Reading assignment: Benefits of the Blockchain technology

[Jirure]

Transparency: The blockchain is a public ledger. Anyone can access the data at any time.

Security: Because once data or transactions are recorded in the blockchain, they are there to stay. No entity can undo it.

Improved traceability: Auditing and verification can happen automatically, by following the blockchain trail to every point of origin.

Increased efficiency and speed: No more need to trust several intermediaries or account for human errors. No more heavy paperwork.

Reduced cost: A single transaction fee for the nodes, no need to hire middlemen.

[Hsu_Li]

@ivan

Transparency:

Security:

Improved traceability:

Increased efficiency and speed:

Reduced cost:

Transparency: everybody in the network can see what everybody else did on the network

Security: The trustless nature of the technology ensures that all parties can trust in the system

Improved traceability: As all verified transactions are set in stone, we can trace all of them all the way to the beginning of ‘time.’

Increased efficiency and speed: Because everything is transparent, parties can settle whatever agreements amongst themselves a lot clearer and a lot faster.

Reduced cost: eliminates the need for third-party leeches who skim the top

[Znarise]

1. Transparency: The industry of supply healthcare and other vital businesses are taking advantage of the ability to do business without needing to trust another party. The Block chain provides the consensus of data needed for any transaction in real time.

2. Security: The block chain is protected by a network of computers that have to agree in order for a transaction to be valid. Proof of work on the block chain allows for every transaction to be immutable untraceable to its origin. No duplicates or transactional scams can be utilized.

3. Improved traceability: The block chain is immutable, it cannot be changed without consensus of the public who have incentives to keep the Blockchain trustworthy.

4. Increased efficiency and speed: Without the need for intermediaries Block chain transactions of peer to peer take out the middleman and allow businesses and people to Enter into trustworthy transactions.

5. Reduced cost: using third-party transactions dips into the percentage of your return, but the block chain allows you to bypass banks,Payment processors, and other third-party payment processing systems. Due to the fact that a block chain has a real time auditing Capabilities the use of major companies to audit a business will not be needed because proof of work and transactions will be on one database without the plethora of paperwork.

[CryptoCarlito]

TRANSPARENCY: Using consensus, decentralized networks make it impossible to manipolate or corrupt the data stored on blockchains. Moreover, those data are accessible to all the participants to the network for public scrutiny. All the participants have the same copy of all the transactions executed since the very beginning. This is why blockchain allows for greater transarency.
SECURITY: Blockchains allow for greater security since all participants of the network need to confirm the authenticity of the transation before being accepted. Once accepted, the transaction is cryptographicallly linked to all those previously confirmed making it impossible to hackers to corrupt the system.
TRACEABILITY: Storing information on blockchains, rather than on centralized servers or on paper, makes it much easier for anybody to track them from the origin to the ending point.
EFFICIENCY AND SPEED: Normally, verifying information stored on centralized servers or on papers requires a huge work by intermediaries since not all the people involved have access to the information needed. Storing them on blockchain allows anyone to verify at any time any information required, thus increasing efficiency and speed.
COSTS: When data are stored on a blockchain, all people interested can verify them. This, for example, has huge consequences in business where parties normally pay intermediaries to build trust and verify all the information prior to the agreement.

[jdbarrancs]

Transparency is a benefit to blockchain because all transactions in the blockchain can be verified.

Security is a benefit to blockchain because who doesn’t want their private information to stay that way? Once a transaction you make is approved by consensus it will be engraved in the blockchain and can’t be removed, all this without giving away your private information.

Improved traceability is a benefit to blockchain because everything written on the blockchain stays there, you can trace every transaction or exchange of goods directly from the root. Everything on the blockchain is true and verifiable.

Increased efficiency and speed is a benefit because it eliminates the middle man, making it more direct and peer to peer, thus more efficient and fast.

Reduced costs are a benefit to blockchain because it removes trust, you just have to trust the data on the blockchain, this removes middle men that increase cost.

[BlockchainBlogger]

Transparency: The blockchain is a shared ledger where everyone can see the transactions.

