Reading assignment: Benefits of the Blockchain technology

[Archimond]

1.Transparency : Every participant shares the same documentation to which everyone has acces to.

2.Security : It is impossible for someone to scam you since the database is shared across all the computers.

3.Improved traceability: Every user is able to track the product from begining to end.

4.Increased efficiency and speed: In blockchain there is no need for a third party to be involved which makes the procces much faster and more efficient.

5.Reduced cost: Since there is no need for the third party to exist the very cost of all the transactions is greatly reduced.

[theaussie86]

Transparency: Blockchain is transparent because before information is added it has two be agreed upon by everyone in the network and it’s available for everyone in the network.

Security: It is immutable, so it’s secure

Improved traceability: Every transaction can be traced back and audited.

Increased efficiency and speed: the strict set of rules and lack of need to verify things speeds up transactions.

Reduced cost: increased speed and less middlemen make transactions less expensive.

[Tito_RuizG]

Transparency: Every transaction is open to public. Every adress is public.

Security: Each transaction is encrypted and linked to the transaction before it. And that connection is unbreakable.

Improved traceability: You can trace where the funds came from so you can verify whether the product is what you want/need or not.

Increased efficiency and speed: P2P. No need for a third party to certify the transaction.

Reduced cost: removing the third party to certify the transaction can reduce a lot of money involved in the transaction

[FooX]

Transparency:
Everything is recorded on a ledger on every single node. This is essentially a an open, public database, accessible for any one, or any application built on this platform. This enables a true trustless, verifiable system to be used between strangers.

Security:
Transactions are secure and cannot be reversed. Every new block is immutable based on the cryptographic key linked to the previous block, and incorporated onwards. There is no way to modify this data. it is nearly impossible to hack data contained within a blockchain.

Improved traceability:
Since every transaction is recorded with a real time audit trail, every transaction is traceable. This enables higher security and less possibilities of fraud.

Increased efficiency and speed:
The decentralized nature of block chain enables a peer to peer system which eliminates more complex methods of carrying out transactions.

Reduced cost:
With the accounting and auditing built into the transactional layer of blockchain, this eliminates the need separate accounting and auditing systems. This also can reduce costs for businesses using blockchain.

[TimInnes]

1. The blockchain is a publicly distributed and accessible ledger of all activity on its network.

2. Removes the trust of an individual or company leaving important financial transactions in the hands of protocol and maths equations, in other words physics.

3. Every transaction is recorded and can be accessed, leaving an audit trail that can be followed right back to the very first transaction ever made on the blockchain.

4. There is no intervention or reliance on a governing authority to authenticate any transaction, this improves efficiency and speed.

5. By increasing efficiency and speed, the cost is reduced as all processes are based on mathematical protocol.

[lextiby]

1. Transparency: the blockchain is basically a public digital ledger in which every transaction is visible to all the users.

2. Security: given the fact that it’s decentralized, meaning that no single authority controls it, and the fact that every transaction is encrypted and linked back to a previous transaction that confirms the existence, makes it very unlikely to be vulnerable to a attack.

3. Improved traceability: this will make auditing obsolete because all the transactions can be tracked and prove the authenticity of the operation.

4. Increased efficiency and speed: the blockchain facilitates peer-to-peer transactions through smart contracts and automates the will of the users, without a middle man

5. Reduced cost: given the fact that there is no more need to intermediate a transaction, that cuts down the cost very much.

[MauricioNoriega]

Transparency:

Blockchain’s decentralization, allows it to offer full transparency, since it is public, and open for viewing. This means that people can actually see all transactions in real time.

Security:

Blockchain technology allows transactions to be secure because of its high encryption and the finality of its transaction. It also provides real time auditing of transactions, and makes it impossible to “cheat” the system.

Improved traceability:

In a blockchain, transactions are permanent, and data can be tracked all the way, thanks to its transparency.

Increased efficiency and speed:

Thanks to the blockchain, there is no need for a third party involvement in different areas like payment transactions. This facilitates the process for faster transactions and P2P interactions.

Reduced cost:

Aside from the the lack of need of a third party, transactions in the blockchain tend to be very cheap; even more if we compare it on all of the money wasted in intermediaries.

[DrChops]

Transparency: Everyone can see, everyone knows, trust is not needed since we all know what is happening and we can make informed decisions. Everyone is held accountable. So no one cheats.

