Crypto Academy Week 6 Homework Post for @gbenga
Thanks to @gbenga for the wonderful lecture on Blockchain Security
Task
The Security Benefits of Applying Blockchain Withing any Industry, and the impact of cryptocurrency on the industry.
Blockchain is good; It is a distributed, reliable ledger that cannot be changed and that allows you to track and account for events,
I will be emphasizing on the construction industry.
In the construction field, where different people are involved in the process, they do not trust each other; technology like Blockchain has been considered helpful.
Some of the construction companies now thought of working on a digital escrow system to boost confidence in the construction industry and highly considering Blockchain for their future developments.
It is tough to track down who is responsible for what, and this is one of the biggest technological problems they have been facing. Corruption in construction is common. When people donate hundreds of millions of dollars to big projects, something, somewhere, always doesn't quite go as planned. There will always be someone who, in one way or another, wastes resources or money for other purposes.
Though, there might be a bigger challenge to blockchain adoption in the entire construction industry. Individuals who do not want to keep clear records of who did what, when, and how can interfere with the project.
I was posted to a construction site, and I was together with qualified specialists. And sometimes I noticed that they registered some problems and some, they did not. Therefore, I asked why they did not mark, for example, this moment. "Oh, because I know this guy, I'll tell him about it." So the subcontractor he knows won't get the problem report, but the subcontractor he doesn't know will. This happens all the time, and it is very difficult to control who is responsible for whatever occurs. Therefore, one of the most significant technological challenges that should be looked into is to make sure that transparency and accountability are not optional.
The need for Blockchain and Blockchain security
The adoption of Blockchain and paying attention to smart contracts and distributed ledger-based identification systems is an outstanding development.
In the code of such a smart contract, the construction financing logic can be described. For example, after a part of the building is completed, the Blockchain sends a signal to the bank, which automatically transfers the next tranche of funds to the contractor from the escrow account.
In addition, this will allow avoiding unnecessary links in the chain: professional intermediaries who control the development processes, that is, the developers themselves and construction managers. In this case, the community itself, auditors, and curators will be responsible for the construction and delivery of the house according to the standards. Also, the buyer will not be charged with costs in the form of construction delays and other hidden costs.
Most importantly, Blockchain securities protect essential data from been tampered with either by corrupted personels or other legal parties involved. Also, blockchain security protects important data of clients, funds, and transactions from competitor companies who might easily use the case of a mole in acquiring any information needed before the adoption of Blockchain.
The impact of cryptocurrency on the construction industry
- It helps in fixing delay from monetary bodies (Banks)
- Cryptocurrency through Blockchain enhances absolute transparency and also makes accountability easier even without hiring another party for auditing, which might result in spending additional cost.
- It makes purchasing and ordering for materials needed easier even when it's not working days while the banks won't be working. e.t.c
The impact of Blockchain
As for the use of Blockchain to fight corruption, opinions on this matter have been heard more than once. Fighting corruption by introducing Blockchain into the work of government bodies was previously proposed in the Bahamas. In Denmark, the use of the new technology was seen as an opportunity to combat the abuse of humanitarian aid.
In mid-October 2020, World Bank President Jim Yong Kim drew attention to the feasibility of using Blockchain to fight corruption and poverty, as well as to improve overall prosperity.
Special Thanks @gbenga, @steemitblog, @steemcurator01, & @steemcurator02.
The blockchain has no doubt proven to be very useful in the construction industry covering signing of agreements, automatic payment, confirmation that both parties agreed to it, and proper documentation which is immutable.
Introducing the blockchain to government would be a welcoming idea for citizens but for the government, I will have to ask you;
Question: Will the government of your country easily allow the use of blockchain in governance?
Rating 6
Thanks sir for the review