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Blockchain in of daily life

The word blockchain is made up of two words "Block" and " Chain" the blocks contain the whole data and work as a storage and the chain simply plays work for links or associations. The blockchain is a divided database that builds among many nodes of the computer system. When a block is full of data then it links to the previous block this makes a strong association and it becomes a chain.

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The blockchains have a great effect on our daily lives. The old people had knowledge about this is a system so this system is not new to the world. For example in old days a shopkeeper of a shop have knowledge about what kind of things are present in his store, the number of things, the rate, who and when he buys an object, etc. because the shopkeeper add all the information in his notebook which is called ledger.

The idea of the blockchain was first introduced to the world in 1990. And then it was not taken seriously. But it was actually implemented in 2009 by an anonymous developer Satoshi Nakamoto. He created Bitcoin with the help of the Blockchain system. That's when the cryptocurrency boom came into the world. This invention showed the world a new way of doing business.

Today the whole world is benefiting from the blockchain system. Because hundreds of projects are applying this system like making transactions, storing data, tracking assets, peer-to-peer network system, trade or finance, banking system, advertising on many platforms, and many other purposes.

I totally agreed with the fact that " the blockchain is changing our life day by day" after researching it. Now I want to explain some daily life things which are working on blockchain technology.

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• Government Sectors

Blockchain is used in the government sector on a large scale because there is not any system that can keep the data secure and unique except the blockchain. The government uses it for many purposes are following:

• Reducing the fraud of Voters
  By following the blockchain system every voter can make a vote for the selected candidate. It can reduce the fraud in the voting system in elections.
• Storing Data of Public
  The government uses a blockchain system to store data for many purposes. Some institutes included military, infrastructure, public education, military, NADRA, law enforcement, public transit, etc.
• Store Federal Data
  It can also help in managing federal data like federal trademarks, visas, passports, social security, patents, etc. These are really important aspects of any country.
• Tax Collection
  It can also be used on a big scale like when any person gets his pay (income in the bank) the tax can be easily taken from their accounts. so that the people don't need to go there lawyers, so this system becomes easy for the government. This system can work with the help of the transaction of the account of any user.

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• Hospitals

As we visit the hospital, there is a huge rush in the hospitals, but the system management deal with everyone with great care. A little mistake can become a big conflict for the working staff. Blockchain systems play an important role in managing the information of patients, workers, doctors, and other small and big expenses. The accounts of patients and salary packages of doctors are done with the help of this system correctly, so it plays an important role in the discipline of the system of the hospital.

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• Education

Schools, colleges, and universities are the big sources of education and we noticed that the system of these institutes is very outstanding, there is no chance of mistakes in any work in these institutes because they actually follow the Blockchain system. By blockchain system, the attendance, fees collection, funds, canteen, transaction to banks, pay salary to teachers, etc. are controlled with 100 percent accuracy. Today all the universities, school, and colleges are saving their data in the blockchain system to reduce their handy work.

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For all these above reasons, one can easily decide how important the blockchain system is and easily relied on it. This system can reduce our work and show 100% accuracy in any work.

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Advantages and Disadvantages of Blockchain System in our Everyday life

As I explain above some aspects of the blockchain system and know some good things about this system so now we will discuss the advantages and disadvantages of the Blockchain system.

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Advantages

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Following are some advantages of the blockchain system:

• Enhance Security

In terms of security, blockchain provides much more protection than any other platform. Blockchain networks are unchangeable, which means that once data is written, it can never be returned in any way. All transactions are accounted for. It is then agreed upon in a consensual manner. Then every transaction is encrypted. So that no one will ever be like that. The calculation is done using the same method of hashing.

• Decentralized Structure

Blockchain is a totally decentralized system. There is no hold of central authority in the blockchain system. So there is no need for a third party to approve our transactions, bill, and many more thing. We are our boss in the decentralized system. The best example of a decentralized system is steemit. Here we are working independently and we don't have any pressure from a central authority. Here we are interacting with a lot of people who are working in different niches and earn very reasonable amounts and are very happy.

• Privacy and Transparency

As we know that privacy is very important to work on any platform. Because we feel good working in the privacy. The blockchain system creates an unalterable record of the transactions with never-ending encryptions that eliminates fraud and unauthorized activity. And the data which is stored in the computer system can not easily be hacked because the peer-to-peer system in the servers and the servers can not be hacked easily. So it gives priority to our privacy which is really a great thing. So we can say that this system is also transparent because everyone can see our present balance, transactions, comments, and followers. In this way, no one can think of making fraud to anyone.

• Speed

The best feature of the blockchain system is that it can reduce and save a lot of time. If you are a businessman you will know how the transaction takes a lot of time and how much it increases the tension. As we see that blockchain system and cryptocurrencies how saves our time ad manage our accounts with 100% accuracy. With cryptocurrencies, our transactions become very easy and we don't have any fear of tax and many more things.

