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Hello fellow steemians. I hope you are all doing well. This week's crypto academy's contest is a very interesting topic to be discussed. Blockchain is really gaining a lot of recognitions.
Also it is being adopted and usee globally day in day out due to how it works. Many users finds it to be very convenient.
Blockchain is changing everyday life for everyone, what is your opinion on the matter?
BLOCKCHAIN can be defined in simple term as a type of database that can't be tampered with because it stores or saves data in different locations and also provides a very high security that works as a decentralized entity. That is to say it is free from a third-party involvement. Blockchain got recognition after the introduction of the first cryptocurrency, that is bitcoin. Basically all cryptocurrencies today works on the blockchain technology which is definitely why cryptocurrency is gaining a massive recognition today. This simple is because of it decentralized nature no individual can just wake up and decide to edit it to suit his or her desires.
As at today, blockchain has had or played a major impact in every aspect of our lives. Ranging from our banks,health centers or hospitals, bussinesses,sports, education to the governmental system. I will say that this is a very good initiative.
Taking a look at our banking system today, the blockchain technology has reduced a lot of fraudulent activities from happening. That can be related to the tamper proof accounting system. This has increased trust between the new system of banking with the help of the decentralized nature of the blockchain. The no third-party involvement in transactions between the costumer and the system. Also transactions of any amount occures or gets processed fast and secured.
Also, all financial records or transactions, taxes,savings,debts owned by a costumer or deposits on the blockchain can't be tampered with, therefore all records are stored securely.
Even though it isn't solving any problems regarding transactions though but it has solved a lot and it's still doing.
With the introduction of the blockchain technology to the government system elections are being conducted free and transparent without any occurrences. This happens because the system is made to take entries on it self so no individual can tamper or edit the entries made into the system. With this technology any election can be conducted easily and there wouldn't be any controversies encountered at the end of the election.
The use of this technology in th health care sector most especially hospitals has improved their database system and has prevent the loss of medical records of patients. It has also prevented the creating of unrecognized or fake bills that are being imposed on innocent patients for items, medications or services they didn't ask for or has no knowledge about.
This can be recognized as a very good impact in our lives or the health care sector.
There is a lot of positive impacts of the blockchain technology in our lives today, above is just some few i could hit or talk of.
What are the main advantages and disadvantages, of adopting the use of blockchain in everyday life?
ADVANTAGES
IMMUTABILITY
Any type of data that is stored or saved on the blockchain can't be tampered or edited. That is regarded as it's immutability. Due to how the technology is created, that is it stores data in different locations and also it is decentralized not controlled by an individual but rather a lot of users on different nodes. So it doesn't come easy for one to cause changes on a particular blockchain without the knowledge or permission of the others.TRANSPARENCY
All kind of activity carried on, on a blockchain is visible to all. This is regarded as transparency in the use of the technology. Nothing is hidden from any individual using or on that particular blockchain.
In the case of an election, all the votes casted byt the voters is seen by everyone so it isn't possible for an additional vote to be added.
- DECENTRALIZED NATURE
The blockchain technology gives users full control upong operating with it. Alll systems , app and programs run on the blockchain technology has no third-party, that controls or manages it operations. That is how the system i meant to be. So there is always transparency working with this technology. This is one of the intreting and good aspect of this type of technology.
- FAST AND SECURED
The blockchain technology so far is the fastest and the most secured way to perform monetrary transactions worldwide. Transactions with cryptocurrency takes place within some few minutes and doesn't matter how huge or big the transactions is going to be. The charges on cryptocurrency transactions are very little that you sometimes wouldn't notice that there has been some deductions. Also is secured and safe.
DISADVANTAGES
One major disadvantage with the use of blockchain technology for transaction is that a misplaced or wrong lost fund can't be recovered no matter the amount or how it happened. This simply because the blockchain system can't be edited to recover the transaction back. This is known as it's irreversibility nature. Which sometimes makes it hard for people to patronize it usage. Most especially big bussiness sectors,where by a one wrongful transaction could shut them down.
Even though blockchain technology has being with us ever since the first cryptocurrency was introduced. Most people are ignorant about how the technology really works. This could be regarded as mass ignorance. Others also finds it difficult to understand the concept or how it operates.
The governments of most countries don't want to accept or adopt the blockchain technology in their countries because they don't like how it operates. That is the no third-party involvement in the technology. Which is precisely how the blockchain technology operates.
The blockchain technology makes things so visible and transparent that most organizations or government sectors finds it difficult to operate with. Somethings are expected to be kept secret from the public eye. But with how the blockchain technology works it is difficult to do that. Which is one thing that is causing it not to be adopted.
There is an environmental problem with regards to the usage of the blockchain technology. This has to do with the amount of energy it takes to keep it working. That alone is a very cause or hindrance to it adoption in the environment.
Discuss the future of blockchain, and how this technology is impacting the world.
The future of blockchain has just began and it is yet to even get recognized and used more. It came to being around 2009. Ever since it introduction it has evolved and also it has been use in different technological fields and it has turn out to be the best. Even though there are ups and downs to it usage. That is the issue of it being adopted in the community and also issues on how it operates.
As at now the blockchain technology has impacted positively on every aspect of our lives and it is still doing more. When you take a look at how it has impacted on our financial sectors today it is quite a good innovation. Transactions today can be made globally within some few minutes or seconds. Also it now safe and secured to perform any monetrary transactions using the blockchain technology.
Records of patients today can't be edited by any individual simple because it works on the blockchain technology. Educational institutions have also adopted to the use of this technology
This is telling you that almost everyone is working wih this technology in one way or the other. Also many organizations or institutes are yet to accept this technology too.
By so, the future of the adoption of blockchain is bright and it will keep on brightening.
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 is a very good initiative. This has helped to resolve so many issues in the sector.
Health data or records of patients are securely safed on the blockchain network from any individual. Also the saved or stored data can't be tampered with, that is a patient's data can't be edited by any individual to suit their desires.
Also all medical records of a patient can be kept on a blockchain using the cryptographic algorithms that makes it not possible to edit. Also a patient's record can be shared with them alone without the knowledge of a third-party. This i say is one of the best way in keeping a patient's data and preventing it from outsiders.
All drugs or medical products can be monitored using the blockchain technology. Everything that works on a blockchain is transparent. So these drugs or medical products can be monitored well so that they don't get misplaced.
In conclusion, we all have to admit the fact that blockchain has come to stay and that we all should learn or have knowledge about how it works. As at now, all institutions are making good use of this blockchain technology and it really paying off. Yes there ups and downs to it but we should consider the ups and look at how it has impacted on our lives and community.
I invite @kodua,@mukadas and @five5 to participate in this contest.
You've got a free upvote from witness fuli.
Peace & Love!
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