Steemit Crypto Academy | Homework Task 6 by Prof. @gbenga | All About Blockchain Security Part 2| written by @ochang

Hello everybody welcome to my post. This is my submission of homework task week 6 to Prof @gbenga from Nigeria. Thank you Prof for your lecture of week 6.

INTRODUCTION

What is Blockchain ??

Source: google.com

The blockchain is an incorruptible digital ledger of economic transaction that can be programmed to record not just financial transactions but virtually everything of value - Don and Alex Tapscott.
In a layman's term, Blockchain is a transparent virtual ledger that records everything in a public and secured manner.

THE SECURITY BENEFITS OF APPLYING BLOCKCHAIN WITHIN ANY INDUSTRY

Traceability and Cost Efficient:
An industry that is using Blockchain stand at a greater benefit because of its traceable records and transactions. Because records in the Blockchain are publicly viewed and can't be tempered with. Blockchain is used in these industries because of its system quality, improving working capability and cost efficient.

Security:
The Blockchain technology can be used in there different industrial and technical areas, the biggest I.T companies are using the Blockchain technology, according to IBM Blockchain Blog, Blockchain is more secured than other record keeping systems because it is very difficult for hackers to compromise the transaction data. And why is this Blockchain hard for hackers to infiltrate? It is because the information is stored across a network of computers instead of being on a single server.

Payment of Employees:
Geoff Weiss on Entrepreneur said that "if your company regularly pays wages to international workers, then incorporating Bitcoin into the payroll process could be a major cost save"
There are many Bitcoin-based payroll services available now and one of them is Bitwage whose founder and COO. Jonathan Chester said that by using a public ledger of all transactions in chronological order "you can actually see exactly where the money is throughout the process. Paying through this medium is safer and faster rather than transferring money internationally or moving the money from bank to bank and it will also save the employers and employees from spending money on bank charges and the likes.

THE IMPACT OF CRYPTOCURRENCY ON THE INDUSTRY

The cryptocurrency and Blockchain as a whole is a new type of data base, guidance and regulation surrounding digital assets is sparse, leaving many industries wary of adoption because of concerns surrounding the stability, volatility and security of cryptocurrency.
But the industries that have taken the bold step in using cryptocurrency can testify of its;

i. Immune to theft
ii. Ability to convert to other forms of currencies at lightening speed
iii. Can be used as discreet online cash anywhere and at anytime
iv. Safety and
v. Reliability

CONCLUSION
The Blockchain has solved problem such as the time spent on each transactions and it is reliable because of its security, transparency traceability and not easily distructible. And this is what we need in our versatile world of today.
I will recommend that more study be made on the subject matter because Blockchain technology and Cryptocurrency is still new and it promises a future with a possibility of zero fraud.

THE END

P.S this is my first task, and I'm open to reviews, suggestions, critics and corrections.

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