Crypto Academy Week 6 Homework Post for (gbenga) - Blockchain Security

We're almost halfway to the new week. The days are progressing. I continue to attend courses. I enjoyed reading Professor @gbenga's course article. I hope he enjoys reading my homework too.

After Bitcoin developed and became popular, people started to wonder about Bitcoin. They researched Bitcoin and realized that there is a great technology behind bitcoin. This was blockchain technology. Many sectors from the healthcare industry to the financial sector are looking for ways to establish blockchain technology in their own infrastructures. The most striking part of Bitcoin technology is that it is secure. Now I will explain to you how blockchain technology will benefit industries in terms of security.

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With the permission of the professor, I would like to talk about its benefits in the financial sector.

Benefits in the Financial Sector
Many people who use banking as a means of withdrawal, deposit or money deposit face security issues. The attackers manage to infiltrate people's bank accounts and steal their money. There are even attacks against some central banks. Because the banking sector is insufficient in terms of security. Blockchains are very secure and that's what makes them so popular. Have you ever heard of a security attack against the Bitcoin blockchain? You haven't heard because it's almost impossible. It is extremely unlikely that the Bitcoin blockchain will be hacked and people's funds will be stolen.

Banks or other institutions in the financial sector make serious investments in security. They have to protect customers' funds otherwise no one would want to work with a bank that has a security problem. Banks spend millions of dollars to improve their security. they had to employ hundreds of engineers to make improvements in security and to produce solutions. It also requires an additional cost to integrate 2-step security, sms or email verification into their systems. As you can see, the issue of security causes serious expenses for financial institutions.

Blockchain technology is almost flawless when it comes to security. Hundreds of thousands of people do not have to work to increase security. There is no need for additional costs and unforeseen expenses.
We know that many banks are making preparations to use blockchain technology to take advantage of the security advantages in blockchain technology. They know that when they use blockchain technology, they will spend less money.

Cryptocurrency's impact on the industry

The most striking feature of crypto coins is to eliminate the middleman. The transfer takes place between peers with P2P logic. For example, let's assume that there will be a bitcoin transfer between @tht and professor @gbenga. When I send bitcoin to Professor @ gbenga, I don't need any intermediaries. I don't need to pay extra for this. However, in traditional financial transactions, we have to make transfers through intermediaries, and this will sometimes be very costly.

If the transfer will take place between countries, this will cause even more extra costs. Because the number of middlemen will increase gradually.
For example; @tht living in Turkey. Suppose you want to send 100 USD via bank to @gbenga living in Nigeria.I must first convert the Turkish lira to American dollars. I have to pay commission for this conversion. As the bank works with brokerage companies to send 100 USD to Nigeria, it will charge me around 20 USD transfer fee. As you can see, sending money is quite costly.

Since there are no intermediary companies when we trade with cryptocurrencies, transfer fees are quite costly. Therefore, it is said that cryptocurrencies will cause many financial companies to disappear in the coming years. It is thought that financial companies that will use blockchain technology will employ fewer people. Thus, employment in finance will gradually decrease.

Conclusion

The existence of blockchain security is very important and useful. It prevents the occurrence of extra costs. I had some knowledge of the security of blockchain technology. After reading the professor's course article and doing research on it, my knowledge solidified.

Cc:
@steemitblog
@steemcurator01
@steemcurator02
@gbenga