Crypto Academy Week 6 - Homework Post for @gbenga on All About Blockchain Security 2 Homework by @lhorgic

Thanks for the lessons Prof. @gbenga,having gone through the lesson week 6,it's my pleasure to carryout the task.Before now I've been asking what this blockchain thing is all about but the lesson has been able to open my eyes to what it is and I know am still going to learn more on this platform

WHAT IS BLOCKCHAIN
Blockchain is a system or trending model of recording and storing information in such a way that makes it difficult to change, manipulate or cheat the system.

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A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. This system is managed by many people or paticipant.

It can also be defined as a type of DLT (decentralized ledger transaction) in which transactions are recorded with an immutable cryptographic signature called a hash.

The basic advantages of Blockchain technology are summarized as

• DECENTRALIZATION
• IMMUTABLITY
• TRANSPARENCY

Further break down of the points above

• The blockchain technology allows for verification without having to be dependent on third-parties.

• Data in blockchain cannot be altered or deleted.

• All the blocks in the blockchain are time stamped since It's recorded as activities are being carried out

• There is no possibility that the data if lost cannot be recovered because it is decentralized,that is the same information exist on different computers.

• Transparency is one of the key advantage of blockchain

• The origin of any ledger can be tracked along the chain to its point of origin.

• It removes the risk of duplicate entry or fraud as there are protocols to follow or observe in joining the chain.

The blockchain technology can be practically applied to industries like.

• Agriculture
• Banking,
• Healthcare,
• Education,
• E-commerce,
• Mining, retail,
• Transport and logistics,
• Media and entertainment and so on.

WHAT IS CRYPTOCURRENCY
Cryptocurrency is a financial based blockchain platforms which is completely decentralised.It can also be reffered to as digital currency which is not governed by any financial or monetary authority. It is rather maintained by a peer-to-peer community computer network made up of users’ machines or “nodes”.

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BELOW ARE THE IMPORTANCE OF THE CYRPTOCURRENCY IN THE BANKING INDUSTRY.

This blockchain technology is mainly used to store the records and transactions. The ledger may contain static or trade-able information.

• Permanent registry
  Cryptocurrency as a kind of Blockchain can help maintain a record in a permanent way such that it prevent manipulation especially in cases where ownership is involved.
  This can help curb manipulation of people's pay by bank staffs since there is transparency in the blockchain system.

• Identity
  This is similar to the static registry. But this forms a separate case due to the identity-related information stored. The segments where it can be used are for identity frauds, voting, civil registry, police records, and court cases.

• Smart contracts
  It uses a set pre-defined rules or conditions that if when met can validate transaction automatically thereby making it difficult for the system to be cheated. Customers can carryout transaction on their own without much stress by filling forms or other requirements needed for their transactions on the network and once the pre it's met,the transaction will be successful without going through the rigour of on-site banking activities

• Dynamic registry
  Adopting this system can help in the issue record update and tracking of customers transaction from inception to the final point

• Payment registry
  Since the banking industry deals with Payments,this system can help payment to be made on the network. This is advantageous for international payments in business.

Conclusion.
Blockchain technology is really a viable project,it might look really expensive but it's worth it as it advantages cannot be overemphasized.
Here is my task..I patiently await review and verification from my prof @gbenga.