Reading assignment: Benefits of the Blockchain technology

[here_for_beer]

Transparency:

The data is public, meaning that everyone who uses the ledger is held accountable.

Security:

The world-wide network stores data by locking the data in a “block” that data is then added to the blockchain, which is immutable.

Improved traceability:

Every transaction leaves a trail that leads to the original sender, holding them accountable. The best use-case could be found in supply-chain

Increased efficiency and speed:

Since blockchain is p2p, that means the middleman can be removed, increasing speed and efficiency.

Reduced cost:

The cost is reduced by removing outdated means of accountability such as hiring auditors, the system is already trustless.

[JAM999]

1. Real time audit .
2. trusting the immutability of data, finality and protocol
3. ability to track that everything is as its said , difficulty in corrupting data, as it comes from a decentralised network
4. 24/7, 365 days…global network operating all the time.
5. removal of systems /middleman , will reduce the cost.

[lmdbuckets27]

@ivan

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

Transparency:

Security:

Improved traceability:

Increased efficiency and speed:

Reduced cost:

1.The transaction ledger is visible for everyone. This adds integrity towards the company’s growth and removes the customer’s trust by verifying every transaction mathematically.
2.The decentralized technology removes the need of a middleman in many fields. One of those fields is real estate because the united visible database makes agreements way easier.
3. Blockchain is more secure than other centralized authority systems , because of its finality feature. This means once the transaction is confirmed the currency cant be returned .This reduces the scam risk and removes the trust.
4. By having a public ledger the blockchain technology allows people to track all the info about the transaction or the authenticity of the supply.
5. Blockchain technology funding simply costs less because it still hasn’t reached mass adoption. Also people don’t have to pay the middleman.

[KK_Cheah]

1. Transparency:
   Transparency allows all users to have the same dataset as all the data are verified by the blockchain network.

2. Security:
   Immutable data and decentralization prevents information from being altered which enhances security

3. Improved traceability:
   Transactions in a blockchain leaves a trail which is easily accessible/auditable and allow users to view and to ensure which parties are held accountable.

4. Increased efficiency and speed:
   Allows transaction in a manner which ignores borders and minimizes 3rd parties in a matter of minutes to seconds.

5. Reduced cost:
   Elimination of 3rd parties or intermediaries for transaction drastically reduces cost in terms of service charges, conversion rates, premiums and more

[k_k]

Transparency:

All transactions are transparent. All users can see it
Security:
Data is decentralized so it is hard to hack it
Improved traceability:
All transaction are written in ledger. We can audit.
Increased efficiency and speed:
We can work 24/7/365. We don’t need 3rd parties like banks to make transactions
Reduced cost:
If we skip middle parties we can save money

[vlad_bodrov98]

Transparency- 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 traceability- in blockchain the traceability is improved in which you can track the origin of the product and where has it been and where did it stop etc. And you can make sure that the information you’re given is correct in which in blockchain the data can’t be changed or manipulated
Increased efficiency and speed: Blockchain removes the middle man which makes it peer to peer and very fast.
Reduced cost: data on the blockchain is trusted and immutable which reduces cost because middle men are not needed

[dan31]

1. Transaction ledger is open to the public
2. Transactions are encrypted and once transactions are approved, they cannot be altered.
3. Removes the need for middle men as its peer to peer
4. Audit trail is present which can track the process of goods and services
5. No need for middle men or the extra costs incurred with cross border payments

[cypher]

1. Transparency: opportunity to check any piece of the code
2. Security: decentralization
3. Improved traceability: a real-time audit trail
4. Increased efficiency and speed: Elimination of the need to trust a trading partner.
5. Reduced cost: no need for the third party

[JasonM]

Transparency:
The blockchain is a public ledger, that is available for everyone to view, therefore promotes all participants to interact with integrity.

Security:
There is no central authority that administers the blockchain, the consensus mechanism is what drives the security and integrity of the ledger.

