Reading assignment: Benefits of the Blockchain technology

[JoshuaO]

Transparency: Unlike centralized authorities, blockchain is a public ledger, storing the accounting and transactions all in one place for all to see. This allows a party to verify exactly what they are agreeing to instead of simply trusting an authority.

Security: Blockchain is a distributed network of verifying nodes. In order to attack or manipulate the ledger, you would have to attack every node in the network instead of one centralized authority.

Improved traceability: Because the accounting is stored along with each transaction, and every change to the network is recorded, immutable, and public.

Increased efficiency and speed: Blockchain automates the jobs of bankers, auditors, and many other types of middlemen.

Reduced cost: With blockchain, you are no longer paying for the work of said bankers, auditors, and other middlemen, thus reducing the cost. Plus with more accurate data, individuals and organizations could potentially make better decisions, saving time and/or money.

[lukasmunzner]

Transparency:
Threw ledger and the immortebility everybody can trace back everything.

Security:
the consensus of mulitible verifications, immorebilty, incentivity as well as the decentralization and the fact everything is based on mathimatics in a protocol makes it trustless.

Improved traceability:
decentralization and immortability makes it an open database everybody can view in real-time.

Increased efficiency and speed
there is no need anymore for intermediares at all.

reduced cost:
also here ar e no middle man needed anymore.

[Resolute]

Benefits of the blockchain:

1. Transparency > the blockchain is on a vast distributed network with real-time chronological recording of transactions verified to the point of achieving 100 consensus and visible across the entire network at any time 24/7/365.
2. Security > The fact that the blockchain records ONLY transactions that have been verified across an expansive distributed and decentralized network, and once so recorded said transactions are immutable affords a level of security that is beyond reproach.
3. Improved Traceability > the blockchain is a chronological digital audit trail in real time, which precludes the need for manual tracing of inputs.
4. Increased Efficiency & Speed > automated entry in real time coupled with the exclusion of human labor, and the associated risk of error, makes for a more efficient, faster, and seamless process all around.
5. Reduced Cost > having an automated and trustless system translates into a superior overall process and a highly cost effective proposition…

[golden]

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

Transparency: All transactions on a public blockchain are transparent and can be inspected by anyone.

Security: By using a consensus mechanism and incentives the data on a blockchain is very secure. It is not impossible but extremely hard for a malicious actor to tamper with the data because they either would have to control a majority of the nodes or otherwise convince the majority to achieve consensus on their version of the truth.

Improved traceability: data on a blockchain does not get deleted and is public. Therefore transactions are very traceable

Increased efficiency and speed: paper heavy processes are expensive and error prone. If for example process steps in a supply chain are documented on a blockchain this can be much faster and more efficient than traditional documentation

Reduced cost: by being faster and more efficient costs will automatically come down

[CryptoUsic]

1. Transparency:
   Today’s example, EU and big pharma companies are making deals that decide on our future without our agreement, if everyone had the same copy of ledger, all three parties would be incentivized to act for a greater good instead of a personal interest.
2. Security:
   It’s much harder to hack a network of nodes than a single central authority. All the transactions need to be approved by other nodes so no shady deals can be made, also those transactions are encrypted and linked to previous transactions so that we can track transactions timeline.
3. Improved traceability:
   Auditing is much easier and you have more insight on your product.
4. Increased efficiency and speed:
   Everyone has the same information and less error can occur. Also blockchain automates it so that trust is higher in the system.
5. Reduced cost:
   No need to trust people at all, just trust data in your blockchain and you will be able to trade with honest, dishonest, good and evil people all day all night.

[skplunkerin]

1. Transparency:
Blockchain has transparency built in as it’s a “public” ledger where all who have permissions will be viewing the same documentation/transaction history as everyone else (instead of having different or outdated versions of the documentation). On top of this, blockchain only adds new records through consensus using math, making the data viewed more accurate, consistent, and with built in audit trails (provenance) for all with permissions to see.

2. Security:
Blockchain is a decentralized/distributed, making hacking a centralized server/database near impossible (a hacker would need to hack every single node on the blockchain network, as well as alter every single subsequent record on every node), where every transaction must be approved through math & consensus, which gets encrypted and linked to previous transactions. This completely removes human-error while increasing accuracy, efficiency, preventing fraud, etc.

3. Improved traceability:
Audit trails are built in to blockchain (provenance) which allows for easy and accurate traceability as all transactions get linked and all who have permissions can access and self-audit the entire history of transactions.

4. Increased efficiency and speed:
Blockchain is significantly faster and more efficient as it has removed human error and time consuming processes from the system; all transactions happen through math and consensus on a single public ledger, making it faster and efficient to store new transactions as well as allowing for easier and faster human auditing as the network is transparent and accurate where provenance is traced.

5. Reduced cost:
Blockchain reduces costs by removing most middlemen/3rd-party intermediaries from business processes of auditing, consolidating, trusting/validating sources, etc. Everyone is on the same network that has built-in security, traceability, and transparency which allows everyone to have the same access to accurate data that has been approved through consensus.

