Introduction to the Blockchain

Before we begin, let's take a quick look at what a blockchain is. The blockchain is a storage technology that promises to store data in a way that it is very difficult, or even impossible, to alter the data stored there or even try to spoof the data stored in it. The blockchain promises to store data in blocks, with each block containing some records, and these blocks being distributed across an entire network of computers without the need fore centralized storage system. With this, the blockchain promises to be a more secure, privacy-focused, immutable, and revolutionary system for storing data and transactions over a network. To most people, the blockchain can be linked to cryptocurrencies, and while this is correct, the blockchain is simply a piece of technology that finds more application in the crypto-verse and can be applied in other facets of life. So let's talk about blockchain in our lives.

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

Blockchain is really changing lifes and changing the way things are done traditionally. This technology has gained relevance in several aspects of life especially in finance, healthcare, economics, supply chains, and even real estate. It just changes the way we store and manage data, a change tha will mean a lot when you look deeper.

Blockchain is a decentralized storage system, which means that it is under no ones control, and it is highly public. The implication of this is more transparency in data storage and data handling. Using real estate as an example, if the records of a particular property are stored on the blockchain, it could be easier to track its ownership independently instead of relying on third-party services and organizations.

I believe the blockchain is a step in the right direction for the world today, as it will distribute rights and power across individuals instead of how it has been done traditionally by centralized organizations. Remember, "Information is power; data is king". Most times, the advantage one holds over another is what type of information and/or data they hold or are able to access, and with the blockchain, this divide is bridged. It is a welcome development.

Advantages and disadvantages to adopting the use of blockchain in everyday life.

It will interest you to know that it hasn't changed - there are still two sides to everything in life. No matter how exciting a technology innovation seems to be, it always comes with its pros and cons. Let's take a dive into the advantages and disadvantages of the blockchain.

Advantages of the Blockchain

The blockchain makes a lot of sense and is useful in a lot of ways. For starters, it is a distributed storage system which will mean cheaper yet effective storage technology for individuals and organizations. With its distribution network, blockchain storage systems will have greater uptime compared to other centtralized storage systems as it will be practically difficult for all computers running a network to experience a simultaneous downtime.

Another uniqueness of the blockchain is the decentralization. Decentralization is a broad aspect of the blockchain which enables it to verify and authenticate transactions automatically without human interaction. In extension, this will mean zero delay in transactions and elimination of human errors.

Disadvantages of the Blockchain

One problem with the blockchain is that it gives no room for error, if that has been entered into it, it remains permanent and impossible to modify - while this may be good for some applications, it is also a downside. With this design principle, data cannot be deleted and editing is limited as well. So, once an error is detected, since nothing can be done to correct it, most times, a new chain is just created.

Also, remember that the blockchain does not require much of a human input to operate. Could this mean unemployment for some?

Another problem that usually crops up is the fact that storage easily becomes a problem in blockchain networks. First of, to set-up a blockchain requires a lot of storage (in practice harddrives), and these storages need to be high capacity storage as data is permanently stored without the prospect of deleting or removal. So, storage gets quickly used up which could mean higher running cost for blockchain managers.

Another issue is that access to the blockchain must be done through some unique strings of keys created for a specific individual on the blockchain - these keys are known as private keys. At the very best, these keys are hard to spoof, but at the very worse, these keys are hard to hard and sometimes impossible to recover. This means that if a person or institution loses access to their keys, they lose everything. What a disquieting thought!

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

Blockchains meets one particular human need - independence. Humans always want to be independent and have more control over their activities with very little or no external interference, and the blockchain technology seems to meet this desire better than other existing technology. With this in mind, we can only anticipate a brighter future and wilder adoption of blockchain technology.

Currently, blockchain technology is impacting our lives significantly. If you live in Nigeria, one of her biggest payments providers - Flutterwave - is built on blockchain technology, and without knowing, most persons are reaping the benefit of blockchain technology.

Blockchain technology has the potential to improve and introduce novel ways of carrying out conventional tech-based and tech-related activities including healthcare, cybersecurity, politics, philantropy, real estate, communications, Internet of Things (IoT), and transportation.

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

Healthcare industry has been highly segregated by levels - primary, secondary and tertiary healthcare; by ownership - private and public healthcare; by specialist care - orthopedic, ENT, opthalmology centres, psychiatry, etc.; by care recipients - paediatric hospital, geriatric care centres, and general clinics; and by many more indices for segregation.

This endless segregation has created a deficiency in the way healthcare records are stored and managed, with each system creating, managing and storing patient health information in their own ways, using their own systems, and technologies. For this reason, you have to generate your healthcare data at different stages of healthcare, and with the poor integration of a persons comprehensive healthcare records, more comprehensive healthcare delivery may not be possible. These days can easily be brought to an end with blockchain technology, as with this technology, a central patient record for an entire country or even the entire world can be created and implemented for different healthcare systems.

Through the blockchain, hospitals and healthcare institutions can develop a solid and reliable healthcare database that allows universal assess at different levels and segments of healthcare thus enhancing patient care.

The beauty of this is that these records are highly secure and could be implemented in a way that allows for better privacy. Another important and beautiful part is that these records cannot be edited or modified which eliminates the possibility of a third party tampering with healthcare records of people.

One good implementation of blockchain implementation in healthcare is Mediledger which is a blockchain-based project that allows players in the prescripiton drug business to keep track of drugs, confirm their authenticity and verify expiration dates.

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So far so good, the implementation of blockchain in the healthcare industry has been promising, and we only expect the adoption to increase over time.

Final Words

Blockchain technology is one of the unique technology innovations in the 21st century, and its relevance has permeated different industries and different aspects of our lives. While blockchain technology is not 100% advantageous, it provides real benefits and potentials in finance, healthcare, real estate, Internet of Things (IoT) and other spheres that makes it too good to be ignored.