Reading assignment: Benefits of the Blockchain technology

[Marta_Tofan]

Transparency: on a blockchain every transaction is super clear. You can’t cheat on something or reverse it, because of nodes that control the network.

Security: thousands of nodes around the globe are working and verifying all actions that can be done online. That’s why it’s so secured.

Improved traceability: thanks to blockchain you can track all steps on the way of bitcoin or other Things that you are buying to prevent froid or scams.

Increased efficiency and speed: blockchain is working 24/7/365 with a high speed.

Reduced cost: with blockchain businesses don’t need third parties to do extra job, nodes will verify all data, as a result save a lot of money.

[Dejen]

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

1). Transparency:

• Blockchain is a public ledger and all transactions on the blockchain are approved by the nodes through consensus. All participants have the same version of the blockchain. This makes it transparent.

2). Security:

• After transactions have been accepted through consensus, they’re stored in the blockchain. Once they are stored in the blockchain, they can’t be changed nor deleted.

3). Improved traceability:

• Every transaction/ data can be tracked or traced on the blockchain.

4). Increased efficiency and speed:

• On the blockchain the transactions are faster and more efficient compare to the traditional way. With blockchain we’re using a single digit ledger instead of a multiple ledger, this makes it more efficient.

5). Reduced cost:

• With blockchain, you don’t need third parties or middlemen. You just have to trust the data on the blockchain, because it’s verified.

[cryptickneefuhh]

Transparency: all transactions are made public for everyone to view and track
Security: consensus makes it to where every node has to come to an agreement about a transaction being true or not.
Improved traceability: you can track all transactions or history down to the origin including all the stops it made.
Increased efficiency and speed: since you’re relying on a Network not a community everything is much faster not having to wait for someone to confirm on their own time.
Reduced cost: cutting out the middle man

[BalancedBaldy]

1. Transparency is a benefit of using blockchain because everyone and anyone can see all transactions done on the blockchain.
2. Security is a benefit of blockchain because since it is not controlled by central authority it is harder for the network to be hacked or for information to be manipulated.
3. Improved traceability is another benefit because the blockchain allows for anything to be traced back to its origin and every other transaction involved.
4. Increased efficiency and speed is also a benefit because large groups of people can see and use all the same information on the blockchain reducing the need for paper heavy processes and third parties.
   5.Reduced cost is also a benefit because the blockchain helps reduce extra task or hiring third parties or middlemen everything is recorded on the blockchain.

[christop242]

Transparency: everyone that is allowed access to the network can see the transaction.

Security: the database is shared in its entirety and each locally held copy can be held on different servers, meaning attacks can be localized making it difficult to comprise the data.

Improved traceability: again as a public shared ledger with the same information where nothing can be removed, the ‘chain’ of transactions can be traced to its origin because the history is stored forever.

Increased efficiency and speed: local copies, paper copies would most likely need to be updated in less efficient manner. When the whole network with shared copies of the exact same ledger of transactions, each new transaction is updated in every copy.

Reduced cost:
less need to have 3rd party intermediaries involved to give guarantees and assurances for transactions(which usually are paid for services, accountants, lawyers, insurance companies) reducing costs.

[MilanC]

transparency- the blockchain creates more transparency by making the data base public. documents can just be changed because these are set in digital stone through consensus. Everyone can see everything since everyone is accessing the same documentation

security- when each transaction is made it has to be agreed upon then it is encrypted and linked to the previous transaction in the blockchain. all the information is stored on a network is computers instead of single sever.

improved traceability- this means if your company deals with products that go through a lot of hands then using the blockchain would mean there would be a public ,instant , accurate audit happening as the product passes its different fazes. very good for verification.

increased efficiency and speed- compared to traditional transaction methods this takes out third parties and time consuming processes. everyone can see what is happening and everyone knows it is accurate and verified with no mistakes.

reduce cost - without middle men and third parties making guarantees costs go down. one single documentation block means that there is no back and forth with many documents

[ellieD]

1. Transparency:

Consistent data accuracy that is publicly verifiable is wonderfully transparent.

2. Security:

A high level of security is achieved because a large group of network participants must concur that a transaction is accurate before it is confirmed. In such a design, it becomes nearly impossible to have corrupt data or data subject to being altered or deleted by an attacker.

3. Improved traceability:

Ledger data entries rely on the data that precedes it to be accurate. Tracing transactions would be simpler and more accurate if there was certainty that all previous transaction were known to be accurate.

4. Increased efficiency and speed:

Because the blockchain is interoperable, this feature alone could increase efficiency and speed of countless business processes. Anyone who has ever had to make two incompatible systems ‘talk’ to eachother can attest to this. I have a high level of confidence that many collective millions of hours are spent by humans each year putting forth an effort to make one system play nicely with another. Blockchain reduces or in some cases may eliminate completely interoperability concers.

