Crypto Academy Week 6// Blockchain Security (2)// Homework submitted to Prof. Gbenga

Greeting Prof. @gbenga and thank you for this week's lecture.

Cryptocurrency adoption is the first use case of the blockchain, but industry are beginning to see its use in other areas, for example the blockchain Security we are studying about today.

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The blockchain is a decentralized platform, meaning it requires no central auditor for operation, it operates an open ledger system which means anyone anywhere can have access to transaction and data ledger.

Some key features of the blockchain
1)Decentralization: it has no need for a centralized governing authority but rather the users are given full control of their asset.

2)Immutability: This implies that it cannot be changed. It is decentralized and works on an open ledger, data stored cannot be altered. This makes it more safer for organizations store information without fear. Blockchain can be used to fight corruption.

3)Open source: its open for everyone who wishes to see transaction on the ledger.

4)Enhanced Security: all the features above combine to make the blockchain a super secure platform, it is decentralized and cannot be attacked easily, Security is further enhance by the additional layer of cryptographic equations which cannot be solved easily. On the blockchain the true nature of the data are hidden and cannot be traced easily, this makes it difficult for anyone to harness.

The truth is that, Information stored on the stored on the blockchain are hashed mathematically. source

Hashing is quite a difficult task.
Private keys are provided for data accessing while the public keys functions in carrying out transaction.

This bring us to our discussion today, having known all these features, we can convinently say that in any organization for instance the Government can obtain an extra security with the bolckchain adoption.

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One very profound aspect of the government that the blockchain will be eminent among others is the case of voting. There has been serious arguments among parties, community each time election results is announced. The blockchain can be a very important tool in this regard.

From the features above, we said that the blockchain is decentralized and therefore rules the central authority factors, therefore manipulation of document can be brought to zero. Election result are assumed to be altered most of the time, if the blockchain voting is introduced into the system, transperncy can be achieved.

Furthermore, documentation is key factor in government, the blockchain makes provisions for data storage which cannot be altered by no one unlike the normal system where documents and even results can be changed to favor a particular group of people, the blockchain provides a more secured of documentation. Still on the voting, the open source feature can provide a transparent and secure solution instead of waiting for days before the results are released. I will be right to say that blockchain-based governance can help fight corruption thereby enhancing security.

Adopting cryptocurrency as a mode of payment will be of great advantage to the centralized government. Cryptocurrency transactions are Decentralized, secured and fast. Having your private and public key intact you can perform cryptocurrency transactions in seconds.

Conclusion
The blockchain use cases cut across every industry to create and enhanced security with the different departments available. Blockchain Security is more than the private and public key used in cryptocurrency, if there mass adopted a better result is eminent.

See you in the next class. Thank you