Reading assignment: Benefits of the Blockchain technology

[thecryptoargie]

These are the benefits of using a blockchain

Transparency:
Blockchain is an immutable, open-source and trustless ledger. As every transaction is verifiable, this obliges all sectors that must be held accountable, be they businesses, communities or individuals, to act with integrity.

Security:
Each new transaction is encrypted and linked to the previous transaction, making it immutable and incorruptible. This makes it impossible to hack or tamper it. Also, it is made up of an entire computer network, which eliminates the need for trust and the possibility of corruption that centralized authority implies.

Improved traceability:
Every time there is an exchange on the blockchain, it leaves an audit trail that facilitates and ensures the authenticity, security and incorruptibility of both traded assets and supply chains in industries as diverse as agriculture, medicine or art.

Increased efficiency and speed:
Unlike traditional financial services, transactions on the blockchain occur in a decentralized and direct way, that is, without the need for a third party.

Reduced cost:
In traditional markets, companies spend a lot of money to ensure compatibility between isolated systems, to perform maintenance services and to facilitate a trustful connection. In the blockchain, as we said, there is no need for a third party.

[BrendanGolledge]

The homework asks “why” these are benefits. I think maybe it was meant “how” these are benefits. It sounds strange to ask “Why do you want your money to be secure?” Very few people want to send money and not know that it will go where they intended it.

1. Transparency:
   All transactions are public record, so anyone can know anything that happened on the blockchain record.

2. Security:
   Records are immutable. That makes forgery impossible.

3. Improved traceability:
   The fact that immutable public records are created in time with transactions, and that these transactions follow each other in consecutive blocks means that any particular asset within the blockchain system can be traced back to its origin.

4. Increased efficiency and speed:
   If I try to send money from my American bank to a bank in a foreign country, it has to go through my bank, visa, swift, and the foreign bank. With blockchain technology, the money moves once.

5. Reduced cost:
   Cost is reduced because the need for middlemen is entirely eliminated.

[Cryptopants]

1. Transparency: The entire digital ledger of any given block chain is made viewable by the public, so anyone at anytime can see everything that has taken place on the chain back to the very first block.
2. Security: Block-chain is impossible to alter after the network accepts blocks and transactions, each new block created has a copy of every previous transaction in the chain and is not controlled by one single entity.
3. Improved traceability: Every transaction on a block chain is trackable, the ability to audit a database in real time back to the very start of the chain is very useful. Companies can keep track of and authenticate supplies coming from suppliers and know it is legitimate.
4. Increased efficiency and speed: Without the need of a middleman, P2P transactions are much more cost effective and faster.
5. Reduced cost There is no middleman to take any fees or make any commission, people interact directly with others without the need for a company/other individual.

[maxs]

1. Transparency: Blockchains facilitate transaction verification and auditing to all involved parties, encouraging responsible use.
2. Security: As data recorded on the blockchain is immutable, it is very hard to falsificate transactions.
3. Improved traceability: If assets or goods are being recorded on the blockchain, it is possible to track their origin from previous transactions, which can’t be manipulated.
4. Increased efficiency and speed: The network itself removes the need to perform manual verifications by the involved parties, facilitating the automation of processes running based on the blockchain.
5. Reduced cost: Related to (4), as less manual verifications are needed and more processes can be automated, less middlemen are needed, thus reducing the cost.

[Nathanye]

• Transparency means it is a distributed ledger that has the same documentation shared by everyone and available to all with permissioned access.
• Security because transactions are agreed upon and approved, then linked to the previous one and stored across a network of computers, not just one. This prevents fraud.
• Improved traceablilty meaning everything in the supply chain can be accurately tracked.
• There is a single digital ledger that everyone has access to so intermediaries are not needed which increases efficiency.
• Data on the blockchain is trusted and immutable which reduces cost because middle men are not needed.

[vic21]

1. Transparency:
   Transparency is beneficial because a party is less likely to be corrupted if its dealings are transparent.

2. Security:
   Security is beneficial because it ensures that someone’s assets cannot be taken away. Blockchains ledger ensures that every transaction is permanent, thus increasing security.

3. Improved traceability:
   Traceability and security are related in that they are both derivatives of the immutable ledger. All transactions can be traced in the ledger and include a unique hash and timestamp.

4. Increased efficiency and speed:
   Efficiency is beneficial because it reduces the costs of transactions. Blockchain eliminates the need to use intermediaries that dramatically drive up the costs of transactions.

5. Reduced cost:

See above. This is related to increased efficiency as blockchains eliminates the need for intermediaries that drive up costs.

[Curlynaiomi]

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

Transparency: Blockchain provides transparency because it allows for viewing of the public ledger which is a real time audit of the transactions which can be traced back

Security: Blockchain provides the best security by encrypting every new transaction and linking it to the previous one, each transaction goes through consensus approval of various computers in order to be finalized.
Improved traceability: A blockchain provides audit trail is present to trace where goods come from and proof of ownership.

