Task 6 @gbenga: The Security Benefits of Applying Blockchain Within any Industry, and the impact of cryptocurrency on the industry, @meivys.

The use of Blockchain is projected to be the economy of the future, and although some industries are already including Blockchain, since with this technology interconnection problems are avoided and it is very efficient in terms of data processing and security. The question is, how far is left for large industries to make use of this technology. The Blockchain, these last months has been in the eye of many industries as it is a decentralized technology since it does not need intermediaries, this makes it more secure, reliable and all the time can be monitored.

Security benefits of Blockchain application within the industry.

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_{Source Pixabay}

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What makes the Blockchain secure.

The Blockchain builds a trusted environment in which the exchange of data is carried out through encrypted and encoded transactions, thus safeguarding data exchanges and ensuring the security of all involved. In addition, the decentralization of information guarantees its immutability.

Source:izertis

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• It is much faster, since it allows the exchange without the need of a third party, because it does not depend on a central entity, but on the interested parties, this makes any information management faster and more efficient.

Example:

Traditional method:

Maria lives in Spain, and her mother who lives in Mexico sends money to maria through a bank, the money is retained until it passes a verification of the central entity in this case (the bank), in the best case it arrives in days.

Mary's mother------>bank------>mary

The Blockchain:

Maria's mom, log in to the Blockchain and send her the money via cryptocurrency, it only takes minutes.

Mom of maria----->maria

• More reliable and transparent, The user is the one who controls all the transaction and information, without intermediaries, since the transaction can be monitored, consulted in the registry and also allows to be verified. Each transaction is unique and unalterable; it cannot be deleted or modified.

• It is a low-cost technology, not only because it does not depend on intermediaries, but also because it offers the possibility of streamlining processes and communications. The direct relationship between the company's systems and devices, through this technology, makes it possible to automate the execution of processes.

• It allows the tracking of each transaction, each blockchain stores information, linked between them, which allows each transaction to be easily tracked. If a company uses blockchain technology, it would allow them to keep track of any transaction.

The impact of cryptocurrencies on the industry.

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Cryptocurrencies are booming but still have a long way to go to establish themselves in all areas of the economy and industries, cryptocurrencies come to change the conventional and centralized economy, framed in the supply and demand of the market, without intermediaries or restrictions when making transactions and is available to anyone at a click.

In this last year with the arrival of COVID-19, the confinement has brought a greater use of digital technology this brought that many companies had to reinvent themselves to avoid closing their doors, thus implementing the use of cryptocurrencies as their main economy since the use of the same offers faster transactions, secure and with lower costs.

In conclusion I believe that blockchain will have a positive impact on companies, since if we take into account the benefits already mentioned, a company with blockchain technology, can obtain better profits, greater security and better performance in the storage of data and information.