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Disadvantages

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Now we talk about the disadvantages of the blockchain system because whatever is beneficial has some disadvantages. So disadvantages of the blockchain system are the following:

• Use for Illegal Works

The worst disadvantage of the blockchain system is that it can be used in illegal works and projects. Because the government has no knowledge about the transactions because all our data is hidden. This can affect the system of Tax. The cryptocurrency is also used for many illegal projects like Dark Websites. And the transaction of illegal money can be used by the blockchain system.

• Fear of Hacking

Everything which is on the internet can be hacked by hackers. So our account re also not safe any time If we share our password by mistake or click on any link sent by hackers, we can lose our account in seconds. So that's why it is really risky and every time we can face that fear.

• Lack of knowledge

There are a lot of people who don't have knowledge about the blockchain system, especially about cryptocurrencies but they invest in the crypto exchanges and then face loss. This person doesn't have knowledge about the techniques of blockchain systems and often they face loss by making the wrong transaction.

• Price Fluctuation

The price of the cryptocurrencies of the blockchain system is not stable. These fluctuate every second so the transactions for any solid thing can not be paid. We can not use crypto in the stores and some other shops because of its fluctuation. Some places allow the bills can be delivered by crypto but it is a very less amount. If there is any serious work to be done in the future regarding blockchain and cryptocurrency we can have all the facilities but there is no such situation at that moment.

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Future of the Blockchain, and how it is impacting the world

Blockchain is one of the most talked-about technology in the business world right now. This system has great potential to bring about great changes and create opportunities for the people to earn a living. So here we will talk about some institutions that if they implement a blockchain system then their future will be bright.

• Games

As we know that it is the world of technology and games. The blockchain system is playing an important role in the games. There are many games which build with the help of a blockchain system and have their own crypto Tokens for trade and transactions like Alien Worlds, Splinterlands, and Farmers World. By playing these games we can not only be entertained but can also earn money in the form of crypto tokens. These games also provide exchanges where we can buy or sell the tokens which is a very good thing. I thought that in the future these games build their own world and become a big source of income. It is only with the help of a blockchain system.

• Education Institutes

The first priority of any country is Education because education is very important in building a talented and strong nation. Now educational institutes have adopted the blockchain system and become more convenient. Because the accurate and fast system can make our education easier. In the old days when we need over an academic record, we have to go to the management like a clerk for our data which is a very difficult, boring, and time-consuming process but now we can check our whole data with one click from anywhere.

• Banking Sectors

Transactions are very important in our business and if we make any mistake in transactions we may take a huge loss instead of a profit it is also a time-consuming process. The Blockchain system decreases the tensions in the banking system. It is really fast, less expensive and easy to use for people or businessmen. There will come a time when every person will follow the blockchain system and will do all the transactions with it. So the economy becomes strong and the time will be saved.

The blockchain system is also used in the following sectors:

• A company of stores in the USA has announced that they will take SHIBA (a crypto coin) and sell their products.
• Elon Musk's company Tesla has also approved the payment in Crypto coins.
• Amazon also working on the blockchain and becoming the world's best marketplace and has become a source of livelihood for millions of people it is a great achievement of the Blockchain system.

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There are some institutions who have not adopted this system but I hope that they will soon adopt the blockchain system which will have a profoundly positive effect on the world economy

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

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The implementation of blockchain systems in the health sector is very beneficial for a patient, doctors, and workers in health centers. Because they face many problems in dealing with the different issues of many patients. Blockchain systems solve have solved their quarries in seconds. So the health center's system can be easily managed by the blockchain. Now we will talk about some aspects in detail.

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• Store data of patients

As we all know it is very difficult to manage and save the data of many patients in hospitals. A simple mistake can affect the life of a patient. So there is a need to secure the data of patients accurately. Blockchain system plays an important role in storing the data of the patients. So the patients can easily store their data about health at any time and show this information to doctors within less time.

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• Records of Medicines

Medicines are really important in curing the patient in health centers. So there is also a need for the best system to manage and deliver these medicines in a proper manner so that there will be no chance of mistakes will come. The blockchain system is also being used in stores of medicines and laboratories and it lessens the chances of mistakes and provides the smallest information about the medicines.

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The blockchain system is also beneficial to consulate with doctors because the doctors have all the reports of diseases that we saved in the health center's system. It becomes much easier for doctors to treat the patients in time.

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Thank you very much to read my post. I want to invite my friends @steemdoctor1 @muhammadfaisal @malikusman1 @adnanyassin, @allahnawaz03, and @cryptobitcoins to take part in this informative contest.

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Writer

@numanfarooq7677