[Elad_St]

Transparency: Transaction are recorded on a public ledger on the network, every node have the same exact copy of the transaction history that can be accessed by anyone with permission.

Security: every transaction that been approved by the majority is added to the blockchain and linked to a previous block of transactions, and each node hold the exact copy of the blockchain, which make it extremely hard to compromise because it’s not a single source of information.

Improved traceability:
every transaction that is approved is linked to the previous transaction and being saved on a ledger, so it is possible to trace the origin and trail of every transaction.

Increased efficiency and speed:
because the ledger is shared among multiple participants on the network and it’s the exact copy that can be accessed any time by anyone, it is faster, accurate and always correct because it is the original source.

Reduced cost:
Blockchain remove the need of middlemen because of the trusted ledger, if you can trust the record of information, no aditional validation is required.

[OliverHH]

1. Bc. everyone can access recorded data on the blockchain.
2. Less fraud since many nodes or ledgers record information --> so if one node fails to provide the right information there is lots of other nodes which verify data.
3. Every transaction that is added to the blockchain is recorded and can not be removed. This leads to a trail of data which always can be traced to its place of origin.
4. The network works by itself and doesnt necessary need third party apps.
5. The network promotes a one solution system which leads to less systems. No required trust leads to less cost for possible audits.

[mirkes]

1.) Transperancy is a big benefit because its makes the things much fairer for all in the network. Everbody can look in the ledger and can verified that all is correct and trustless.

2.) All the nodes and miners all over the world secure the network and validate the transaction of everyone. Once a transaction happens on the blockchain it stays there for lifetime because of the consensus.

3.) You can easily look in the supply chain where something comes from and you know that 100% trustless.

4.) In the time of the climate change where we live today its more impoprtant then before to make things highly efficiently as possible to safe energy. In tho longterm blockhain will, so i think, help the people to get the climate change under control.

5.) Everyone is happy when the can safe money.

[fsvolt]

With the blockchain, everything is agreed upon between a consensus of all parties. It would not work otherwise. This working together establishes transparency, and with that a more secure network because everything relies on one another. With a blockchain you gain provenance, so everything is traceable on the ledger. You can trace everything back to a point. All of this combined into one place makes processes much more efficient. How so? well you no longer need to rely on the checks and balances of additional third parties. With this efficiency comes faster speed, and that the combination of everything translates to reduced cost.

[Padma-Suta]

Transparency : Global networking and easy access by everyone is making it easy to see what goes on. There is no such thing like a private deal or some stuff “under the table”. Everyone knows.

Security: Security based on global level based mathematics. No separate data silos or single authority centre. Rather information or value run in a blockchain protocol free from centralization. It’s an infrastructure that everyone can build on with transparency, accountability, tracking, verification and such.

Improved traceability: Every transaction gets saved and confirmed over multiple ledger. These verify by consensus, if a transaction is genuine and possible. Once confirmed the data of the transaction is available to everyone who is using the same blockchain and it can’t be removed. Provenance plays a roll in that too as previous and future transactions are displayed.

Increased efficiency and speed: All is found in one transaction without 3rd party. The accounting and transaction happen as 1 instead of the regular 2 steps, through blockchain technology. Real time auditing is there as well as everything literally happens in one transaction. That is huge.

Reduced cost: This links just straight to the previous mentioned above. As when we have everything in one go it saves us from going though multiple processes that can easily be automated, which in centralized systems takes many different steps, often even more people.

[Edward.Web3]

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

1. Transparency: There is no single entity that helps facilitate the sharing of data. With financial incentives in place, the network of Miners all confirm which transactions are true and which ones are false through Consensus. Once digital transactions are recorded on the blockchain, they can’t be changed or deleted. On the blockchain, all transactions are time-stamped and date-stamped, so there’s a permanent record. As such, blockchain can be used to track information over time, enabling a secure, reliable audit of information.

2. Security: A blockchain creates an unalterable record of digital transactions with end-to-end encryption, which shuts out fraud and unauthorized activity. Data on the blockchain is stored across a network of computers, making it nearly impossible to modify. The data is stored in ”blocks” of information and then linked together in a permanent “chain.” When a new block is added to the chain, it makes the previous blocks even harder to modify,

3. Improved Traceability: Digital provenance provides transparency, giving the ability to validate and trace the origin of a product. A blockchain can help track the origins of a variety of items, such as medicines to confirm they’re legitimate instead of counterfeit and organic items to confirm they’re indeed organic.

4. Increased Efficiency and Speed: By eliminating the “middle man”, as well as replacing manual processes in transactions, a blockchain can handle transactions significantly faster than conventional methods (sometimes in a few seconds). Since the network uses the exact same information, that eliminates the need to reconcile multiple databases. As the network has access to the exact same information, it is easier to Trust this system (as opposed to trusting different organizations).

