Homework task 6 by professor @gbenga benefits of blockchain security to industries
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Hi, thanks to @steemitblog for keeping users engaged with crypto-related topics and professor @gbenga will be completing my homework task 6.
Security Benefits of Applying Blockchain Within any Industry
Blockchain has revolutionized and improved the user's based security system both industrial wise and personal base, introducing blockchain technology have increased users privacy when it comes to handling transaction among users where we get to control how and where we choose to make inter transactions without third party interference.
Ontology blockchain network Is a typical industrial blockchain industry that has a various use case which includes the provision of data exchange information among users and other big firms it also provides a solution for automotive sectors where there are human vehicle interaction and micropayment using blockchain smart contract.
Immutability
One of the principal applications of blockchain technology in terms of security is its immutability use case; with these applications, the industries can be able to store data in the blockchain ledger which can not be modified by any third party.
In general terms immutability in the blockchain is the ability for blockchain ledger to be unchanged, with these integrated into industries it will be impossible for documents or data stored to be manipulated by anyone which in turn can increase transparency among users.
Its application use can be extended to any industrial sector be it in agriculture, automotive, and production sectors.
Decentralization and transparency
For me in the crypto space, these two words are used simultaneously decentralization brought about transparency going public with transactions base on user's privacy choice.
Applying blockchain technology in industries when it comes to decentralization will go very great lengths in tackling transparent interrelationship between industries and customers adopting and applying such principles in modern industries will user's case use and strength the security measures of industries as information can be accessed without much hassle.
And with transparency in any industry, its security and trust from its users will highly recommend which can lead to a boost of such organizations in terms of mass adoption.
With the inception of cryptocurrency making transactions among users have been much easier with users' privacy taken with knee interest and there has been limited interference from other financial services tracking users' base transactions and financial activities.
Thanks for participating in this week's class. You made mention of immutability and I must say that this is a blockchain strong advantage amongst others and also, you made mention of Ontology and the fact that it is involved in transportation. You should share how the blockchain is going to affect the transportation industry. I will be waiting for this in a post or in a comment section. You should share with us how Blockchain tech will change the automotive industry.
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how the blockchain is going to affect the transportation industry
I have a bit of research about the ontology blockchain and how it will affect the transportation sector here are some of my findings.
Using blockchain technology users can share their data history with the blockchain network such driving history can be securely stored.
Components authentication will increase trust between car owners and manufacturers where genuine car parts are ensured using timestamp ID from the ontology blockchain.
Supply chain with the ontology blockchain network car owners can make basic transactions like buying/selling purchase of tickets and more using the ONT token.
insurance claim with the ontology blockchain damage can be claim and modification of insurance policy.
Vehicles leasing with the use case of ontology blockchain car owners can lease their cars.
Here is a video showing the use case of ontology blockchain in the automotive industry
ontology self-drive
I have been following the Ontology project ad I must say that it is a good project and the listed benefits are exactly things that ontology solves which means the future is bright for blockchain.
I realize you are from Nigeria, What year do you think companies using cryptocurrency and blockchain technology for transportation, will become visible in your country?
What year do you think companies using cryptocurrency and blockchain technology for transportation, will become visible in your country?
Thanks once more for your feedback, what I think about blockchain technology in Nigeria, for now, it will be a long-term goal to be achieved I can't guess the exact year but there are more interesting things Nigeria need to focus on right now when it comes to cryptocurrency which is mass adoption although Nigeria is considered to be among leading countries welcoming crypto development which majority are the youths the government being a major barrier for crypto adoption is another huge problem for now so for blockchain to support transportation technology in Nigeria there is no much that can be said until government official start seeing crypto as the future technology.