Steemit Crypto Academy Contest / S2W3 - Blockchain in our lives. by @ishayachris.
Blockchain is changing everyday life
for everyone, what is your opinion
on the matter?
Indeed, block chain is changing everyday life for every human around the world because, blockchain has brought a lot of changes to the way things were done in the past. Before I say my opinion on the matter, I do love to defined what blockchain is, and the challenge it has brought to our daily life's as humans.
Definitions:
- Blockchain can be defined as unchangeable distributed ledger, which are used for recording and tracking transaction assets within a network of businesses. This form of storing information, prevents anyone from either changing, hacking, or cheating.
- Blockchain can also be seen as a distributed database which is shared among the nodes of a computer network, and as a database, information are stored electronically in digital format, thereby preventing third party from having access to the information been stored.
Before the introduction of Blockchain, informations, data's, and transactions where being stored either manually or in a database that can easily be accessed by a third party, as such, nothing was safe and secured. More to that, there was no privacy in any transactions. People had, and are still having a lot of challenges with the banks that are being used for transactions in areas like:
transaction speed: there is always a delay in transaction when using bank in carrying out transactions
security: since transactions cannot be carried out with any third party, the security is always not assured
transaction fees: bank charge customers for every transaction carried out
hours open: banks don't work on weekend, as such for someone to carry out transactions, he or she must wait for weekend to be over.
What are the main advantages and
disadvantages, in adopting the use
of blockchain in everyday life?
The adaptation of Blockchain has both positive, and negative impact in our life's as human. Below are the advantages and disadvantages of adopting Blockchain.
Advantages.
Decentralization: decentralization is the most important feature of blockchain technology, and the strong point is that to carry out or perform transactions or operations, no other instance is required to act as third party or intermediary, which help in reducing transaction validation times.
Stability: with the use of Blockchain, are unlikely to be reversed, which means that once data has been registered into the blockchain, it will be difficult to remove or change it. And this makes blockchain a great technology for storing financial records or any data where an audit trail is required because every change is tracked and permanently recorded on a distributed and public ledger.
No third party interference: Government and financial institution has no control over cryptocurrencies that operate on blockchain technology. This means no government can temper with the value of the currency.
Low costs for users. The decentralized nature of Blockchain, allows for the validation of peer-to-peer transactions quickly and securely. Taking away the need for an intermediary reduces costs for both users.
Distribution: considering the fact that blockchain data is stored in thousands of devices on network of nodes, the system and the data are highly resistant to technical failures and cyber attacks. Each network node is replicated and a copy of the database is stored, as such there is no single point of failure. The fact that a single node going offline does not affect the availability or security of the network.
Instant transactions: Blockchain technology transactions can be completed within few minutes, therefore, a person doing virtual transactions can complete a series of transactions within a short time.
Disadvantage
Private keys: Every blockchain uses public-key to give users ownership over their account. And its being encouraged that the private key should be kept secret because, Users need their private key to access their funds, meaning that they act as their own bank. If users mistakenly loses their private key, the money is effectively lost, and there is nothing they can do about it.
Storage: Blockchain ledgers may grow large over time. For instance, the Bitcoin blockchain currently requires around 200 GB of storage. The current growth in blockchain size appears to be outstripping the growth in hard drives and the network stands a risks losing nodes if the ledger eventually becomes too large for individuals to download and store.
Scalability: this is one of the biggest challenge of blockchain technology as it cannot be scaled due to the fixed size of the block for storing information.
Power Use: The power consumption of a Blockchain is comparatively much due to mining activities. Keeping a real-time ledger is one of the reasons for this high energy consumption because every time it creates a new node, it have to communicates with each and every other node at the same time.
Unemployment. lack of need for third party will cause that, as Blockchain technology is adopted and implemented, all these intermediation sectors for the validation of payments and processes will necessarily be reduced to the point of disappearing, thereby creating more rate of unemployment.
Discuss the future of blockchain,
and how this technology is
impacting the world.
blockchain has come a long way to stay, and emerge as an encompassing innovative backbone technology to add value to businesses across all sectors. Looking at countries like India, its good to see their government making a move to set up a national blockchain framework to prepare a centralised ecosystem that will cover about 44 sectors including e-governance.
