Steemit Crypto Academy | Homework Task 6 For @gbenga : Blockchain Security and Cryptocurrency In Industry.

Thanks to Prof @gbenga for a well explained and amazing lecture about Blockchain Security 2 although it is my first time posting here in Steemit Crypto Academy, i learned alot in this week's course outline. Now let us proceed!

INTRODUCTION

Image Source
Nowadays, blockchains are extremely popular. But, first and foremost, what is a blockchain? What are their working principles, what problems do they solve, and how can they be applied? A blockchain is a series of blocks that contain data, as the name suggests. This technique was first described by a group of researchers in 1991, and it was designed to timestamp digital documents so that they could not be backdated or tampered with.


However, it went largely unnoticed until Satoshi Nakamoto adapted it in 2009 to create the digital currency Bitcoin. A blockchain is a decentralized ledger that anyone can access. They have an intriguing property: once data is recorded in a blockchain, changing it becomes extremely difficult.



Image Source
So, how does that work in practice? So, let's take a closer look at one of the blocks. Each block contains some data, as well as the block's hash and the previous block's hash. The type of blockchain determines the data that is stored within a block. For example, the Bitcoin blockchain stores information about a transaction, such as the sender, receiver, and amount of coins sent.


A hash is another property of a block. A fingerprint can be compared to a hash. It uniquely identifies a block and all of its contents, much like a fingerprint. A block's hash is calculated after it is created. The hash will change if you change something within the block. To put it another way, hashes are extremely useful for detecting block changes. A block is no longer the same if its fingerprint changes. The previous block's hash is the third element contained within each block. This creates a chain of blocks, which is what makes a blockchain so secure.

Now after that short introduction, we are tasked to explain or expound what are Security Benefits of applying the blockchain technology within any industry and also the impact of cryptocurrency in the industry!

Security Benefits of applying the blockchain technology within any industry

• Transparency and yet at the same time cannot be tampered

Image Source
Even if information is shared with everyone you cannot change the block because the hash serves as a fingerprint, since fingerprint cannot be duplicated which we have our own singularly unique fingerprints right?

• Eliminates the needs for Human Trust

Image Source
As we know human trust is vulnerable, so we can't just trust a single person's promises or behave in a way we wanted them to so applying blockchain security will insurmountably helps any industry. It cannot be tampered with, which is known as immutability. Similarly to before, if someone attempted to tamper with a blockchain database, the network consensus would recognize the attempt and shut it down.

Impact of Cryptocurrency In the Industry

• Faster Transactions

Image Source
As we all know, business worlds are still currently run thru alot of processes and one of that is how physical money are still dominant and it takes alot of time just by sending money thru another business transaction which run by banks or money transfer services which usually takes 5-14 days. Imagine how cryptocurrency will cut it down just in mere minutes or seconds transaction rather than in days or even weeks.

• Eliminates the needs of Middleman, which means real value of products

Image Source

This is one of the major factors why there is such a high price of all of our commodities specially if you are importing or exporting goods internationally, I learned it first hand from the job of my sister. Middleman put a lot of percentage on all goods and merchandises, which is why it is harder for us consumers determine the real value of a product.

CONCLUSION

I actually have a lot more to say but it will take more than a thousand words to express all of the things I learned from prof @gbenga, anyway blockchain is exponentially much trusted and faster than what traditional industry still uses today and the any industry will benefits alot if blockchain technology is applied.