Steemit Crypto Academy Contest / S2W3 - Blockchain in our lives. by @lebey1
Introduction
Blockchain is often confused and used interchangeably with Cryptocurrency. while cryptocurrency simply put is crypto money, the blockchain houses the use of the crypto money and it goes far beyond cryptocurrency.
A blockchain is a decentralized and distributed ledger technology that records transactions in a peer-to-peer network. It was invented by Satoshi Nakamoto in 2008, implemented as a core component of Bitcoin that same year, and first used by Nakamoto to create the first-ever cryptocurrency.
Blockchains can be public or private, but most are open source. They enable trustless transactions between parties without needing an intermediary (or third party).
Blockchain is changing everyday life for everyone, what is your opinion on the matter?
Having explained what blockchain is, it could be agreed that the technology has further provided options for us in our everyday lives. Ranging from we sleep, to exercise or how we make payments for goods and services. The world has moved on from the traditional ways of doing things and Blockchain keeps challenging the centralized ways in which things are done.
Everyone will prefer to make a payment through crypto because of the transparency option and the fact that it can be monitored from their end. Blockchain has also revolutionized how we invest as investment options have also digitalized also. An individual would rather invest his\her fund in a project on the blockchain than a physical project which serves similar purposes. A key example is seeing someone investing in the purchase of land and buildings on a metaverse platform that is been powered by blockchain as against getting land in a real-life situation.
What are the main advantages and disadvantages, in adopting the use of blockchain in everyday life?
Blockchain is an innovative technology that has become a handy tool for many industries, including finance, health care, and real estate. However, it's still not widely used in everyday life. But if you want to start using this technology right now, you need to understand that using Blockchain in everyday life has its advantages and disadvantages.
The main benefit is that it allows you to decentralize your data, meaning that anyone can access it. This could be useful if someone wanted to check their bank balance or another person's email address in order to send them money. On the other hand, this also means that there is no way of retrieving your data if something happens with your computer or phone; it will be lost forever unless you had backed up everything else before this happened.
Another positive aspect of blockchain technology would be its ability for transparency between parties involved in transactions: for example, if two people enter into an agreement regarding some property rights, then both parties should see how much was paid out by whom so there won't be any disputes later on down the road when one party feels cheated out of what they deserve from an agreement made earlier on between both parties involved in a said transaction (this could also happen if either party tries sneaking around behind everyone else's back).
Discuss the future of blockchain, and how this technology is impacting the world
The concept of transparency and not having just a central authority has made Blockchain popular. The future remains bright as snow for blockchain as new projects and innovations continue to be built on the blockchain. The growth of the blockchain has seen it move from just Bitcoin to DeFi and Metaverse, at the moment, Web3 and NFT are the most popular concept in the blockchain world.
The growth of the use of Blockchain is as seen popular brands jump ship as the likes of Samsung, Facebook has developed a product using the Blockchain technology. Even the Nigerian government is looking to collaborate with the Algorand blockchain towards creating a payment system for Nigerians. A whole lot of countries have already looked to blockchain to provide an alternate means of payment for them. An example is El Salvador, Paraguay, Venezuela, and a host of countries that accepts crypto as a means of payment.
My opinion about the implementation of blockchains in the health sector?
You may have heard of Blockchain, but what is it? In short, Blockchain is a decentralized technology that can be used to store data, record transactions, and verify the transfer of assets. This means that if you want to give someone a record of your medical history or see their history (your doctor or insurance company), you can use Blockchain. You do not need to go through any third party as long as both parties agree on the process and technology for sharing this information with each other.
The implementation of the blockchain has been on the health sector has been positive so far as lots of Healthcare continue venturing and operating in the blockchain environment. Because of the inability to securely send and access sensitive patient data, the medical industry has suffered greatly.
Blockchain, on the other hand, will offer highly flexible openness while maintaining only the greatest security standards for true interoperability. As a result, health information systems will be able to interact both within and outside of organizational boundaries to support successful healthcare delivery to individuals and communities.
