Reading assignment: Benefits of the Blockchain technology

[dave-dave]

Transparency:
all network participants share the same documentation as opposed to individual copies. That shared version can only be updated through consensus, which means everyone must agree on it

Security:
information is stored across a network of computers instead of on a single server, makes it very difficult for hackers to compromise the transaction data.

Improved tractability:
When exchanges of goods are recorded on a blockchain, you end up with an audit trail that shows where an asset came from and every stop it made on its journey.

Increased efficiency and speed:
when everyone has access to the same information, it becomes easier to trust each other without the need for numerous intermediaries. Thus, clearing and settlement can occur much quicker.

Reduced cost:
you don’t need as many third parties or middlemen to make guarantees because it doesn’t matter if you can trust your trading partner which reduces costs

[Sardius]

1. Blockchains have the benefit of transparency because the nature of the distributed ledger means that all parties have a copy of the same ledger, and agree on the state of it through consensus. Any effort to reverse or change the state of the blockchain has to come through a majority agreeing to do so, which is too costly to be effective with the right consensus mechanism.

2. Information is cryptographically secured and added to the blockchain, meaning it is encrypted and then distributed across many computers, removing the central point of failure hackers often target.

3. Blockchains improve traceability by adding an audit trail for every stop an asset makes on a supply chain. This makes it easy to track and verify the origins and destination of assets on a supply chain.

4. Paper heavy processes are prone to inefficiency and human error. A blockchain automates and decentralizes these processes making it much easier and faster to do business without intermediaries, and all of the paper required to facilitate different steps of the process.

5. It reduces the cost of having to pay middlemen in different process steps, and removes the cost of maintaining documentation to prove the accuracy or transactions within business processes.

[Thaer_Bakir]

Transparency :PoW
Security : Pow, decentralized
Improved traceability:open blockchain to all to se source of transactions
Increased efficiency: trustless system
Reduced cost : balance between mining and fees

[rushdi202]

1- Transparency:
All transaction performed on the network are stored after been consensus. Therefore, defferents notes on the network shares the same record and if any note want to make any update, then all other nodes have to agreed to this change else it will be rejected

2- Security:
Blockchain is a distriputed enviroment which remove the option of single point of failiur. The transaction are agreed even among the connected nodes before been recorded on the block.

3- Improved traceability:
When you know that your whole flow is recorded on the blockchain, then its very easy for you to track. even you can see the full history history, provided that you have an authority to do

4- Increased efficiency and speed:
Recording your transactions on the blockchain reduce the human error. the information is stored on one ledger and accessable by different steakholders which makes it very easy and doesn’t require dependency on 3rd party for date reporcessing and translation

5- Reduced cost:
with blockchain, you reduce the cost of date verifying and validation as well as date auditing

[mszp]

1. Greater transparency

It is due the fact, that there is no mess in the history of transactions, becasue every input is validated by the network and any change in the past blocks requires alteration of all subsequent records.

2. Enhanced security

It is more secure, because any validated and accepted data in the network is linked to the previous block using hash function and encrypted by the key. There is also not one server to hack, but the whole network. The hackers will be aiming for intercept the keys instead transaction itself.

3. Improved traceability

We already know about great transparency, this is key feature to enable us to audit the origin of the goods that we want. We can check every step of supply and verify our suppliers.

4. Increased efficiency and speed

When there is one digital ledger that is shared among participants, there is much less clutter, it is easier to exchange information, there are less middlemen and everybody has access to the same data on the network what makes it more efficient.

5. Reduced costs

You can cut cost of auditing or any other third-party companies to deliver guarantee and verification and you can cut cost of documentation.

[nedbel]

Since blockchain is a distributed ledger everybody on the network shares exacly the same information.This information can only be updated/altered through consensus, meaning everybody must agree on it.Thus bringing greater transparency. The need for consensus also improves security since one-side changes can not be made.The security is also enhanced by the fact that it is not stored in one place where it could be hacked and altered. When everybody shares the same immutable information the need for third-party’s becomes unnecessary and thus reducing costs and increasing efficiency.When the exchange of goods is recorded on the blockchain it becomes much easier to see where something came from and where it went.This very helpful to authenticate products and prevent fraud.

[Gazzer]

Transparency: 

Everything is on the blockchain and visible and verifyable for anyone to see. If it’s not encrypted.

Security: 

Transactions can’t be modified or changed. They are agreed by all computers on the network and can’t be faked.

Improved traceability: 

Tracing origins of parts can be tracked on the block chain.

Increased efficiency and speed: 

Because it’s on the blockchain it isn’t open to mistakes by third parties or slowed down by
them having to check the authenticity.

Reduced cost: 

Outside parties aren’t involved. So, there are no charges by middle men.

