Reading assignment: Benefits of the Blockchain technology

[MobiuSmart]

Transparency:

A transparent ledger allows for swift auditing. Trustless transaction. Globally. Verified by numbers.

Security:

Mathematical verification shared with an entire network reaches consensus. The information entered becomes secure by its immutable nature. It is secure by its finalized nature.

Improved traceability:

Blocks that create a traceable ledger whatever transaction is written to produce the blockchain.

Increased efficiency and speed:

Creating an industry to reach a trustable exchange of digitally stored value networked at all moments - makes exchange transactions instant.

Reduced cost:

Removing intermediaries. The need for human costs. Saves the most expensive thing in the world - time.

And second. Compounded time of people.

[Tumbleur]

Transparency: Everyone has acces to the blockchain, everyone can verify what you are saying. every transaction you have done can not be erased.

Security: We can now rely on mathematics, nodes are working for the security of the blockchain,we cannot lie or cheat on what we have. Any weird transactions would not be accepted by the nodes.

Improved traceability: We are know able to follow a product threw all his process. Nobody can cheaton the provenance of the product.

Increased efficiency and speed: Thanks to the blockchain, we are now able to, all have the same informations. It is all on the blockchain.

Reduced cost: No need of third parties which will reduce the costs.

[Hex_Outlaw]

1. Transparency is a benefit of public blockchains because anyone can access the data that has already been verified by the network.
2. Security on a public blockchain is vastly superior because no single entity or person can alter data.
3. A public blockchain has improved traceability because all confirmed data is time stamped and transparent to everyone in the network.
4. Due to the transperancy and security on public blockchains we know that transactions are valid. This cuts out the need for third parties therefore only requiring users to trust the network. This in turn creates efficiency.
5. Since public blockchains don’t require third parties to validate data. Users can save by only trusting the network and not paying third parties which will reduce cost.

[Viddiben]

Transparency:

Everyone on the blockchain network, share the same documentation and the blockchain distributes on many ledgers wich is hosted by many computers around the globe.

Security:

Transactions must be agreed before it goes in the blockchain, after that it is encrypted. The fact that data is not stored on a single server, rather on a network of computers, makes it harder for hackers to attack and steal assets.

Improved Traceability:

Now we can trace a product all the way from the consumer to it’s origin, to show where it came from and what is in it, where it stopped in the way, who touched it etc. This prevents fraud and gives well willing companies an edge. This will also remove trust and allow consumers to have an peace of mind.

Increased efficiency and speed:

Instead of having many and diffirent servers that do not communicate to each others we have one ledger that eliminates heavy paperwork, this will come in handy at government offices and bureaucracy institutions for example.

Reduced cost:

With the blockchain we don’t need so many third parties or middleman to make guarantees, because we don’t need to trust in humans, we need to trust the technology. This will reduce cost for companies as they want to already.

[mjbam93]

Transparency:

Anybody can look up any transaction. This makes the system more fair, especially in terms of money. Its hard to hide or trick the system. Privacy Coins (or even private Blockchains) might get more important, because companies dont wanna have every transaction to be visible.

Security:

No trust in a 3rd Party is needed. As we have so much Power (Hashrate), we can trust this more than our local banks.

Improved traceability:

As the networks are global, it is more difficult to hide your money or do criminal stuff.

Increased efficiency and speed:

No 3rd Party (intermediates) that slow down the process.

Reduced cost:

Network runs on its own. Value or information can directly be transfered between two people/adresses, so there are no “taxing” parties involved.

[ChristopherK]

The Benefits of Blockchain Transparency provides to all permissioned parties to the exact same data. Therefore permissioned parties are on the same page.
The Benefits of Blockchain Security provides protection by encrypted data formed through agreement of consensus linked into the new data block linked the pervious verified data block in series creating a chain shared data across the networks that not be changed.
The Benefits of Blockchain Improved traceability through provenance creating a pathway in sequential order of data. A trail to follow, leading to excellent tracing of data from origin to present in high detail.
The Benefits of Blockchain Increased efficiency and speed provided by real time data digitally stored in the one ledger easily accessible by permissioned parties in one place. Thus reduces time searching, tracing and discovery.
The Benefits of Blockchain Reduced cost comes from taking away the middlemen, thus reducing unnecessary data, and is immutable in one version. Saving time and money is important to everyone.

[Effengee]

Blockchain provides transparency by being a shared ledger that can only be updated thru consensus and is verifiable in realtime. Its security is ensured by linking each block of information to each previous block, then storing it across a decentralized network. Since all transactions are permanently recorded and readily verifiable, traceability is greatly improved. Blockchain also reduces or eliminates the need for people to do many of the traditional clerical and accounting tasks required, which improves efficiency and speed as well as minimize costs.

[T_kar_Cosman]

Transparency:
When dealing with a lot of data from all over the world transparency is a good thing. It ensures that anyone can verify and store the data. And that not one person can decide something is true or false, everyone must agree. This increases the accuracy of the data on the blockchain, so it increases the trust of the people using the blockchain.

