Steemit Crypto Academy Contest / S2W3 - Blockchain in our lives. by @thimalteb
Entire question to be answered
Blockchain is changing everyday life for everyone, what is your opinion on the matter?
What are the main advantages and disadvantages, in adopting the use of blockchain in everyday life?
Discuss the future of blockchain, and how this technology is impacting the world.
What is your opinion about the implementation of blockchains in the health sector? Has the implementation been positive or negative? Explain a use case.
A blockchain is a chain that consists of digital data. In the year 2008, Satoshi Nakamoto introduced the usage of electronic money to the world. With this without using money physically, the money can be transferred digitally. Using this, one can transfer money to another country or another person within seconds. Furthermore, a blockchain is a public ledger in a fully decentralized system.
More importantly, today blockchain technology has touched most parts of the world. You can find out about blockchain technology in the financial, educational, health sectors, and many other fields. Not only that, some governing bodies in the developed countries now use this technology to sort out their governing problems as well as for security purposes.
The features like the accuracy of the transactions, high security for the transactions and the accounts, and the transparency that is being maintained throughout the transactions have made a huge impact on the people how to use blockchain technology in big numbers. The other side of this blockchain introduction was the intermediary services lost their regime because the blockchain technology uses a decentralized system. So, this is how the Blockchain changes the day-to-day life of the people.
Advantages
High security-As the blockchain system uses the cryptography system to decrypt and encrypt the data, it is one of the hardest things to be hacked. In other words, as long as we keep our account private keys safe, then there is no one to hack us. Not only that but also no one is able to change the data in a block without the permission of the other users who are connected to the chain.
Fast transactions with high accuracy-As because of no third-party involvement, there is no one to control the transaction decisions. So, within a given time frame the transaction speed of money using the blockchain system is relatively higher and more accurate than the normal conventional transactions.
Transparency of transactions-With this, the doubts of data manipulation can be neglected because with the implementation of the blockchain system the transactions appeared to be with high transparency. With this everyone on the platform can see anyone’s transactions at any time.
Disadvantages
Implementing cost is high-mainly because the system is new to everyone, and there is no one to guide the users. Everyone lacks knowledge. So, because of this, the founders have to spend a lot of money to adopt the system for the users.
Unwanted person can appear on the system-As there is no single entity to govern the platform, everyone is free to enter. This is not good and this will be a nicer atmosphere for the hackers. With this, the stored data can be in real danger if anyone is unable to secure their assets in a proper way.
Price fluctuation-As we all know crypto has a highly volatile nature. So, the people who use the blockchain without any proper knowledge can be ended up in a very dangerous situation. The users who are unable to read the real market situation can end up as a loser.
Yes, it is true that there are highs and lows in blockchain technology. Currently, also we are experiencing a similar downfall in the market. But I can assure you that there will be a brighter future ahead for the blockchain.
For the past 12 years, after blockchain innovation, currently, there are more than 1000 cryptocurrencies that follow different blockchains.
As discussed earlier, blockchain has different kinds of features like transparent transactions, high accuracy transactions with high-speed transactions, etc. As a result of this now this blockchain platform is very much popular in the Government sector, financial sector, educational sector, sports, etc. Also, some countries urge their children to learn blockchain-related facts from childhood.
So, because of this, I thoroughly believe that technology is updating daily. So, the blockchain is also a highly discussed and highly recommended updated version of the technology. So, because of these reasons, I believe that the future of blockchain is very clear and will have a brighter future.
If the health sector implements blockchain technology in health services then it will be a definite win for the health sector. If we can enter the data of the latest disease updates, relevant cure updates, and patient health data updates into the blockchain, then it will be a definite help for people all around the world.
Disease and relevant cure updates on blockchain-Blockchain can transfer the health researchers' research updates on relevant disease symptoms, harmful effects, and the relevant medicine to the world.
Patients' data on the blockchain-
If we can enter the health condition of every person into the blockchain, we can assure that the people are in a safe zone in terms of health diseases, because if a person gets ill in any part of the world, then the doctors can search the relevant person's medical history before they treat him.
So, because of these reasons, I can say that the implementation of blockchain in the health sector is a positive
I would like to invite @hansihmd and @nethanya45 to participate in this contest.
Thank you!!!
Hello friend,
Greetings from Nigeria.
You have a very good piece…
Blockchain has continued to change as well as impact on lives. Your work although is very short, but at the same time simple. I love how you expressed your thoughts… in the healthcare sector, verification of authenticity of drugs is made possible via blockchain, we also have a use case of Dentacoin where patients are able to pay using this token as well as see a doctor. Kudos friend
Thank you for the valuable comments!!!
There is this thing that people write in their posts as a disadvantage of blockchain. You wrote it in your post. Let me say it the way I understand it.
Blockchain is not same as cryptocurrency. It does have a value tag that is volatile like cryptos. So I do not think fluctuation is possible with blockchain technology.
The only thing one can say is that it doesn't work with the same level of efficiency all the time because of the number of users that differs at each point in time.
Yes, I totally agree with you!!!
Yes, bad people and hackers who we do not want on the blockchain use it for bad things . But well the reason why we love the blockchain is because the government cannot regulate it .
The volatility in the price of cryptocurrency has pushed away a lot of people who do not seem to understand how the system works.
Yes, this actually saves a lot of people especially the nurses and people in the folder room having to save the folders of patients in a safe place or loosing it could have a lot of complications for the patients.
Thanks for the valuable comments!!!
Yes, I totally agree with you that it costs a lot of money to apply blockchain technology which is why people are afraid to adopt it because it is very expensive. And secondly, you're right that people don't know much about it yet because most people don't know about technology.
Crypto is a very high volatile market and many people are too scared to invest in it because the chances of making money are too high. And one of the biggest reasons why people don't adopt Blockchain is because people know they can lose money because of crypto.
Thank you for sharing this blockchain related article with us.
Greetings 🇵🇰
Thank you for stopping by and I totally agree with your thoughts.
You are welcome friend.
@malikusman1 why aren't we getting any votes these days? For the past 2 weeks, I haven't got any.
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