Crypto Academy Week 6// Blockchain Security (2) // Homework post submitted to @gbenga

Very insightful lecture Prof. @gbenga.

Introduction
Yet another week on blockchain Security , this is to show how relevant security is to everybody regardless of who you are and what you do.
Blockchain as understood from our previous lectures is a decentralized system, this is because it does not require central authority for its operation.

It functions as an open source ledger (anyone can view transactions). The first platform to put the blockchain to use is the cryptocurrency and it has proven its authenticity in this regard. The blockchain is secured, thanks to Cryptography, it has being in existence for a while since the birth of the bitcoin cryptocurrency which brought its first use case.

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Features of the Blockchain that makes it Secured
Cryptography is the backbone of the blockchain Security. The security credit given to the blockchain is made possible by cryptographic hashing. Data on the blockchain are stored by hashing. Most files sent to the blockchain might be too large, the hash function receives this files and no matter how large they are, compresses them and returns the output which is the hash as a more predictable size. Not considering how small or large the inputed file is, the output is always predictable.

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Hashing also play a part in the during transaction validation which usually are done during cryptocurrency mining.
Cryptocurrency wallet are secured by the private and public keys. Sending and receiving cryptocurrency assets, just like we do in the normal banks, but in cryptocurrency it is made possible by the private and public keys created by the cryptographic functions. The privates key creates digital signature for this transactions making it possible for them to be authenticated and authorized.

Benefit of Blockchain Security
Having known the features that makes the blockchain secured, what then are the benefits of this security?

Enhance security: Blockchain produces an extra layer security to any industry. It provides an ultimate security to any organization at all. How you may ask? We said a while ago that Cryptography makes it possible as document as well as data stored on the blockchain cannot be changed or altered. Every document stored on the block is hashed cryptographically, what that means is that the blockchain hides the data.

The Blockchain also is a decentralized platform, what that means is that it does not require any central authority, the users are on full possession of their informations. However verification is not done by one singular entity but rather it is done by series of computers,thereny making it possible for any security bridge. Industry accepting blockchain will have an edge over others who do not. Taking for example the transportation/Logistic industry where goods are delivered from all over the world, (DHL) informations and documents about a particular package cannot be altered, once it is saved in the blockchain ledger, it's final. The blockchain makes it possible for tracking of goods and services, delivering trucks can also be traced to know current and exact locations. Considering also the government industry dealing with Alot of documentation and data, the blockchain is capable of storing up this data, preventing them from any form of attack.

Blockchain operates as an open source ledger, meaning your data are stored on a ledger, but the more profound benefits of this is the ability for anyone to view transactions, it is decentralized and open to all. With you private and public keys at your disposal, it is possible to see every transaction and documents stored on the blockchain. For an example, the banking and finance industry are also keeping lost of documents, accounts most times are closed, suspended, some frozen, many a times problems of forged signatures. The blockchain can handle all of such security bridges and lots more.

In simple terms, it can prevent fraud and data theft.

Impact of Cryptocurrency on an industry
Accepting cryptocurrency as a mode of payment by industry, banks for goods and services is still ongoing. There is great benefits in adopting cryptocurrency as a payment method, some of which are:

Transaction speed: cryptocurrency transaction are very fast and can be concluded in just few clicks having your private and public keys intact.

Transaction fees: transaction fees are also reduce with cryptocurrency.

Risk of moving cash: Money's are moved from one point in banking but Cryptocurrency which are digital currencies, a total cashless economy can be achieved.

Conclusion
The use case for the blockchain has gone beyond just cryptocurrency, but it's increasing as discovered to enhance security. We could say that the blockchain is a versatile platform performing so many functions almost at the same time.

Thank you for your time Prof.