Homework task given by @gbenga On Why Satoshi Nakamoto and the Blockchain has changed Finance|| by @tayetaiwo || 100% power up

Hello my dear Steemians, I trust you are all doing great.
I am really delighted to give attention to the homework task given to me by Crypto Professor @gbenga.

WHO IS SATOSHI NAKAMOTO?

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Satoshi Nakamoto is the name used by the presumed pseudonymous person or persons who developed bitcoin, authored the bitcoin white paper, and created and deployed bitcoin's original reference implementation. As part of the implementation, Nakamoto also devised the first blockchain database.

Reference 1

The creator of the idea and developer of Bitcoin free software does not have a known face, as it really is a pseudonym. Initially it was thought that he was someone of Japanese descent. But with the passage of time, and a disappearance just as enigmatic as its appearance. Till date nobody knows who or what is Satoshi Nakamoto.

BLOCKCHAIN

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A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger. The decentralised database managed by multiple participants is known as Distributed Ledger Technology (DLT).

Blockchain is a type of DLT in which transactions are recorded with an immutable cryptographic signature called a hash.

Reference2

FINANCE

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Finance is a term for matters regarding the management, creation, and study of money and investments. Specifically, it deals with the questions of how and why an individual, company or government acquires the money needed called capital in the company context and how they spend or invest that money.

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WHY SATOSHI NAKAMOTO AND BLOCKCHAIN HAVE CHANGE THE FINANCE?

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Like I stated earlier Satoshi Nakamoto created blockchain technology which was invented to keep a record of the digital currency’s transactions. The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.

Before the development of blockchain banks within a specific country uses a secure database to store transactions made by its consumers within that country. For a bank to make a transaction from one country to a branch elsewhere in the world, secure databases must be opened and closed at both ends. This procedure offers a high level of security, but is time consuming and costly. But with the innovation of Blockchain technology it easily allows all of the bank’s branches worldwide to make transactions from one country to another, bypassing the need for the opening and closing of two secure databases with just a click of a mouse.

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CONCLUSION

As stated Above Satoshi Nakamoto and blockchain have positively changed the finance sector.

Thank you all for talking your time to read. To the attention of @steemitblog and @gbenga this is my homework task.

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