[DKSA]

Transparency:
This will ensure that all stake holders know the exact process, verification and flow of information in a system

Security:
Enhanced security through cryptography for the safe keeping of sensitive information with less chance for vulnerabilities and loss of valuable information.

Improved traceability:
Blockchain provides honest traceable records that can not be manipulated to ensure truthful, sound information to all stake holders within a system or chain.

Increased efficiency and speed:
Blockchains provide a single set of information that can be updated by all participants and stake holders in on one ledger/chain that is traceable, verified and authenticated, ensuring that everyone has the latest relevant information, with immediate access to the correct information, resulting in enhanced speed and efficiency.

Reduced cost:
The Blockchain provides the peace of mind that all stake holders is on one ledger/chain that is traceable, verifiable and authenticated, saving time and money for everyone participating in the system, reducing cost for all.

[BitcoinAlchemist]

1. Transparency: all network participants use the same documentation, and consensus is required to change it. This means the blockchain data is more accurate and consistent than other forms of storage.
2. Security: transactions must be agreed upon and encrypted before they are added to the blockchain. This is important for industries where protecting sensitive data is vital, ex. financial services, government, healthcare, private business accounts.
3. Improved traceability: one can audit the movement of goods in a supply chain. This helps verify the authenticity of assets and prevent fraud.
4. Increased efficiency and speed: record-keeping is streamlined on one digital ledger that is shared among participants.
5. Reduced cost: the need for third parties is less than with regular databases.

[coejoder]

Transparency: all data is visible to every node on the network, from a non-central access point.

Security: data is redundant across all nodes on the network, it is non-centralized, it is difficult to hack.

Improved traceability: a breadcrumb trail is automatically constructed just by a process being tracked on the blockchain. Traceability is also standardized by the linked-list nature of the blockchain and thus standard solutions for tracing are possible.

Increased efficiency and speed: the consensus nature of the ledger implemented by blockchain removes the need for intermediaries that would normally be required to validated a non-trustless transaction.

Reduced cost: due to the lack of need of intermediaries, there is a decreased cost. Also, the standardized nature of the ledger allows for more solutions to be automated.

[Freddy]

Transparency: By using blockchain every user keeps a copy of the ledger where every transaction is recorded. Everyone can see all transaction and averyone have to agree upon a new transaction.

Security: By using decentralisation and encryption the system becomes very hard to hack. every transaction gets encrypted and connected to the previous transaction.

Improved traceability: If a company use blockchain to trace the orgins of the products, it’s very easy for the cusomer, to follow a complex product supply chain.

Increased efficiency and speed: By using a single traseble ledger it is easyer to trust eachother without having to use multiple ledgers to keep everything in order.

Reduced cost: With blockchain you don’t need as many 3:d partys to make garrantees of your product. The cusomer can follow the supply chain all by himself, making the system more cost reducing both for you and your cusomer.

[Ray]

Transparency: with blockchain you don’t need to trust anyone you trust only the blockchain.
Security: it,s impossible and to expensive try to hack blockchain records.
Improved tractability: Because it open and you can see all transactions you can easily track them.
Increased efficiency and speed: it still in baby steps, but even now is save and fast to use.

[crackingcrypto]

Transparency: When you can view transactions publicly, there is proof that someone or some entity is acting according to what they’re saying (or not).

Security: Instead of one person or entity keeping track of and in charge of everything, users are in control of their own data or digital asset while it is secured by an entire network of computers working together because of incentives.

Improved traceability: Can help track ingredients, goods, or transactions to verify claims made by people and companies.

Increased efficiency and speed: No middlemen and mathematical verification between a network makes for a much faster and cheaper system because less people need to look over it and therefore there is inherently less costs.

Reduced cost: ^Answered that in my above answer

[Lena]

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

Transparency:
Transactions become more transparent, the blockchain is like a ledger and every particpiant in the blockchain network has it’s copy of it. Every single transaction, is on record in a block that has been veryfied through consensus, of the whole network. ‘Everybody knows’ it gives great transparency.

Security:
A blockchain is decentralized, once a new block is added to the chain, you can not change, manipulate or hack it. If you would try, you have to do that with all the previous blocks, on every singlenode/computor too. Change a block in the blockchain cant be done.

Improved traceability:
The network in the blockchain is so big, and in a supplychain you can trace every thing back to it’s origin. From your yougurt in the store, everybody who has handled it,everything that is in it, every single ingridience, where it’s been, who put in what all the way to where the cow grew up and what she eat.
It is all backed up from all participants in that supplychain.
If you put sweetener in it and don’t declare that…you get busted from the one selling you that sweetener, It is all on record, in the blockchain.

