Steemit Crypto Academy Contest Season 8 Week 1 -The Importance Of Blockchain Technology
Greetings gorgeous people of Steemitcryptoacademy, it's a pleasure to be here with my this sixth entry for the Steemit Engagement Challenge Season 8 Week 1. I hope you all are doing well and having a great time on this great platform. I am really excited to share my creativty and ideas with all you today .
What are The main issues arising in the existing system of Blockchain technology |
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Another problem is energy consumption in blockchain tech, and especially for blockchains that use a proof-of-work system to determine which node wins the right to confirm the next block in the chain. This can become even more extremely energy-intensive, as nodes compete to solve a complex equation the fastest. Finally, speed is an issue as blockchain transactions are relatively fast for account-to-account transfers but can take a long time to be confirmed on the blockchain of crypto currency . This makes it a poors tool for everyday transactions.
Explain to us some of the key features of Blockchain Technology |
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Immutability : Immutability is one of the important key features of blockchain technology, ensuring that the network remains stable and unchangeable. Through the use of nodes, blockchain creates immutable ledgers that are secure from frauds and hacking like activities . Each node runs the blockchain's software, verifying and preserving the entire record of transactions occurring on the block chain .
Decentralized : Blockchain's decentralized network is exist by a collection of nodes, with no single individual or organization overseeing the framework. This feature makes it a great alternative to centralized systems of blockchain , providing users with a clear position of authority and allowing for immediate access to the system without the need for a regulating body or third party. This decentralized nature of blockchain ensures transparency, independence, and security for users, with no single point of failure and a lower chance of errors or failures.
Enhanced Security : Blockchain also provides enhanced security through encryption via hashing and cryptography. The records on the network are individually encrypted, providing an additional layer of protection for the system of blockchain . The automatic verification and updating of the blockchain network every few minutes create a self-reviewing system, ensuring stability and transparency in system . Additionally, the consensus mechanism validates transactions, and the combination of hashing algorithms, public-private keys in blockchain , and consensus mechanisms provide a highly secure environment that is difficult for hackers to penetrate and compromise .
Give a basic and simple understanding of how blockchain technology works |
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A blockchain technology is a decentralized, distributed ledger that stores the record of ownership of digital assets. It works through the use of a decentralized network and cryptographic hashing, which makes the history of any digital asset unchangable and transparent. The blockchain technology is similar to a Google Docs document, where the document is distributed instead of copied or transferred, creating a decentralized distribution chain that gives everyone access to the base document at the same time. Original content and data on the blockchain cannot be modified once written in blockchain , which adds to its level of security. Blockchain technology is important because it helps reduce security risks in system , stamp out fraud, and bring transparency in a scalable way .
Blockchain is a distributed ledger via the nodes connected to the chain, which means that no one computer or organization can own the chain or do any changes up . Instead, every node has its copy of the blockchain, and the network must algorithmically approve any newly mined block for the chain to be updated, well trusted, and verified. The bockchain technology has evolved to become a management solution for all types of global industries, providing transparency for the food supply chain, securing healthcare data, innovating gaming, and overall changing how we handle data and ownership in a large scale.
Provide an understanding of how we can be able to use Zero knowledge proof for authentication |
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One potential application of this technology must could be in the healthcare industry, where patient privacy is of utmost importance. With Sedicii ZKA, medical records could be securely accessed without the need to transmit sensitive information, reducing the risk of data breaches and also identity theft .
Last potential application could be in the financial industry, where credit card fraud is a major concern. With Sedicii ZKA, credit card information could be securely verified without the need to transmit the actual card details info , reducing the risk of card theft and fraud.
Advantages and Disadvantages Of Blockchain Technology |
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Advantages of Blockchain Technology:
- Immutable and Transparent: Blockchain technology provides a secure and immutable record of transactions that cannot be altered or deleted once they have been added into record. The transparency of the technology also ensures that all participants in the network can view and verify the transactions, enhancing trust and reducing the risk of any fraud.
- Decentralized: The decentralized nature of blockchain technology means that it is not controlled by any single entity or authority on the platform . This enhances security and resilience, as there is no one point of failure that could compromise the entire network.
Disadvantages of Blockchain Technology:
- Scalability: Blockchain technology currently faces significant scalability issues, as the process of verifying transactions and adding them to the blockchain can be very slow and resource-intensive. This limits the number of transactions that can be processed at any given time, making it difficult for blockchain to compete with traditional payment systems in terms of speed and accurate efficiency.
- Lack of Regulation: The lack of regulation in blockchain technology can be both a blessing and a curse. While it allows for innovation and experimentation, it also creates uncertainty and risk for investors and users who may be unsure of how their rights and interests will be protected in the absence of clear legals frameworks in blockchain . Additionally, the lack of standardization in different blockchain platforms can make it difficult for interoperability and cross-chain transactions.
