Steemit Crypto Academy Contest Season 8 Week 1 - The Importance Of Blockchain Technology || By: @miswarofficiall

Assalamualaikum all steemians friends, How are you all friends today, I hope all friends today are in good condition and always healthy.

In this post I will take part in a contest from the "steemitCryptoAcedami" community. I am very happy to be able to take part in a contest as big as in season 8. Hopefully I will gain more knowledge about this contest so that I can achieve even more in this platform.

Before I continue the contest, I will invite my friend named @siatteuk @mulyanii @neukyan if all of my friends have the opportunity to achieve this contest.

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What are The main issues arising in the existing system of blockchain technology?

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In my opinion, the main problem for blockchain users for smart data is that they are given flexibility in contracting, "But in my opinion, if there is a unilateral execution or transfer of the contract, this will definitely cause problems for one of the parties, as well as regarding the validity of the contract.

Blockchain users for health records. the potential "problem" lies in data disclosure and health data profiling as if this could shift the role of a doctor who will be replaced by a machine or entered by pharmaceutical business actors, for example selling drugs. "The reason is that by recording blockchain data the machine or as someone other than a doctor can be able to do diagnostics and make offers.

And the problem of standardization of electronic systems also currently does not regulate blockchain users. But for blockchain, special rules should be made because blockchain is a unique system that must be regulated in space so as not to overwhelm the market.

And that's my review that I know about blockchain issues, if I'm wrong in writing, please forgive me because I'm also a beginner on this platform.

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Explain to us some of the key features of Blockchain technology?

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• In my opinion, some of the most important features in the blockchain, The first feature is that there are the most flexible smart contracts that can be adjusted or customized according to company needs, including digitizing various financial management assets to trading these assets.

• The second feature is that hybrid ET technology has a very comprehensive digital asset security system, hybrid ET can provide multi-signature functions to digital wallets, blockchain technology features that are often used by the financial industry, specifically banking in the world.

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Give a basic and simple understanding of how blockchain technology work?

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In my opinion, the way blockchain works is a technology (peer to peer) where the integrity of information on digital is protected, especially blockchain acting as an open ledger, like a decentralized transaction ledger through a peer to peer network, this ledger records every order of transactions from beginning to end.

And transactions are locked together and the unique identifier in each block will be added to the next block, thus creating irreversible chains. A block usually consists of transaction information.

If tampering with one block would cause the block hash to change and render all subsequent blocks invalid, then it's possible the blockchain has been compromised to fix this problem.

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Provide an understanding of how we can be able to use Zero Knowledge proof for authentication?

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• In my opinion, how to use Zero Knowledge is that if the question is really no knowledge will be obtained other than the fact. This is shown by a simulation which shows that the question is correct and nothing is obtained by the verifier and prover, if the question is It is true.

• Then the verifier will be able to prove the question is true repeatedly. If the question is wrong there will be no cheating that the prover can do to convince the verifier that the statement is true except with a few small possibilities.

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Advantages and Disadvantages of Blockchain Technology?

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• In my opinion, the first advantage of Blockchain is that Blockchain data is well distributed

Data in Blockchain can be stored in thousands of devices in the largest network nodes, The system and data are very robust against technical failures and cyber-like attacks, Each network node can replicate and store a copy of the database and because of this there is no weak point for the network offline network problem.

• And the second is stable and secure data exchange

A data that has been entered into the blockchain system is very difficult to delete or change, this makes blockchain a very good technology for storing any history or other data.

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Thank you very much for visiting my post this time, and see you again in my next post, greetings @miswarofficiall

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