Security:
Sensitive data has to be protected. In a blockchain the security is improved by transparency and consensus. Because everyone can see the data, everyone can agree on the correct data. And consensus will happen. If everyone agrees on the same thing it will be more and more difficult to copy, destroy or fraud data.

Improved traceability:
Because everyone has to agree on the same data and only when everyone does the data will be stored in the blockchain. This means that all of the same data is stored on all locations. When you want to check the data this is much easier and quicker than having to search for the location first and then look for the data.

Increased efficiency and speed:
Because eveyone can acces the same information from anywhere, at anytime and without the use of a third party because the two involved parties are just trusting in the same protocol. The efficiency and speed is increased compared to regular databases.

Reduced cost:
All of the benefits above will reduce cost. Because all other forms of databases do not deliver the same benefits as a blockchain does.

[Peter_VSA]

Transparency:
Data is shared to all and cannot be changed (added or altered) without all party agreement

Security:
All changes must be agreed and all changes link to previous data (it’s a blockchain). Encrypted and held across multiple hosts.

Improved traceability:
All transactions are recorded on blockchain and can be checked back over every step of the unalterable (unless agreed by all) history.

Increased efficiency and speed:
Using a single database available to all allows quick and accurate records to be checked by all. No need for auditing in conventional way - it’s all there.

Reduced cost:
A single trusted record available to all parties means less time (and cost) required to check what’s gone on. Trust based on the blockchain.

[giomiri]

transparency: everybody can be part of the blockchain with the right device and control all the transaction, all the data are shared in the network

Security: the security of the blockchain is determined by the decentralized network and consensus, it’s difficult/impossible attack it

Improved traceability: thanks tho trust less supply chain and the incentive to tell the truth is very to trace a product.

Increased efficiency and speed: thanks to trust less process, security, 24/7 availability all the normal process are speed up, many of the middleman and bureaucratic stuff are cut off

Reduced cost: obviously with a speed up of all the process and more security there would be a reduction of all the cost.

[GINTS]

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

1. Transparency:
   Consensus is at the center of Transparency as it requires all of participants to agree on a ledger that is available to all. There can’t be consensus without 100% agreement. Without transparency agreement would be impossible! No paper, just blockchain!!! Corrupting the ledger would require enormous effort, in case of BTC, I think, it is impossible.

2. Security:
   All information gets encrypted and linked to previous block of records and then to the next. Also, all data is stored on multiple computers, many copies of ledger exist, which in turn makes it impossible for hackers to crack/gain control to manipulate data. Distributed also means not one entity is a target, information is “everywhere”!!!

3. Improved traceability:
   Historic transaction data is available on blockchain and is there for interested parties to observe. No record is lost and remains there without a chance for malicious party to erase it.

4. Increased efficiency and speed:
   Intermediaries are eliminated with blockchain. This fast tracks the process of confirmation and verification times per record or batch of records. Reduced time spent translates into labor cost savings and of course eliminates errors so common with paper based tracking systems and centralized information systems. Everyone is referring to same ledger and need for trust into any given entity is eliminated - this gives participants “peace of mind” sensation!

5. Reduced cost:
   Single record (immutable) is where process participants turn for their information and this eliminates agents and middlemen. Less people involved means less expenses and faster, trusted process.
   Additionally, all of the records are verifiable on blockchain!

[crypto_dyzl]

Transparency: Every party with permission to access the blockchain can view the record of all transactions on the blockchain.

Security: All recorded transactions must be agreed upon by consensus and to make any change on the blockchain would require require changing all of the subsequent transactions, making it very difficult to compromise.

Improved traceability: The blockchain can be used to create an audit trail for assets that can be used to trace the journey of the asset back to its origin.

Increased efficiency of speed: Transactions can be completed faster and more efficiently with blockchain, requiring not intermediaries or reconciling of multiple ledgers.

Reduced cost: No third-parties required as intermediaries for business transactions.

[dynagirl]

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

Transparency: The distributed ledger in blockchain creates transparency.

Security: The network of computers storing the data making it more difficult to hack. Helps to prevent fraud.

Improved traceability: The blockchain leaves an audit trail showing where an item originated and the journey that it took to get to its destination.

Increased efficiency and speed: Using the blockchain saves time and is easier because it doesn’t have the need for as much paperwork or parties involved.

Reduced cost: Blockchain eliminates middlemen and 3rd parties to be involved in the transaction which cuts down the cost.

[bobbyvance]

1. I believe that the blockchain is very transparent since it’s transactions can be searched at any time on a computer using the internet.

2. Blockchains are high in security because all computers on the network have the same copy of the digital ledger which verifies what transactions are added as opposed to everyone having their own different separate copy of different blockchain records. Also, the process of consensus means that every computer on the network must agree on transactions that are valid on the network to get them approved.