Security: No one is fully in control, no one can do things in secret. It cannot be changed, it cannot be re-written, it cannot be copied, it cannot be faked, because constantly it is being monitored and the nodes make it their purpose to reject bad or mis-information

Improved traceability: It is publicly available, if we wish to trace its origins, we go back to the ledger which records everything and deletes nothing, we have the whole history.

Increased efficiency and speed: When everything can be verified as fake or true, we can remove the trust agencies (audits, banks, brokers, agents, accountants…etc) Transactions that involve finance need not be bogged down by intermedieries. We do not have to spend money on checks and balance. We become more efficient, less reliant on the beaurcrat. The checking people or things.

Reduced cost: Cutting out un necessary checks and trusting systems, we reduce the cost. When we cannot cheat and cannot fake, the transaction move faster, saving transmission costs and electricity.

[Coggmik]

Transparency: Everyone can see the transactions on the blockchain and not reliant on having individuals limit the access of what you can see

Security: the decentralized network of blockchain makes is so that individuals cannot manipulate or remove data .

Improved traceability: all transactions or movements on the blockchain can be followed directly to the origin. The data cannot be manipulated once entered onto the chain which creates a highly traceable and accurate system

Efficiency and speed: By not relying on 3rd parties, transactions can be done instantaneously.

Reduced cost: Blockchain allows the elimination of 3rd parties that tend to increase costs. Also, the need for independent audits is also eliminated due to the blockchain being self audited through its variation and immutability features.

[Bernardini]

Transparency: transactions are public and visible to everyone
Security: It’s immutable and incorruptible
Improved traceability: it provides a real-time audit trail
Increased efficiency and speed: it removes the middlemen and improves efficiency, as transactions are peer to peer and borderless
Reduced cost: it removes the need to have a middleman to validate transactions, and associated costs

[ivry]

Anyone can have access to the whole blockchain with all the transactions so transparent ! Immutable so transaction cannot be reversed traceable because transparent efficient because and fast tanks to the security it brings reduced cost because all is automated

[benlive]

1. Transparency: everything is public and everyone can see the blockchain history.
2. Security: once encrypted information is added to the ledger and block is connected to the chain, it becomes irreversible, meaning that no one can change data.
3. Improved traceability: data stored in the blockchain is 100% real. That means we can see the data from the past and know that it wasn’t changed.
4. Increased efficiency and speed: blockchain removes unnecessary middlemen.
5. Reduced cost: It removes the middlemen, which take a lot of money.

[Huddoh]

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

1. Transparency:

Since all transactions /exchanges on a blockchain are available(across a distributed ledger) for public viewing, there is an unprecedented layer of transparency and accountability placed on all parties involved.

2. Security:

Every transaction on a blockchain is encrypted and linked to the previous transaction.

Furthermore a blockchain network runs on a mathematical protocol(eradicating the need for trust between peers transacting on the network), and the data it holds is immutable(cannot be altered) and final (cannot be reversed).

In addition to this, it is worth also noting that there is no central authority that serves a single source of truth or controls how data is deployed.

Finally for new data to be accepted onto the network there must be consensus across all nodes.

3. Improved traceability:

Each time an exchange of goods is recorded on a blockchain , there is an audit trail. This allows participants within the ,marketplace to authenticate the origin of said goods

4. Increased efficiency and speed:

Blockchain is decentralised and as such it removes th indeed for middlemen in many areas of life and business such as

I.Financial services - allowing P2P cross border transfers of digital currencies

II. Real estate - smart contracts that automate tenant-landlord agreements

III. Supply chain - the digital tokenization of physical items or raw materials to facilitate data provenance (tracking) at various junctures along the supply chain.

IV. Art - verification of authenticity (warding against the incidence of fraud or forgery)

5. Reduced cost:

Since blockchain is decentralised and removes the need for middlemen, it also reduces the cost of doing business as fees/commissions do not have to be.

[admiral]

1. The entire ledger is available for anyone to see.
2. Blockchain is trustless, so a trusted third party is not necessary. Instead, encryption is used.
3. Data cannot be removed from the blockchain, so all transactions are available all the time.
4. No need for the trusted third party to verify transactions, and slow down transaction time.
5. The trusted third party (middleman) is removed, and so are his costs.