Improved traceability:
All transactions can be audited, for the whole history of a particular blockchain, transactions are linked to the previous transaction, therefore there is a trail to validate the transaction.

Increased efficiency and speed:
Blockchain has 24/7/365 up time, there is no waiting for “opening hours” to complete a transaction.

Reduced cost:
There is no requirement for a “middle man” when completing a transaction, so this should reduce cost. As mentioned before blockchain is inherently trustless so will negate the need for auditors which can be expensive.

[Connor]

1. Transparency: Blockchain provides a public ledger to the entire network, which records and verifies every transaction to ensure legitimacy, accuracy and replaces trust. Can be fully confident in the network as it is immutable and is confirmed by multiple parts of the network.

2. Security : Don’t need to trust a central authority as the blockchain is decentralised. You have complete control of funds, which are securely stored with public and private keys.

3. Improved traceability : Real world data in real time. Supply chains are able to record the lifecycle of its product at every stage - what ingredients, what date produced, quantity delivered. This real world info in accurately represented on the blockchain for all stakeholders to see.

4. Increased efficiency and speed : Removes the need for middle men - people can transact internationally in an instant. Identifies current inefficiencies.

5. Reduced cost : More efficient business is a more profitable one. Fewer fees to middle men - banks, intermediaries, services.

[SmooveSaudi]

1. Transparency: the transaction ledger is public and can be viewed by just about anyone. This keeps all stakeholders and parties accountable.
2. Security: because each new transaction is verified, encrypted, linked to previous transactions and stored in the network, this makes it safe from false information and hacks.
3. Improved Traceability: Each time an exchange of goods is recorded on a blockchain, an audit trail is present to trace where those goods came from.
4. Increased Efficiency and Speed: A decentralized network removes the need for middlemen compared to traditional financial services. This also leads to faster transactions due to P2P transfers.
5. Reduced Cost: The lack of middlemen means they do not need to be given a cut of the profits which leads to reduced costs.

[Cryptek]

1. Transparency:
   -> as you have a copy of the blockchain and because it is readable you can easily check every transaction

2. Security:
   -> all the transaction are validated by the ‘group’ you can’t decide by yourself which transaction will be record in the blockchain

3. Improved traceability:
   -> everything on the blockchain is readable, shared and, on a technical side, each block depends on the previous one.

4. Increased efficiency and speed:
   -> it is not centralized, it is shared between all the actors of the blockchain and everybody has a version of the blockchain.

5. Reduced cost:
   -> no centralisation, no big company like Oracle behind this technology, no middle men

[smfl]

1. Transparency. Since blockchain is public all data is accurate and available for everyone any time.
2. Security. All added data is verified and can’t be modified or removed. Also blockchain can’t be easily hacked.
3. Improved traceability: all data is linked to each other that make it possible to trace it. It also available when needed.
4. Increased efficiency and speed. Because of high availability 24/7/365 and removing middleman.
5. Reduced cost. Due to removing middleman and increasing speed and efficiency.

[Jmroach]

Transparency: The transaction itself is open on the network for everyone to see.

Security: All transactions are encrypted and linked to the previous. Since there is no central database and the network is spread across many computers it makes this system immutable to hacks.
Improved Traceability: You are able to see exactly where your product or goods have been and originated from, removing the ‘trust factor’. For example when you order a shirt on Amazon you can see exactly where it has been manufactured and shipped.

Increased Efficiency and Speed: Removes the middle man from the equation by creating a peer to peer transaction system.

Reduced cost: Blockchain removes middle man - middle man is never free no matter what your bank tells you!

[SpectrumX]

1. With transparency comes a level of scrutiny that creates accountability for providing false information.

2. All transactions are encrypted and verified by a collection of nodes that all have a copy of the blockchain. Through provenance and consensus these nodes automatically work together to ensure the transaction is true to the public ledger thus removing trust and replacing it with verification. Plus none of the details of a block can be changed and the network’s security is backed up by miners.

