Steemit Crypto Academy Contest S2W3| Blockchain in Our Lives by @estyroberts

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Wonderful new week to you all, you are welcome to this week’s contest about "Blockchain in our lives" where we have to talk about its usefulness and purpose in our lives.

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Introduction

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The term “blockchain” as the name implies is a series of block which stores and record transactions and information digitally just like a ledger across the cryptocurrency space and other sectors where it is been used. Information stored in blockchain cannot be changed because of the use of hash which are cryptographic signatures and unique to each transaction.

Question

Blockchain is changing everyday life for everyone, what is your opinion on this matter?

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We can see from the definition of blockchain how helpful it can be and has been to us humans in all sectors. Blockchain has removed the need to just store information on paper or system where it can be easily changed or lost. Now in some hospitals that have adopted the use of blockchain patients records and information are stored on blockchain.

Blockchain is really making things easier in the education sector where students record are safely stored and can be easily accessible. In banking and finance sector etc.

Since the emergence of blockchain and cryptocurrency many have been made into billionaires, especially those that invested early in the Bitcoin and etherum.

From all of the above we can see how blockchain is and has been changing everyday activities.

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Question

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

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Like we all know, whatever has advantages also has it’s disadvantages. Adopting blockchain is great, let us see the pros and cons below;

Advantages

★ Information and transactions stored on the blockchain cannot be altered or changed.
★ Blockchain allows for easy access and search of already stored information.
★ The transparency level in blockchain is really high as opposed to conventional and traditional means of storing up data.
★Blockchain is decentralized in nature and as such there is no third party involvement.
★ Users are kept anonymous and private.

Disadvantages

★Although information stored in blockchain cannot be changed but there are chances of hacking and stealing of one’s assets.
★Because blockchain is decentralized with the absence of third party, you cannot retrieve your private keys when lost or forgotten.
★Blockchain being private and decentralized does not show the private information of individuals and as such can be used for illegal activities. With one of the greatest benefits comes the big disadvantage.

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Question

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

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The emergence of the blockchain technology has a really positive future being a digital ledger and decentralized system where information can not only be stored but can also be easily assessed

Blockchain decentralization has removed the middle man authority that is needed in regular banks, health sectors etc. with blockchain everyone with a device can access information and perform transactions without the help of a middle man or having to join a queue or go through many long process.

Although, blockchain might have a few disadvantages but it’s advantages and positive sides outweigh the negative so if every single sector or business and transactions adopt this it would really have a positive and great impact making human lives even better.

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Question

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

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In my opinion, the implementation of the blockchain in the health sector has been amazing and has a positive impact. For example patients record stored on blockchain can be easily assessed by both doctors and patients and medical history for patients with certain kind of conditions can be checked easily in case of change in doctors and the patients gets treated faster.

And since information on the blockchain cannot be altered or deleted there would be no loss of patient data or fraud or mistake swap of patient medical report.

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Conclusion

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We can see how blockchain has improved certain areas of human lives and what more it can do if adopted In totality. The blockchain is really a great innovation in our world today.

Thanks for reading.