Steemit Crypto Academy Contest / S2W3 - Blockchain in our lives || by @josantos

My dear friends, I want to welcome us all once again to season number 2 of the steemit engagement challenge contest for week number 3. I am so happy today to write about this amazing topic presented to us in this very contest. Today I will be discussing extensively the topic titled Blockchains in our lives. I do hope you will enjoy reading my blog.

One of the fastest-growing technology in the world today is blockchain technology. I have said this because, within the shortest period, blockchain has covered a lot of aspects that involve human activity. We have seen blockchain in action in the Defi field, smart contract field, education, cybersecurity, health and even governance or politics just to mention but a few.

Though despite this massive touch in almost every aspect of human life there are still some hindrances that have limited the acceptance or adoption of the technology completely by different countries. In this article, we are going to look at some of the limiting factors that have made people not adopt this technology despite the tremendous impact it has made in almost every aspect of our lives.

Blockchain as I have earlier stated has touched almost every aspect of our lives as people. In the financial sector, the blockchain has helped in ensuring that the world uses one accepted currency all over I.e the cryptocurrency, it has also improved the speed, transparency, charges and security when it comes to transactions.

Another aspect of our daily lives where blockchain is seen is in the sports world where the different clubs today have the native token that they use for payment and other activities within and outside the team. Record keeping is easier and more secure since any data used in the blockchain is immutable.

Coming down to our countries today, elections can be done with the use of blockchain technology to arrive at a very free and fair ending. Since it is transparent, as the process is ongoing everyone can as well see the happening and in that way, no form of manipulation will be seen.

Everything that has an advantage also has disadvantages. Despite how good the blockchain technology is there is still some bad side that has limited the adoption of its uses globally. Below I will discuss both the pros and the cons of the adoption of blockchain technology in our everyday life.

💠 Transparency: One of the most important advantages of blockchain technology is its transparent nature of it. In this technology, nothing is hidden, whenever activity is carried out it can be seen by all and with that, no form of manipulation can be done on data.

💠 Immutability: Data stored in the blockchain can not be changed or altered. This is another reason why blockchain is widely adopted by many today their records can neither wear nor tear with time. It remains unchanged forever.

💠 Security: Data stored in the blockchain are very secure because they use the cryptographic algorithm where transactions are encrypted and decrypted by only the parties involved. When the transaction is been processed, it is recorded on a block in an orderly manner and can not be changed once they have been verified and recorded.

💠 Absence of the third party: Blockchain technology has eliminated the use of the third parties as it was usually in a normal life circle. You don't need to pass through anyone to attain your goal. You transact directly with the party involved.

💠 Speed of operations: This is another important aspect of blockchain technology. Transactions here don't delay it is performed speedily and help to save time and resources such as the charges involve etc.

💠 Instability of price: The price of an asset like the cryptocurrency in the financial market is always experiencing volatility and that has hindered a lot of people from going into the blockchain technology since they do not know the price movement and they wouldn't want to lose their entire investment.

💠 Lack of Knowledge about the system: A lot of people today don't know how this new and modern technology works and for that reason accepting it is a very big issue for them. The technology has a lot in it making it complicated for its users to comprehend.

💠 Irreversible transaction: Another thing that has hindered the acceptance or adoption of blockchain technology is the irreversible nature of transactions. When a mistake is done, since blockchain can be edited or changed, it may lead to the loss of lots of investment.

💠 Regulations: Government wants to control the blockchain sector which idea was designed to combat this aspect and for that reason, they bring in some rules and regulations which are presently limiting the adoption of the technology by many countries.

There is no doubt that the blockchain future is quite very bright despite the ups and downs it has been facing. The truth is that whether we want it or not, blockchain technology has come to stay. Let's look back to when the technology started in the year 2009 with the development of Bitcoin. After this great development, 12 years later we can see that thousands of other crypto assets have come into existence as well.

The blockchain as we have seen has affected almost every aspect of our lives and it has made everything even easier and more reliable. In the case of speed of transaction and transparency and the financial market, we have seen a very big effect on the global economy because of the presence of this blockchain technology.

The health sector as well as our educational sector is not an exception when it comes to the happenings in the world of blockchain. There are more and easier things done by medical practitioners and medical researchers today because of the presence of blockchain. In the educational sector, a lot of people are learning how to develop more systems working with blockchain technology.

In the government today, if blockchain is adopted the issues of rigging elections and the stress in performing these electoral processes will completely be eliminated and a very clear and reliable result will be obtained by those concerned. There is no iota of doubt that the adoption of blockchain in our various parts of existence will go a long way in making things easier for all.

The world already has felt the impact of blockchain technology because the global economy presently is been affected by the price of cryptocurrency which is a product of blockchain technology. So with the few examples and explanations, I have made above, you will believe me that blockchain technology is impacting the world.

Blockchain is sure to do a lot of magic in the health sector. Some of the aspects which we have seen blockchain in the application can include;

Tracking of health products: Since the blockchain is transparent, it can help health workers to keep track of all the health products in the health sector globally. The drug distribution and the medical facilities will completely be in the check so that they are not been misused by other people.

Managing electronic medical records (EMR): blockchain technology has gone a long way in managing electronic medical records because the presence of a cryptographic algorithm has made the information store untouchable from unauthorized users who would want to change the data. This also helps medical personnel to send and receive this information anywhere around the world without any form of delay.

Protection of health data: Health data via the blockchain is completely protected from everyone. Recall that one of the advantages of the blockchain in technology is the immutable nature it has I.e data stored can not be changed or altered hence a very perfect record is seen in the health sector via the blockchain technology.

One of the use cases of blockchain technology can be seen in the medical chain. In the health sector, the medical chain is one of the projects that has been developed to manage health records securely without any interference from a third party. This helps to keep the entire record of an individual health issue in the same place and makes it easier for other medical personnel to keep track of the initial health challenge of the patient and the medication given to him or her and the reaction as well. With this, the medical personnel doesn't need to have face-to-face contact with the patient instead he can make a recommendation based on the recorded information on the blockchain.

The impact of blockchain in our daily lives is no longer a story because we have seen it functional in every aspect of our daily lives. The health sector, educational sector, sport, financial market etc. As I have said previously, the technology has come to stay and for that reason, all we have to do is to adopt it now. I want to invite the following persons to come and read through this post of mine. @josepha, @yakspeace, @olabillions and @goodybest. I wish to see your entries too so I can learn more.