Reading assignment: Benefits of the Blockchain technology

[CryptoSpyder]

Benefits of Blockchain Technology-

1. It allows for open ledger of all transactions that are stored on multiple computers so they can be seen by anyone.

2. Transactions must be agreed upon by the consensus of miners. This allows for a trustless relationship.

3. The open ledger format allows for all transactions to be traceable and can be proven without trust.

4. A decentralized network allows for transactions to happen quickly because of no longer needing human approval. This also eliminates errors which cost time and money.

5. The elimination of third parties and the trustless nature of blockchain cost less than traditional systems.

[dcp]

Transparency, Security, Improved traceability, Increased efficiency, speed & Reduced cost are the perfect example of the whole being greater than the sum of its parts. And each factor perfectly compliments the others.

[dlee]

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

Transparency: All network paticipants share the same ledger (as opposed to havin their own) - this is publicly visible.

Security: transactions must be agreed before approve and are then encrypted and are not reversible. This info is stored across a network of computers so difficult to hack.

Improved traceability: blockchain provides and audit trail on a single shared digital ledger.

Increased efficiency and speed: Avoids 3rd party mediation, record keeping on a single shared ledger means record keeping is less cluttered than if each paticipant kep their own sepeate ledgers. Less intermediaries also allows quicker settlements.

Reduced cost: No middlemen and the fees they would charge, less admin costs as a single shared ledger, - single immutable version so less documentation.

[brunaveloso]

Transparency: the blockchain serves as one immutable ledger. everyone inside the blockchain has the same version of this ledger, and to manipulate one information you would have to manipulate every single participant of the blockchain. So it makes the whole process much more transparent than a paper ledger.

Security: everyone in the blockchain has the same “copy” of this ledger, and one transaction is only recorded on the blockchain after it is approved by the whole chain. Once it is done, it can not be undone. So it is really, really hard to corrupt it.

Improved traceability: Everyone in the blockchain has the same “copy” of the ledger, and each transaction inside the blockchain is linked to the previous one. So everything is recorded, transparent and, therefore, traceable.

Increased efficiency and speed: You don’t need third parties, middlemen or a central figure to verify the information that is recorded in the blockchain, nor you need to verify a bunch of paper documents. It is much more transparent and fast to rely on a consistent blockchain than in a manual/paper documentation.

Reduced cost: no middlemen, no third parties, no need for a big auditing company.

[Herb]

Transparency: Because blockchain networks operate as open source decentralized digital ledgers and all network participants have a copy of the same documentation.

Security: Security is a benefit of using blockchain because it’s a system built on consensus which allows for provenance. Data is stored across a network of computers rather than having it stored on a centralized network where it could be vulnerable to an attack and manipulation. This is important as more valuable and sensitive data continues to be stored digitally.

Improved traceability: When using blockchain every transaction or exchange of goods is recorded in the chain. This is beneficial when monitoring and managing things such as supply chains where it’s important to know where an asset has come from and where it’s been.

Increased efficiency and speed: Because blockchains are a decentralized network where all participants share the same copy of data, it removes the need for third party mediation. This can greatly improve the speed and efficiency of transactions.

Reduced cost: By removing the need for third parties and middlemen, businesses can cut costs while still having provenance on the blockchain network.

[Maritp]

Transparency: Every one has the same access to the same information. Since it is transparent, everything can be verified instead of just trusting.

Security: It is more difficult for hackers to hack because the blockchain data is not all saved on one single server.

Improved traceability: Because it is transparent, it is easier to see the “supply chain” of where X Bitcoin came from.

Increased efficiency and speed: No humans are needed to completed and make transactions or use the network. There is less room for human error. The process is streamlines and automated.

Reduced cost: You do not need as many 3rd parties in your business, so you don’t have to trust people, just the protocol, and of course you can always verify it.

[TurtleFoot]

1. Transparency: Provides a distributed ledger so everyone can share the exact information to agree on.

2. Security: Transactions must be agreed upon by multiple miners in order for transaction to get approved across multiple locations throughout the world so it makes it impossible to attack a single server.

3. Improved traceability: Recorded Audits on blockchain pin point every single piece of historical data, this can verify assets and where they have went and also can prevent fraud.

4. Increased efficiency and speed: Blockchain uses a single digital ledger for record keeping for everyone to view and have access to instead of having multiple ledgers.