Increased efficiency and speed: Due to being decentralized, blockchains are able to cut out use for middle men in many types of transactions and it is able to facilitate faster transactions using P2P cross-border transfers with a digital currency and it can keep records of smart contract and ownership records.

Reduced cost: Blockchain technology can remove the need for a middleman or a third party, this can save businesses and consumers money.

[adamgolding]

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

1. Transparency:

All parties can see the chain by running a node (or using a site that maintains one)

2. Security:

There is no single point of failure.

3. Improved traceability:

All transaction history is recorded with bitcoin

4. Increased efficiency and speed:

you don’t need to wait for a middleman’s approval

5. Reduced cost:

you don’t need to pay the middleman

[dstober]

Transparency: All Transaction ledgers are available to the public- This forces accountability ion companies and individuals to act with integrity.

Security: Blockchain is formed by a complicate string of mathematics, that once completed, is impossible to alter. This design eliminates any type fraud, falsified info or hacks that we find so common today in regular databases.

Improved traceability: With every transaction that occurs, a new audit trail is automatically created that cannot be challenged since it has been verified by multiple ledgers within the network.

Increased efficiency and speed: Since blockchain is decentralized and accessible to everyone, the middle man is removed from the process. Everyone will have instant access to verified records that will reduce time and increase efficiency.

Reduced cost: A system that provides, greater transparency, increased efficiency, higher security and improved traceability will automatically eliminate a lot of wasteful expenditures and save any company money.

[domi17]

Transparency: All the Data is shared by everyone and can only be changed by consensus. It doesnt need a third Party.

Security: The Data is decentralized, verified, traceable and not therefore not controlled by a central party.

Improved traceability: The whole history can be tracked

Increased efficiency and speed: Its replacing human error and paperwork

Reduced cost: Removes third parties and therefore reduces costs of that services

[stan_y]

1. Transparency:

Because of the public nature of a blockchain it is accessible by anyone wanting to see and confirm the transactions held within the blockchain, this helps increase the accountability of entities making transactions on the blockchain thus making them act with more integrity.

2. Security:

Due to the decentralized nature of a blockchain there is no central authority that can be hacked or corrupted when it comes to recording transactions. It also requires a consensus between the miners on the network meaning data is verified before being added to the block.

3. Improved traceability:

Everytime there is a transaction it gets recorded into the blockchain, and since it is a public ledger one can go back and see the trail of where the product has been or the various steps leading up to its production.

4. Increased efficiency and speed:

Blockchain cuts out the need for a middleman for many transactions meaning it takes less steps for transactions to get processed. And since its digital it just gets processed faster.

5. Reduced cost:

Without the need of a middleman, one does not need to pay an institution or middleman to facilitate their transactions.

[ThanhNG]

Transparency: Blockchain is the breakthrough in the digital world as we know today as it is a database that have certain features to make it superior than our current age databases, such as; Immutability, inter-peer validation, available for public audit .

Security: Blockchains enables certain key features of security as follows; ownership of data, immutability, inter-per validation, theoretically impossible to hack or alter the data that has been already accepted into the blockchain.

Improved Traceability: as blockchain is simply represent a public ledger where all the data/transactions are publicly available for auditing, each transaction performed on the blockchain will be added without the ability to change it hence it stores the entire history of certain asset or transaction. as blockchains rely on the consent of all nodes carrying the blockchain hence it is immutable.

Increased efficiency and speed: as blockchains nodes to verify if the data/transaction whether it was true or false after auditing on it. as blockchain enables per to per transaction, it would eliminate third parties evolved hence increase speed and efficiency.

Reduced cost: as blockchain enables per to per transaction/contract which will eliminate the need of having third part benefiting from such transaction. introduction of smart contacts also ensure the reduced cost and trustless transaction of assets.

[mpietrowiak]

Transparency: all the transactions on the network can be seen by anyone

Security: the network eliminates trust, and it is secured by the algorythms

Improved traceability: the transactions chain can be tracked so it enables more transparent systems and supply chain tracking

Increased efficiency and speed: global blockchain systems can work very efficiently due to its trustless and distributed nature.

Reduced cost: No action of a human might be needed in many cases as many of the processes on the blockchain can happen automatically.

[VinceP]

All transactions are transparent as they are logged on a public ledger and that requires that participants to act with integrity
Security is achieved through constant multiple verifications of the transactions by the active participants in the ecosystem. Each block created through recorded verification is linked to the previous one and the next one and this chain of records is immutable creating trust less and secure environment.
As every transaction is completed and verified on a publicly available ledger it is easy to trace instantly through tall linked records and their time/date stamps.
As the ecosystem offers high availability and no involvement of intermediary/ies all transactions can be completed in a fast and efficient way I.e. no weekend delays
Transactions are on a peer to peer basis eliminating the need for intermediary thus removing this unnecessary cost.

