Hello friends of Crypto Academy here is my entry to task # 6 proposed by the teacher @Gbenga.

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Introduccion

Today, Blockchain technology has become one of the most exciting technologies on the market and the mainstay of the popular Bitcoin digital currency among other crypto assets. The opportunities they provide are being explored and new use cases emerge almost every day, gradually attracting the attention of stakeholders and entire communities.

Important Aspects of Blockchain Technology.

Blockchain was born out of the need to eliminate intermediaries, such as banks in financial operations with the purpose of improving digital information storage systems and making them incorruptible.

In traditional financial operations, when a person makes a payment in cash, it is executed in a simple and safe way, just stop owning the coin. The problem arises when we want to do this digitally, it is It gets complicated, as it poses a series of questions: How do I know you have the money? How Do I make sure the money comes from your hands? To trust this, we depend on a third party To ensure this, in this case it is the central entities, the banks, who act as intermediaries. The goal of creating This technology consists of eliminating the third party so that they stop depending on the "good faith" of the intermediaries and regulators.

Therefore, considers a reliable technology since it is built, achieved and strengthened by the own members. For the reasons mentioned, Blockchain technology is especially suitable for scenarios in which it is required to store data more and more ordered in time without possibility of revision or modification, and whose trust it is intended to distribute instead of reside in a certifying entity.

This approach has different aspects:

• Data storage: It is achieved through the replication of the information of the block chain.
• Data transmission: it is achieved through peer networks.
• Confirmation of the data: It is achieved through a consensus protocol process between participating nodes. The most widely used type of consensus algorithm is the test of work, in which there is an open, competitive and transparent process of validation of the new inputs, called mining.

These aspects and many others make the blockchain a comprehensive security management system, with protection benefits that not only favor financial systems in the cryptographic field but also the industrial area.

The proliferation of blockchain in Industries has allowed the technology to contribute to both administrative and operational improvements. Among the most significant and beneficial effects are the following:

• Reduced security and infrastructure costs;
• Increased productivity;
• Generation of new services and business models;
• Great service potential;
• Transparency of processes and information.

Therefore, the expectation is that the technology will continue to grow and spread between different segments. Since it provides business intelligence, evolution in operational performance and data security.

Application of blockchain cybersecurity in the Oil and gas industry.

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To understand the application and benefits of Blockchain in the oil industry, it is necessary to know how it works without this technology.

On the way from the production site to the final consumer, a drop of oil and a cubic meter of gas manage to pass through at least 30 contractors and operate over 200 information solutions. All of these repetitions are reflected in the workflow of each event participant and generally use different approaches to accounting and data storage, leading to many errors and inconsistencies in the oil and gas supply chain.

The complexity of this process leads to the following problems:

• An increasing number of late payments and litigation;
• An increase in time spent verifying and aligning databases of business partners or companies and regulatory authorities;
• Vulnerability to pressure from inspection and regulatory authorities (customs, taxes and others);
• Persistent tendency to accumulated errors and inconsistencies.

Source

Thanks to the optimal cybersecurity of the blockchain, the following advantages can be achieved:

• Decrease the frequency in which errors related to data conflicts, fraud, payment and billing are made between counterparties.
• Reduction of effort and time to control expenses;
• Transparent distribution book.

On the subject of information security, the blockchain can generate great changes in the oil and gas industry.

There are several security-related drawbacks in the petroleum industry related to data stability and reliability. At the same time, some of them not only produce high costs, but also make you susceptible to data leakage, cyber espionage, and unauthorized interference with the system, which is fraught with loss of fame.

The following table shows some of the issues that are evident in the industry with regards to information security.

Source

The application of Blockchain Cybersecurity in the face of these inconveniences.

As we know, blockchain technology governs its security system through smart contracts when implemented in the distribution book, it can The implementation of a distribution book and smart contracts will have the following effects:

• Data leakage will become almost impossible, pirating the blockchain can be a costly task for hackers as it will require a large amount of energy.

• The integrity and security of the data will be raised to a new level due to the immutability of the information with the cybersecurity of the blockchain, and the impossibility of falsifying it.

• The data issuance procedure will be faster and more reliable by activating smart contracts for asset tokenization solving the problem of "loss of resources in the form of time and money"

Tokenization is the process that allows you to protect sensitive data, replacing it with non-sensitive equivalents, known as tokens. A token itself has no value or meaning, it is a reference or identifier that, thanks to the tokenization system, allows us to return to sensitive data.

• The integration of the participants will be fast, simple and transparent.

Impact of cryptocurrencies on industries***

Cryptocurrencies have challenged the economies of many countries, especially countries with high rates of inflation. As is the case of Venezuela, which adopted a Cryptocurrency called "Petro" that has the support of the oil industry.
Venezuela is one of the countries most interested in cryptocurrencies, followed by other Latin American countries that have adopted crypto assets such as alternative to protect assets from inflation and instability.

But, in the case of investors who own industries, how have cryptocurrencies impacted in the face of the global crisis?

Cryptocurrencies offer many advantages in various industries. Although there are fewer direct applications of cryptocurrencies, the underlying technology is widespread across all industries.

Cryptocurrencies have a huge impact on the industry. Everyone from consumers to minorities to providers derives many benefits from cryptocurrencies and Blockchain.

• Consumers: Consumers have more confidence in online retailers, suppliers, and stores as Blockchain verifies the authenticity of products.

• Retailers: Retailers have found a new way to promote products and earn consumer trust thanks to Blockchain.

• Vendors: Vendors are happy to provide authentic fonts to consumers.

In addition, a secure and transparent financial system also facilitates the payment process. It is now possible for consumers to pay in cryptocurrencies in some countries, and they have more global acceptance every day.

Conclution

With what we studied, we learned that blockchain technology has important mechanisms that make it stronger against hackers, which allows it to have comprehensive cybersecurity that can be applied in different areas, not only in trading as many people assume.

Blockchain technology applications have favored industries in many ways, especially when it comes to security.

You already know the cryptocurrency and Blockchain use cases in different industries. Now you can use Blockchain and cryptocurrencies in your organization.

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Some informative sources:

• thebalance.com
• www.researchgate.net
• www.forbes.com