5. Reduced cost: You cut out any third party fees. Make the trade between Person to Person instead of Person to middle man to person.

[Hector_Rodriguez]

Transparency: it prevents collusion on the network .

Security: with consensus , the network of trust help prevent fraud and unauthorized activity .

Improved traceability: this topic is what makes Blockchain appealing to many to those who are for example interested
the supply chain use case ( projects like Vechain) it allow for you to trace every benchmark ( from beginning to end ) logistically
and it can also help confirm authenticity and prevent counterfeiting

Increased efficiency and speed: Mainly, blockchain can prevent human error as it eliminates " paper"

Reduced cost: This is a priority and you wont need “middlemen”

[Serell]

Transparency: Blockchain is a distributed ledger, and all participants share the same documentation.

Security: Data is redundant across a network. Common data can only be updated via consensus.

Improved traceability: Production history can be made public. Historical data verifies authenticity of assets.

Increased efficiency and speed: Data is quick and easy to validate via hash. Reduces human error through automation.

Reduced costs: Replaces “paper heavy” processes. Removes 3rd party trust brokers.

[FelipeP]

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

Transparency: everyone on the blockchain network must agree on the transaction, and everyone can see what is being transacted, and it’s recorded for ever.

Security: being a distributed network, it is much harded to hack or alter, since there is no single point of failure, but rather many nodes that interact and inform one another at all moments.

Improved traceability: every transaction is tracked and recorded, and cannot be altered, therefore all data and transactions can be traced all the way to the beginning.

Increased efficiency and speed: Much more powerful relying on the energy and power of thousands of nodes distributed through the world, instead of single machine or infrastructure.

Reduced cost: Maintenance is lower and there are a lot less fees to be paid.

[jaybencali]

Transparency: Because blockchain is a type of distributed ledger all network participants share the same documentation as opposed to individual copies.

Security: Transactions must be agreed upon before they are recorded. Once the transaction is approved, it is encrypted and linked to the previous transaction. Info is stored across a network of multiple computers instead of a single server.

Improved Traceability: An audit trail can be conducted when goods and services are recorded on a blockchain.

Increased efficiency and speed: Once a transaction is sent to a blockchain everyone can see or receive directly.

Reduce Cost: With Blockchain the trust issues an be solved. Not having third parties can save on cost.

[CRYPToNi4e]

1. The is Ledger is transparent through its immutability and always being available to everyone within the network

2. Security is increased through the blockchain as the information is being broadcast to the entire network which reduces the chances of manipulation, hacking and corruption

3. Improved traceability is created through provenance allowing the tracking and the historical data which is available to anyone using the network

4. Increased efficiency and speed is achieved by streamlining the network with the use of the same protocols and ledger information. There are no grey areas with the information.

5. The cost can be reduced when using blockchain as there are no intermediaries. Any information relating the to particular transaction will be found on the blockchain.

[kenny_escobar]

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

Transparency: Transparency gives you more benefits while using a blockchaing because the information is more accurate, consistent and transparent plus that this information cant be manipulated or any transaction cant be removed, thats why why each transaction that enter pass thru a process call consensus.

Security: Data saved in the network before recorded is approved then it is stored in many computers in the network so it no have a single server storage which give data and transactions less points of weakness.

Improved traceability: transactions can be track in real time showing the journey of the product giving more trustless to the company/client and reducing fraud events.

Increased efficiency and speed: traditional paper processes requires a lot of procedures and intermediaries which take a big waste of time while doing processes where every one can see the information, the transactions are recorded- keeping processes will become more efficient and faster taking into account that it would be easier to trust from both sides.

Reduced cost: to do a process in blockchain third parties are reduced so this would guarante that the costs would reduced to the companies because you have more ways to trust your trading partern having acces to see documentation and all the information that is immutables.

[DeanMacF]

Transparency: It is a trustless distributed / pubic ledger which is updated through consensus.

Security: The network is distributed, stored and updated in real time across a network of computers operating in consensus which makes hacking extremely difficult and unlikely.

Improved traceability: Each product can have an audit trail across its production and transportation which accurately identifies all the steps taken and the role plyers involved.

Increased efficiency and speed: A single trustless ledger reduces clutter and speeds up clearing and settlements, on a real time basis which doesn’t require additional auditing.

Reduced Cost: The trustless and immutable system removes the need for grantees or documentation often required from third or external parties needed for trades and its audited in real time.

