Steemit Crypto Academy Weekly Update 6 | Homework Post for professor @gbenga | [Nigeria] | All About Blockchain Security 2 | by @pazuka
Hello Friends,
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It's another interesting and important lecture by my able and capable mentor professor @gbenga. Here is my homework post for week #6 for professor @gbenga, on his topic "All About Blockchain Security 2." This is a very important lesson which is "The security benefits of applying blockchain within any industry, and the impact of cryptocurrency on the industry.
INTRODUCTION
Blockchain technology can be known as a simply a storage facility that helps keep information void if alterations and hacking.
Industry are beginning to see its use in other areas, for example the blockchain Security we are studying about today.
This kind of storage system is difficult to manipulate because , stored information are duplicated and distributed to other systems in the Blockchain network.
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.
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Some Key Features of The Blockchain Includes:
It is open source: It's open for everyone who wishes to see transaction on the ledger.
Improved 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.
Decentralization: It has no need for a centralized governing authority but rather the users are given full control of their asset.
How does Hashing work?
Hashing is quite a difficult task.
Private keys are provided for data accessing while the public keys functions in carrying out transaction. And information stored on the blockchain are hashed mathematically.
Check out Public Blockchain
Public blockchain networks typically allow anyone to join and for participants to remain anonymous. A public blockchain uses internet-connected computers to validate transactions and achieve consensus. Bitcoin is probably the most well-known example of a public blockchain, and it achieves consensus through "bitcoin mining.Check out Private Blockchain
restricted and usually limited to business networks. A single entity, or consortium, controls membership.
Private blockchains use identity to confirm membership and access privileges and typically only permit known organizations to join. Together, the organizations form a private, members-only "business network.
Conclusion
The blockchain use cases cut across every industry to create and enhanced security with the different departments available.
This is my entry for the homework #week-6 task. Thank you so much for your wonderful lecture professor @gbenga.
Cc:
Hello, @pazuka, your post is less than 300 words which makes it ineligible for curating. Please write a minimum of 300 words to be eligible.
Professor @gbenga, I have done the correction, please check it out.
@gbenga this is my first post in this community and you happen to be the professor that attracted me,
So check it out so that my work and time may not be a waste