Security: To change a transaction on one record requires an entire network of computers to agree. All transactions must be agreed upon by the entire network of computers therefore, there are too many computers to hack all at once.

Improved traceability: When an asset gets recorded on the blockchain it creates an audit trail that proves where the asset came from and everyone who bought it. Therefore it’s possible for the public to verify the legitimacy of claims.

Increased efficiency and speed: There is only one public ledger to check and reconcile instead of multiple ledgers. Verification and settlement is instantaneous.

Reduced cost:You don’t need all the people and processes associated with establishing trust. Customers will be able to quickly establish the truth of claims by examining the public blockchain ledger .

[ogm]

Why are these the benefits of using a blockchain:
Transparency: All participants share the same documentation leading to less fraud, instant/known tracking, and process input validation. Transparency or use of one system eliminates audits, interface development between silos, and staff tracking down processes.

Security: The blockchain is more secure as each transaction is agreed upon by all system nodes/participants. It is also more secure as the database is distributed, therefore not prone to compromised data. Also, each transaction is linked to the previous transaction and encrypted.

Improved traceability: All participants use the same source of information, helping supply chain industries better track product from source to manufacturer to customer. Tracking doesn’t require a person to call, email nor an application to be developed between multiple silo companies.

Increased efficiency and speed: Because differing silo systems are eliminated and replaced with a common source, blockchain speeds up tracking. Auditing isn’t needed as it can be done automatically, making the process more frequent, automatic and requiring less time and 3rd party intervention. It is much easier and faster to track between suppliers, manufacturers and therefore changes to production, sourcing and sales can be made more efficiently.

Reduced cost: Auditing cost is greatly reduced, if not eliminated. The cost of building interfaces between independent silo systems to track the process or using people to laboriously track disparate systems is eliminated. The cost of reacting slowing to changes through the process due to hard-to-track data is eliminated, allowing for reaction to change to happen sooner, thereby making the process more efficient.
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[Eric-R]

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

Transparency:
Blockchains are (as in the Bitcoin blockchain) visible to all network participants (nodes) in their entirety. Thus one cannot easily hide past transactions or indeed anything that happens on the blockchain.

Security:
Immutability, encryption, and linkage with all past transactions (txs) ensures one cannot be ripped off by a charge-back. In order to undo a confirmed tx would require collusion of >50% of the network for potentially a long time (depending how far back the tx is), which would be astronomically costly and effectively practically impossible.

Improved traceability:
One can trace the origins of any given item on the blockchain (e.g., some Bitcoin), all the way back to its inception, due to the transparency and completeness of the whole blockchain.

Increased efficiency and speed:
Immutability and security and transparency mean less trust is required in a counter-party, and hence less wasted time determining trustworthiness. If they send you Bitcoin and it is confirmed on the network, that is written effectively in stone–no undoing that. If they say the yogurt was sourced from grass-fed cows, and the blockchain agrees, then you can trust the consensus network, not the end-process manufacturer.

Reduced cost:
More speed and efficiency automatically mean reduced costs to be spent per unit transacted, plus lower research, verification and security costs to do business.

[Andres]

Transparency:
Every data is on the blockchain, cannot be removed or alterated.

Security:
There are no 3rd parties in the process, overseeing all activity.

Improved traceability:
Very important to see the origin of a product or data, than follow clearly along the way, until it got distributed.

Increased efficiency and speed:
Transactions are much more faster than in any other service before.

Reduced cost:
Possible to send money from any point to any point in the world, without 3rd parties, with low fees.

[pmilo]

1. Transparency: All ledger transactions are available to anyone.
2. Security: Transactions recorded in the ledger are encrypted and immutable.
3. Improved traceability: blockchain ledger recording makes it possible to trace origins.
4. Increased efficiency & speed: faster due to digitising processes and removing duplication
5. Reduced cost: no middle party and no or less time manually auditing/reviewing.

[Fogwai]

Transparency: Blockchain is a distributed ledger. Transactions agreed by and ledger updated by consensus rather than individuals.