[steverwyllie]

1. Blockchain provides high levels of Transparency through it’s [public] ledger
2. It has high levels of Security, because of the Consensus required for a transaction to be added to the blockchain and the immutability of the transaction once accepted
3. It has improved traceabilitt, because the immutable audit trail is part of the blockchain
4. It carried increased efficiency and speed, because of having no need for 3rd parties or intermediaries
5. There are also singnificant reductions in costs, since no intermediaries have to be paid and no specialised infrastructure is required

[Markus_MK]

1. Transparency: All transactions are auditable at any time for full transparency.
2. Security: Once written in a block and added to the ledger, included transactions are immutable.
3. Improved traceability: Blockchain technology provides trustless traceability of ownership and provenance.
4. Increased efficiency and speed: Increased transaction speed makes any process way more efficient.
5. Reduced cost: Transaction fees for large amounts of money are quite affordable compared with common SWIFT transactions.

[Ash-G]

The Benefits of Blockchain technology.

Transparency: Financial transactions as well as any other blockchain app such as supply chains, are able to trace the exact workings of the trace which adds to the integrity of the buisiness, and generally allows a sense of ease to all involved.

Security: Once a ledger has added data to the chainblockchain it can not be deducted & can not be tampered with in any way.

Improved Tracebility: Blockcain allows a user to follow an audit trail, enabling someone to trace the origines of a product or transaction plus its authenticity & ownership.

Increased Efficency & Speed: Financial services in particular benefit from the fact, a international transaction is achieved highly efficeintly in a matter of seconds, compared with traditional financial services which can take three to four days and theres no garantee the transaction will go through at all.

Reduced Cost: Blockchain is cheaper due to its speed of transaction, plus there is no need of middle men.

[crypto-djent76]

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

Transparency:

Better security comes from the trustlessnessof the decentralized network of blockchain ledgers where everyone is able to view the transactions. This adds a layer of accountability in all sections and processes of a company's growth, community and their customers.

Security:

The records transacted are encrypted and linked to a previous transaction, therefore the 'chain' can't be altered or 'hacked' once a transaction is formed. As the network in blockchain is decentralized, no one party controls it, so there is no basis for 'trust'.

Improved traceability:

The blockchain ledger creates an audit trail so that a transaction or exchange of goods can be recorded from point A to point B. This assists in the authenticity of the trade and prevents fraud.

Increased efficiency and speed:

Middlemen are no longer required which cuts out unnecessary waiting time and costs for business. Faster transactions are facilitated with P2P (Person to Person) protocols across the world with digital currency, and efficiency is created with a unified system of ownership records and smart contracts.

Reduced cost:

With blockchain technology, the cost is reduced due to the transparency of the transactions involved and the whole supply chain management system. This leads to less overheads, auditing costs, nobody to worry about the security of the network as it's decentralized, and being able to develop new relationships outside of the 'usual boundaries'.

[JeanJohn]

1. Transparency:

Due to the open-to-view nature of the blockchain, the transparency of an individual company’s actions are always visible to the public eye. Through network accountability, which is a result of that process, the company can earn integrity points with its customers and further establish its place in the network. For example, bad behavior would be simply exposed with blockchain, therefore jeopardizing a company’s reputation.

2. Security:

In order to become a part of the blockchain network, every transaction that occurs has to be first verified by a network of computers. If a transaction is confirmed, it is written on the block, which is then added to the ledger. The immutability and finality of all the approved transactions form a very secure network, which is backed by complex mathematical procedures, that cannot be corrupted.

3. Improved traceability:

Every transaction that occurs on the blockchain is stacked on all the previous transactions. Due to the nature of the blockchain, this transaction can be later traced to by the process of real-time audit trail.

4. Increased efficiency and speed:

One of the most important aspects of the blockchain technology is the speed at which transactions can occur. Due to the high availability of the network, this transaction can be literally executed at any point in time, on Sunday, on holidays, in the middle of the night and in the matter of seconds.

5. Reduced cost:

One of the most important aspects of blockchain technology are the low fees required to execute large financial transactions. With the elimination of the middle man (such as a bank), no third party is responsible to confirm a transaction.

[benj]

1. Transparency:

Public nature of the distributed ledger delivers unprecedented transparency. Within a single company, it can hold each sector of the business responsible for acting with integrity towards other sections.

2. Security:

The encrypted, immutable nature of the blockchain means that it can’t be hacked or falsified.

3. Improved traceability:

Provenance - everything can be traced back to its source and an entire supply network can be verified.

4. Increased efficiency and speed:

Blockchain removes middle men and enables automation of tasks such as auditing that would otherwise be resource-intensive.

5. Reduced cost:

Removing middle men, automating large tasks and better security all help to reduce cost thanks to increased efficiency.