Hi everyone, it's delightful entertaining us here once again in this week three of the Steemit Engagement Challenge Season 2. For this week in this reputable community, I will be composing for the contest "Blockchain in our Lives". I will adhere to the contest hints mated out and needed to be a guideline for writing.

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

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Blockchain as a technology is poised to greatly change the nature, condition, disposition, and character of everything from money to business to the whole World. With Blockchain, every type of asset or data is cryptographically stored without the interference of any third party. For the very first time in history, people can trust each other through this immutable distributed ledger technology. Blockchain isn't however a disruptive technology that can quickly overtake other business models. Rather, the technology is a foundational technology that erects new foundations for the advancement, refinement, and development of society as well as the economies.

Blockchain is a kinda technology that possesses the capacity to put up with the hold. It creates no role or opportunity for intermediaries or third parties. This technology is used by organizations that work with machines and algorithms to easily interact and transact. Blockchain potential is tremendous.
Blockchain is a cryptographically secure distributed ledger that embodies a vast amount of transactional data and as well have important applications in different areas of the economy. It can assist consolidate the partner ecosystem from the supply chains to airline travel.

Supply chains are fundamental for the movement of materials and goods around the globe. Blockchain ameliorates the ability of every supply chain to record, track, and validate the data involved at every single step. Especially for multi-party supply chains as well as agreements, blockchain's distributed ledger can be exceptionally valuable and beneficial in the provision of a single source of truth. Think of an auto part that is being sent via a ship that either breaks or gets missed along the way. The blockchain's distributed ledger assists in definitely ascertaining at which point the breakdown occurred as well as who's fault.

As another instance, blockchain can be utilized by airlines that organize multi-carrier flight strategies or settle unused travel vouchers. The blockchain ledger assists track the complete route of an individual pax to alleviate financial settlements.

Blockchain has not only been used in the financial sector for Decentralized Finance (DeFi), it jas been employed in the transaction of cryptocurrency and mining sector, healthcare sector, farming, and logistics units and I want to believe that many governments are falling on blockchain for their electoral system, not leaving the artificial intelligence behind.

Lives have been positively impacted by the comprehensive application presently in place particularly getting things straightly and accurately done. It has mitigated workforces by eliminating intermediaries, has increased transparency levels, rescued transaction fees, cut off trustless systems, and transaction privacy, etc.

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

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Advantages of Adopting Blockchain

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• Greater transparency
Without blockchain, every organization has to keep a distinct database. For the reason that blockchain utilizes a distributed ledger, data and transactions are identically recorded in multiple locations. Every network partaker that has authorized access sees the same information at the same time, delivering complete transparency. Every transaction is recorded immutably, and as well are time-stamped and date-stamped. This facilitates members to have a look at the gross history of a transaction and essentially removes any chances of fraud.

• Increased efficiency and speed
Conventional paper-heavy procedures consume time, are liable to human error, and usually call for the mediation of a third party. By streamlining these processes with the use of blockchain, transactions can be fastly and more efficiently completed. Documentation can be saved on the blockchain alongside details of transactions, eliminating the necessity to exchange paper. Reconciliation of multiple ledgers isn't needed and therefore clearing and settlement can be extensively faster.

• Instant traceability
Blockchain establishes an audit track that records an asset's provenance at every step on its path. In industries in which consumers are interested in the issues of environmental or human rights surrounding a product or industries distressed by fraud and counterfeiting, blockchain assists to offer the proof. With blockchain, data about provenance can be directly shared with customers. The ability to trace data can moreover detect weaknesses in any supply chain in which goods might be awaiting transit while on a loading dock.

• Automation
With "smart contracts", transactions can even be automated which raises efficiency as well as propel the process even further. As soon as pre-specified requirements are met, the subsequent step in the process or transaction is automatically activated. Smart contracts mitigate human intervention and dependence on third parties affirm that the binding conditions of a contract have been met. For instance, in insurance, as soon as a client has delivered every essential documentation to file a claim, the claim can automatically be settled and paid.

• Enhanced security
One's data is responsive and crucial, and blockchain can considerably alter how crucial information is seen. Blockchain helps deter fraud as well as unauthorized activity by formulating an immutable record with end-to-end encryption. By anonymizing personal data and utilizing permissions to deter access - on blockchain - the issue of privacy can additionally be addressed. Hackers can't view data as information rather than being stored in a single server is stored across a network of computers.

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Disadvantages of Adopting Blockchain

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• High cost of implementation
Similar to this technology representing low for a user, unfortunately, it also means a high cost of implementation for companies, which prolongs its mass adoption as well as implementation.

• Private keys
Exorbitant security can moreover be an " Achilles heel", when it comes to private keys, as has stood documented on numerous occasions, in case of a loss, it becomes nearly impossible to recover it, resulting in a puzzling circumstance, especially for those cryptographic value holders.

