Crypto Academy Week 6: All About Blockchain Security 2 – by @gbenga

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Hi everyone, welcome to this week’s awesome lesson. In this homework post, I will be solving this week’s task that involves blockchain security and also giving my opinion about some security benefits of blockchain within any industry and the impact of cryptocurrency on the industry. I have to say, this week 6 topic by the Steemit crypto professor @gbenga was a whole lot of fun and a very important topic because blockchain security is a topic that everyone has to take seriously. Based on the main task for this post, I will be giving some security benefits of applying blockchain within any industry and the impact of cryptocurrency on the industry.

The Security Benefits of Applying Blockchain Within any Industry and the Impact of Cryptocurrency on the Industry

• Reduced time and cost
  Time and cost are two of the most important factors in any industry, whether it is business, finance, health, etc, time and cost are extremely crucial. Part of the amazing benefits of applying blockchain within any industry is that time and cost will be massively reduced. Like they say, time is money… In many industries, a lot of money and time is spent to move things around manually which adds to time delay and cost build-up to do things in the industries. In some industries, for instance, it can take a lot of time to move things from one place to another, the cost of transportation and the time to move things around. Applying blockchain helps reduce that time and cost because certain things can be automated and moved digitally using blockchain securely, thereby reducing the time and cost it would have taken to do the same thing manually.

• Efficiency
  Efficiency is super important in any industry, when the efficiency is high, it means more things can be done with less unnecessary resources. When we talk about efficiency in industries, we are talking about the high level of performance that produces the highest amount of results with the lowest amount of inputs. This sounds easy on the outside but can be very difficult to accomplish due to a lot of factors. In certain industry like the administrative industry, there are some tasks that require moving around physical paper documents for signing from one department to another. This can be time-consuming and also have cost implication due to the movement from one place to another and also human error can incur massive cost. Applying blockchain can solve this by massively increasing efficiency and also automating the process, massively reducing the chances of human error and also massively reducing the human inputs while producing the highest amount of outputs.

• Better Security
  Security is incredibly crucial in any industry, no matter the industry, security is of the topmost importance. This is where blockchain becomes very beneficial… In certain industries like finance, administrative or any industry that utilizes record-keeping, security and authenticity of records is key. Records can be changed or altered in the traditional way, which is a huge problem. Applying blockchain can help solve this problem because when records are stored on the blockchain, it cannot be changed or altered which drastically improves the security of those records, meaning no one can alter those records which brings about authenticity.

Cryptocurrency has impacted various industries positively and is changing how money is used and transacted. At the moment, various industries are already recognizing the benefits of cryptocurrency and are beginning to utilize it capabilities and use-cases. Cryptocurrency has shown to have a lot of use-cases not only to send and receive money but to have other amazing use-cases…

• Faster transactions
  Faster transactions is something that is very important in any industry. While it is possible for people to make payments on the spot with physical fiat currencies, sometimes it is impossible when the figures becomes too large. In some cases, it can be slow to perform certain transactions due to the processes in the current financial system controlled by central entities. Using cryptocurrency can help solve this problem by making faster transactions and nothing like central entities to make policies that can affect transaction times. With cryptocurrency, funds can be sent much faster from one user to another. Imagine a situation where you want to make urgent payments but held back due to new policy or new changes to the system which can slow down the process. With crypto, there is nothing like that, and you can send crypto to anyone much faster in less time.

• Control over your funds (keys)
  There is nothing as important as having control over your funds and this is something that is not possible under the current financial system. One of the key aspects of crypto is the ability of users to own their keys and have complete control over their funds. A lot of crypto wallets provide users the keys or seed phrases which grants them access to their funds on the blockchain network. This means that only the users have access and control of their fund on the blockchain as far as they own their keys and can do whatever they want with their funds. This is great because it means that there is no central authority to decide what to do.

• Peer-to-Peer
  Under the current financial system, sending funds from one place to another can take a lot of time, sometimes days and weeks, depending on the transaction. With peer-to-peer, people can send money to other people securely, anonymously and faster without any need to go through any approval of central entities. This comes in handy for people in various industries because it means that they can do transactions much faster which adds to efficiency and faster operations in those industries.

Cc:
@steemcurator01
@steemcurator02