Steemit Crypto Academy Contest / S2W3 - Blockchain in our lives. by @mccoy02

The word blockchain can not be fully discussed without first diving into the old traditional financial system, for centuries different means of exchange have been introduced ranging from trade by barter, the use of cowries and precious metals like silver and gold, and with advancements in technology we had a fiat system which is solely backed by authorities in various countries in most cases paper money drive it value from economic growth or power of a country which makes the system very corrupt, while underdeveloped countries are placing their trust on sophisticated countries who's fiat system is very strong such underdeveloped local currency are undervalued when compared to other countries, the uncontrolled means of printing paper money has increased inflation rate in countries where a large chunk of money could be used to buy a small quantity of Item, there is no accountability on how this money is been printed on regular basis, this is where the idea of blockchain came in to increase transparency, accountability and immutability in our financial system with blockchain records of financial transactions are keep in a public ledger which is an open-source accessible by anyone and can not be altered by anyone increasing transparency among users.

The fact that blockchain can not be altered, and its records are kept simultaneously in an open public ledger increases trust and transparency for both parties and has been a life-changer for users who are using the new blockchain system to go about their daily lives activities, blockchain is not limited to only finances, in the educational sector blockchain technology are used to keep records of students certificates, in the medical sector the use of blockchain has been achievable for keeping records of patient information these means all information kept by these various sectors can not be altered once stored on the blockchain.

We can deduce from the above statement blockchain is changing how we store information in the financial sector, medical sector, and educational sections which makes the technology indispensable for our life activities.

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What are the main advantages and disadvantages, of adopting the use of blockchain in everyday life?

Advantages

• Transparency

Blockchain brought about transparency in finance which has been an important advantage the technology came with end-to-end users can make transactions without doubting the other user, with the help of a smart contract built on blockchain which bind-users agreement when agreeing on a business deal has eliminated the need to intermediate users and increase trust.

• Universality ( decentralization )

With the help of distributed nodes blockchain services have spread across every part of the globe making it service accessible by anyone anywhere, there are no restrictions on the use of the network which makes it a truly decentralized network.

• Records are altered proof

Data stored on the blockchain are tamper-proof which makes it impossible for anyone to make adjustments to recorded information today we have cases where sensitive information are been edited due to a lack of honesty from people handling such information with blockchain this limitation is solved.

• Low-cost high scalability

Blockchain transactions can be processed with a low fee-making transaction on STEEM blockchain is very fast and charges a very limited amount of fee.

• Security

Blockchain can not be discussed without emphasizing on security it's one of the core aims of introducing the technology to work on the current security features in today's world users' transactions can be made anonymous with the help of blockchain also with the help of cryptography on the blockchain end to end users transactions are not accessible by other third parties.

Disadvantages

People abused blockchain by making use of the technology to perpetuate unsolicited activities with blockchain inception cases of Ponzi schemes, increase in dark web activities has increased, developers are creating meme coins all in the name of decentralization to steal people's hard-earned money multiple projects have been rug pull and investors funds have been stolen. another problem is the cases of irreversible transfer when a user sends money to the wrong address such money can not be retrieved, with anonymity in blockchain a lot of individuals have also used the technology to conduct money laundering, as such these transactions can not be easily traced.

Discuss the future of blockchain, and how this technology is impacting the world.

We have seen several use cases of blockchain technological impact in our today's world first, in the financial system where it boosts business and increases transaction output in our educational sectors and health care system how we can store information that can not be edited once stored also in the industry blockchain can be used to track goods transported from one location to another, art collections are converted into digital form with the help of blockchain which has proven originality in music industry with these mentioned use case we can see how blockchain is impacting our today's world positively which makes blockchain adoption indispensable in our world as human quest for knowledge is increasing daily so will blockchain use case increase which will make it the future technology for designing more artificial intelligence resources that will improve human activity.

With the NFTs collection, we have seen a new dimension in artistic work where proof of ownership is made possible with the help of blockchain an artist can sell his digital art to any interested user across the world this was made easy with the help of blockchain it has as well improved our means of earning, blockchain social platform has also made it possible for users to get paid from content writing with blockchain we had play to earn games where users play for fun and get paid as well.

With all the above-mentioned use cases the place of blockchain technology in the future can not be overemphasized in impacting our future positively.

What is your opinion about the implementation of blockchains in the health sector? Has the implementation been positive or negative? Explain a use case.

Implementation of blockchain in health care has improved data records, increase accountability, transparency, and security in the ways patients' records are kept in the record database, being an immutable chain where stored records can not be altered we can see that blockchain helps to preserve patients data.

There is no doubt blockchain use in the healthcare system has improved ways of preserving information which makes its implementation positive in our health system.

Blockchain use cases in the health sector include

1. Interoperability; with the help of blockchain implementation various health care providers can work together from different countries and share sensitive information in a close circle without exposing/disclosing such information to other circular users.

2. Improve transparency; there is no way information on the blockchain can be easily edited without tempering with the whole chain this will create openness among health workers to work transparently when entering patients' information.

3. Staff verification; blockchain use can help improve staff authenticity by keeping records of verified healthcare workers information, this will reduce the rate of none certified medical experts around the world.

4. Patient records; storing and keeping records of patients' information has been made possible with the help of blockchain all stored information is kept safe.

Conclusion

Blockchain is revolutionizing our financial system, health care system industrial and entertainment industry it has rapidly spread across different sectors which makes it a leading future technology that can not be overlooked its significant impact has affected humanity positively with more features to be implemented in the near future the rapid adoption of blockchain will be imminent in our day to day activities as it uses improve daily.