Security: Information is stored across the network rather than a single server. Transactions agreed by consensus before recording and are encrypted and linked to previous transactions. Harder to hack the network than a single server.

Traceability: Much clearer audit trail. Easy to track a transaction to source (provenance) and the steps it took along the way.

Efficiency and speed: Single digital ledger, not multiple copies that need updating. Less prone to human
error. Everyone has access to the same information, reduces need for intermediaries.

Cost: Trust in the data on the blockchain reduces the need for trust in the trading partner therefore less reliant on third parties.

[diogozas]

Transparency: All bitcoin nodes have the same copy of the ledger, therefore they need to reach a consensus to verify and validate each transaction. Compared to the traditional system, this date is much more accurate than traditional paper heavy methods.

Security: Mining makes the network secure, all the computers are involved in finding the next block and they will only get the mining reward if they play by the rules. If they don’t, they will throw away the costs of electricity to mine BTC. So, there is no incentive to cheat the system. In blockchains, the information is stored in all the network’s computers not just a single one. This can be revolutionary specially for industries where data needs to be kept private and confidential.

Improved traceability: Every blockchain transation can be traced, everyone on the network can see it and verify it’s authenticity and therefore prevent fraud.

Increased efficiency and speed: There is a vast amount of paper work that are prone to be mismanaged, everything is explicit on the ledger and this can make processes transparent and trustless. No 3rd party is required, everything is peer to peer blockchain and that makes trading much more efficient and quick.

Reduced cost: In traditional payments you need intermediaries and it increases the overall costs of transactions. Everyone has access to ledger and it will make processes much less costly.

[Pohi]

Transparency: Data is available to anyone who has permission and you know it had to be first verified by majority to be put on a ledger and that it cannot be subsequently changed.

Security: Because the transaction is approved and then encrypted on multiple computers through the network it’s very secure against hackers. And this also prevents companies themselves or 3rd parties to change things so frauds are minimized.

Improved traceability: You can track a product from it’s origins to the customer and everywhere where it’s been inbetween. So the companies can’t lie about certain components of their product which increases trust between companies and consumers.

Increased efficiency and speed: You can remove many 3rd parties which usually verify transactions and this can be done automatic so you also save a lot of time.

Reduced cost: Because you don’t need so many 3rd parties to audit everything you do, you save money. Also the documentation can be much more transparent and quick to utilize for all the parties involved in the transaction or trade.

[creatiiive]

1. No one can hide ****.
   2.you cant change data thats written on digital stone.
   3.you know where the bananas came from in your banana flaboured yogurt.
   4.no need for old school systems of paper or multiple databases and synchronisation of those databases.
   5.no need for 3rd parties, no middle man.

[Zoltan]

@ivan

Transparency:

Data submitted to the blockchain is transparent because it can be verified by anyone who has access to the information on the blockchain.

@ivan

Security:

Blockchain is more secure than other types of data bases, because data submitted to the chain has to be agreed upon and is verifiable by participants before reaching consensus. Transactions are approved, encrypted and linked to the previous transactions, meanwhile a copy of the ledger is stored by all participants in the network instead of a single server. This way, sensitive data can be better protected.
Hacking this system becomes very difficult.

@ivan

Improved traceability:

Financial transactions can be traced as information of transaction trails are accessible on chain.
Complex supply chain data can be accessed easier on blockchain, so consumers and merchants are able to verify product origins and manufacturer practices.
A product can be traced by anyone at each station of the supply chain, this can confirm authenticity and prevent fraud.

@ivan

Increased efficiency and speed:

Record-keeping is performed using a single, open, digital ledger. Auditing a supply chain becomes faster, it requires less work as it can be done in real time and instantly. Human error can be eliminated by automation.
Financial transactions become instant.

@ivan

Reduced cost:

By having permissioned access to a trustless network, one shared ledger and automation, the number of intermediaries can be reduced. Reviewing of documentations, time consuming accounting can also be done faster, hence reducing costs.

