Hello friends, it's nice participating in the week-6 homework Task by professor @gbenga.

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

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INTRODUCTION

Blockchain technology first had its leap in 2008 when bitcoin was launched into mainstream and this has continued to evolve as more technology has been introduced to make it more smarter. Blockchain technology in a layman's terms, is simply a storage facility that helps keep information void if alterations and hacking. This kind of storage system is difficult to manipulate because , stored information are duplicated and distributed to other systems in the Blockchain network.

In a situation where there are 10,000 systems in a particular blockchain l, the hacker needs to go and one by one and located those number of systems and alter them one by one (this is practically impossible).
All transactions done in the Blockchain technology are authorised via the digital signature of the owner which makes it not only immutable but safe guards information from end to end.

Unlike what we see in the centralized system where money can be easily sent to a recipient, this can be tampered with and information needed to be updated by a third party. This transaction information managed by third parties like the brokers, lawyers or auditors may cause and increasingly more cost more for money and time, hence this is what Blockchain has improved on without necessarily going through this rigourous task.
Many sectors are already looking for better ways to integrate this blockchain technology into their mainstream for ease of doing business.

THE BENEFITS OF APPLYING BLOCKCHAIN TECHNOLOGY IN ANY INDUSTRY

Without doubts, Blockchain technology has been seen to lead new opportunities beneficial to businesses via showcasing transparency, more security and ease of tracing and tracking information/Transactions. Many may basically look at and assume blockchain technology only deal and specify sell and exchange of cryptocurrencies, but this no known truth as the benefits are enormous aside it's exchange feature.

It will Improve in the Transparency status of the company/Industry

If I forget to tell us in my introduction that blockchain technology are Open Source decentralized platforms, then here you are with this information. Transactions done on this blockchain are stored in ledgers for public address which are all open for viewing. This restores accountability and integrity in all layers of company structure. People would be scared to continue with under-take activities capable of running down the company and putting them in black light. This blockchain technology deeply drives

It will bring about enhanced Efficiency in executing transactions

Issue pertaining to middlemen, third parties and bureaucracy in executing transactions are removed in the blockchain technology, hence making transaction execution more efficient. This is unlike what is obtainable in the centralized platforms. Blockchain technology allows a more efficient and faster transactions amongst peer-2-peer cross boarder transfers, using the digital currency. During payments like in the real estate sector, a unified system using the Blockchain makes it more easier in templating ownership records and profiling for automated agreements.

Ensuring Security at all levels and building
of Confidencee
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The blockchain technology has continued to be known for its improved Security due to its decentralized platforms. Transactions carried out in the platform are encrypted and verified before they are attached to previously verified and confirmed transactions to a block. When different network computes confirm a block, they are added to a ledger that forms a chain. So it is impractically impossible to alter this data or transactions if formed and added to a block. Issues of transactions being edited before they finally get to their destination is removed and falsification of information also not obtainable since it is an open source platform. Therefore, immutability and non-falsification of the Blockchain makes it very safe and secured to use the blockchain technology. Hackers are already aware of this complex process to tamper with the Blockchain ecosystem. Decentralized platforms are trustless platforms that doesn't need third parties to transact safely in the blockchain.

Help in Improving Traceability of all Exchanges done with the company

Traceability is one of the best selling point for blockchain technology. This help to monitor transactions made from start to finish. There's an audit trail that monitors all exchanges made in the blockchain network which confirms the time, location and authenticity of the transaction done within the traded assets. It's good to know that this also guarantees Security of assets traded and also preventing all fraud related problems in exchanges.

For example, the pharmaceutical company is the best place where this technology could be of great use. Drugs/Medicine manufactured can be tracked and traced through its supply chain, right from from point of production, the distributors to final pharmaceutical outlets and probably end users. In the art industry, it provides irrefutable proof of ownership withoit any contention.

Guaranteed Cost Reduction to minimal level

Blockchain technology does not make use of third party intermediaries unlike what we see in the centralized platforms. This middlemen have their own costs and chargers which also add to the overhead cost to the company. Knowing that every business owner is geared towards cutting down on costs, hence the need for blockchain is needed to ameliorate this task. Since.the blockchain is a trustles open source, one does not need any intermediary before executing any transaction or exchange. Every data on the blockchain are trusted and one does not need to also review so much documentation before completing any Exchange or transaction in the blockchain. This is inline with everyone having permission access to a single and immutable protocol.

This is my entry for the homework week-6 task. Thank you @gbenga,

Cc:
@steemcurator01
@steemcurator02

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