Reading assignment: Benefits of the Blockchain technology

[The_Sambar_Vada]

Transparency: The ledger is public and anyone on the blockchain can view it

Security: Data in the ledger once verified cannot be manipulated or deleted.

Improved traceability: If supply chain data is tracked on the blockchain, it provides Realtime audit capability frm=om manufacturing to distribution

Increased efficiency and speed: Cut the middlemen

Reduced cost: Faster, secure, transparent transactions where all the stakeholders are incentivized to be honest leads to reduction in redundant resources.

[jakjez]

1. transparency, blockchain is fully transparent anybody can have access to it and its information.
2. Security - there is no central DB hence information is copied around the network - impossible to hack
3. All information about each transaction is there for the eternity, you can track all way back to the begining.
4. To wire money between accounts in different continents it take days, to complete transaction in blockchain is only minutes.
5. Each trnasastion on the blockchain cost the same amount of money

[Daniel.P]

1. Transparency:

With blockchains’ transparency you are always able to track where everything came from and you can see who or what was responsible for each thing. This increases accountability and integrity.

2. Security:

Blockchain is far more secure than any other record keeping system because every new transaction is encrypted and you can always see where each transaction came from. Also, all information stored in the system is final and cannot be altered.

3. Improved traceability:

Every time any exchange or transaction has been recorded to the blockchain it leaves behind a trail which you can trace back as far as you want and see exactly where everything came from.

4. Increased efficiency and speed:

Blockchain in increases efficiency and speed by removing all middle men from the equation and it allows for P2P cross-border transfers with a digital currency.

5. Reduced cost:

The cost is massively reduced by cutting out all middle men.

[TimL1]

1. Transparency: everybody can enter the blockchain and view all transactions
2. Security: the fact that no transaction can be altered contributes tot he security
3. Improved traceability: every transaction can easily bet races, for instance the supply chain of a product manufacturer
4. Increased efficiency and speed: the ability to tranfers funds all over the world in a split second is maybe one of thegreatest features of blockchain
5. Reduced cost: see answer to point 4

[melatamps]

1. Transparency:
   Blockchain is a public ledger and open for viewing (transparent)

2. Security:
   Blockchain removes the need to TRUST any middle man (third party) but instead rely on the math and protocol on a global network database system that cannot be broken or changed. It is immutable and irreversible

3. Improved traceability:
   As a real time public ledger, it is easy to track any transactions or records in real time

4. Increased efficiency and speed:
   Blockchain as a global database removes all the network barrier (information silos) so that everyone is using the same source of information infrastructure

5. Reduced cost:
   By removing the middle man (decentralized system), blockchain will definitely reduce a lot of cost

[Rocky]

1. Transparency: In blockchain before a data gets added to the blockchain it has to be agreed upon collectively by the nodes. And when it gets added it becomes available for everyone to see. A blockchain is a single database where all that are connected share a continuously updated version of the ledger that publicly displays all transactions with time / date stamp and wallet address.

2. Security: spread out on many computers geographically, and not only on one or two servers therefore it is extremely hard for hackers to hack the blockchain in which there’s no central base for it. 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. The network has to verify transactions through consensus before adding it to the block.

3. Improved traceability: 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. As a blockchain is open decentralized and immutable it is easier to authenticate the data and access it as no permission is required to access and view the network.

4. Increased efficiency and speed: removes the middle man which makes it peer to peer and very fast.

5. Reduced cost: Data on the blockchain is trusted and immutable which reduces cost because middle men are not needed

[Martin1]

Transparency: All information are open and everyone can read or download them. There are no hidden actions.

Security: Once the rules are defined, theres no way to change them or break them. That greates security for the system and alos trust.

Improved traceability: Every peace of the Supply-chain can be tracked and also it shows the origin of the information.

Increased efficiency and speed: Every transactions can be send without any third party who have to check it. Fast like a lambo.

Reduced cost: Because theres no third party or middle man, u save the fees for them.

Reduced cost:

[demimeadows]

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

TRANSPARENCY can be publicly viewed therefore creating accountability to the employee and a responsibility to have integrity for the business and transactions they perform.

SECURITY: Encryption of each new transactions is linked to the previous transaction and creates a “block” then this block is added to the ledger to form “chain” where a complicated series of mathematical numbers makes it impossible to change once it has been added.