5. Reduced Cost: A blockchain creates efficiencies in processing transactions. It also reduces manual tasks such as aggregating and amending data, as well as easing reporting and auditing processes. A blockchain helps businesses cut costs by eliminating middlemen – vendors and third-party providers – that have traditionally provided the processing that a blockchain can do.

[Shane]

The benefits of using blockchain:

1. Transparency - is increased due to the fact that all nodes of a blockchain network process the same distributed ledger, on which all transactions added first need to be agreed upon through consensus, and once added cannot be removed or altered

2. Security - is increased due to the fact that blockchain runs on a decentralised network of nodes, eliminating a single point of failure, guarding against hacks

3. Improved Traceability - approved blockchain transactions are permanent/immutable, creating a uneditable digital paper trail for improved traceability

4. Increased Efficiency & Speed - clearing and settlement of transactions can be streamlined and automated with blockchain, speeding things up and removing the need for a human to perform such tasks manually

5. Reduced Cost - blockchain removes the need for middle men

[dayofdeparture]

Transparency: Because all participants share the same documentations and available to everyone with access. It means it is a distributed ledger.

Security: The fact that transactions must be agreed upon before they are recorded, makes the network more secure. After a transaction is approved, it is encrypted and linked to the previous transaction.

Improved traceability: 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: In a traditional paper heavy based system, trading anything is a time-consuming process that is prone to human error and often requires third-party mediation. By streamlining and automating these processes with blockchain, transactions can be completed faster and more efficiently.

Reduced cost: With blockchain, 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. Instead, you just have to trust the data on the blockchain.

[GeorgB]

Benefits of using a blockchain.

• Transparency: all permissioned network members share the same information. The information can only be changed through consensus.

• Security: Transactions can not be altered without the approval of all network participants. Information is stored in many computers, which makes it very difficult to be changed by unauthorized individuals.

• Improved traceability: If the production of goods is documented in a blockchain, the historical transaction log of the blockchain can help to verify the authenticity of parts and ingredients and can prevent fraud.

• Increased efficiency and speed: Transactions can be completed very fast and efficient by using automated procedures within the blockchain. Additionally, resources can be saved which are usually spent on the process of checking the trustworthiness of a business partner.

• Reduced cost: There is no need for middlemen to make guarantees for the success of a business transaction as you can trust your business partner. Also the amount of documentation can be reduced to one single immutable version.

[Abdulgaf1803]

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

Transparency:

Security:

Improved traceability:

Increased efficiency and speed:

Reduced cost:

[Abdulgaf1803]

• Transparency: all permissioned network members share the same information. The information can only be changed through consensus.
• Security: Transactions can not be altered without the approval of all network participants. Information is stored in many computers, which makes it very difficult to be changed by unauthorized individuals.
• Improved traceability: If the production of goods is documented in a blockchain, the historical transaction log of the blockchain can help to verify the authenticity of parts and ingredients and can prevent fraud.
• Increased efficiency and speed: Transactions can be completed very fast and efficient by using automated procedures within the blockchain. Additionally, resources can be saved which are usually spent on the process of checking the trustworthiness of a business partner.
• Reduced cost: There is no need for middlemen to make guarantees for the success of a business transaction as you can trust your business partner. Also the amount of documentation can be reduced to one single immutable version.

[Pawel_Jez]

1. Transparency: All participants have the same copy. It is made public. That shared version can only be updated through consensus.
   
2. Security: Transactions must be agreed upon before they are recorded. After a transaction is approved, it is encrypted and linked to the previous transaction. Information is stored across a network of computers. 
3. Improved traceability: All changes are recorded on the blockchain, which creates the audit trail.
   
4. Increased efficiency and speed: everyone has access to the same information, it becomes easier to trust each other without the need for numerous intermediaries. 
   
5. Reduced cost: blockchain eliminates the need for the participation of many third parties or middlemen

[anitya]

Transparency : noone can change the information in the block and everyone watches since it is a one huge digital ledger

Security : no intermediate to approve the transaction, as long as there’s electricity in the planet there’s no way a transaction won’t go further

Improved traceability : Everything is recorded forever, once the block is closed it will be closed forever

Increased efficiency and speed : Since is it just one digital system to run the whole thing efficiency and speed are guaranteed

Reduced cost: you just need to cover the fee of miner and that’s it.

[FOSSCrypto]

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

Transparency: Through the distributed ledger, network participants with access have a copy of the database and can only update the ledger through concensus.

Security: Consensus must be achieved prior to a transaction being recorded.  The recorded changes to the database are recorded throughout the blockchain (or network of computers)  so there is no one point of failure to compromise the information.  This vastly reduces the risk of fraudulent activity.

Improved traceability: The blockchain inherently provides historical data for every step of activity within the database.  This is extremely useful in supply tracking and quality assurance applications.

Increased efficiency and speed: Due to network participants having a copy of the same information without the need of human consensus, transactions and verification can happen at a much more rapid pace.
Reduced cost: Using blockchain eliminates the need for third parties go make transactions thus providing a verified, trustless, and immutable version of the database.