Steemit Crypto Academy Week 6 Task: All About Blockchain Security 2 | lecture by @gbenga

Good day, Steemians. It feels good to be here again to learn at the Steemit crypto academy. Today, I've learnt from the crypto professor @gbenga and it was a really great one. The professor continued with the blockchain security, and the title is "All About Blockchain Security 2", there was a task associated with the lecture and that's what I am here to present to you. Be my Guest!

Blockchain security is a very important context that is worth writing more on, as transactions on the blockchain are secured and verified through digital signatures which could be public/private keys, Hash function and public-key cryptography. Digital signatures has come to replace the old method of verifications used by other financial sectors like providing one's hand written signature on a document to show you are aware of the transaction.

Also digital signatures combine several processes digitally to verify any transaction on the blockchain. In other words, digital signatures can be referred to as " Electronic Signatures" to take care of one's transactions on the blockchain with full transparency. Industries tends to benefit from the blockchain security if they employ it for better security and not only that it tends to expand their businesses massively.

In this section, I will be talking about a few benefits that can be enjoyed by an industry if they adopt blockchain security.

Many industries have their own set methods to maintain transparency in their businesses but that can't be sufficient to make the system 100% transparent as there will always be some hidden layers in the system. Adoption of blockchain security will definitely improve the security of an industry noting that all transactions on blockchain are made public such that an industry that uses it would have the histories of its transactions public and this would take away irregularities from the system. Employers, employees, customers and the general public would see the transactions made by the industry and that would add up to their reputation and can drive more customers to them as they have made everything about them public.

Transactions on the blockchain are verified and recorded as a successful block, taking advantage of the decentralized nature of blockchain such that an industry financial records are not stored in a place or one server where it can be easily accessed by others in the process of theft. Blockchain stores the encrypted data on a series of computers and this makes it hard for hackers to go in and carry out their hacking process, this is a very important benefits a firm stand to enjoy if they adopt blockchain security and have their financial record safe from threats.

Blockchain eliminated the existence of middlemen or third parties as users can transact independently without the involvement of third party. It's great benefit to enjoy by an industry as the workload on them get reduced and the cost of maintenance also reduces. On the part of customers, it's reduces the cost of paying certain percentages extra to third parties.

Since transactions on blockchain can be made easily without waiting for other people's involvement, it makes transactions a speedy one and more efficient as exact information are taken by system and when goods are received or sent out from an industry, it will be easy to trace the destinations such that some officials don't syphon the industry's funds into personal purse.

There are a lot to be benefited by a real estate firm through the use of cryptocurrency and adoption of the blockchain security. I will be giving a few impacts and improvement that can happen to such industry.

This is a very important benefit as the use of KYC/AML processes will improve the identification of tenants and investors that are involved in a business dealings. This would eliminate the ghost acquisition or lending of real estate assets and tend to reduce criminality.

There could be an introduction of smart contracts to take care of property sales, this will be through enhanced legal agreements, traceability and execution of a particular project in question if all the required conditions are met.

The industry would enjoy proper recording of activities since it is based on blockchain and all transactions are verified and saved securely on the blockchain eliminating human errors or criminal act by recording wrong details deliberately to rake in some funds for personal use.

Using the blockchain, some actions by the real estate firm can be tokenized such that certain properties can be rented out for a certain period of time using a pre-defined code. And this would go a long way through tokens to add up to the business logic and protect against fraud.

In conclusion, industries tends to have a better security when blockchain security is employed in the system and also stand the chance to experience massive growth of the business as their mode of operation has been simplified by blockchain thereby increasing their reputation. I so much appreciate the crypto professor @gbenga for this great lecture, it's really educative. Thanks to all that read this.