REDUCED COST, EFFICIENCY, and SPEED occurs by removing the middleman due to the trustless nature of blockchain. P2P blockchain transactions (payments/transfers) with digital currency and smart contracts provide efficiency, speed, security as well as reduced cost to businesses.
TRACEABILITY- Blockchain records can provide many benefits but the ability to trace products on routes, supplies within a product or authenticity of a product, it’s ingredients or even to validate true ownership.

[jocrypto]

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

1. Transparency: All transactions are public through their public addresses and can’t be altered, removed, hidden, or reversed.
2. Security: No trust is needed between parties or complete strangers to transact safely through the decentralized technology of blockchain.
3. Improved traceability: The system can’t be cheated in a supply chain through this technology when it comes to the transactions from the many different supplier companies until an order is complete and the products reach the buyers’ premises.
4. Increased efficiency and speed: Blockchain allows faster transactions through digital currency payments and removes the need for middlemen. This advantage comes really handy in the payments and real estate field’s transactions for example, making blockchain really effective.
5. Reduced cost: Time is money, middlemen are not needed for transactions to be successfully executed, thus blockchain technology reduces the overall costs compared to the traditional technologies.

[lukad]

Transparency:
Blockchain ledger is open and that means that anyone can view the history and see who did what and who owns what. This forces everyone to act honestly since its very hard to lie or to hide things.
Efficiency:
Because it works 24/7 and because it removes the need for middlemen it is far more efficient than current financial system.
Security:
Decentralization, encryption and immutability make blockchain very secure. Only when a consensus is reached in the network then the block is confirmed and added to the “chain”.
Traceability:
Blockchain enables viewing the immutable history of lets say a product at any point in time. For some industries this is especially beneficial like for example medicine industry and art.
Reduced cost:
Because blockchain enables trustless environment and removes various middlemen that currently exist in various businesses it also reduces the costs.

[Dekar]

Transparency: All transactions are tracked immutable on the blockchain and since every participant has its own copy of the blockchain all transactions can be traced.

Security: Because all informations are stored on a network of computers and all new added informations are verified by the network it is not possible to change information. It is also a trustless technology since there is no single authority which hast to be trusted.

Improved traceability: Every information is stored on the blockchain and can be traced. This makes it for example possible to have a irrefutable ownership for digital art objects.

Increased efficiency and speed: Since there is no third party middleman transactions are send directly (P2P) and verified by a network of computers.

Reduced cost: Since there are no middlemen to check the transactions there are reduced costs.

[Hulk]

1. Blockchain is transparent as it’s public and everyone can view it. That put high impact and pressure on parts of businesses to do their best for them, and for their customers.

2. In terms of security blockchain is much safer than normal centralized database, as data is recorded on many computers and is impossible to alert, delete and change. That’s makes it very hard or impossible (at this time ) to hack it

3. In blockchain each transaction is linked to previous one, so it’s very easy to trace it and see previous ones. In business it may be used to track previous stages of transactions/good exchanging, tracing previous owners/ ingredient etc.

4. Using blockchain allows us to eliminate middleman between consumer/customer and supplier/ service provider which makes transactions faster and more efficient

5. Fact that we do not need a middle man also makes transactions cheaper

[Madz]

Transparency- all company transactions are available to public

Security: The information has been verified by multiple networks rather than one company or individual

Improved traceability:- every transaction is stored forever, therefore can be accessed and traced at any time, plus the blocks added create an audit trail.

Increased efficiency and speed:- no middle man, no banks, no waiting time of banks accepting my payments days later. Block chain allows users to send and receive within minutes.

Reduced cost: - no need to hire audit companies, or pay additional bank fees when sending $,
[/quote]

[Janis]

1. Everyone knows everythig there is no way to cheat.
2. We dont need to trust someone we verify
3. We can track anything what’s writen on blockchain & be shure where it’s coming from.
4. With Increased efficiency and speed we can save a time, money, prodactivity
5. Reduced costs are allways benefitial to everyone

[A-Bay]

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

Transparency: For businesses and everyone involved full transparency on the blockchain creates total accountability which fosters integrity.

Security: The transaction record is immutable, it is safe from tampering with the record. It is secure through encryption and the decentralized nature of the blockchain where all participants must validate each transaction.

Improved traceability: Every transaction is recorded. Everything can be traced.

