HOMEWORK TASK 6 @gbenga - The Security Benefits of Applying Blockchain Within any Industry, and the impact of cryptocurrency on the industry.

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The Security Benefits of Applying Blockchain Within any Industry, and the impact of cryptocurrency on the industry.

INTRODUCTION

Since the introduction of the first decentralized cryptocurrency which is peer-to-peer transaction system in the early 2008 known as BITCOIN brought about the blockchain technology.
The blockchain technology has since then evolved around it making its popular across the globe and adopted by many as a means of doing transactions without any third party.

Decentralization started around that era and still in existence.
Many have now released the importance of such great initiative and are adopting to it.
Most people are not getting involved in the known as blockchain.
From all fields of work ranging from the ordinary individuals to great organizations.
Because of how secure the blockchain is many are now looking for ways to integrate it into their bodies/companies/infrastructures.

The decentralization nature of the blockchain technology has lead to new chances. Many companies’ benefits through great security, easy trace of transactions, great transparency.

Many benefits alongside what is listed above comes in with the blockchain technology.
Not only sending of various cryptocurrencies. It can help in businesses in lots of different industries through its decentralized nature.

1 INCREASE IN EFFICIENCY

When it comes to business transaction, blockchain technology removes the need fro third party interference making it more convenient for the two party alone to do quick transactions.
This way no middleman to delay with exchange of funds or transactions.
It has the power to do transactions across all borders within a limited time frame.
Smart contracts can be executed automatically to facility property owner - tenant- agreements.

2 THERE IS MUCH TRANSPARENCY

There is so much transparency among business men resulting in enough integrity towards the companies’ development or growth.
All this as a result of good accountability making everyone act with great transparency.

3 TRACEABILITY

There is traceability in the sense that, whenever there is a transaction between businessmen, the blockchain keeps records of the transaction. When this happens auditors can easily trace the source of income or even when there is a problem, it can be traced to the source. Therefore when
In this way everyone feels safe,

4 STRONG SECURITY

BLOCKCHAIN is so far the most secure system to use than many other record keeping systems.
Its is so because every new transaction being made is encrypted and linked to the previous ones.
Blockchain itself is a network of computers coming together to form a block which is filly added to a ledger which eventually foms a chain.

5 PRIVACY IS ASSURED

The assets owner has total control over his or her assets because there is non third party to be checking through. Therefore, the account holder is the only one who know how much worth he has.
That alone can give you total relieve from worrying about theft or misplacement of funds or assets.

6 EASILY ACCESSIBLE

Because one is in total control , you can easily chick your account to see how much worth you have. There business men can easily check how much profit made, loses or transactions done with just a click.

7 CAN NOT BE HACKED

BLOCKCHAIN TECHNOLOGY CAN NOT BE HACKED in any means. Hackers or scammers can not hack the blockchain unlike other network system. Research has proven that.

CONCLUSION

BLOCKCHAIN TECHNOLOGY has more to offer then we could ever imagine.
If we want a smooth business transaction , blockchain should be integrated into our systems.
Its really make business more easy and profitable if employed. The power of blockchain Is unlimited and if payed attention too can change the world of business as a whole.
From one business sector to another. Application of BLOCKCHAIN IN INDUSTRIES could help improve the financial sector of the company, and help improve productivity as well as may other positive influence on the company.
Thank you