Increased efficiency and speed:
Open 24/2/365. No third partie or heavy paper process involved. Makes it fast and efficiant.

Reduced cost:
You don’t need that middleman or third partie for guaranties/trust in trading. Instead you have your trust veryfied by the data in the blockchain. Review of a lot of documentation is not necessary to make your trade.

[Thaddeus19]

Transparency: Allows public access to records thus giving transparency in transactions, since anyone can consult it and verify the veracity of the information. Because he trusts his immutability.

Security: Each node of the blockchain has a copy of the records and to modify them there must be a consensus of all the nodes. Additionally, once it is decided to register the transaction it is encrypted and copied to all nodes, this makes it more difficult for the hacker to alter the data.

Improved traceability: By having registration and transparency of all transactions, the entire chain can be monitored more precisely. For example, if a farmer wants to show that his meat is of quality, he can record the whole process of the same from what type of feed the animal has, care, procedures, intermediaries, etc. until it reaches the points of sale.

Greater efficiency and speed: Being able to keep track of the data you can access them more efficiently and quickly, we can reduce or eliminate the percentage of human error and additionally only one Ledger is needed to record the data.

Reduced cost: The blockchain allows automating certain processes and in others having direct access without the need for intermediaries, without the need for several additional databases or software. This generates a cost reduction.

[nicholasalexis]

Transparency: Since blockchain is a type of distributed ledger, all network participants share the same documentation as opposed to individual copies. So all the data is replicated and shared to ensure that each data version is IDENTICAL as the other. The data ledger is updated with each record.

Security: It is secure because everything is distributed - there is no one single point of failure and no one single point of dependancy. The protocol needs to have the nodes agree upon eacxh transaction and verified, then recorded. Approved, encrypted and then chained to the previous transaction. Info is stored on a network of machines and not on a single server so hacker compensation is difficult because they would have to compromise all the nodes simultaneously.

Improved traceability: the blockchain audits all the transactions and links origin and destinations

Increased efficiency and speed: yes because you do not need human or paper trails… Everything is automatic and has a weight.

Reduced cost: yes because I do not need to hire people for example. No need third parties and middle men. i dont need to trust anyone else. I don’t need to trust the bank.

[Karonne]

1. Information is shared amonst all participants in a blockchain network. It takes a concensus of all to create a transaction and this information is accessable by every decentralized point. Everyone has access to all information.

2. All transactions require concensus agreement prior to acceptance. Information is spread throughout a network of computers so there’s no central point of failure or risk of being hacked.

3. A permanent audit trail is created with each transaction. It makes it easy and quick to trace where all the ingredients in a particular product came from and exactly what they are.

4. A single ledger reduces time and human errors. This is shared among all network participants leading to trust and elimination of third parties.

5. Because you only need to trust in the blockchain network third parties and middlemen are significantly reduced… Leading to cost savings on these services.

[Gunnar]

Transparency: BC provides transparency through its distributed ledger qualities. All transactions can be seen, providing a level of transparency.

Security: BC provides security because of its decentralization, and immutability. Being decentralized, hackers would theoretically have to control the majority of a network which could be extremely difficult depending on the particular network.

Improved Traceability: BC helps provide accountability and traceability by offering an algorithmic non biased solution that removes potential criminal benefits from false advertising and false products.

Increased Efficiency and Speed: BC removes current inefficiencies within our legacy economic and social structures stream lining tasks. This reduces energy and time expenditures within a given system.

Reduced Cost: BC reduces cost by making any given process more efficient, and also by removing unnecessary reward to middle men and other parasitic agencies and accounts.

[acidspud]

No other technology, process or system offers benefits in this areas. Accuracy can also be added to the list, but it is implicit.

[Aran]

Transparency: Blockchain enables greater transparency as all network participants have access to a single ledger rather than copies of documentation. The ledger cannot be altered without the permission of the entire network. This allows for greater accuracy and consistency. Greater transparency is also achieved because all participants in the network have access to the entire ledger.

Security: Consensus and immutability mean that records are protected in a way not possible in a traditional database. Decentralisation means that it is more difficult for bad actors to try to interfere with data on the network.

Improved traceability: Blockchain allows the provenance of an item to be tracked throughout the supply chain. The information can be verified by comparing it against data from other network participants. Blockchain can therefore be used for a number of traceability use cases including authenticity audits and fraud prevention.

Increased efficiency and speed: Blockchain allows network participants to access a single ledger rather than multiple copies. As the ledger is updated across the network and is verified by all participants a trustless environment is created allowing for faster clearing and settlements.

Reduced cost: The trustless environment created by blockchain reduces costs by removing third-parties because the data is viewable to all network participants. Less employee time will be used reviewing documentation as data will be available across the network in immutable form.