[Beki]

Transparency anyone can see and verify anyone on the Blockchain meaning no need for trust everything is verifiable. No need for auditing again this can be done by anyone at any time. Improved traceability you can see the source of anything and follow it back to its origin. Meaning we can see and verify things have come from where people say no room for fakes or lies. Increased efficiency and speed because all the information is there in one place less need for middlemen the ability to automate things such as tenant contracts the abilities to make cross border cross currency payments instantaneously increased security because of the unhackable nature of Blockchain reduced cost because of less middlemen and steps required to do things

[karenkristina]

Transparency: The ledger is public and the addresses are open for viewing. This increases accountability.
Security: Since each transaction is encrypted and can’t be changed it is secure. Additionally, the transactions are linked to the previous transactions and each block is confirmed by the network .

Improved traceability: Each transaction in the blockchain is traceable and can be audited at any time.

Increased efficiency and speed: The transaction is added and exists without various intermediary processes. The transaction cannot be changed but the information can be referenced in many ways to verify its legitimacy.

Reduced cost: The process is efficient and reduces cost by reducing duplication. It can be automatically audited which reduces the need for additional processes. Since it is trustless and self-verifying, much of the cost associated with ensuring a system is trustworthy is eliminated.

[vero]

Transparency: Because information on all transactions is open for viewing, it makes people’s actions more visible and forces them to be responsible for their actions. It increases accountability.

Security: With the level of security offered by blockchain, people are able to do transactions safely, without the need to trust all other parties in the network. All the data in the blockchain is safer and is very unlikely to be hacked, corrupted or modified through bribes.

Improved traceability: It prevents fraud because everything can be traced and their authenticity verified.

Increased efficiency and speed: Many of the systems we have today are inefficient because they have to go through many middlemen to accomplish their purpose, blockchain removes the need for middlemen.

Reduced cost: With increased security, efficiency and no need for middlemen, blockchain technology can significantly reduce costs in many industries.

[Luis_M]

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

1. Transparency:

An open to the public ledger where transactions are shown allows for accountability from each participant.

2. Security:

By having each transaction encrypted and linked to a previous transaction security is highly improved.

3. Improved traceability:

In the case of tracing the sources of a good or product it prevents fraud and helps verify authenticity of good.

4. Increased efficiency and speed:

By being a unified system with the ability to develop smart contracts. Also the blockchain does not require a middleman in many processes it allows for faster peer to peer transactions when using a digital currency.

5. Reduced cost:

Not having middlemen involved in many processes nor the risk of trusting an unreliable source, many costs of transacting will be eliminated.

[silviyaPB]

1. Transparency:

• The history of a good that is traded between participants in a blockchain network is publicly available.

2. Security:

• The mathematical properties of the network incentivizes honest behavior of the participants.

3. Improved traceability:

• The history of a good that is traded between participants in a blockchain cannot be changed.

4. Increased efficiency and speed:

• The decentralized nature of the blockchain removes the need for middleman in many business processes.

5. Reduced cost:

• P2P transactions save time and money compared to the traditional way that requires institution that connects the end-points of given communication.

[RonJambo]

1. The Blockchain is a public Ledger, where all transactions are traceable to day one of the blockchain.
   Therefore providing unseen transparency when compared to a regular database.

2. It is impossible to remove & change Data within the blockchain, without verification via the network.
   Meaning compared to old systems with proof of authority
   ( such as a regular database with an administrator ) there is no trust involved. The system is based on verification which makes it inherently more secure compared to a administrator operated database, where the human factor can be bribed etc.

3. Every transaction that entered the blockchain is here to stay. It is immutable. period.
   Therefore making it way more easy to trace data or transactions.

4. Data is quickly to validate via hash, regular processes that needed confirmation from employees, can be automated via the verfication of the blockchain system. Further reducing the need for confirmation via employees and regular paper documents. For example there will be no need for an actual human to come into my office of my theoretical company, and check my receits or invoices in order to validate my finances etc. There won´t be a need for multiple departements to gather information for this process.
   There will simply be the blockchain that holds all the required information, and it will be available instantly, further reducing the need for big financial and accounting departements.

5. For example there´s no need for said accountant, further reducing the cost of human ressources.
   Further, many middlemen will have to find another job since they are obsolete where the blockchain technology is applicable.