Blockchain transactions don't need intermediaries for third-party validation. Less oversight is needed since the "policing" of the system is distributed over the entire network. 

Cost effectiveness of blockchain

The shared, distributed ledger allows for information to be recorded once and is made available to all parties in the network, eliminating the need for a central authority. This also eliminates the need for different parties to duplicate the transaction recordings. 

Efficiency of blockchain

Transactions can't be changed on the distributed ledger and can only be reversed through additional transactions (but all past transactions are still visible). This prevents fraud and cybercrime. Networks can additionally be "permissioned" so only members can make transactions.

Safety and security of blockchain

- Cost-effective
- Efficient
- Safe and secure
- Building trust
- Business benefits

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Tracks and records transactions of assets through utilizing a shared, decentralized ledger. Used to reduce the risks and costs of tracking and trading things of value.

Blockchain

Gupta, Manav. Blockchain For Dummies® IBM Limited Edition, IBM, bertrandszoghy.files.wordpress.com/2017/05/ibm-blockchain-for-dummies.pdf. 

Blockchain For Dummies® IBM Limited Edition

Advantages of blockchain

- Consensus
- Provenance
- Immutability
- Finality

Characteristics of blockchain networks

- Financial Services
- Insurance
- Government
- Supply Chain Management
- Healthcare
- The Internet of Things (IoT)
- Web3
- DeFi
- Music Industry
- Land Registration
- Business
- Video games

Blockchain Use Cases

- Blocks and blockchain networks
- Distributed ledgers
- Participants
- Assets, transactions, and channels
- Consensus
- Smart contracts and chaincode
- Peer-to-peer replication
- Digital signatures
- Cryptographic hashes
- Wallet

Blockchain Key Terms

- Blockchain For Dummies® IBM Limited Edition 
- Mastering Blockchain: Deeper Insights into Decentralization, Cryptography, Bitcoin, and Popular Blockchain Frameworks
- Get started with blockchain: Explore the basics of blockchain and get started building a solid foundation
- The Blockchain Technology on the Music Industry
- Blockchain Without Waste: Proof-of-Stake
- Blockchain for Business Whitepaper (MIT)
- Blockchain Technology for Healthcare: Facilitating the Transition to Patient-Driven Interoperability
- Decentralized Finance: On Blockchain and Smart Contract-Based Financial Markets
- Blockchain basics: Introduction to distributed ledgers
- Merkle Tree
- Some Simple Economics of the Blockchain
- Blockchainizing Food Law: Implications for Food Safety, Traceability, and Sustainability
- The ICO Gold Rush
-Blockchain Technology and Decentralized Governance: Is the State Still Necessary?

Blockchain References

The applications of blockchain in real-life scenarios

Use Cases of Blockchain Technology

Disadvantages of blockchain

Ethereum is alternative protocol to Bitcoin for building decentralized applications.   

It is open-source, has smart-contract functionality, and allows users to create their own arbitrary rules for ownership, transaction formats and state transition functions.

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