Crypto Academy Week 6 Homework Post for Professor @gbenga | Topic: All About Blockchain Security Part 2 🔒🔐

A Blessed Start of the week!!!

For this newest week of the Steemit Crypto Academy, the Professors have been shared a topics for the benefits of everyone of us most especially for newcomers and information seeker about Cryptocurrency and Blockchain Technology, and I really thank all of them and to the Steemit Team for unending support.

This will be my Homework task article for Prof. @gbenga's Topic talking more about Blockchain Security Part 2 with his tasks as follows:

_{The Security Benefits of Applying Blockchain Withing any Industry, and the impact of cryptocurrency on the industry.}

Introduction

We all know that since the creation and implementation of Blockchain Technology in different industry and services, it creates more opportunities and benefits of it through their distributed and decentralized nature. Blockchain when implemented in a certain industry will gives a big impact which will give better performance and services. What I am going to share in this article will be the benefits of Blockchain Security in the Business Industry and how Cryptocurrency affects its products and services.

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^{Blockchain Security}

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Benefits of Blockchain Security in the Banking Industry.

Blockchain Technology has different characteristics that we should know. What we are going to know here are some of the benefits of Blockchain Security in the Business Industry for us to informed.

• Greater Transparency
  The ultimate characteristics of Blockchain Technology a Business Industry will benefit from is being transparent in their transactions. This means that clients will able to monitor all their transactions at their comfort time. This will also give additional accountability and responsibility for the business they have.

  Being transparent is a security feature of Blockchain Technology that a business industry should have for it will prevent from doing fraud and so, it will make their clients trust their products and services.

• Increases Efficiency
  As to its nature of the decentralized system, Blockchain Technology will let all transactions done without any middlemen to accomplish it. This means that all transactions will be accomplished for a short period and can do online. It is more secure than doing it like a traditional business venture.

• Better Security Ability
  Blockchain Technology said to be more secured than another type of record-keeping system. It is more difficult to alter once the transaction is formed. As we all know that Blockchain is a network of computers coming together to confirm a ‘block’, this block is then added to a ledger, which forms a ‘chain’, and a Mathematical string which too difficult to alter and be hacked.

• Traceability Improvements
  Another characteristic which business industry will benefit from is their traceability functionalities. Since all transactions are in the Blockchain, they can easily be trace even though it is a transaction from the pasts. Since it can be trace, we can all monitor our transactions and it will allow us to know what will happen in the business growth.

Impact of Cryptocurrency in the Business Industry's Products and Services.

As to its characteristics, Blockchain Technology with its Cryptocurrency has a big impact on the Business Industry and its products and services. When we go back from the traditional products and services of a business it's different when Blockchain Technology is integrated as it changes all the transactions a business industry will have.

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^{Impact of Cryptocurrency to Industry}

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The most common product and services will Blockchain Technology had a big impact on is their payment and financial services especially when Cryptocurrencies will a part of it. From the manual transactions of the traditional payment method, it will change into automated with more secure functionalities. With all the security benefits of Blockchain Technology, a business will provide great products and services to its clients. Now that Cryptocurrencies were integrated as a payment method, a business will assure their clients to be different and will provide a more for their benefits.

Conclusion

Blockchain Security plays a big rule to what is Blockchain Technology and Cryptocurrency implies in different industry especially in the Busines Industry. The benefits will take part if it is properly integrated. In every features a Blockchain Technology might have has risk, so it is better to think and study it before taking any action. Do you own research is the ultimate key for a successful business venture either it is in traditional or in integrated with Blockchain Technology. So, it is better to know all its feature from Security up to its impact to the industry.

This would be my homework task from @gbenga's lesson 6. I've appreciate all the efforts and information I've got from the lesson and I'm looking forward to the next lesson next week.

Thank you also to all the Steem Team who initiated this new project, to @steemitblog, @steemcurator01, @steemcurator02 and to all curators who supported this project.

That would be all, thank you and God Bless!!!

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Your Crypto Steemit Academy Student;

@loloy2020