Hello everyone.

Welcome to my homework post for week 6. Lecture was delivered by Professor @gbenga and it was an excellent lecture. Here is my submission for week 6.

Benefits of Blockchain security.

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Blockchain security brings benefits of better transparency, advanced security, less costs, perfect traceability , accuracy and efficient speed.
Let me explain these benefits briefly.

1. Better transparency.

Transparency has always been major issue in the industry. Different organizations have been setting rules and regulations for better transparency. But due to centralisation 100% transparency is not possible. with blockchain an organization can exercise decentralised network which provides maximum transparency.

2. Better security.

Blockchain security is advannced security based. All other record keeping systems have less security tools as compared to blockchain. Consensus method is used for any transaction. Each transaction is encrypted also. Every transaction carries a link to the old transaction using a hashing method. Provision of transaction copy on both ends eliminates the threat of record changing. In blockchain data once written cannot be changed.

3. Less Costs:-

Blockchain reduces the human effort which results in reducing cost. As in blockchain there is no need to pay vendor costs.

4. Perfect Traceability:-

With blockchain the supply chain becomes more transparent. Every party is able to trace the goods. It eliminates the chances of theft, counterfeit and loss of goods.

5. Accuracy:-

The streamlining and automation of process eliminates human error and provides 100% accuracy.

6. Speed:-

Speed is major benefit of Blockchain security which saves time and money as well.

Impact of Cryptocurrency on Industry.

Impact of cryptocurrency will bring revolutionary changes. In accordance with the latest reports the cumulative market capitalization of cryptocurrency stands at $ 237.1 bilion. It was projected to grow over $ 23.3 bilion in size by 2023. We need to discuss some different sectors to understand the impact of cryptocurrency on industry.

1. Financial Sector.

For many decades financial sector has been rigid. Many new investors left away due to outdated financial structures. Banking sector has started experiencing changes. Blockchain technology is offering secure global transactions in seconds. Cryptocurrency is offering mainstream and a platform for banks and users to transact. These changes are possible due to cryptocurrency.

2. Casino Industry :-

Casino Industry is using cutting edge technology to survive. Most casinos accept cryptocurrency for payments and there brands are online now. Bspin accepts bitcoins. Bitcoin transactions are safer and faster now.

3. Supply industry :-

Blockchain boosts the supply industry by high speed transactions, speedy agreements, accurate tracking, improved transparency and seamless payments.

4. Gaming industry :-

It is a multi billion dollar industry. Cryptocurrency is more concerned with games. It will allow gamers to buy, sell, track and trade their digital assets and much more. FunFair (FUN), Enjin (ENJ), Revolution VR (RVR) are the examples of using blockchain technology in gaming industry.

5. Music industry :-

XRP is one using blockchain technology for content creators. It allows the musicians to get benefit directly. It allows consumers to access content and pay easily.

Keeping in view the above discussed industries for impact of cryptocurrency, we can say that the future of business is in cryptocurrency and we need to be ready for that now.

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@steemcurator01
@steemcurator02
@gbenga

Thanks.