Crypto Academy Week 6 - Homework Post for professor @gbenga about /All About Blockchain Security 2/ answered by @cryptocheta

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Hey Steemians! It is another cool week of lecture, hope we all are learning? like I always say " we learn every day" is very important from what I have seen in this week's Crypto Academy. As always, I enjoyed the lecture of @gbenga about " All About Blockchain Security 2

And the homework task for week 6 is "The Security Benefits of Applying Blockchain Withing any Industry and the impact of cryptocurrency on the industry"

Supply chain management

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For supply chain management, blockchain technology gives the benefits of traceability and cost-effectiveness. Put clearly, a blockchain can be used to track the movement of goods, their origin, quantity, and so onward. This causes a new level of transparency to B2B ecosystems, clarifying processes such as production process assurance, ownership transfer, and payments.

Quality assurance

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If an abnormality is detected someplace along the supply chain, a blockchain system can lead you to its point of origin. This makes it more straightforward for businesses to carry out investigations and execute the required actions.
A use case for this is in the food sector, where tracing the origination, batch information and other important details is essential for quality assurance and safety.

Accounting

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By recording transactions within blockchain virtually eliminates human error and protects the data from possible tampering. Keep in the subconscious that records are verified every single time they are passed on from one blockchain node to the next. Additionally to the guaranteed exactness of your records, such a process will also leave a highly traceable audit trail.
The entire accounting process further becomes more effective on a foundational level. Rather than maintaining separate records, businesses can only keep a single, collective register. The sincerity of a company’s financial information is also guaranteed.

Smart contracts

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Time-consuming contractual transactions can bottleneck the increase of a business, particularly for enterprises that process a torrent of communications consistently. But with smart contracts, agreements can be automatically authenticated, signed, and enforced through a blockchain construct. And this eradicates the need for mediators and therefore saves the company time and money.
Now, blockchain solutions like credit offer autonomous smart contracts matched with their internal cryptocurrency. By merging everything into a single platform, businesses can integrate services without disclosing an unnecessary amount of proprietary information to third parties.

Voting

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Exactly like in supply chain management, the insurance of blockchains in the aspect of voting all boils down to trust. Recently, possibilities that are a concern to government elections are being pursued. One of these examples is the initiative of the government of Moscow to test the effectiveness of blockchains in local elections. Doing so will significantly decrease the likelihood of electoral fraud, which is an enormous issue despite the prevalence of electronic voting systems.

And another example is when the NASDAQ leveraged blockchain technology to facilitate shareholder voting. It worked with the collective efforts of their blockchain technology partner and local digital identification solutions, which presented governments with identity cards. After the government seeing success, they described the “e-voting” project as necessary, practical, and disruptive.

Stock exchange

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The idea of using blockchain technology for securities and commodities trading has been around for a while. Given the open but yet good characteristics of blockchain systems, it is not unusual to hear that stock exchanges now acknowledge it as the next big leap forward.
The Australian stock exchange is already dead set on switching to a blockchain-powered system for their services, which is created by the blockchain startup Digital Asset Holdings. In one press release which was written in December 2017, the CEO of Digital Asset Blythe Masters, said, “after so much hype encircling the distributed ledger technology, today’s announcement gives the first significant proof that the technology can live up to its potential.”

Peer-to-peer global transactions

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Lastly, the meteoric rise of Bitcoin and every other cryptocurrency in the market is not without merit. One it allowed st, secure, fast and cheap transfer of funds across the earth.
While there is already a slew of services like PayPal that process worldwide payments, they normally require sizable fees per transaction. while other P2P payment services also have particular limitations, such as location constraints and minimum transfer amounts. That is why more businesses, as well as frequent users, are beginning to favor cryptos for international transfers. Not only are they usually more secure, but users are also given more freedom when it comes to the flow of their funds. The blockchain is making strides into several industries outside of crypto. One could argue that most people are not that ready yet for decentralized digital ledgers, but studying blockchain’s progress thus far, it apparently won’t be long before non-adopters follow suit.

Conclusion
I have really enjoyed this homework and hope that the points are clear.

Written by @cryptocheta

Thanks to you professor @gbenga

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