Crypto Academy Week 6 - Homework Post for @gbenga


Hello every one welcome to another homework task post for @gbenga one crypto professor, this is week 6 now which is one month and 2 weeks and i have learnt a lot by participating in this tasks and i hope you have too.

This week our professor @gbenga wrote about every thing that has to do with block chain security which I think this is the second time he is touching this topic which is good so if you want to read our professor article click this link any way let's dive into this week task.

The Security Benefits of Applying Blockchain Withing any Industry.

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The security benefits of applying block chain within any industry is because block has more security than other data keeping system why? Because transactions are encrypted and linked to transactions that happened in the past, the name blockchain is formed by a group of computers that are put together to form a block, the blocks that has been formed are now added to ledger which forms a chain.

Block chain is created by an advanced string of mathematical numbers and it is not possible to be corrupted when block chain has been created, this immutable character of block chain makes it safer from thiefs. The decentralized side of block chain makes it trust less when doing a transactions which means someone don't need to trust anyone to do a safe transaction.

The impact of cryptocurrency on the industry.

The industry that I am going to be explaining the impact of cryptocurrency to it is the gambling industry and the category is the casinos.

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One of the Impact of cryptocurrency in gambling is that it provides privacy which means players that are gambling can not be identified by name which enables players to focus on the progress of their game rather than focusing on what other players can or can't see of their progress.

Secondly block chain provides some kind of security for online casinos because if you claim to know something about block chain technology then you should know that all transactions that were carried out during any game will be recorded and given their own codes, which means that if you win your prize will be transferred instantly into your digital wallet and maybe you can chose to use it for other cryptocurrency transactions or converted into cash without being in any agreement with any bank or financial body.

Which makes it secure and quick and that is the impact of cryptocurrency in a gambling industry especially in the casino category of gambling.

Conclusion

I think block chain and cryptocurrency can only lead to more security and speed in transactions which makes the future bright for blockchain and cryptocurrency any way I want to thank @steemitblog and @gbenga because through this process of doing this homework it has pushed me into doing researches.

Best regards
Cc: @steemcurator01Cc: @steemcurator02


Comments 2


Decentralisation would be a great turn around in every industry but then, this industries are handled by humans who are greedy and want to do shaddy deals. With this, accepting the blockchain as a fundamental part of every industry is relatively slow for now... thanks for being a part of this class..

Rating 6
20.03.2021 23:54
0

Yeah what you said is the truth

21.03.2021 00:39
0