3. Blockchain brings real-time auditing to every step of a transaction/exchange of goods. This means that we can able track every point in a supply chain from manufacturers to distributors and even to the end user, preventing fraud (resolves questions surrounding ownership) and verifying if the goods/transaction(s) are authentic.

4. Through global infrastructure tied to a unified system that possesses real-time auditing, blockchain technology removes the need for a middleman and ushering in P2P transfers. These automated processes remove trust concerns and make the process very fast.

5. Due to it’s immutability, scamming is removed from the equation, and since the majority of scammers are now the consumer, there’s no ability for them to cancel a transaction (no chargebacks). This saves companies a lot of money in the short and long-term, plus not having to be middle manned means less fees to facilitate a transaction.

[tojimmys]

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

1. Transparency: encourages business to act in good faith since all of their transactions are publicly viewable.
2. Security: Immutable and incorruptible data verifiable by mathematics plus node distribution make it very difficult to hack or alter.
3. Improved traceability: the public ledger provides transparency of transactions allowing viewers to verify and confirm the history of a series of transactions (ownership, or supply-chain are common examples).
4. Increased efficiency and speed: It has the ability to remove the middleman from many transactions, and digitizing what use to be a manual process.
5. Reduced cost: Removing the manual middle-man and the costs that are required to create “trust” between agents can save money

[R.Samson]

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

1. Transparency:
   Transparency creates an honest network, which has already verified data.
2. Security:
   Security is resistant to hacks, corruption or falsification of data. The more users we have the more secure it becomes.
3. Improved traceability:
   Makes impossible for businesses or consumers to cheat.
4. Increased efficiency and speed:
   Unites the users across the globe.
5. Reduced cost:
   Cuts out the necessity for a middle man plus everyone loves deals!

[TravisFoster]

Transparency: Because of accountability! Blockchain removes the layer between accounting and transactions where things can be lost. By implementing the transaction ledger into systems and businesses that is open to viewing everyone is held accountable for their actions in all areas of the business or system. You can identify each individual fly in the ointment.

Security: With blockchain comes encryption and traceability, each new block is confirmed or denied by the network of computers and then added to the public ledger, every block is a permanent “rune” that cannot be altered or taken back. The immutable nature of blockchain is enabled by provenance
(traceability) which also protects against corruption, falsified information and hacking. These qualities allow transactions in businesses and systems to be made in a “trustless” manner because everything can be verified.

Improved traceability: There is a continious live audit taking place at all times, each block is linked and can be traced back to its beginning point which would help improve security and protect against fraud as well as facillitate physical tracking of a supply chain or provide irrefutable proof of ownership as a transaction cannot be altered by an outside source or through a central database

Increased efficiency and speed: You eliminate unneccessary middlemen by faciliating P2P crossborder transers through cryptocurrency.
Faster, verifiable transactions and ease of access through a unified system would greatly increase efficiency and speed in many industries.

Reduced cost: Cost would be reduced by the elimination of man hours wasted through human error by replacing it with automation, there would no longer be middlemen and 3’rd party trust brokers looking to get paid or accountants reconciling multiple ledgers as all data is easily verified through the open ledger.

[pedram_ezzati]

Transparency: the ledger address is public for everyone and it is global
Security:transition is encrypted that is why it is more secuire
Improved traceability: when it transition is made the can be easily traced by it history from where to where is started
Increased efficiency and speed:it is has good speed than banking system because in the banking system or other you should go through so many authetication and validation and it takes time
Reduced cost: because it is decentralized anyone can be a miner so the cost is reduced

[MentalChai]

Transparency: With a public ledger there is more transparency and businesses can be held to higher levels of accountability

Security: Because of the way blockchain works, it is impossible to corrupt the data so it is safer

Improved traceability: Each block is linked in chains and it is possible to go back in the past and view the status changes over time.

Increased Efficiency and Speed: Middle men are removed and everything can be done directly without the need of third parties in the middle.

Reduced cost: Same as above, middle men are removed and we can rely on trustless technology that do not require extra payments to middle men.