Crypto Academy Week 6 Homework Post for @gbenga

HOMEWORK TASK 6

INSTITUTION: STEEMIT CRYPTO ACADEMY

COURSE: All About Blockchain Security 2

CRYPTO PROFESSOR: GBENGA

HOMEWORK TASK: The Security Benefits of Applying Blockchain Within any Industry, and the impact of cryptocurrency on the industry.

Introduction

Crypto currencies could provide a significant benefit by overcoming the lack of social trust and by increasing the access to financial services (Nakamoto, 2008) as they can be considered as a medium to support the growth process in developing countries by increasing financial inclusion, providing a better traceability of funds and to help people to escape poverty (Ammous, 2015).
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Since the introduction of bitcoin in the year 2008, Blockchain has been amazing and is the first decentralised electronic peer to peer cash.
Recently, due to the benefits of the Blockchain technology in the global, many Innovator in various fields or sectors are looking for ways to initiate Blockchain into their plans. With its decentralized and trustless nature of the Blockchain technology, can lead to new opportunities that could benefit industries through greater transparency, enhanced security to the industries. As such, Social media platforms such as steemit is now in reality on blockchain, with some industry gambling and medical sector has also migrating to it.

How Blockchain Can Power Up Business

There are a lot of numerous significance of Blockchain technology which can be presented to some business sectors in many diverse industries through the distributed and decentralised nature. Although, Blockchain can not only be limited to the exchange of cryptocurrencies from its solutions. However, there is much excitement Blockchain gives, which has been the reason for choosing the Blockchain technology against traditional database.

Better Security and Increased Efficiency

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Due to its each new transaction encrypted and linked to the previous transaction, shows that Blockchain is far more secure than other record keeping systems or Leger. On the blockchain, The wallet owner who holds every keys of the wallet, has access to the funds alone, until it permit or gives another group. Also Blockchain brings about faster transactions by allowing P2P cross-border transfers with a digital currency compared to traditional service. This effect is due to its decentralized nature, automatically, Blockchain removes the need for middlemen in many processes for fields such as payments in the industries.

Greater Transparency

The amazing attribute of Blockchain’s from the fact that its transaction ledger for public addresses is an obviously open to viewing, which in financial systems and businesses, it gives an unprecedented layer of accountabilityas well as holding each sector of the business responsible to act with integrity. This helps in the development of the industries.

Impact of cryptocurrencies

Benefit of the decentralization of crypto currencies on industries is as follows:

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1. Free TRANSACTION FEES

Free transaction is one of the attribute and benefit of Blockchain to industries. I believe everybody likes free transaction. For instance;
earlier this month, I took some money from my cousin@bright-obias to settle some issues, then I wanted to transfer the money via my credit card but I remembered the charge then I transferred some steem which did not cost me any transaction fee. The free transactions really put a smile on my face.

2. Elimination of middle man

Blockchain brings about faster transactions by allowing P2P cross-border transfers with a digital currency compared to traditional service. Middleman sometime leads to issues as they try to achieve their own profit in the business which some persons don't like. That's why every person's wish, is to bypass middle men wherever possible. Due to its decentralized nature, automatically, Blockchain removes the need for middlemen in many processes for payments in the industries.

3. IT SERVES AS A GLOBAL TRANSACTIONS

Another benefit of it, is that governments cannot manage cryptocurrencies and are not restricted to a specific geographic area and can be traded around the whole world. Cryptocurrency removes the currency barrier in sell transactions.Today, Transactions can be carried out across the world without any restrictions in cryptocurrency. Unlike the restrictions posed by traditional currencies where it's very difficult, and sometimes Impossible to makes transactions across boarder.

4. EASE OF PAYMENTS

The payment is very easy and it only requires the address wallet of the receiver. In fact, cryptocurrency is turning industry upside down. Cryptocurrencies like Bitcoin is increasingly being used to make both deposits and withdrawals in industries, either directly, which have integrated so that users can easily exchange their currency with an ease.

5. FAST TRANSACTIONS

What people like so much is fast transaction and there's nothing better than fast transaction. Blockchain possess fast transaction which has really enticed a lot of industries.

The Benefits of Cryptocurrency Casinos for Players
One of the main benefits of opting for a cryptocurrency is that this form of gambling offers complete privacy. Players engage anonymously, enabling them to focus solely on the way their game progresses rather than what other players can or can’t see of their progress.

Conclusion

Blockchain has much potentials for many use events, applicable to a mass of industries.Blockchain provides adequate security to ensure that payments and transactios are safe from hackers and thieves. It can not only help improve security and prevent fraud in exchange-related financial services, but it can also help verify the genuineness of the traded assets. As such, the parties do not need trust to transact safely.

However, cryptocurrencies on industry should be encouraged in any of the geographical area, since it has much benefits.