Crypto Academy Week 6 Homework Post for [@gbenga]

Today i attend the lecture of our respected professor @gbenga , now I am going to write my homework task for week6.

Blockchain Benefits For The Industry

If you are in this industry, then you should understand the advantages of blockchain technology, that is, its advantages. If your business is currently using blockchain or planning to implement blockchain in the future, it will help you understand the upcoming changes. Usually, these benefits are closely related to the core blockchain functions. Let us see what benefits it provides.

Source

Better Transparency

Transparency is one of the main issues in the current industry. In order to increase transparency, organizations have tried to implement more rules and regulations. But there is one thing that does not make any system 100% transparent, that is, centralized.

With the help of blockchain, organizations can seek a complete decentralized network without the need for centralized authorization, thereby increasing the transparency of the system.

The blockchain is composed of peers who are responsible for executing transactions and verifying transactions. Not every peer participates in the consensus method, but they are free to choose whether to participate in the verification process. In order to provide verification through decentralization, a consensus method is used. After verification, each node keeps a copy of the transaction record. In this way, the blockchain network can handle transparency.

For organizations, transparency has greater significance. As mentioned earlier, the government can also use transparency to establish government procedures and even vote.

Enhanced Security

Compared with other platforms or record keeping systems, blockchain technology takes advantage of advanced security. Any recorded transaction needs to be negotiated according to a consensus method. Likewise, every transaction is encrypted and hashing is used to have the correct link to the old transaction.

Each node has a copy of the transactions that have been executed on the network, thereby improving security. Therefore, if any malicious actor ever wants to make changes to the transaction, he will not be able to do so, because other nodes will reject his request to write the transaction to the network.

The blockchain network is also immutable, which means that once data is written, it cannot be restored in any way. This is also the right choice for systems that thrive on immutable data (such as systems with aging citizens).

Increased efficiency and speed

When using the traditionally cumbersome process, performing any transaction is a time-consuming process, prone to human error, and usually requires a third party to mediate. By using blockchain to simplify and automate these processes, transactions can be completed faster and more efficiently. Since record-keeping is done using a single digital ledger shared between participants, there is no need to coordinate multiple records, which ultimately reduces confusion. In addition, when everyone has access to the same information, it is easier to trust each other without a large number of intermediaries. Therefore, clearing and settlement can be completed faster.

Reduced Costs

Now, companies spend a lot of money to improve the management of their existing systems. This is why they want to reduce costs and divert funds to build new things or improve current processes.

By using blockchain, organizations can reduce a lot of costs associated with third-party vendors. Since the blockchain has no inherited centralized participants, there is no need to pay any supplier costs. Most importantly, less interaction is required to verify transactions, further eliminating the need to spend money or time to do basic things.

Improved traceability

With the help of blockchain, companies can focus on creating supply chains that can be used by suppliers and suppliers. In a traditional supply chain, it is difficult to find items that can cause multiple problems, including theft, counterfeiting and loss of goods.

With blockchain, the supply chain has become more transparent than ever. It enables all parties to track goods and ensure that they will not be replaced or abused during the supply chain. Organizations can also make full use of the traceability of the blockchain through internal implementation.

Impact of Cryptocurrency on the Industry

As I mentioned above, the benefits of blockchain will have a huge impact on the industry. Cryptocurrency has attracted many companies because of its advantages. The following may be the impact of cryptocurrency on any industry.

• Transaction speed is the main benefit of applying cryptocurrency in any industry. By using Cryptocurrency, transactions can be completed in a few seconds.
• By using traditional record-keeping methods, data can be easily tampered with. When using blockchain technology to provide high-level security benefits, the entire industry can benefit from it. Once the data is stored in the blockchain ledger, it cannot be changed.
• Reducing transaction costs is another factor that has a significant impact on the finances of any industry. It can help reduce industry costs.
• Here, if the transaction must be verified, a set of predefined conditions must be met. After the conditions are met, the operation will be triggered automatically. For example, in the payment of insurance claims. The insurance provider can set the conditions to be met by the insurance claim. The amount is transferred only when the consumer's claim meets the conditions specified in the contract. Other areas that can be implemented include music distribution, cash equity transactions, etc.
• The service of an intermediary is needed to complete the transaction using traditional methods, so the cost is higher. In addition, it takes a lot of time to complete the transaction. Eliminates the service of the middleman through the use of cryptocurrency. Therefore, it will be helpful for industries that save time and money.

Conclusion

This is an era of technology, and traditional methods are slowly disappearing as cryptocurrency usage continues to grow. To meet the challenges of this digital age, the industry needs to adopt blockchain technology. How is the industry refusing to adopt blockchain technology because of its many security benefits?

Special Thanks.

@steemcurator01
@steemcurator02
@gbenga