Hello Steemit., this is my second post in the steemitcryptoacademy community and I am happy participating already in the homework by the different professors.

HOMEWORK TASK
The security benefits of applying Blockchain within any industry, and the impact of cryptocurrency on the industry

INTRODUCTION

The centralized platforms have continued to witness various series of abuses and exorbitant rates for services done in a quest to get task done. In our societal life, we have daily contacts with most of this sectors such as the financial sector, Health sector, Educational sector, business enterprise sector, government parastatals and MDAs etc. These sectors are seen to all have units which mostly are manually handled, with high human/goods traffic, and corporate obligations to efficiently and effectively carter for.

In our hospitals, we still find out that a large portion of room is dedicated for files with heaps of papers lined up just in a bid to ensure documentation are done towards service delivery. Sometimes, filing and identifying some of needed documents/information becomes difficult and time wasting due to the cumbersome nature of available files. What about our government parastatals and MDAs where most shady deals are done under the table only for assets to be looted without public view. This and many other issues are found in the all the sectors, hence the need for blockchain technology.

Anyway, blockchain technology is the solution to this anomalies seen in the various sectors where we virtually have dealings with in our daily lives. Blockchain is seen as the storage facility that helps in keeping information and Data in it safe and secured void of any kind of hacks and thefts. Due to the difficulty seen in tampering with such facility, it has made it a veritable source of safe heavens to a better Data storage bank.

For the purpose of clarity, BLOCKCHAIN TECHNOLOGY is a ledger that stores transaction data electronically in blocks with an open source preview for public use void of manipulation and alterations. Blockchain offers high level type of security with immutability feature.

THE BENEFITS OF APPLYING BLOCKCHIAN TECHNOLOGY IN ANY INDUSTRY

COST REDUCTION
Centralized platforms are saddled with task of paying more to intermediaries and third parties. Middlemen have continued to meddle with the cost for services render to most industries. Just in the case of hiring auditors, lawyers or brokers to help recall, trace or track activities/ irregularities in the system, the execution cost is better imagined and every businessman is only thinking of how to cut cost. Blockchain technology helps in removing the use of third party involvement in all transaction activities. Blockchain stores data electronically which makes it easier to recall and access any time needed, hence the services of all this chain agents are ruled out and expected cost saved.

SECURITY IN ALL PROCESSES
This is one of the selling points of the Blockchain network. Completed transactions are stored in the blocks and encrypted in cryptograph. It is practically not tenable to alter information or completed transactions done in the blockchain. That is to say , issues of data loss, alteration, manipulation or immutability are well taken care off. It serves as a boost in confidence for both clients and companies who are using the blockchain technology. Since it is an open source platform void of any manipulation of data, confidence in company asset is assured.

TRANSPARENCY
This is the expectation of every business venture that needs to get the confidence and patronage of its clients/customers wants to see. Being transparent in all dealings would help boost ease of communicating freely with your clients and the use of the blockchain technology guarantees this process. Blockchain with its distributed ledger technology where data are open source for public use, makes business transactions and agreements more open for all parties to access.

AUDITABILITY
The blockchain technology allows its records to be audited as soon as there are completed transactions in the block. Completed transactions are stored in sequence which makes it a lot easier to be audited. Good enough, blockchain offers a single source of information.

EFFICIENCY/TRACEABILITY
For those in the pharmaceutical and Import/Export sector, this blockchain feature makes it easier for location tracing, tracking and marking. Drugs from the point of production can be trace down to the point of its distributors. For those in the import export unit, goods entry and exit status can be marked and located at any point in time. For efficiency, no company owner needs to start meddling with middle men and intermediaries to get any process done. Processes are fast tracked and executed timely without delays. All this chain functions are seemlessly done by the blockchain technology.

THE IMPACT OF CRYPTOCURRENCY ON THE INDUSTRY

It is obvious that blockchain technology would impact more on the industry giving to its benefits as seen above. The benefits speaks volume for it as regards impacting in its daily activities.

• If applied and used in any industry, these are the first hand impacts;

• Reduces delay in transacting since there are not presence of third parties.
• Monies from amelioration of third parties are saved, hence reduces cost of activities
• Guarantees safety of assets and Data in Industry, given to its high level security blockchain.
• Saves more since it upholds every form of transparency and reduces leakages from under-the-table activities.
• Increases efficiency in service delivery, etc.

Thank you all for reading through my post. This is my submission for homework week6 task professor @gbenga.

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