Hello everyone, welcome to the week 3 of Cryptoacademy Contest Season 2. This week's theme is centered on the Blockchain and it's impacts in our lives. Below is my response to the task given.

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Question 1: BLOCKCHAIN IS CHANGING EVERYDAY LIFE FOR EVERYONE, WHAT IS YOUR OPINION

To answer this, I will begin by first defining what the Blockchain is. Blockchain is basically a system which records information in such a way that it cannot be hacked, stolen, changed or deleted. This implies that unlike the traditionally system of storing information which can be easily manipulated, the Blockchain offers a maximum level of security such that any information stored on it is permanent and cannot be altered.

Now, this may sound unimpressive, but if we take a look at the Financial System before the introduction of Cryptocurrency and the Blockchain, we had a lot of cases where people lost a lot of their money because of a breach in the data storage of a financial institution. We have also seen cases during the war, (which renders a banking system useless, and at the end), those who had money in those bank was paid less than the amount they kept there in the first place.

Such cases of loss are no longer heard especially in financial systems that operates on the blockchain. This is because of the way the blockchain arranges information in a systematic block format, linking one to the other, therefore making it virtually impossible to edit or change.

The influence of Blockchain is not only felt in the financial system and cryptocurrencies, it's application and influence has been felt even in areas such as politics. With the aid of the blockchain, the electoral process can be accurately documented, ensuring that each of the result is transparent and verifiable.

There is also TUI Group, a well known company making impact in the area of hospitality and tourism, this company has adopted the Blockchain system, as a storage for all their business contracts. This way, they could keep in related with their customers without the need of the aid of any agent.

We also have the blockchain social medias like the steemit, which has further brought the whole world together in one space. This social village developed by the blockchain goes a step further from the traditional social media platforms by including a financial support system, which allows all her members to earn based on interaction with one another.

Based on these, we can see that Blockchain is steadily influencing every area of our life. What was first supposed to be of major application in the financial industry is now being applied in every area of our life. This has really helped in making our world truly a global village.

Question 2: WHAT ARE THE MAIN ADVANTAGES AND DISADVANTAGES IN ADOPTING THE USE OF BLOCKCHAIN IN EVERYDAY LIFE?

Below are the advantages and the disadvantages of the Blockchain

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Advantages of the Blockchain

1. Security:
One of the advantages of the blockchain in our everyday life is the security it has offered to our finances. Right now, we have a strong trust that our savings and business transactions are more secured than before.

2. Transparency:
Nothing is hiding in the blockchain system. Everyone's transaction can be verified. This makes it easier to conduct business on a day to day basis, as it's easier to establish trust and also verify a person's track record and genuineness.

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3. Easy Access and Control:
You are completely under control of your funds. The blockchain system is decentralized, meaning that there is nothing like a downtime as a result of the activities of a central body, you can access your funds and information at any given moment of your choice.

4. Speed:
The introduction of the blockchain has aided greatly in increasing our general transaction speed. At the comfort of your home, you can pay for a service without the hassle of going to the bank. In the same manner you can receive funds at a shorter time frame. Also, every transaction can be verified from any where on earth, unlike in traditional banking system of which you must visit a branch of your bank.

5. Low Transaction Rate:
Especially, when transferring funds to someone in a foreign country, the cost of transaction is cheaper than when Trying to send the same amount to the same person through any of central financial institutions we have.

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Disadvantages of the Blockchain

1. Loss of Master Key or key Phrase results to permanent loss of account:
Once a users loses his key phrase or master keys, he has lost his wallet or account forever and nothing can be done to retrieve it back. Unlike in the traditional centralized system that have systems in place for recovering such informations.

2. Not so Easy to Comprehend and adopt:
A lot of institutions that may have loved to adopt the blockchain in their project don't really know so much about it as the blockchain requires a level of understanding for tech to be able to adopt it. Although these individuals and companies know the countless things they stand to earn by adopting the Blockchain System, the tend to shy away from it

3. No transaction can be reversed:
This is one of the major disadvantages of the blockchain. It doesn't take into consideration the imperfections and mistakes a man can make. Once a person executes a transaction on the blockchain, that transaction can not be altered. For most persons, this is one of their biggest worries about the blockchain.

Questions 3: DISCUSS THE FUTURE OF BLOCKCHAIN AND HOW THIS TECHNOLOGY IS IMPACTING THE WORLD.

Although the saying that "Blockchain is the future* has become a popular slang, it still hasn't lost any iota of conviction in the hearts of those who sees the potentials it can birth.

The blockchain system which became popular by the introduction of the Bitcoin has today not only been the basis of other cryptocurrency are built, it has become the launching block for several other social and technological advancement in the world.

Below are some of the areas that are the Blockchain is impacting the world today.

1. Politics:
Due to the incorrigible nature of the blockchain, it has been introduced in several voting and electoral processes. Once a vote is cast, it cannot be uncast, and the results of the poll cannot be manipulated as the blockchain verifies each information before it stores it in a block. Thus, with the use of the blockchain in electoral processes, we are now seeing a more free and fair electoral process.

2. Law:
Due to the fact that any information that is stored on the blockchain cannot be altered, the blockchain serves as the best way to preserve delicate documents that of great importance in court. Documents such as, certificates, tittle deeds, e.t.c.

3. Real Estate:
We have had cases of people being scammed into buying land, only to find out that the person they paid for the land is not the true owner. Some Real Estate companies have began to incorporate the blockchain into real estate by educating people to store the proof of ownership of the property in the blockchain. Since it can't be altered, this way, the owner can secure his properties, as he has a solid proof stored in the blockchain.

4. Field of Business:
The blockchain can be applied in several ways in the field of business. For instance, it can be used to store every data obtained in the business, the goods bought, and sold as well as cost and selling prices. The receipt of every transaction can be stored in the blockchain. Also, every goods in the shop or warehouse can be tracked to know when it is sold off and needs replenishing.

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These and more are the impact the Blockchain is making in the world.

Question 4: WHAT IS YOUR OPINION ABOUT THE IMPLEMENTATION OF BLOCKCHAIN IN THE HEALTH SECTOR? HAS THE IMPLEMENTATION BEEN POSITIVE OR NEGATIVE? EXPLAIN A USE CASE

In my opinion I will say the implementation has had positive as well as negative impact on the health sector. The major implementation of the blockchain in the health sector is for the storing of patients health records. These records are very vital, as they provide data that can help a medical personnel help the patient.

We have seen cases where a patient is sick, and due to the fact that their medical records are not available, they die in the process of treatment as they may be brought in contact to something they are allergic to. The Blockchain has helped solve this problem, as through the Blockchain, the medical records of the patient can be easily retrieved by any medical personnel and from the data it provides, the patient is saved. In addition to this, the right perscription can be prescribed for a patient from his data stored in the blockchain.

But where the disadvantage comes is that a medical report which is supposed to be strictly confidential is now exposed. Those who know what to look for can easily find it, and they may use it to harm an individual. We have seen movies were a person was assassinated as they were exposed to someone they were allergic to at a high doseage.

The blockchain is a two-edged sword. It all depends on how it's used.

CONCLUSION

The impact of Blockchain technology in our lives and world is numerous. It truly can't be over emphasized. We have seen it's impact in areas such as finance, business, technology, health, law and so forth. It is believe that we are in the early ages of the blockchain technology. If at it's early age, we have achieved a lot because we adopted it, you can imagine where we are going to be in the next few years.

I am inviting @azianthony, @pangoli, @logic42, @ruthjoe and @rosz to participate in this interesting challenge

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