• Unemployment
Blockchain results in the elimination of intermediaries which leads to unemployment. This is because as blockchain technology is accepted and implemented, every one of the intermediation sectors for validating payments and processes will inevitably be curtailed to the level of disappearing and, the job required for it will disappear with it.

• Anonymity
Even though users' anonymity is a virtue obtained from their trust in the blockchain network for the verification of P2P transactions. This characteristic has also been manipulated, even to perpetrate criminal acts, since it renders it impossible to track transactions.

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

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Blockchain technology has indeed made remarkable footprints in its advancement and extensive adoption in recent years, and there isn't any sign of slowing down. In fact, according to a survey, digital assets will, in the next 5—10 years be a substantial alternative to fiat currencies for global finance. This implies it's time to get ready for a financial and social revolution that will transform the way transactions are processed, data are managed, and services are delivered.

Sad to say, blockchain is yet to be widely or systematically comprehended. We understand it as the technology powering cryptocurrencies but this is far from its sole application and a good number of people are yet to realize exactly how blockchain can benefit them, their company, or equally the society at large. The development of blockchain software can help enhance security and make information more transparent.

So, let’s take a look at what the future of blockchain technology looks like and what probable changes will it bring.

• Digital Identity

Today, password and authentication questions are used to verify who we are online. Blockchain could substitute this system with a safe, secured, and easy-to-manage digital identity. Rather than proving who you are by the recollection of some guessable personal, arbitrary portion of the information that can also be stolen, your identity is based on the discretely random numbers allocated to every user on a blockchain network.

This implies that your identity isn't susceptible to hacking or alteration without access to your private key, thereby making it exponentially more dependable than our existing solution.

• Easy Treatment of Health Problems

As mentioned earlier, digital identities may be saved and managed via blockchain technology and this as well goes for health records. Blockchain technology could be utilized by healthcare providers to securely barter data with each other. This would mitigate redundancies and ameliorate the speed of diagnosis at the same time protecting patient privacy.

That's not the end of the possibilities, blockchain could as well be employed to oversee the supply chain, enhance drug safety and combat counterfeit medications, reduce premiums for health, etc.

• Easier Voting

Unlike what we have today, blockchain could make voting easier, faster, and more defensible. It could assist conserve voter identities and even favor remote voting. Rather than going to the poll or sending in a mail-in ballot, one could easily log on to one's mobile device or computer, verify one's identity, and cast your vote. The most interesting aspect is that while blockchain is making all this possible, it is also making provision for an immutable record of votes to deter fraud or issues of tampering. There are already lots of blockchain startups concentrated on assisting people to vote more securely online, to that effect, it might not take long until internet voting becomes the standard around the globe.

• Adoption of Cryptocurrency

It will not be an overstatement to say that in the coming years there would be a notable surge in the adoption of cryptocurrencies. This would result in a more extensive use of blockchain technology as both bug and small businesses start accepting payments in cryptocurrency. In this current era, it is still complicated for routine consumers to get involved with the trading of cryptocurrency. It is expected to change as additional cryptocurrencies forthcome and make it simpler to utilize digital currencies. This shift could also result in broad assets tokenization beyond cars — may be houses, artwork, land, or any other valuable thing.

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

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The implementation of blockchain in healthcare would result in more effective research, stronger security, more efficient process, and enhanced patient outcomes. Blockchain will impact the healthcare sector by reinventing the information infrastructure that performs as the basis for every healthcare service. It will show an enormous promise in rendering the health information system more efficient, more reliable, more secure, and more accessible.

Blockchain would be beneficial to the healthcare industry in several ways.

It could make electronic health records (EHRs) more accessible, more secure, more precise, and cheaper to maintain. Furthermore, it could allow medical researchers to collaborate, share their work, and earn consent for the collection of data and access. Also, it could protect the data of a healthcare system from cyberattacks and other ransomware, make the healthcare supply chain simpler to manage, more dependable, and cheaper to run.

Electronic health records have turned into fundamental to patient care by the provision of a complete, accessible, and accurate history of every individual's medical treatments. Nonetheless, protecting sensitive personal information contained in EHRs becomes additionally challenging as health information systems (HIS) grow more complicated. This is one of the most profitable areas of blockchain in the healthcare sector.

The extensive adoption and implementation of blockchain in healthcare would offer patients more control over their data, enhance the accuracy and security of electronic health records, and make healthcare services more accessible, and at a relatively cheaper rate. Furthermore, the application of blockchain will assure the secrecy of the user's information, and the process that in addition illustrates that clinical records can be done discreetly without exposing the identity of the user.

Conclusions

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There is a lot of potential for blockchain technology and it's continuously expanding. Additionally, the future of blockchain technology appears bright, and when it is considered that it is already exhibiting promise in virtually every sector, it looks as if the best is yet to come.

However, it will be fascinating to observe what the future holds for blockchain technology, particularly regarding banking services, healthcare services, money transfers, decentralized marketplaces, and many more.

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As Written By @onyiluvdan

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Thank you for reading through.