Hello guys,
I am so delighted once again to be in the midst of like-minded people, I mean people who have an interest in cryptocurrency. It's yet another brown new week with a different topic of discussion and am so happy to have learnt from the crypto professor in the person of @gbenga. In this weeks lecture, the professor continued with the lecture on blockchain security. It's important to mention here that the lecture was well delivered and a task associated with the lecture was also given, today I want to attempt the task associated with the homework. Please feel free and read through as you will find something that will interest you.

Source

This week our homework task is to write on the security benefit of applying blockchain within any industry and the impact of cryptocurrency on the industry. But before we fully dive into the homework proper, I will want us to look at some of the keywords associated with the topic in question.

• Security
• Cryptocurrencies
• Blockchain
• Industry

What is Security, Cryptocurrencies, Blockchain and Industry

Security as we all know is the act of being free from something or someone. Security is also the act of been guided against any external force.
Cryptocurrency are a non-state-sanctioned form of currency that is created using blockchain.
Blockchain is a series of chain data block that contain key pieces of data including cryptographic hashes.
Industry are economic activity concerned with the processing of raw materials and manufacture of goods in factories.

Benefits Associated with the Adoption of Blockchain Security within any industry

The benefits of security in blockchain-related to industries can not be overemphasized. Below are a few listed points.

• keeping of record ÷ storing transaction of a business on the blockchain is more secure and transparent than keeping a traditional digital or paper record that anything can easily happen to it.

• Reduced Cost:- Blockchain eliminated the existence of middlemen or third-parties as users can transact independently without the involvement of a third party. It's a great benefit to enjoy by the industry as the workload on them get reduced and the cost of maintenance also reduces.

• increased customer trust ÷ data owner can be granted full control over their data and decide who can access it and blockchain provide data privacy and transparency with this the customer can easily trust the industry.

• Increased Efficiency, Speed and Traceability:- Since transactions on the blockchain can be made easily without waiting for other people's involvement, it makes transactions a speedy one and more efficient as exact information is taken by the system and when goods are received or sent out from the industry, it will be easy to trace the destinations such that some officials don't syphon the industry's funds into a personal purse.

Impact of Cryptocurrency on an Industry

The impact of cryptocurrency on an industry can not be overemphasised. The reason is that even right now many industries are running transaction using cryptocurrencies. More reasons are listed below

• As a point of payment ÷ cryptocurrency has provided an alternative means of payment for buying and selling.

• cryptocurrency has enhanced the expansion and growth of the business.

• Cheap transaction rate ÷ the gas fee to perform or execute any transaction on cryptocurrency is very low and some are free compare to bank charges that even though you are not using the account they will keep charging you. keep 2 cryptocurrency coin in your wallet it will still be two nobody will charge you for it.

• Proper Record:- The industry would enjoy the proper recording of activities since it is based on blockchain and all transactions are verified and saved securely on the blockchain eliminating human errors or criminal act by recording wrong details deliberately to rake in some funds for personal use.

Conclusion

Finally, you will agree with me that industries tend to have better security when blockchain security is employed in the system and also stand the chance to experience massive growth of the business as their mode of operation has been simplified by blockchain thereby increasing their reputation.

Special regards;
Cc: @steemcurator01
Cc: @steemcurator02
Cc: @steemitblog
Cc: @gbenga