This plan of emerging technology through a policy framework will bring India on a par with countries like China, the UAE, the US, Brazil, Chile, Canada, switzerland and Singapore that have made big leaps in the blockchain space. Blockchain technology, in days to come is going to be the game-changer. Very soon, companies will use it and at least a business created using this advanced technology would be worth $10 billion. By 2030, blockchain technology could be used as a foundational technology for 30 per cent of the global customer base.
So far, Blockchain technology has made a lot of impact in the world because it have opened the door to other forms of wealth, such as privacy, decentralization, and personal safety from third party and governmental intrusion. More to that, those who have invested in Blockchain technology have gained a lot of profit from their investment.
What is your opinion about the
implementation of blockchains
in the health sector? Has the
mplementation been positive or
negative? Explain a use case.
In my opinion, the implementation of Blockchains in the health sector has been so positive. The challenges that healthcare systems around the world has been facing is that there’s been a lot of technology at work when it comes to transferring medical records and the storing of medical data from one specialist to another. And as such, keeping a full medical record can be tough for patients as their history could span many years of different practitioners trying different treatment approaches and using different medicines along the way. To cut it short, there can be a significant breakdown in essential collaboration and communication when it comes to maintaining patients health.
The implementation blockchain has help to completely change how healthcare is managed by enabling decentralized record holding with data becoming accessible as and when required. This technology has also helped to enable health practitioners in learning about patient cases more comprehensively and swiftly - ensuring that they can be treated faster with less waiting time in between gathering and interpreting the information. Furthermore, blockchain has also combat the circulation of fraudulent drugs and treatments, due to its immutable qualities
Conclusion
The introduction of blockchain has brought a lot positive changes to the life's of humans around the globe. Unlike those days when everything was saved manually. Blockchain has now brought a change where by at the comfort of your room, you can make transactions easily without anyone's intervention.
I invite @yakspeace, @chichieze, @patjewell, @ijelady to participate
Blockchain is very important in our lives, it has indeed make so many impact in different sectors. You have started all your point so well, and your opinion about the health sector is so true. I wish you all the best.
Indeed blockchain has changed a lot of things in the world today, and it is still changing things, like the way we communicate with one another. Thanks for sharing
Thanks for visiting me sir
Blockchain. How I love this word.
This simple word has simply changed the world. Things that were seen as impossible before can now be seen as possible and achievable simply because of this word.
I love the blockchain for only 3 reasons.
These features are features that our traditional banking systems cannot compete with and this is what makes me to love the blockchain.
The power needed for a miner to mine coins makes it very hard for people who do not have the financial means to be able to mine the coins either and it makes it rather sad.
In as much as it has it’s advantages I think it’s disadvantages as minimal and you have stated them beautifully in your post.
Thank you so much for checking on me sir. I wish to relate with you on your entry soon.
You’re welcome brother and I will make my enter soon.
Very informative post . You have thoroughly explained every part of task .
You are right to mention that record keeping in case of chronic diseases with conventional systems is compression. Moreover availablity of records online would provide choicest health care to patients .
In addition , clinical trials of medicines would be eased out.
Thanks .
Thank you so much for your kind words sir. Hoping to relate more with you on your entry
You have taken your time to explain the importance of blockchain in our lives and how it has impacted many sectors. You have also stated your opinion on health sector. Indeed, Blockchain is helpful in transferring the data in health sector.
I believe with time, many people will still adopt the technology and implement it.
Thank you for sharing this with us.
Kind regards!
Thanks you so much sir. I really appreciate your visit
You have made a very good entry into this contest. Your work is so simple to understand.
Thanks for explaining in such simple words.
Thank you sir. Your comments are really appreciated
Some blockchains perform transactions in microseconds . From the beginning TPas have gradually increased .
Informative post .
Thabks
Thanks man. I really appreciate your visit
Blockchain is one technology that everyone needs to sensitize people about. It is decentralized, secured, as well as easy to use. When I first started making transactions using crypto, I felt it was too hard to use, but with constant usage.. I see it as the simplest. Kudos friend.
Thank you so much
Blockchain has given many benefits who to use it, nice to read your opinion about this,
Good luck for you..
👍
Thank you so much. I wish to read your entry soon
See you soon...
🤗👍
Waiting to read your entry