Reading assignment: Benefits of the Blockchain technology

[Perez]

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

1. Transparency:

The blockchain uses a database or ledger where all the transactions are recorded/added and they cannot be altered, they are final and they can be traced back to origin and so the transparency is guaranteed.

2. Security:

The use of blockchain entails that everybody uses the same protocols and standards that rely entirely on the network which is highly available; data is decentralised and stored in many different nodes and there is the need of consensus to add data to the chain; encryption and immutability also adds to security…

3. Improved traceability:

It is possible to trace back all the transactions stored in the ledger to its origin.

4. Increased efficiency and speed:

The blockchain due to its decentralised nature and consensus mechanisms does not depend on an authority or entity to accept transactions and this improves efficiency and speed.

5. Reduced cost:

The nature of the blockchain reduces the need for middleman and entities and so reducing costs or fees, etc…

[germanglezar]

Transparency: You can go and check every single transaction. Validating if its correct or not

Security: The rules are set by math and protocols. You can cheat it. Because of proof of work the participants such as the minners keep incentive to mantein the security of the system

Improved traceability: Every transaction is recorded into the blockchain and no one can change it. So you can track every transaction

Increased efficiency and speed: The network runs in the whole word. Blockchain never sleeps

Reduced cost: You no need any intermediary. The cost reduce a lot because the transactions are made peer to peer, no institutions are controling your money.

[sccsammy]

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

1. Transparency:

• Since everyone can see what is recorded on the ledger, you have multiple people that can validate transactions. Removing the need to have trust in the ones performing transactions or adding to the ledger.

2. Security:

• Security is improved in that each block is added to one before it and is immutable to change. Once a transaction takes place and is validated by multiple nodes it is permenant and can always be verified.

3. Improved Traceability

• Every transaction can be traced back to its origin. Any intersecting transactions can always be cross referenced since the blocks are built on the previous transactions.

4. Increased Efficiency and Speed:

• Because Blockchain has a natural quality of provenance. It brings the transaction layer together with the accounting layer which instantly can be audited in any manner across multiple platforms.

5. Reduced Cost

• Anything more efficient generally reduces your cost. Lest accountability and tracking. Less infrastructure maintenance. Less manual bookkeeping is needed with a broader range of transparency through the whole process.

[Edvins]

1. Transparency: 
the ledger is available to view - transparency and accountability!
2. Security: encryption, immutable ledger, decentralized network/resiliency, trustless
3. Improved traceability: built in audit trail with the immutable ledger
4. Increased efficiency and speed: the decentralized network translates to direct peer-to-peer transactions

Reduced cost: no middleman, not public company trying to hit qtrly numbers - community based ecosystem that works efficiently!

[soshau01]

1. If everyone can see it, then it is harder to hide things. This allows a company to be removed from a trust transaction to a trustless one.
2. Since the ledger can’t be hacked or destroyed once the chain has been made you know the transaction is safe.
3. Every transaction leaves a trail. This trail is instantly traceable back to it’s origin on the chain.
4. By removing the middle man out of the transaction you increase efficiency and reduce the time of transaction.
5. The quicker and more efficient a transaction can take place the less it costs to do that transaction.

[Samurai]

Transparency - The benefits here are that all transactions can always be reviewed over in the future. This leads to responsibility and accountability when using the blockchain
Security - The decentralized nature of blockchain allows for a near unhackable and unalterable ledger unlike any other security service in the world.
Improved traceability - All transactions are forever kept on a ledger and are immutable, this leads to all previous records being traceable down to fine details.
Efficiency and speed - The benefits here are that there is no need for a middle man. This cuts down time of transactions and movement of information by drastic amounts.
cost - By removing a middle man there is no longer a need for high fee’s. Transactions end up much cheaper.

[vivamusically]

Transparency: Transactions can be viewed through public addresses, creating a culture of accountability.

Security: Encrypted transactions that need to be validated and confirmed by a network or different computers across the globe.

Improved traceability: Exchanges of goods are trackable from their very first source, creating a linear and authentic path.