Below list of some of the healthcare clinics that has is currently using blockchain technology according to Forbes
- Chronicled
- Curisium
- Ever
- Patientory
The different ways in which this health care outlet uses blockchain was summarised by Forbes . For Chronicled, Forbes summarized what they used Blockchain
Chronicled's MediLedger Network uses blockchain technology to connect trading partners and medical institutions closer together than ever before. Without the constant threat of communication and organizational failures, there is far more room for innovation and industrial progress. Blockchain opens up a new world of trust and cooperation, from the automation of formerly time-consuming activities to increased responsibility from all stakeholders.
The rest were also explained in the article in which the above was cropped from. You could read more from the Post my by Forbes here
Conclusion
Before we sum up the merits and demerits of Blockchain, it would be helpful to recap what Blockchain is. Blockchain is an online ledger that records transactions in a distributed manner. It has several unique features like decentralization, transparency, immutability, and security. Blockchain can help us solve everyday problems like reducing the cost of transferring money overseas or making it easier for people who have lost their identification documents to get new ones. It also helps companies save time by speeding up previously manual processes.
Hello @lebey1.
Your post is brief but fill with so much knowledge.
Blockchain has a very bright future.
With blockchain, no manipulation can be done because of the transparency it offers. Everyone can see what's happening all at once. This is a great advantage for the blockchain technology.
Thanks for your opinion. I appreciate
Blockchain has helped organize lot of sector by increasing trust among user people now rely on blockchain for credible information which is a very good use case blockchain is here to stay for good we expect more use cases in near future thanks for the shear.
Blockchain is still growing but without doubt, it is the technology of now and the future
My dear brother, the implementation of blockchain technology in health and other fields has been very helpful to us and there are many examples of this. It used to be very difficult to handle our reports for a long time. Sometimes it happened to me that I lost my reports or it got lost by getting wet with water. But I think Blockchain is a successful solution to this problem. What do you think ?
It is very difficult and it takes a lot of time to go to the banks and ask for your bank balance and if we do the same thing with the help of blockchain then we will not have to go anywhere and we will see for ourselves. Have you ever wondered how good it would be for us?
Thanks for sharing your knowledge about blockchain with all of us. I appriciate your work.
I invite you to also visit my post which I uploaded to the academy two days ago so that we can engage with each other. Because engagment with the other users is the main goal of Steemit Engagement Challenge and we must do it from the bottom of our hearts.
Greetings 🇵🇰
well for me, blockchain technology remains the future, and despite the growth it has experienced, it is still a work in progress for me. Thanks for the comment, I will surely check your entry out.
In fact, you are right and I agree with you that this also happens in our country. Not all the data of a patient is correct and later on for which there are many problems. But if blockchain technology is used in the health sector, then this problem can be solved. Because when the patient goes to the doctor, if the doctor adds all the information of the patient to the blockchain technology. Then this data will never be deleted and it will remain forever. By looking at these data, you will be able to take treatment for that disease again later.
glad that we could agree on something. Thanks for STOPPING BY
Some of the great benefits of the blockchain which centered more on the legs of blockchain Trilenma (Security, Decentralization, and Speed) are some enticing drivers of today's adoption. It has brought about interoperability, Openness, Trustless, democracy in the system, security, etc. It is indeed a great innovation of our time which is the future.
yes it is
Hello friend
Greetings from Nigeria.
This is a correct statement, but we all know that the advantage of using Blockchain outweighs the disadvantages. The advantages are seen in every sector, be it finance, health, governance.. we only hope for little review as well as modifications on the disadvantages. Kudos friend.
i agree. The advantages of blockchain dethrone the Negatives
No buddy☺️.
The blockchain was not invented by Satoshi but btc was .
The blockchain was in existence year and years before Satoshi decided to introduce btc. But we can equally say that he built the btc blockchain.
This is a battle we pray that at the end the blockchain can win it. We those who are in the blockchain have seen the numerous advantages of the blockchain but for some reason people who are not in it seem not to see it’s advantage.
Yes , not just the transparency option but also how low the cost is.
You could send a million dollars worth of btc and pay a fee not up to 1 dollars. But with the banking system you will have to pay more than 1 dollars. It’s not one dollars though😂
Your last statement of sending a million dollars worth of BTC with the fee not being up to 1 dollar is false as BTC transfer fee is quite high. but anyways.
Thanks for the input and comment. I really appreciate