Hi everyone and welcome to my homework post of week 6. This is my submission for our respected Professor @gbenga, who has delivered an excellent lecture. I will discuss benefits of Blockchain in this post.

Benefits of Blockchain?

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Blockchain technology is being adopted by various sectors due to its benefits of greater transparency, easier traceability and enhanced security. These sectors ranges from medicine to finance and these sectors are looking ways for integration of blockchain into their infrastructures. So, we will discuss the benefits of blockchain in detail as given below.

There are many benefits of Blockchain technology and these benefits are not limited to only exchanges dealing in cryptocurrencies, but other sectors can also benefit from this technology.

1. Greater Transparency.

Blockchain is a ledger and it can be viewed from any one. Being decentralized, any user can view its transaction ledger of public addresses. It is a great benefit of blockchain technology and in this way it provides greater transparency of transactions in any business. There is no need of audit from third parties, as anyone can view the transaction ledger.

2. Increased Efficiency.

Blockchain technology has eliminated the need of middlemen due to the fact that it has offered faster services of transactions with digital currency. There is no need of banks or other middlemen for performing these transactions that can take long enough time for completion of transactions. In this way, blockchain can help the business in achieving increased efficiency.

3. Better Security.

Blockchain offers more security than other record keeping systems. There is need of digital signatures and encryption to complete a transaction. Once the transaction is done, it cannot be tamper with. So, this feature of better security can help organizations in their day to day business. So, it can be said that blockchain technology is more secure than other record keeping systems.

4. Improved Traceability.

Whenever Blockchain is used to records an exchange of goods, it facilitates the user to trace the trail of goods. In this way, an audit trail is provided to user to trace where the goods came from. In this way, Blockchain offers improved traceability that can help in growth of business.

5. Fraud Control.

As the result of above said benefits, it can easily be said that blockchain technology can help in controlling fraud activities. With the help of transparency, traceability and better security, fraudulent activities can be eliminated from business. In this way, Blockchain is very useful for smooth growth of any business.

6. Reduced Fees.

Blockchain offers too low fees for its transactions and businesses can benefit from this feature of blockchain technology.

7. Speed.

Transaction speed is a great element to be considered. Transactions are completed in very short time using digital currencies and it can help in saving time to perform transactions through banks or other third parties. This feature of blockchain technology can help business in day to day business.

Impact of Cryptocurrency on the Industry.

As I have stated above the benefits of Blockchain, It will have a huge impact on the Industry. Cryptocurrency is attracting businesses due to its benefits. Followings can be the impacts of Cryptocurrency on any industry.

1. First of all, transaction speed is the main benefit of applying cryptocurrency in any industry. Through the use of Cryptocurrency, transactions are completed in seconds.

2. Reduced transaction fee is another element that can have a great Impact on the finance of any industry. It can help in reducing costs of an industry.

3. Middlemen services are required to complete transactions using traditional methods, thus it costs more. Moreover, it takes a lot of time for transactions to be completed. Services of middlemen are eliminated through the use of Cryptocurrency. So it will be helpful to an industry in saving both time and money.

4. Through the use of traditional record keeping methods, data can easily be tampered with. While using blockchain technology, that offers high level of security benefits, an industry can benefit at large. Once data is saved on blockchain ledger, it cannot be altered.

Conclusion.

This is era of technology and as use of Cryptocurrency is growing, traditional methods are fading away. Industries will have to adopt blockchain technology to meet the challenges of this digital era. With too many security benefits on offer, how an industry can deny to adopt blockchain technology.

Data Sources.
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Thanks in anticipation.

Special mentions.
@steemcurator01
@steemcurator02
@gbenga
@trafalgar

Regards,

@mawattoo8