5. Reduced cost:

Reducing labor costs will be a welcome byproduct of blockchain technology for businesses. While blockchain may have associated transaction costs, they are quite likely smaller than current (antiquated?) systems. So many business processes rely on a third party participant. To greatly reduce or eliminate the number of these participants will be a welcome benefit.

[Abel]

1. Transparency:
   All the participants have the same copy of the data and it is available to everyone in the network

2. Security:
   The protocol makes hard near impossible to change anything in the chain, therefore the participants can trust the protocol and does not have to trust any third party.

3. Improved traceability:
   All transactions can be tracking to the origin, and witih the immutability feature you can be sure the track is right

4. Increased efficiency and speed:

With the features that tha blockchain have you can eliminate a lot of middleman in the process and makes easier the path

5. Reduced cost:

when you remove intermediaries everything is cheaper

[Sircheat]

Transparency: In a blockchain, all network participants share the same documentation as opposed to individual copies which can be altered. every party has to agree before any tx is recorded or added to the blockchain.

Security: A blockchain is trustless and decentralized so enhanced security for a hacker to compromise.

Improved traceability: Every transaction on the blockchain is visible for everyone, cant be removed and can be traced.

Increased efficiency and speed: blockchains eliminates the need for paperwork and complex file management which can be clunky, transactions also take less time than the regular traditional financial methods.

Reduced Cost: blockchains eliminate the need for middlemen thereby saving huge costs.

[_Vincent]

1. Transparency:
   As Blockchain is a global database, everyone shares the same data, so everyone access to the same data, like a distributed global ledger.

2. Security:
   One of the reason : because, we can perform transactions between people without having need to trust (we rely on protocol for get trust), the security of transactions is proved.

3. Improved traceability:
   Because this is a global digital ledger and each transaction is linked to its previous transaction. We can trace ant date without tamper the date. Plus, once date is put on blockchain, we cannot remote it and because again, it is a global database, everyone has access to the same and entire information.

4. Increased efficiency and speed:
   Because all actors on blockchain contains a hash of this global ledger, everyone is potentially, physically close to a node containing needed informations. Thus, it increases speed and efficiency to be close to the data we are looking for.

5. Reduced cost:
   Everyone can deals with directly with the blockchain, by protocol. No more third-parties is needed between. Less intermediaries, less cost.

[cryptocashin]

1. Blockchains enable transparency because everything you do using them is on the public ledger and easily verifiable using math. THis is helpful in all industries but especially in supply chains, financial services and auditing.

2. Blockchains are secure because it is near impossible to reverse or alter a transaction once its added to the ledger. The only way to do this would be by getting the entire network to collude among itself and agreeing to make that change.

3. Blockchains enable traceability because the entire blockchains history is stored on the distributed ledger so anyone interested can see the state of the chain at any given moment in time.

4. Blockchains increase speed and efficiency especially if implemented in financial services because it reduces the need to use a 3rd party to validate transactions

5. Blockchains reduce the middlemen and third parties thats needed in most transactions requiring trust.

[bvtran]

Transparency: Blockchain is a single digital ledger that everyone must agree upon. Because of consensus, it is possible to accurately store all the data in the blockchain, making it easier for everyone to access the same exact information.

Security: Because everyone needs to agree upon the transaction before it can be added to the blockchain, security is much better because the attacker would need to outpace all the honest nodes in order to corrupt the blockchain. And to alter one link in the chain requires undoing all the subsequent transactions after it, discouraging any would-be attackers from tampering with the blockchain.

Improved traceability: Since the blockchain is more transparent and immutable, it is possible to trace a specific transaction across the ledger without much difficulty because all the transactional history is stored within the chain, which is useful for tracing any transaction/item through a complex supply chain.

Increased efficiency and speed: Since all the transactions are stored within the ledger, it is much faster to verify transactions without having to go through any tedious paper-pushing processes. It cuts away any intermediaries you would have to deal with in order to verify any transaction.

Reduced Cost: For the same reasons for the increased speed and efficiency, there is no need to hire third parties to verify transactions when the companies themselves can access the same exact information on the blockchain. There would be no need to place your trust in anybody when you can trust the ledger itself.

[IvanFitro]

Transparency: all the database is public for all the people.

Security: you don’t trust, you can verify it every transaction. You trust with the consensus of the network.

Improved traceability: the database is public and you can follow all the transactions in the blockchain.

Increased efficiency and speed: you don’t need intermediaries and you can use arround the world.

Reduced cost: you don’t need intermediaries and this reduce a lot the cost.