References
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As the sun sets on the day
And the night falls softly in
We close this chapter, dear reader
But the story's not yet done
Tomorrow's pages wait, unwritten
INTRODUCTION
As the sun sets on the day
And the night falls softly in
We close this chapter, dear reader
But the story's not yet done
Tomorrow's pages wait, unwritten
INTRODUCTION
Hii @artist1111
I appreciate your efforts in creating this article.You have explained well about the topic.Blockchain technology is progressing day by day and we are seeing its updation with new features.
You have discussed some problems in the implementation of the blockchain technology such as scaliibility, energy consumption etc.Blockchain comes up with the lot of key features such as the impressive feature of transparency, security low fee,Decentralization, and immutability that increases the trust of users on the blockchain.
We can make the transparent and efficient transactions that are also stored in the nodes.In the third question you clearly explain the Zero-knowledge proof that is quite good.
You have rightly said zero knowledge proof helps in users verification without knowing the personal information that makes it an impressive protocol of authentication.
There are allowed of advantages as well as some disadvantages of Blockchain technology. It's decentralization security low fees and many other features make it an impressive Technology. On the other hand lack of regulation and scaliibility are some of its major drawbacks. if some issues in its implementation can be solved it can be more worthy.
Thanks for sharing your valuable entry in the contest.Good luck.
Thank you for your kind words! I'm glad that you found the article informative and useful. Blockchain technology has a lot of outstanding potentials and benefits, but there are still some challenges to overcome.
Blockchain is a growing technology and getting famous day by day. The number of it's fans and users are going on increasing due to it's impressive features and usecase.
Blockchain can play it's role in almost all applications of life. Your post also show the great advantages and features of Blockchain. Transparency and immutability is a big feature of it and at the same time enhanced security is also insuring users Assets are in safe hands.
Lack of regulation is a big problem for Blockchain because people don't have any security of thier assets and they want to regulate Blockchain But i think Blockchain is fully decentralized and it is not possible to Regulate it.
Your Explanation about Working of Blockchain and Information about Zero proof knowledge is really appreciative. Good luck in this contest 😊🤠
Regards: @cryptobitcoins
Thank you for your feedback and kind words about my post on blockchain . I'm happy that you found my explanations of blockchain's workings and zero-knowledge proof informative. Thank you for your good wishes for the contest!
Best of luck to you too🌟🌟🌟 .
Thank you for sharing your insights on blockchain technology. I completely agree with you on the scalability issue, which is a major obstacle in the widespread adoption of blockchain technology. However, the introduction of sharding and other scalability solutions could potentially help solve this issue in the future.
The decentralization feature of blockchain is one of its most significant advantages, as it eliminates the need for a central authority or intermediary to verify and authorize transactions, reducing the risk of errors and fraud.
Regarding the zero-knowledge proof authentication, I think it has great potential for various applications in different industries, particularly in healthcare and finance. Its ability to authenticate users without revealing their sensitive information is a game-changer in the world of cybersecurity.
In summary, blockchain technology has its advantages and disadvantages, and it is important to weigh both sides when considering its adoption. Despite the challenges it faces, the potential benefits of blockchain technology are numerous, and with continued development and innovation, it could transform various industries and improve our daily lives.
Good luck
Thank you my friend for your feedback and insights on blockchain technology. I agree with your assessment dear and look forward to seeing how this technology evolves in the future .
Assalam-o-Alaikum @artist1111,
It's a pleasure to be here and I really enjoyed reading your post about the Advantages and Disadvantages of Blockchain technology. This is such an important and highly topical issue, and you did a great job of breaking it down.
The concept of blockchain technology is fascinating to me, because it ushers in a new wave of digital security and trust. The various advantages it offers, such as immutability, transparency, decentralization and enhanced security are all amazing benefits that can help revolutionize our approach to data, information and transactions.
However, one must also consider the potential drawbacks of this new technology. As you pointed out, scalability issues can affect its performance, while the lack of regulation creates uncertainty around how our rights and interests will be protected. All things considered, one must weigh up the pros and cons carefully before making any decisions involving blockchain technology.
Thanks for writing such an informative post. I'm looking forward to following your blog for even more insightful posts. Khuda Hafiz!
Regards, @fabiha.
You have presented a very beautiful piece here my friend on the topic the importance of blockchain technology. Immutability and decentralization is a key feature of this technology because the traditional database lacks this feature. This has made more people to embrace the blockchain technology.
Inspite of this pros, there are a few cons associated with the blockchain technology and you have also stated a few of them such as scalability and lack of regulations. This is indeed a factor that hinders much adoption of the technology. I wish you success in this contest my friend.
Thank you for your comment. I am agree that the immutability and decentralization of blockchain technology are major advantages, which have contributed to its growing popularity. However, it is important to acknowledge the challenges associated with scalability and regulation that may limit its wide adoption.