Introduction

My special regards goes to professor @gbenga for this wonderful lecture on block chain security,a x I would say I have gotten the knowledge on this ,and have understood to an extent. Am presenting my assignment and everything I write down is based on careful study and my own understand. Thank you.

The Security Benefits Of Applying Block chain Within any Industry.

What is a block chain?

I would say a block chain is a technological security measure taken by a firm or industry to protect and manage data. And also a medium if monitoring every transaction that takes place within the industry. Block chain technology can benefit a business or industry in various ways such as enhanced security, transparency and accountability.

Source

Block chain technology can be described as a ledger used for storing transactions of the public in a connected manner.

Now let's look at the benefits of block chain security.

1. Transparency:

This is one of the greatest benefits of applying block chain security. In businesses that applied this block chain security measures, everything and everyone becomes accountable ,thereby propelling each sector of the business to work with integrity and accountability towards to growth of the business.

1. Good security and Traceability:

According to FORBES The block chain like it is called is formed by a network of computers coming together to confirm a 'block' this block is added to the ledger which forms a chain. At this , data is far more secured than any other form of storing of records because each data is linked to the other. It is impossible to make changes once a transaction has been encrypted in the system.

1. Safe Transactions:

In a block chain security established business, fraudulent activity is reduced to the lowest minimal point because false information or records cannot be imputed on the long run. There is always a process of monitoring every transactions that takes place within the block chain.

Impact Of Crypto currency On Block chain based industries.

1)Block chain security evolved after the Introduction of Bitcoin in the year 2008. And ever since many industries have embraced the use of block chain technology in enhancing thier security system . Due to the decentralization of block chain, these industries now accept Crypto currency as a medium of exchange as basis for their transactions.

2)The acceptance of the use of Crypto-currency by these industries as a medium of exchange, now attracts investors and individuals who prefer to purchase commodities using Crypto currency.

1. It also supports the growth and development of the industry

Let's talk about a pharmaceutical company I worked with.

I got a job at a pharmaceutical company 2 years ago which used a high level data security known as POINT OF SALES. And the only set if people who had access to the main system was the CEO and The General manager. Every other computer in the company was connected to each other.

I worked in the office of the cashier, but on the long run I also got access to the system when I was promoted to the position of the sales manager. That was when I understand the importance of putting up data security measures in an organization. Every is traceable from that main computer.

What and what does POINT OF SALE do?

Since every single goods in the company was imputed in the computer , with the quantity, cost price and selling price via POINT OF SALES:

1. Every goods became traceable
2. Shortages & excesses became Identifiable
3. There were no fraudulent activity
4. No other staff had access to the system
5. We were able to manage stock and never ran out of goods.
6. Every mistake was traceable to the particular computer the error came from.

And many more.

CONCLUSION

So far we have come to understand the importance of applying block chain technology in industries. Even in our daily lives we all know the importance of security, so as ever business and Industries out there would take up necessary measure to secure thier visit data, from fraud and hackers.

Here is my entry @gbenga by @ceendy20

Best regards

Cc: @steemcurator1
Cc: @steemcutator2
Cc: @gbenga