Firstly, What is blockchain?
Blockchain is a hugely important, transformative technology that helps record information in such a way that it's difficult or impossible to hack or cheat the system, it helps re-shape businesses.
Question no. 1.
What are the security benefits of applying blockchain in an industry?
The security benefits of applying blockchain in an industry may include:
- Blockchain is in so many ways safer than other record keeping systems because blockchain must be agreed upon before it's recorded.
*It is encrypted and linked to the previous transaction.
- blockchain Thechnology makes transaction very transparent because all networks share same ledger.
- Blockchain stores information across a network of computers as against on a single server, therefore, it's almost impossible to compromise the transaction data and as such prevent fraud.
*Companies that make use of blockchain have Audit trail which shows where an I tem is coming from and all the stops it made on the way which helps in checking fraud.
Question no 2.
What is the impact of Crypto currency in the industry?
Firstly, let's know the meaning of Crypto currency.
Crypto Currency is a digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by a centralized authority.
The impacts of Crypto currency includes:
- It cuts out the need for a third party in exchange, settlement is instant.
*It protect wealth for against exchange controls or capital it's digital.
- Here fraud is minimal if not impossible
- It takes care of identity theft because all transactions between digital wallets calculates accurate balance and it ensures the coins used currently belongs to the current spender.
*Accessible: it is accessible to more than two billion people across the world with access to the internet who don't have access to the traditional exchange system.