[AlexanderLeyland]

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

Transparency: Blockchain is a distributed public ledger that can only be altered by consensus across the network and its data can never be removed once added. This shared documentation, accessible to all with permissioned access, creates a greater transparency than other databases allow.

Security: The encryption and linking of transactions, one block to another, the approval of transactions only by network consensus and the decentralised sharing of the ledger across all nodes instead of a single server, all enhance security and help to prevent hacking/compromise of data.

Improved traceability: Businesses involved in a complex supply chain can use blockchain to hold a clear audit trail for their products, which can be verified by immutable transaction data, eliminating fraud.

Increased efficiency and speed: Automation and streamlining of transaction processes can occur using a single digital ledger that allows access to uniform data, removing the need to reconcile multiple ledgers and cutting down on third party intervention.

Reduced cost: The removal of third parties and intermediaries by placing trust in the blockchain protocol, along with less reviewing of documentation when the same database is accessed across the network, significantly reduces costs for businesses.

[chiranjivi_patnaik]

Transparency: It is a distrubted ledger open to everybody anybody can verify.
Security: Nodes are incentiveised to be truthfull.
Improved teaceability:All transaction are available any body can check.
Increased efficiency and speed: Removes all middleman.
Reduced cost:No middleman commision.

[Xabier22]

-Transparency: Blockchain is a public data-strucutre/ledger. That means all the transactions done in the ledger are visible for anyone. All the nodes have a full copy of the blockchain on their computer and you can do so to read all the transactions history.
-Security: Bitcoin is trustless network which means that is VERIFIED by high level.maths and the protocol itself.
-Improved traceability: thanks to provenance we can track and verify anthing thanks to transparency and inmutability.
-Increased effinciency and speed: While in the traditional banks it takes days to make a transaction, in bitcoin its much more faster.
-Reduced cost: thatnks to decentralization we remove third parties and protects the network with maths, so less people and resources are needed.

[JRoze545]

Transparency: I think transparency is something everyone looks for in a business or community. The fact that the blockchain ensures that there is full transparency of transactions gives me confidence and trust in this system.

Security: I think the biggest thing that stood out to me on security is that we can put trust in things that cannot be broken, bribed, or hacked. We all want the peace of mind knowing the system is working for the blockchain and has no bias or separate interests to sway from the network.

Improved traceability: The benefits of traceability hold everyone accountable to previous transactions. A company can no longer just tell its consumer that our product was made without child labor. It would be a verified transaction with a receipt on the blockchain.

Increased efficiency and speed: I know financial systems are quicker today than before but there is still a lack of efficiency and speed when processing payments and verifying almost anything. The blockchain is running at all times to produce these transactions not just during business hours.

Reduced cost: I’m not sure if blockchain could completely eliminate the need for banks or credit unions but the thought of how much money, energy, and time could be saved by having a network of lenders and accounts within the blockchain rather than thousands of buildings for the same use is astounding. The sole purpose of a bank could probably be completely replaced with the digital blockchain if I am understanding this properly.

[JRoze545]

I think the quote " There is no need to place your trust in anybody, when you can trust the ledger itself." is bulletin board material.

[Scott815]

Transparency: All information is public and shared over the network and everyone has a copy of the same information via blockchain (ledger)

Security:
Infromation is verified, encrypted and tied to last tranascation.

Improved traceability:
all infromation is easy accessible on the dencentrailized network and auditable.

Increased efficiency and speed:
no paper cost and information is shared on the network and trusting each other as all have copy of information and is easy accessable.

Reduced cost:
removes many part of the current systema and removes middle men and put the trust back into everyone involved with security built in.

[cryptostoner1208]

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

1. Greater Transparency - Blockchain is a distributed ledger so it can be publicly seen and all in the network see the same info. Thus if blocks need to be added to the chain all miners have to be in agreement or come to a consensus to add this to the blockchain. Plus it is a public ledger where all can see the transactions made

2. Enhanced Security - transactions are agreed upon before the block gets added to the chain. A network of computers stores this digital ledger instead of just one party or server holding the history of transactions.Extremely difficult to hack or make changes due to the network and consensus of the miners

3. Improved Traceability - Blockchain holds all transactions from beginning to end and it can not be altered or changed. This can be added but not removed, so it is easy to see where items, coins, assets, etc. have been, how much there was and it, and every place it has gone.

4. Increased Efficiency and Speed - Blockchain takes out human error and is based solely on the network and math. This is imperative because this automatic and streamlined process gets transactions validated quickly and without error. Since there is a single ledger for a specific coin, item, good, etc. there is no need to cross-reference multiple ledgers to verify a transaction as it all runs on the same ledger.

5. Reduced Costs - Do not need a third party to verify transactions etc. therefore no third party auditing fees or middle man costs.