Increased efficiency and speed: No third party nor middle man, rather peer to peer transaction.

Reduced cost: Fewer parties involved equals fewer additional fees and low overhead.

[DavNej]

Transparency: everyone can access the ledger

Security: immutability and trustless

Improved traceability: immutability and exhaustivity of transactions

Increased efficiency and speed: high availibility, no closing hours

Reduced cost: only fee is miner fee, no employees, no real estate to pay for

[Sortega544]

1. For transparency in blockchain it mean we are able to view our entire information openly. Without hiding anything from anyone.

2. For security our transaction will be encrypted and linked making it hard for hackers steal information.

3. For traceability, when it comes to transaction it will be audit and recorded from where the information came from.

4. When making a transaction in blockchain we’ll have increased efficiency and speed, meaning the transaction will be quick but also secure from any threat to come.

5. With blockchain being everywhere it can make business move a lot faster because of how secure and quick it is saving business time and money.

[Jill_Brewer]

Blockchain benefits:

Transparency – because it is a public ledger with accountability;
Security – because it is incorruptible;
Traceability – because every transaction is recorded, leaving an audit trail;
Efficiency and speed – because blockchain takes out the middlemen and runs 24/7;
Cost – because there is no need for auditing or bridging silo systems.

[janmam]

1. Transparency can be achieved because of the public blockchain, so all relevant parties can view every transaction all the way back to the origin
2. Being a decentralized network of incentivized computers verifying each encrypted transaction makes it fully secure.
3. Since the transaction on the blockchain can’t be edited or deleted, one can trace any transaction all the way back to its origin, which makes traceability easy and flawless.
4. Since it is a decentralized incentivized network, it is always accessible. Having all the (correct) information accessible 24/7 to each relevant party, facilitates real-time solutions.
5. There are many ways blockchain technology can be more cost-effective. From cheap and instant financial transactions, to much more reliable and fast/easy quality control. 3rd parties can in many cases be removed or reduced.

[Jorge1315]

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

Transparency:
Since it is a public ledger anyone can see the transaction that have been add to the chain, there is no doubt tht a transaction has been confirmed and consensus among the nodes of the network has been achieved

Security:
Each new transaction is encrypted and lynked to the previous transaction forming a block that then is added to the ledger, once the blockchain is formed it is impossible to alter which also add anoyer layer of security, so it is Immutable and uncorruptible.

Improved traceability:
Because it is possible to check every transaction added to the layer so pottentially trace every single ingredient and producedrs in the food, fashion or pharmaceutical industry, it eliminates trust and it is possible to verify and trace every single transaction

Increased efficiency and speed:
increase of efficiency is achived by eliminating the middle men, and allowing P2P transactions, for example payments, can potentially eliminates Bank, Paypal type of companies etc, which rediuce cost of transactions and increase speed.
Reduced cost:
Cost are reduce by eliminating middle parties, which charge fees and are centralized organisations such as bank, payment companies, credit card companies etc.

[ZachGMiller]

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

Transparency: This enables anyone to view the database which they can trust, because it is decentralized, instead of having to trust a single person or company. It also creates accountability.

Security: Because blockchain is a decentralized public database that is immutable and irreversible. It cannot be hacked. We only have to trust in the math protocol.

Improved traceability: When data is confirmed by consensus it cannot be reversed or erased. Anyone is able to audit the data themselves. We can prove ownership, prove that exchange happened, and prove authenticity.

Increased efficiency and speed: The network confirms the data while simultaneously being audited and publicly posted. Blockchain can also cut out the middlemen in a lot of processes or supply chains. It enables peer-to-peer transfer between strangers instead of having to go through a third-party.

Reduced cost: Because blockchain can do the job of escrows and middlemen it can save businesses in expenses. It is more efficient because it goes directly from peer to peer and everyone in the network can use each other’s connections to expand the size of the network.

[Cryptobearcat]

Transparency: transactions are on public ledger and cannot be removed. Public addresses are open to viewing for anyone.

