Crypto Academy Week 6 Homework Post for @gbenga - All About Blockchain Security 2

Hello Steemians,

Crypto Academy is indeed a wonderful initiative by the steemit team and all crypto professors are doing great work to make the community learn more about crypto and blockchain. Every week we get posts with different topics related to cryptocurrencies and blockchain and this is something and helps us to enhance more knowledge about this segment that will help us a lot.

This week crypto professor has once again talked about Blockchain Security. Last week it was basic information and in this second part of the course, he explained various parts about it including private keys, digital signature, hash, and algorithm, etc.

This is my homework post for professor @gbenga for the tropic All About Blockchain Security 2

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Technology is all about making things easy secure and transparent so that it reduces human involvement as much as possible because this way we can access the information in a better manner and reduce the chance of data manipulation as well. I need information that is managed by humans manually has a possibility to get recorded in error, but technology is capable to make it error-free and manage it on the scale too. Blockchain is the latest technology and it's known for a couple of the best things that come by default with the implementation.
Here I am listing down some benefits that we can get if we apply blockchain in any industry.

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Security Benefits

Security of the information is one of the important fact and part of any business because not everything can be shared with all these stakeholders customers and even with employees. we often hear the news of data breaches within many organizations and these affect the reputation of any business in a negative way so I feel that blockchain could be a great solution to overcome this problem and here data will be accessed whatever it is given to the respective people.

1- Blockchain technology can manage massive data easily that is not easy for other platforms to do. Although businesses are already having some tools like ERP or SAP to do this but blockchain is the next level and solves all the issues that these tools have.
2- Security is data and information can be strengthened with this technology and reduce the error with the information.
3- Less human intervention is also one of the aspects that can be achieved with the Implementation of blockchain technology. do you know that if there is the least human involvement then we can achieve the highest possible score with seamless data management.
4- While security is important but data safety is equally important and with blockchain, there will be no data deletions on the platform and whatever is stored will remain all the time. businesses need not worry about the data loss and they can focus on other things since this is managed by the newest blockchain technology.

Cryptocurrency impact of on the industry

Cryptocurrency is digital money that we can use for various payment transactions. It is safe fast and transparent and we did not go through the process as we do with the banking system and this is what makes cryptocurrencies quite interesting and a good aspect to go for businesses to explore the possibility.

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As of now we have only one way to make the payment and it is known as banking and it requires certain guidelines to follow.

• Fast payment processing with end to security
• No need to worry about funds credit since transactions can be verified any time and anywhere.
• No need to depend upon banks to get the information. Banks usually take a long time to provide information and because of this, we have to wait however with crypto we have all the options open with us.
• Paying through crypto quite easy as we can just send the crypto to the wallet address provided. No need to go through payee addition like we need to with banks.
• Some exchanges /wallet provides an option to scan and pay and its like making payment in seconds.
• Basic knowledge of smartphones and the internet is enough for anyone to pay using crypto.

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This is my second post in this series and after going through both posts I have learned a lot about blockchain security and how it is important for us as an individual and for the businesses. I know that security is always important, and it applies even without Fiat money because we cannot keep it in open. The concept of security is the same with crypto as well as our Fiat money because we cannot share credentials with anyone. if I take an example of Fiat money management then we do not share our banking credentials with anyone and the same applies with our crypto holding as well because here also we cannot share our private key with anyone. Giving private keys to anyone is like giving them money which is totally against the fundamental of security.
Some people say that not your keys, not your account and it completely applies to this because if anyone is holding your keys then that person has the access to your funds so it's up to you how you want to safeguard your funds and how you manage your personal information like your keys and other credentials.

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Thanks to @gbenga for sharing this useful knowledge.

Thank you so much.