[Vinny]

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

Transparency:
Gives a true view of what transactions or info is added to the blockchain and is unchangeable without consensus taking place.

Security:
As all transactions are stored across a network of computers as opposed to just one so it’s much harder to hack as not stored on one server. Transactions also have to have concencus before they are encrypted and added to the previous blockchain

Improved traceability
Really good for supply chain as you can see each stage of the journey and trace back to origin. Historical data also cant be changed which can help prevent fraud or claw backs

Increased efficiency and speed:
Transactions can be completed and settled much quicker as everyone shares and had access to the same ledger.

Reduced cost:
Reduce third party reliance and cost as everything will be stored to the blockchain so both parties only need to trust the data.

[Eivissa]

1. Transparent because it is an open ledger so anyone share the same information.
2. Transactions must be confirmed upon being recorded. All is encrypted before putting it on the blockchain.
3. The historical transactions help to verify the authenticity
4. Forget about the paper work to double check or verify, intermediates are taking out of the process.
5. The middleman is not needed anymore so less costs.

[CryptoChip]

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

1. Transparency: You don’t have to worry about having things verified through a centralized network because everything has been confirmed by the network before it is recorded on the network. This network is shared by everyone and was confirmed by consensus and POW before it was recorded. It is permanent.

2. Security: Every transaction is verified by the entire network, encrypted, and then recorded on a network which is connected to each and every transaction that were verified previously. This allows for sensitive information to remain secure because it can’t be changed or altered.

3. Improved traceability: There is always a trail of transactions recorded for auditing purposes to see exactly where the transaction came from and see that it is verified to help prevent fraud.

4. Increased efficiency and speed: Speed and efficiency are achieved by a single digital ledger recording all of the information instead of using traditional paper methods which are slow and cumbersome. This allows for a much quicker transaction process and creates a lot of efficiency by eliminating multiple steps and processes.

5. Reduced cost: Many middle men / businesses can be eliminated because you don’t have to trust your trading partner because everything has been verified and recorded to the network. This will save a lot of time and money. Time is also money so you save both ways.

[Cedric]

every participant of the same blockchain can see every transaction made in the past. new information gets added after the majority verified it and cant be changed afterwards. no hidden records and no one can secretly try to change information compared to a normal database.

storing sensible data on a blockchain is much more scure than on a single server or single data storing unit. if someone wanted to harm your data in any way he would need to successfully overcome the whole blockchain network which is almost impossible. almost every other method of storing such data is much more vulnerable to all kinds of “hacks”
3.
if all goods were to be tracked using a blockchain it will be much easier, faster and cheaper to track and verify where an item came from and through which hands it went trough. this makes it much less vulnerable to fraud and a supplier will not be able to lie about the provenance as easy as he can now.

no more need of as many middle men, if any, with the blockchain.
much easier to trust in the blockchain for both parties, which makes business between strangers easier and safer.
both parties have access to the same protocol and none of them can change it afterwards

less paper chaos and less middlemen.
no need for trust between parties, because you only need to trust what is written in the blockchain.
makes for faster and safer communication

[LucasPrater]

Transparency: With all transactions being held on all the available nodes across the network nothing is hidden and you have 24/7/365 visibility with continual audits.

Security: Nothing happens unless the community has consensus. Once consensus is found then it is written on the ledger and it can never be removed.

Improved traceability: Within blockchain you have 100 percent visibility from creation, therefore 100 percent tracability to its origin. Furthermore 100 percent historical ownership of a given unit.

Increased efficiency and speed: The speed of trustlessness is faster that the speed of trust. Paper and human input is slow and rot with error. Garbage in garbage eternal. You don’t even need to waist time to verify because the blockchain is the verification. This is the ultimate speed.

Reduced cost: Entire businesses are created around audits and verifying. Imagine a fortune 500 company with it’s entire business ledger on blockchain being able to sell it’s business without jumping through the legal hoops of audits. Removing human error alone is going to reduce soft cost by a magnitude we can’t even calculate. We can’t even understand the down stream impact human error has on our business because the lack of visibility.