Security: network of computers all have to come to agreement before it is posit on blockchain. Everyone is financially incentivized to play by the rules. Mining is how people protect the network and make money

Improved traceability you can see every block formed and it’s journey from A to B to C (the complete lifecycle) so trust from supplier is eliminated. Builds a trust less system and can be traced in real time.

Increased efficiency and speed: you can have everything in one place and also cut out the middle man or 3rd party resulting in faster transaction times with no error. 24/7 365 no downtime

Reduced cost: saves time by cutting out middle man and letting the protocol take care of business. High availability, security and consensus all play a huge role in reducing costs and all of the above

[stevenbowler]

Transparency: Viewable by everyone, everywhere.

Security: Immutable.

Improved traceability: All blocks in the chain are literally and logically “linked” to the previous block.

Increased efficiency and speed: Decentralization helps improve allocation of resources and leads to efficiency.

Reduced cost: By eliminating need for third party middleman and all associated costs, it is cheaper to ensure a transaction using blockchain.

[Karambo]

1. Transparency. Public ledger allows everyone to access it and look into history of all transactions
2. Security. Network is unhackable because there has to be consensus between nodes before data is updated
3. Improved traceability. All past data can be verified through ledger. Products path trough supply chain can be tracked easily by accessing past data
4. Increased efficiency and speed. Automation increases speed, replaces need for third party services, such ass money transfer.
   5.Reduced cost. Peer to peer transactions reduce the cost of middlemen

[Suat_S]

1. Transparency: As a decentralized and trustless platform, blockchain lets us verify and trace the transactions. This makes it impossible to cheat and pushes people into acting with integrity.

2. Security: It is not possible to realize an incorrect transaction on blockchain thanks to its unique decentralized nature.

3. Improved traceability: In blockchain, each transaction is easy to be traced and verified. This prevents fraud and also makes it more secure. The improved traceability also helps us verify the authenticity of the traded assets.

4. Increased efficiency and speed: The transactions in blockchain is much faster than a traditional trancastion. It also requires less middleman.

5. Reduced cost: While saving us time, blockchain also reduces our costs as it requires less middleman and less paperwork. Also most of the companies spend a lot of money for the auditing & other processes that can easiliy be done in real time with blockchain.

[drala.lungta]

1. Transparency:
   Blockchain is an open ledger and when a transaction is made it must be first approved by consensus before being adding.
2. Security:
   Digital provenance and it’s finality is trustless. Don’t trust – Verify.
3. Improved traceability:
   Immutability is great. Security in global world is awesome!
4. Increased efficiency and speed:
   Not only it’s incentivized by being honest. It is also high availability: 24/7/365 open for business.
5. Reduced cost: cutting out middle man

[bfleming98]

Transparency: Ledger is public and readily accessible. Anyone can view and audit all transactions.

Security: Written in stone. Mining uses no central authority and is trustless. Math and the protocol protect against things like double-spend or cheating.

Improved traceability: You can see the origin of any transaction. Everything is visible and public.

Increased efficiency and speed: A third party is not in the middle. You can assume accuracy because it is written in stone and can’t be changed. No need to do expensive auditing.

Reduced cost: You do not have to worry about trusting other companies or parties and the expenses (like Auditing) that go along with that. Using a single unified network.

[troubld_G]

Transparency: Since all data is listed publicly, this fosters and environment of accountability and integrity because their is nowhere to hide or nothing that can be lied about since everything is verifiable by anyone.

Security is a benefit through providing an immutable and unchangeable ledger which also publicly reports all transactions on the entire change thus making things created out in the open for the world to see.

Improved traceability: This benefit is created through creating one place where all individual parties within a supply chain or information/data chain can see all transactions on the chain and verify that these “ingredients”, what each individual party claims to be true, are authentic.

The blockchain by design increases efficiency and speed through enabling a trust-less peer to peer platform.

Reduced Cost: Costs are reduced using blockchain technology because it eliminates the need for middlemen and third parties within transactions. It also allows for all parties within an organization to view this verified information while also allowing them to use it as well which saves time and therefore money.