Steemit Crypto Academy - Week 6 - Post for @gbenga
Hello awesome people, how is everyone doing today, hope everyone is having a great and amazing week. Super excited for this new week and to be part of this week 6 course. So far we are in week 6 and this week’s topic covers all about blockchain security part 2… In this post, I will be sharing my knowledge on the security benefits of applying blockchain within any industry, and the impact of cryptocurrency on the industry…
Blockchain technology and cryptocurrency has been on a constant growth ever since it was invented a few years ago… At the moment, blockchain technology has gotten too big and advanced that various institutions, industries, sectors, and big names in the business and corporate sector are not only seeing the benefits and potential of blockchain technology but are also utilizing the powers of blockchain technology in their various industries and sectors. At the moment, we are seeing both old and new cryptocurrency projects making headlines and getting the attention that they deserve, gaining more and more adoption and showing why blockchain technology and cryptocurrency still have a lot more to offer…
In part one of this series, I talked about some of the imperfections of blockchain and cryptocurrencies, and while there are a lot of benefits and huge potential, there is still a long way to go to get to where it ought to be – this means that there is always some loopholes here and there. Nonetheless, blockchain and cryptocurrency are proving to be a valuable technology that when utilized effectively can be of great benefits to many industries and sectors all around the world…
The Security Benefits of Applying Blockchain Within any Industry - Business
We all know that the basics of blockchain technology it operates as a data structure that represents a ledger that has been coded to record anything that has value in a secure, distributed, transparent and immutable manner. Looking at this, you can already tell why using blockchain technology can be highly beneficial to any industry.
Transparency
If you look at the main characteristics of blockchain technology, you will see that transparency is one of the core characteristics of blockchain technology… by transparency it means that everything recorded on the blockchain is accessible and transparent to everyone. This is great for industries because since blockchain is a distributed ledger, it means that all records are transparent and visible to anyone, which helps in trust in any industry.
Stored data/records cannot be altered
This is another very good benefits of utilizing blockchain technology in various industries because one of the characteristics of blockchain is that any record or data cannot be altered once it is recorded on the blockchain. Using this become very beneficial in various industries as a secure way to store information using blockchain technology – as it means that no one can change anything in the future which promotes integrity and truth in the industry.
Decentralization
Another characteristics of utilizing blockchain technology is due to decentralization. We have all seen the downsides of central entities or authorities having so much power and control over decisions in their various industries which could lead to biased and unfair decisions. With blockchain technology and decentralization, the people will have the power to make decisions which encourages fair and unbiased decision making.
Cost reduction
This is also another very good aspect of blockchain that various industries can benefit from. We all know that in some industries, the cost of performing certain operations and transactions can be high due to the number of hands, middlemen or departments things have to go through before certain operations or transactions are carried out… With blockchain technology, those costs can be greatly reduced because everything will be automated on the blockchain in a secured, reliable and efficient way, without the need for middlemen which add to the time and cost of performing those operations.
The Impact of Cryptocurrency on Industry
We all know that cryptocurrency has come to disrupt the current financial system positively. Ever since cryptocurrency was invented, it has seen massive growth and has proven to offer a lot of benefits when it comes to finance and how money is transacted.
Speed
This is one of the main benefits of cryptocurrencies. Speed is something that has been a major challenge in the current financial system is how slow it can be to send money to people in other parts of the world… with cryptocurrency, people can send money to other people anywhere in the world in less time, some cryptocurrency send in seconds. This can be beneficial for businesses for receiving payments and also for customers to make payments faster.
Rewards
Game companies can utilize cryptocurrencies in their games. For instance, a lot of games have in-game currencies for rewarding gamers, however, these in-game currencies cannot be cashed out rather only used for in-game purchases. With cryptocurrency, game developers can utilize blockchain technology and create cryptocurrency tokens to reward gamers which can be exchanged for fiat or can still be used for purchasing in-game assets.
Uninterrupted payment
This is also a very good benefit of cryptocurrency is that there is nothing like interruption when it comes to payments. Unlike the traditional payment system where network issues could interrupt payments or out of service could slow down payments which becomes a problem for certain industries like businesses… With cryptocurrency, people can be rest assured that they will not have any interruption whenever they want to make payments or out of service issues. All it takes is to choosing the right cryptocurrency to make payments uninterruptedly and faster.
Looking at all these benefits of cryptocurrency, there are a lot of coins that provides all these... coins like dogecoin answers all the questions when it comes to being a payment coin for businesses...
Hello, thanks for taking time to create a post and for being a part of my class. Like we all know, since the introduction of the Blockchain and Cryptocurrency in general since 2008, virtually all industries have been adopting the blockchain technology and the very few that have been able to successfully do it, have been experiencing great differences in Transparency, security, decentralized storage, cost and so on.
At the same time a lot of companies have been adopting cryptocurrency and in your post, you mentioned speed, immutability and rewards, which are a part of the benefits of cryptocurrency in a business, others includes no double spending, security, globalization and so on.
Question: Which coin will you currently advice a business to use currently?
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