Steemit Crypto Academy Contest / S2W3 - Blockchain in our lives. || By @xkool24

Hello Good people, nice engaging us here once again in this third week of the Steemit Engagement Challenge Season 2. For this week, I will be writing on the contest "Blockchain in our Lives". I will be handling this contest using the contest hint required to guide me all through my writing.

Blockchain is changing everyday life for everyone, what is your opinion on the matter?

Blockchain technology has been in existence for decades before its pronounced user case after the launch of cryptocurrency sometime in 2009. The reason for its low adoption and user case was simply because of the low technological ads required to power up the different user cases needed in its operation. Kudos to the emergence of Cryptocurrency which brought light to this space.

Ever since it got the needed technological support required, it has been observed that its application in our daily life application has been endless as more anchor developments are springing up. No doubts that this singularity has played a key role in changing man's life in different capacities and applications.

Most importantly, its application has either been seen in a centralized or decentralized platform where the different use case is executed. Financial technology could receive more boom if a decentralized Blockchain is imbibed into its system. Nevertheless, the centralized Blockchain platform has brought about facilitating transactions that happen in a blink of an eye guaranteeing transaction throughput. Imagine where all user case is inculcated, low transaction Charges, less manpower execution as well as high-security levels would all be assured.

One good thing Blockchain technology has brought to man is an enhancement in data-keeping and records. A process where data cannot be altered, also assures interoperability and transparency of the process from end to end. Its application has not only to be used in the financial sector (DeFi) but as well in the healthcare sector, Logistics units, Cryptocurrency transaction space, Farming, Mining, etc. We cannot rule out its adoption in governance where electoral processes could be enhanced through it as well as Automation (Artificial Intelligence).

The overall application currently in place has indeed been changing lives positively and especially the way things are correctly done. It has brought about less manpower by cutting off middlemen intermediaries, less transaction fees, the privacy of transactions, transparency of the process, trustless Systems, ease of carrying out our daily transactions using Artificial Intelligence, etc.

What are the main advantages and disadvantages, of adopting the use of blockchain in everyday life?

Advantages of Blockchain Adoption

Improved Security

This is one of the best solutions Blockchain technology has brought to humans. Blockchain technology runs on cryptographic algorithms that guarantee high-level security in its entire process. Due to the confirmatory procedures. Therefore, the use of Blockchain technology in our everyday applications has brought about an additional security layer that assures investment. Interoperability in Blockchain technology is a feature that assures investment assets.

Transparency of Process

Given the fact that records and data are non-editable, this makes altering and falsifying records quite impossible and hence the transparency of the process from end to end.

Removal of Intermediaries (Middlemen)

With the Blockchain technology adoption, one does not need to hire or interact with all the middlemen before processes are executed. Therefore, this not only reduces the cost of transactions or execution of tasks but also reduces the bureaucratic bottlenecks.

Reduce Cost of Transaction

There is a tremendous low tariff charge observed in the adoption of Blockchain technology vis-a-vis the conventional system with high fees.

Other advantages of Blockchain technology adoption are Trustless system, Open system, Ensures Privacy of users, reduced system loss, hackers' activities or network outages, etc.

Disadvantages of Blockchain Adoption

Job loss in Workforce

Due to the elimination of so many intermediaries ordinarily, that were engaged, there is total removal of this set of staff which further brings job loss and unemployment amongst them in its adoption.

Freedom of Process with Non-regulatory approaches

Up to date, the central government of different nations still finds it to make a concise regulatory approach to some of these blockchain applications. Little efforts so far have been seen through the regulation of exchanges that perform their transaction. Aside from this, there has been under-regulated which is worrisome due to some activities capable of undermining securities.

High Cost in deploying this Application

There is a relatively high cost observed in the deployment of some of these Blockchain applications. Most times the medium and small-scale company operators may lack the capacity to install this.

Lack of Technical Know-How

The operational demands of Blockchain technology require some relatively high technological Know how to operate it. Hence this may not just be as rampant as the required adoption of this technology. This limits access and its adoption in our everyday use.

Discuss the future of blockchain, and how this technology is impacting the world.

There's no doubt that Blockchain technology has come to stay with its application applicable Ina our day-to-day activities. The last economic meltdown that ravage the world which saw stocks crash, shares acquired in the financial sector all went to the blues gave rise to the emergence of Cryptocurrency which brought out the overbearing adoption of blockchain applications and technology into the limelight.

People are as well tired of the insecurity of investments made due to the unregulated and unguarded hacks from cyber security which has caused tremendous loss of assets and accounts to these hackers. Therefore, everyone in quest of stability, security as well as transparency of the process would have no other option than embrace the benefits of blockchain adoption.

Governance has terribly been undermined at different levels in several country lines and the only technological advancement capable of ameliorating some of these anomalies is blockchain adoption. Let us look at some of the Electioneering processes in emerging countries where irregularities are on the high, blockchain adoption is the surest way out where data are collected and stored for efficiency and effectiveness.

Let us also look at pharmaceuticals and health service delivery. Blockchain technology can be adopted in the pharmaceutical supply chain where there's an end-to-end tracking of all supplies and productions made. Records and data from patients can outlive them where it becomes handy to make references and dispensation of medication as well as medical history tracking.

Artificial Intelligence is improved especially in automation. This aspect has received high-level boosts where homes, health care facilities, and hospitality homes can now digitally be operated and remotely controlled for efficiency and service delivery.

Lastly, everyone out there is looking for how best to cut down the cost of transactions, overhead costs as well as a number of workforce strengths (intermediaries/Middlemen). The blockchain system is the only system with such capabilities to offer these services. Just as mentioned above, it brings about a total cut down on the use of middlemen in its process, low transaction fees, and bureaucratic bottlenecks while in execution.

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

The implementation of Blockchain technology in the Health sector should be the best deal in the overall advancement of this sector. Looking at the different benefits inherent in the use of Blockchain technology, it would confidently offer a record/data bank void of falsification and alterations. This would offer on-the-go access to patients' medical records from any place in the world. These real-time records would guarantee efficient health delivery services using the best specialists for ailments.

Blockchain applications guarantee the privacy of the process and information of the user which also translates that clinical records can be discretely done without having to reveal the users' identities. This would bring about more adoption in carrying out clinical tests and vaccines poised on improving health care delivery.

Let's also look at the logistics and pharmaceutical product distribution and supply chain. Companies can now easily trace products from point of production to when they are used by their end-users (patients). This invariably means that it ensures the authenticity of products and also the locations of supplies made. This would guide planning, strategic management, and invoice efficiency from end to end.

Conclusion

Blockchain technology and its adoption cannot be overemphasized as there are more benefits it offers than its cons. It offers an additional layer of security that removes issues of investment/asset loss through incessant system hacks just as seen from the conventional system, guarantees transparency of the process, lower transaction fees, and bureaucratic processes involved in system activities.

Thank you for reading through this article.

Written by @xkool24