3. Blockchain has improved traceability compared to traditional supply chain databases with provenance; for example, a resource on the blockchain called the use of block explorers which gives you public information on all of the transactions made on the Bitcoin network and transaction volume that anyone can look up. We can trace financial information in real-time with auditing; supply chain databases would not have their stored information like this searchable unless it is on a cloud, which is also centralized due to the fact that only certain parties or entities have control of the information and what is visible to whoever is allowed to view this.

4.Blockchains are operating at increased efficiency and speed due to the fact that the process of approving transactional data is automated by computers using a method of consensus and provenance. For example, at my old job in a company called Pitney Bowes, they will require multiple Sequel developers to come in on a daily basis to manually analyze the current database. This also opens up room for human error when in cases for the blockchain, the upkeep would be required to make sure software and hardware are functioning correctly and operating properly. With Ivan’s example on video in Provenance, he included references to people in governments wanting to track their taxes and not requiring the physical presence of others to track transactions using receipts and accounting. Accounting and transactional layers are separated in a company, referring to a great example Ivan includes that having a bank account and invoices that receive payments but information about the invoices are not present, however with blockchain there is information about the invoices all in one place.

5. There are reduced costs in using blockchain which results in a great benefit due to the fact that you know where everything is going in real-time with provenance which allows you to track what is in a transaction and where the product was in each state of the supply chain, tracking back to its origin to its present state. Auditing is a process that requires a lot of money, however, auditing can be performed with a digital ledger without the use of trust since there are verifiable records stored on the decentralized network of computers.

[kryptoalva]

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

Transparency: We can check any transaction on chain and be sure it took place so there is no place for shady transactions.

Security: It’s all about the cryptographic environment and network that its responsable of its own security.

Improved traceability: We can date back to a certain transaction or a single step of a production chain so every step of a diferent action can be traced via the blockchain.

Increased efficiency and speed: Every step stays in the blockchain to be reviewed and every day that passes by the negtwork grows and so does speed within.

Reduced cost: we now pay a transaction P2P only if we use centralized we pay a bit of fees but now we pay whats fair.

[Javier_Flores]

Reading Assignment: Benefits of Blockchain Tech. (Answers)

1. Verifiable 24-7/365
2. Immutable data
3. Real-time Auditing
4. Single Digital Ledger
5. No 3rd party involvement.

[mjvalloney]

1. Transparency:
   All parties have access to information on the ledger.
2. Security:
   Gained via consensus, strong security is built into blockchain technology.
3. Improved traceability:
   Public ledger allows for anyone to see blockchain data.
   4 / 5. Increased efficiency and speed / Reduced Cost
   Gained through reduced need for clunky, inefficient intermediaries for financial transactions,

[Marta]

1. Transparency: all ledger participants share the same data, data cannot be erased and can be checked at any time.
2. Security: transactions need a consensus and they are encrypted before being recorder
3. Improved traceability: all exchanges of goods in a supply chain can be recorder to track very precisely all movements between the origin and the destination
4. Increased efficiency and speed: the blockchain avoids human errors and the automatisation of the whole processes increases speed
5. Reduced cost: no external or internal audit services are needed

[BlockchainAnarchist]

1. Transparency: Because blockchain is a decentralized network, everyone has a copy of every transaction. This shared ledger can only be updated through consensus of everyone participating in the network. Therefore, the data has more integrity and accuracy.
2. Security: In addition to being updated through consensus, blockchain records are encrypted as well. It is also very difficult for a hacker to compromise data across the network as information is stored across every node in the network instead of a single server.
3. Improved traceability: Blockchain allows for auditing and transactions to occur together. When supply chains are recorded on the blockchain, you have an accurate historical record of where items came from and who interacted with them, which can verify integrity and prevent fraudulent activity.
4. Increased efficiency and speed: Usually processes are based in part on paper processes. These eat up time, are subject to human error and usually involve several third-parties. In a blockchain system, transactions are completed and reconciled incredibly quickly. Since everyone in the network has a copy of the same ledger, you’re no longer manually reconciling several different ones and depending on the effort of third-parties.
5. Reduced cost: With blockchain you do not need to put your trust and effort into third-party middle men. Instead, you are putting your trust in the system itself and this ends up being much more cost-effective in the long run.

[Simon_72]

1. Transparency
   All transactions and records on the blockchain are open to permissioned users and they are, most importantly, irreversible. This has the potential to change for instance accounting dramatically. No need anymore for cumbersome tracking and linking of transactions and receipts and invoices. It can be done in real time on the blockchain.

2. Security
   The distributed nature of the blockchain and its consensus algorithm make it extremely difficult to hack or alter the data. It also makes the network robust and its downtime is virtually zero.

3. Improved traceability
   Blockchain technology has the potential to revolutionize supply chain monitoring and makes it a lot easier to verify the sources of any given product since all players in the market has access to the same network.

4. Increased efficiency and speed
   Since everyone puts their faith into the blockchain rather than various intermediaries efficiency can be increased dramatically. In every step of any given business process middle-men can be removed, thus reducing costs and increase speed.

5. Reduced costs
   Same answer as section 4.