BLOCKCHAIN IN OUR EVERYDAY LIFE
I just read a paper written by Vitalik Buterin that he shared on Twitter, and it prompted me to reflect more thoroughly about the technology that underpins the products we use. The creator of Ethereum and one of the greatest technological and economic thinkers, in my opinion, is Vitalik Buterin. Whether you love him or hate him, he is a legend in the cryptocurrency world since he created the first blockchain with smart contracts.
The introduction of Ethereum marked a sea change in the cryptocurrency industry since it evolved beyond the status of a simple digital money. He contributed to the development of blockchain and cryptocurrency's subsequent wave. There are currently hundreds of layer 2 chains built for Ethereum as well as hundreds more blockchains based on Ethereum.
We can observe some sort of technological development as a result of the widespread use of this technology, specifically blockchain. I personally anticipate seeing spatial segregation and blockchain blocking (I know that's not the right word, lol) for large businesses, websites, and apps in the next years.
Since so many well-known brands and large corporations currently using the blockchain on a daily basis, it is clear that it has applications outside of the finance industry.
Walmart already tracks their food supply chain using the blockchain, which seems to be helpful. The Chinese pig and the Mexican mango's origins and youth may be more precisely identified. This not only offers consistent information on where the food was taken but also aids in better managing the diet's young participants.
Although it might not seem like a huge concern, supply chain management issues plague businesses frequently. Blockchain can be utilized to help solve some of those issues, but I don't believe that chain technology should be employed everywhere. Although different people have varying opinions on how deep the integration should go, in my opinion, the ultimate answer is whatever is practical from a commercial standpoint.
Imagine using a blockchain's ledger system to quickly identify the cause of an eating disorder. It is wonderful to have an accessible manual. With central systems, you can accomplish it, but the process is slow. The supply chain management industry may have a place for blockchain technology; it all depends on how it is implemented.
However, it is not the first significant retailer to employ it to streamline managerial procedures. Even Microsoft is assisting businesses with the adoption of blockchain technology through its Azure platform.
Medical records would be another area where I can see blockchain having a significant influence. They are kept on the computers of a certain medical system, which serves as the primary system of culture. They typically do not have access to that information without your permission if you visit one doctor in one place and another in another. Creating a uniform website that is accessible to all medical organizations using blockchain is actually possible.
You do not have a medical record if your medical information is solely kept on one firm server, and that server is shut down for whatever reason. With a blockchain-based solution, everything is permanently stored in the chain and is easily accessible. School records can be used to illustrate the same idea. You run the danger of losing your college data if it is only kept at one university and you haven't transferred it to another.
It is obvious that a secret chain will be required in a blockchain-based system like this due to the personal data involved. That is excellent since it allows us to trust the system knowing that data cannot be lost or used improperly in any way.
In my perspective, one of Vitalik's most persuasive points in this essay is how it strengthens the case for having no knowledge of the outside world. It can also be referred to as common knowledge. similar to knowing something because you are aware that others know it. User B is now more dependent on the fact that there is something in the chain, for instance, because user A can see that something is in the chain and user B can see that user A can see something in the chain. Is that clear? I'm tired, actually.
In my perspective, one of Vitalik's most persuasive points in this essay is how it strengthens the case for having no knowledge of the outside world. It can also be referred to as common knowledge. similar to knowing something because you are aware that others know it. User B is now more dependent on the fact that there is something in the chain, for instance, because user A can see that something is in the chain and user B can see that user A can see something in the chain. Is that clear? I'm tired, actually.
Your engagement (number of comment) is less now days. Please increate engagement to get better support.
Yes. I have just been very occupied with my school project work but I will try to engage more.