

1. Transparency - everyone has access to the same database (same blockchain network)

2. Security - each new info is added to the blockchain in such a way that it is somehow attached to the previous info and it stays that way for good, and then the next info gets attached to that previous one and so on. And all transactions/informations that go to the blockchain, before getting there they first have to get verified by all the nods/computers that all have access to that same database.

3. Improved traceability - if every step of the manufacturing process (or any other process) is written in the blockcahin then we can always track the origin of every product because the history of everything we put on blockchain is there to stay for good and it is not possible to change it (theoretically it is possible, but I think practically it is impossible).

4. Increased efficiency and speed - no need for third parties in any kind of transaction, network provides everything we need. No need to have paper records like we had so far because everything is always in that great big database called blockchain, with all the info available to everyone and in any time.

5. Reduced costs - as we get efficiency and speed like I just described, costs of running a business inevitably go lower.

[block716]

1. Transparency is important in blockchain because all transaction history is shared, available, and accessible. Transparency in blockchain builds trust in the network and not humans.

2. Security is an important benefit in blockchain because it protects all transactions on the network from being hacked or altered.

3. Improved traceability benefits the blockchain because it allows anyone to track a transaction from point A to point Z.

4. Increased efficiency and speed is another benefit of using the blockchain because this is advantageous to the financial industry regarding financial transactions.

5. Reduced cost is very beneficial in using blockchain because there is no middle entity that charges high fees for financial transactions such as money transfers domestically or around the world.

[Andro]

Transparency: Blockchain is a type of a public ledger, so the records are available to all. The ledger can only be changed if there’s a consensus.

Security: Information on a blockchain is not stored on one central server but across many different computers, which makes it very difficult to hack.

Improved traceability: Information that is is recorded on a blockchain cannot be changed and it leaves a trail that anyone can review whenever they want.

Increased efficiency and speed: All the transactions are recorded on a single public ledger which ca be accessed by everyone, so there’s no paperwork and no need of third party involvement.

Reduced cost: With blockchain technology there’s less documentation to review. There’s no need for third parties to make guarantees for your trading partners because you can trust the data on the blockchain.

[ElyRamos]

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

Transparency:

In Blockchain means can be only updated by concensus, and the data can be share with all the participant in the networks and the data is more accurate and ofcourse because is a public ledger

Security: Because transactionmust agreed before theyare recorded , after the transaction is aproved this is encrypted and linkedto the prevous info and the store across the networknot in a single server and this cant be hacked.

Improved traceability: Blockchain give the historial record of every stop in the transaction , in case we have to know when a product came from , we can check since the beginning of the process until the last one step by steb verifed and this help us to preven frauds

Increased efficiency and speed: Blockchain eliminates third parties and avoid long process let all the participants have access to the same info and make the process faster and more efficient whitout intermediaries

Reduced cost: Every single company wants to reduce costs , with blockchain it is possible , no third party reduce inmediately the costs in the process and all you need to know is trust in the blockchain data which is a immutable version