1)Blockchain is changing everyday life for everyone, what is your opinion on the matter?

Blockchain has affected nearly everyone on earth directly or indirectly and it will continue to spread without control. Many encumbrances have tried to stop the evolution of blockchain- from government sanctions to propaganda- but the ecosystem still stands strong. Blockchain has changed the way we see the financial world and opened our eyes to the many possibilities in the finance world. Blockchain in reality is a two-edged sword which means that there can be bad uses for it and also important and progressive uses of it. Blockchain started gaining popularity in 2009 which was around the time the whole world was recovering from a terrible financial crisis. The situation presented blockchain as a safer alternative for most transactions. Today blockchain is used for crypto, NFT, smart contracts, and so many other things.

One thing that is very important to many people is privacy and blockchain provides that. People want their financial records to be closely guarded and immutable, and beyond the reach of government authorities. NFT exists by the grace of blockchain technology and it is not alone. Blockchain technology brings power to the people rather than to a few elites and top organizations. Investing in assets was difficult until blockchain technology came into the picture and since then life has been better for so many people all around the world. Although there are disadvantages of blockchain like hacking, loss of keys, and illegal use, its advantages and services to society are more.

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

The use of blockchain in everyday life has its pros and cons. Blockchain has created some new problems just like it has solved the problems that existed before its emergence. Some of the ways through which blockchain technology can affect our daily lives are cryptocurrencies, NFT, land, and development.

Cryptocurrencies: the most common and most simple use of blockchain is in crypto. People are still getting to understand blockchain better and they are doing that by learning about crypto and how to transact with it.

NFT: Non-Fungible Tokens are irreplaceable assets that can be made or acquired through the blockchain, they can be in the form of pictures, drawings, paintings, and even videos. These assets can appreciate or depreciate in value as a result of the market forces in place.

Land and development: land is a very valuable asset and for that reason, its ownership comes with a bit of stress. Some of the problems encountered by land owners are as a result of missing survey plans, missing land documents, double selling, etc. Where blockchain comes in in land use is in security. A big portion of land can be divided by the owner or the government and sold as NFTs. Every land is unique; therefore, security is easier. With blockchain technology, no land can be sold more than once and that builds trust and confidence.

Advantages

• Blockchain technology has pulled millions of people around the world out of poverty and is still pulling more out. I call it the great equalizer because a nobody can become a somebody and that gives a lot of people hope.

• Blockchain technology has made financial transactions safer and more concise such that anyone can do it.

• Blockchain brought decentralization along with it. One thing that human beings enjoy is privacy and they will do anything for it. Decentralization basically makes it impossible for a central authority to oversee what every body is doing and that effectively takes away the power of the government.

• By adopting blockchain technology important information can be stored without the fear of losing it, because no one person has control over any blockchain.

• By adopting blockchain, especially using NFTs, the need for money as a mode of payment is reduced. Since NFT comprises of paintings, videos, and other documents, it opens up other opportunities for people who do no have physical money but want to add value to a system.

Disadvantages

Some of the disadvantages of adopting blockchain technology are:

• In a fast-growing world like ours there are a lot of people that are yet to grasp the concept of blockchain technology because it seems confusing at first.

• With blockchain technology, transactions can go on unchecked and may lead to illegal purchase of items. Some people are already getting involved in arms deals with the aid of blockchain technology. If people can use it whichever way they like, then there is nothing stopping terrorists from buying and selling weapons of mass destruction.

• Blockchain adoption feels one-sided for some people because of the various consensus mechanisms in place. For example, in the proof of stake consensus mechanism most of the power in the blockchain goes to people that stake the most money and for that reason they take unanimous decisions that can affect other people who don’t have as much stake as them.

• The volatility of the blockchain is still an issue to a lot of people around the world. The blockchain seems unstable for people who want to use it as a form of investment for the future.

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

Blockchain technology is currently changing the world and I am sure it will do more in future. The future of blockchain spans across many sectors that are of great importance to everyone in the society. Some of the uses of blockchain in the future are:

• Elections: elections are done in countries, states, organizations and even in homes. What people fear the most about elections are the irregularities that come with it, because they are scared that their votes will not count or that their votes could be manipulated. The introduction of blockchain technology to electioneering processes will reduce the irregularities associated with politics drastically. All the voters in the country will be in a blockchain and all the information about them will be recorded, such that one person cannot vote twice in an election.

• Budgeting: in national budgets people take it upon themselves to steal from the nation by padding the budget. The use of blockchain in this case is to make sure that no item appears twice in the budget thereby increasing transparency and accountability.

• Health: the use of blockchain in healthcare will make patient- doctor relationship healthier. Everybody will have their health information on the blockchain and then their keys to access it. This means that anybody can be treated in any part of the world with their medical records and history by just entering their key.

• Entertainment: musicians can use blockchain to know the exact number of people that attended their show and how much money they paid. Ticket sales will be properly documented to avoid double spending in some cases.

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

Blockchain technology has been implemented in the health sector just like I mentioned earlier. Blockchain technology has not yet spread across the globe but it is doing so rapidly. The fact that people no longer have to worry about their medical records in the case of an emergency. Blood group, genotype, medication, are all stored on the blockchain for easy access. Effectively the only thing a person needs to have is a key and every other thing is sorted out. In my opinion blockchain in health care is a game changer and I support and advocate for the adoption by the government and the general public.

Conclusion

The importance of blockchain technology in our world today cannot be over emphasized. Blockchain does for some people what their government cannot do for them and I am one of them. Although blockchain has its downside it sill does a number of good things to the world.