Increased efficiency and speed:blockchain removes the need for middlemen and centralized structures to approve transactions or guarantee trust. Without the middleman, efficiency is improved.

Reduced cost: No middleman also means less transactional cost. More efficiency equates to reduced cost.

[rlrs13]

Transparency:
Gives all trades a space for public viewing meaning its proving authenticity.

Security:
Blockchain and its security immutability gives every transaction an encrypted view of all processing connecting to all prior transactions taking away any chance of alternations and hacking.

Improved traceability:
With the blockchain ledger the auditing is so precise and the traceability is so exact making it safer for all trading assets

Increased efficiency and speed:
Because blockchain comes from a decentralized network it facilitates all transactions with digital currency.

Reduced cost:
Eliminates the need for third parties reducing all expenses in different areas. Encourages a decentralized network.

[Michael_McGregor]

Why are these benefits of using blockchain?

1. transparency: transparency gives customers and support businesses associated with the business confidence that they can trust the processes and products associated with the business in question.

2. Security: gives both end users and suppliers or creators the confidence to know that transactions are complete and secure.

3. Improved traceability: gives governments, outside peers and consumers confidence that the information, products and services are exactly as they are advertised or portrayed by the company.

4. Increased efficiency and speed: offers businesses options by reducing middle men or 3rd party infrastructure that normally slows the efficiency and time associated with a transaction.

5. Reduced Cost: by offering peer to peer transactions across borders it is easier to provide services at a reduced cost to end users.

[Letsgoswimming]

1 Transparency - Blockchain is open to view and verifiable.
2. Security - Transactions are confirmed my many computers and cannot be manipulated by an individual.
3. Traceability - The authenticity of a transaction is verified and trustless so everything be accurately tracked.
4. Efficiency and speed - Peer to peer removes need for middlemen confirmation
5. Reduced cost - Don’t need to pay those pesky middle men!

[Earnst]

1. Transparency: Ledgers for blockchain transactions are publicly available. This means anyone can view transactions made, ensuring accountability throughout business practises and promoting integrity in its business activities, to the benefit of the community in which it operates and it’s customers.

2. Security: Each new transaction is encrypted and is linked to the previous transaction. These encryptions are a complicated string of mathematical numbers / equations that’re immutable. Its decentralisation promotes trustless verifications of transactions.

3. Improved Traceability: Each time an exchange occurs on the blockchain, there is an audit of where the goods came from. This also ensures the authenticity of the goods being traded and the quality, or lack thereof, within the supply chain. In the example of making yogurt, each ingredient added can be verified by other participants in the supply chain. Removing false claims as to the source or quality of a good / asset.

4. Increased Efficiency and Speed: These transactions are done automatically through the blockchain system and remove the bottleneck of middleman processes, such as payments, as an example, or even accounting. Smart contracts are another use case of expediting an arduous and potentially expensive process of creating contracts and proof of ownership that requires “trust” in the middlemen service providers / brokers.

5. Reduced Cost: Less reliance on third party services which come at a cost. Reduced waste and redundancy of resources as everything is accounted for. Expensive instances of compromised security or fraud are removed.

[Darija]

1. Transparency:

Every transaction is visible to everyone on network. The data cannot be corrupted or deleted once it’s on the blockchain. Everyone who does a transaction on blockchain is accountable for their transaction, because everyone can see it.

2. Security:

Not only that transactions are encrypted, they are also linked between each other and create a chain of blocks, which are created by using complicated mathematical formulations. The data is irreversible and cannot be changed once it’s written. This makes it secure from hacks or false information. The trust is not in the hands of one party, but it’s decentralized and relies purely on mathematics and protocol of the whole network.

3. Improved traceability:

Because every transaction or change is recorded on blockchain it makes it possible for anyone to trace the whole chain supply from manufacturer to distributor, whether it’s food supply or financial transactions or medicine industry. This improves security and eliminates the possibility of frauds, and also makes it possible for use to see the history and the origin of the asset.

4. Increased efficiency and speed:

With blockchain there is no need for intermediaries, which makes financial transactions faster and more efficient, but also in real estate the management of the properties is more efficient with the use of unified system of ownership records and smart contracts.

5. Reduced cost:

The cost is reduced due to faster transactions and increased efficiency of the process, and also because there’s no need for intermediaries or additional paperwork.