[HAMMERTHOR]

1. Transparency: is a benefit of using blockchain because all parties in a network have access to the same data and none of them can make any changes without consensus, that means every member must agree to the change. A single change is time intensive and labor intensive since all records up to and after that point will need to be changed.

2. Security: is a benefit of using blockchain because of all the steps that are generated to ensure the security of transactions. These are, consensus prior to recording a transaction, encryption, and linking each transaction to the transaction before it, and storing it on a network of computers rather than a single computer that can be easily hacked.

3. Improved traceability: Goods exchanged on blockchain have a history of transaction data that traces their journey through every step in transportation and this verifies the source/origin of the goods, their stop points and final destination. This prevents fake items from dubious sources being passed off as genuine.

4. Increased efficiency and speed: Because blockchain uses a single digital ledger to which all parties have access, transactions can be quickly and easily completed.

5. Reduced cost: is a benefit because all parties have access to the same secure and immutable data on the blockchain and they know it’s data they can trust. Multiple third-party individuals are not needed to ensure security and immutability because all required information is already in the data, thus saving cost.

[aldrin]

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

Transparency:
** records are immutable, once done it cannot be changed, the creation or record are a mathematical and programmable hash through the network nodes who are incentivize to protect the network by participating in the block creation with cyrptography. this makes the blockchain transparent**
Security:
the nodes participants in the blockchain generates blocks through complex cryptography algorithms that is hard to hack and to modify once the block is complete: then the records are saved in all nodes and verified with certain hashing; this steps makes the blockchain secure.
Improved traceability:
since records are immutable in the blockchain; it’s easy to track a particular address and it’s history of transactions; thus consensus of ledgers can verify the reliability of certain transactions to trace

Increased efficiency and speed:
since blocckain includes the process of transaction between 2 entities; the automation of processing the transaction in the blockchain networks make it efficient (with verifiable info and secure) and fast (no need for 3rd parties to process the transaction(s) and wait validation) thus avoiding any human-error
Reduced cost:
no middle-man, the human that would charge a fee or salary to process this transaction is avoided with the blockchain. only the nodes participating in the transaction and offering a better fee rate will execute the requested transaction

[OliverCalza]

Conceptually, the blockchain reduces friction and acts as a catalyst. Trustless is seamless and fluid.

[emignacio]

Transparency:

• Blockchain is very transparent because every time you make a transaction, it is recorded. Anyone can track the history of your BTC therefore you can even check if it is good or bad.

Security:

• It has great security due to the fact that it has multiple computers running and mining 24/7. Each one would check if a transaction can be done and if a data is correct. If someone changes a value on one computer, it would not work because every other computer has a locally stored value inside of it that can verify the data.

Improved traceability:

• This is done by allowing anyone to view the history of transactions. Therefore anyone can easily trace back what they want to know even back to the first time it is minted.

Increased efficiency and speed:

• Due to the number of computers mining blockchain, the power is very strong and can do transactions and verify them in a matter of seconds. Trusting people and paper transactions can also be avoided and save a lot of time.

Reduced cost:

• This is because people no longer need to trust each other when making transactions. Blockchain voids the use of a middleman therefore reducing the cost of hiring one.

[daim]

Transparency:

• Transactions are recorded on the blockchain. All can see transaction history.

Security:

*No trust is required and the ledger cannot be changed.

Improved traceability:

*Transaction history and movement of products be be easily followed.

Increased efficiency and speed:

*All of the information is already present in one place, the ledger. No third parties are required.

Reduced cost:
*Its a more efficient process than the current model therefore less money.

[Marko1]

Transparency-benefitial because every participant in a transaction knows what’s going on at every moment(through concensus), and every side of the transaction has the same overview of the transaction history(provenance), so this prevents any occurance of missinformation.

Security: It is secure because nothing can be changed without concensus. It’s also hard to get your transactions hacked because blockchain doesn’t have a single server on which it runs, it has multiple ledgers.

Improved traceability: It is really easy to track your transition history due to stacking of blocks of data one on another. Everything is immutable.

Increased efficiency and speed:Efficiency and speed of transactions are improved drasticaly in comparison to a system with a 3rd party system because each ledger has the same transaction information and there is no need for special action to be taken for the transaction to be done, each party just has to agree on the details.

Reduced cost: no payment fee to a third party is needed