Crypto Academy Week 6 Homework Post for @gbenga | All About Blockchain Security Two (2)

in hive-108451 •  4 years ago 

Home work task

Write on the Security Benefits of Applying Blockchain Withing any Industry, and the impact of cryptocurrency on the industry.

Blockchain technology

Blockchain is a technology that comprises of set of database with data connected together to form block on a chain. It is the technology on which crytocurrences are hosted. The benefits of an industry applying blockchain and cryptocurrency within its functions and operations have certain advantages and some of them are discussed below:

Easy control of data and transactions

blockchain technology and cryptocurrencies allow the users to exercise control over its operations. It does not operate from a central server or entity. This allows cheap and quick proposing of application by the concerned users. Transactions are done and verify by both parties very fast and quickly without any need for intermediary to confirm or process order. This alone will scale the industry administrative operations wing and lessen burden of manual verification by humans. In summary, the decentralized attribute of blockchain technology are transferred to the company or industry to ease its overall operation and performance.

Security Benefits

As we were taught in the lesson that blockchain technology provides good security especially as industries concerns on security mounts in the face of daily metamorphosing hackers out to hack into central server of companies to steal not just funds but other sensitive information that might be useful for competitors in the same industry. Likewise, cryptocurrencies are protected by cryptograph making it difficult for it to crack. Miners also verify every transaction to prevent double spending. When industry apply is technology that blockchain and cryptocurrencies offers immediately they benefits from the security architecture discussed above.

Globalization

Nothing expand the sphere of any company like globalisation. Globalisation in this concept just not have to do with multiple branches all over the world but applying a technology that makes it possible. Globalisation of any industry is very cheap when blockchain technologies and crytocurrences are applied. Cryptocurrencies has make payments possible across the world once their is internet connection not a bank. This will expand the costumer base of the company because payment for product, goods or services are easily receive without exchange rates barriers and huge charges associated with intercontinental transcations as it is the case with the banks.

Thank you professor @gbenga for this week lesson and the time you took out to look at my post. I also want to appreciate @steemitblog and @steemcurator01
@steemcurator02 for their support.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  
  ·  4 years ago (edited)

You have no doubt mention the importance of the blockchain and these facts cannot be disputed but I would appreciate it if you would specify a particular industry.

This industry could be agriculture, food, production, automotive, retail, aero construction, banking, finance, or any other sector.

image.png

This is true that cryptocurrency is no doubt easy to use between different countries without considering boundaries or borders.



You should also add images to your post, it makes it more attractive to read for readers. Thanks a lot.

Rating 2