The Steemit Crypto Academy Week 6: All About Blockchain Security 2

INTRODUCTION

Source

Blockchain technology has tremendously grown since the inception of Bitcoin in 2008, it is the first decentralized person-to-person cash electronic system. Today, we can say that its potentiality has attracted investors in different sectors who are now seeing the importance of this mechanism and how it can grow and expsnd their businesses,firms or coperations.

THE IMPACT OF BLOCK CHAIN ON INDUSTRIES

They are more than a handful of the impacts of block chain on industries but among the numerous let me mention but a few and amongst them are

1 IT PROVIDES A GREATER EDGE WHEN IT CONCERNS TRANSPARENCY

Blockchain’s greatest feature is Bourne out of the bowels of transparency, this is due to the fact that its transactional records are wide open for public scrutiny i.e for anyone who cares to check. This structure counts for something in any business setting,in the sense that it gives room for accountability, which is an important and a pivotal ingredient needed to hold the various sector of the firm, compelling them to act with integrity in respect to the firms advancement, which will benefit both customers and the society at large.

2 IT HELPS IN ENHANCING EFFICIENCY

As a result of its configuration which is decentralized in nature, Blockchain takes away the place of middlemen in the transactional process which helps facilitate trade and reduces the charges that may be accrued when middle men are present. In respect to traditional financial system,the blockchain enhances quicker transactions givng rooom for the operation of P2P i.e person to person oversea transfers which is configured to use a digital currency. Equally, Property management processes are seen to be more effective with a centralized unified system of record ownership, and an efficient contracts that would automatically triger an employee-employer agreements.

3IT HELPS TO BEEF UP Better Security

Blockchain is considered to be way more secured when compared to other record keeping systems. This is because each of its new transaction is highly encrypted and connected to the former or previous transaction. Blockchain, as the name implies, is structured through a network of computers merging together in other to authenticate a ‘block’ after this the confirmed block is added to a ledger, which then makes a chain. Blockchain is structured by a complex string of mathematical figures which makes it virtually impossible to be tampered with once it has been formed or structured. This incorruptible nature of blockchain is the reason it is highly safe and free from hacks or perpetuators of falsified information. By this firms and industries doing businesses are safe with barely nothing to be afraid of.

4 IT FACILITATES IMPROVED TRACEABILITY

With the blockchain ledger , each time a transaction is done the exchange of goods is recorded on a Blockchain, it is then easy for an audit to be performed and then the origin of the good can easily be traced or trailed.This system does not only helps greatly to beef up security and prevent the advent of fraud, in the transactional activity of a firm, but also assists in verifing the legitimacy and genuineness of traded assets.

IMPACT OF CRYPTO CURRENCY ON INDUSTRIES

EASY INTERNATIONAL TRADE

Though it may be seemingly unrecognized as a legitimize legal tender at the moment, it is vital to know that cryptocurrencies , by the reason of their nature are not determined by exchange rates, transactions charges,interest rate or other levies that are placed by the a country or nation

Using the inter connectivity of the peer-to-peer mechanism of the blockchain technology, overseas transfers and transactions may be carried out without hitches over fluctuations of currency exchange.

AIDS TRANSACTION

In a typical traditional business settings, the role of agents, legal representatives and brokers can affect both the expenses of the transaction and complicate what should have been a a straightforward transaction.in other words the issue of paperwork, commissions, brokage fee and any other çondition are cleared out of the way for smoth and easy transition.

One of the advantages that makes cryptocurrency unique is the one-to-one affairs, which takes place on a person-to-person connectivity structure which eliminate the place of middle man. This senerio gives a high level of clarity,in making audit trails,which reduces the rate of confusion that may occur or arise from a breach of contract therefore increasing the rate of accountability.

FACILITATE EASY ASSEST TRANSFER

Cryptocurrencies can described as a blockchain which resembles a huge property rights database, which on one level can be used to implement and perform a party to party contract on things like real estate or automobiles. It could also be used to enhance special modes of transfer.

It is worthy of note to say that a cryptocurrency holder possess exclusive rights over his/her account, which enables minimization time spent in performing asset transfers.

Strong Security

Once a cryptocurrency transfer is verified and then authorized, it is virtually impossible for it to be reversed unlike the charge-back transactions which is allowed by credit card firms. This is a great mechanism that is built against fraud which entails an agreement made between a seller and buyer pataining refunds in an event of a return policy

Finally, there is a strong garantee of consumer privacy as the cryptocurrency transaction are a safeguard against any form of fraud and account tampering.

CONCLUSION

In conclusion the solutions that block chain profers are not limited to only the exchange of cryptocurrencies, as it also entails various benefits that are attached to it's technological prowess which enables businesses and industries to run on a higher level through it distributive and decentralized structure a big indication that shows that block chain is one for the future and the way to go.

Thank you Prof for this magnificent lecture i highly appreciate u Sir
Cc: @steemcurator02
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