The Tech Quiz - Season 9

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Introduction

I'd like to express my satisfaction for the title of the quiz. This is the first quiz I'm participating in, in this community. The moment I saw it, I was captivated because the world is slowly evolving into a place where Blockchain technology is super important and a part of our lives. What exactly is Blockchain technology? Of what use is it to us? Let's find out.

What Is Blockchain Technology?

Many people associate Blockchain Technology with cryptocurrency. It might interest you to know that Blockchain Technology entails much more than just cryptocurrency. In fact, cryptocurrency is only an application of Blockchain Technology, I'll talk more on that later.

Blockchain Technology is simply a way of recording information so it'll be practically impossible for such information to be accessed by unauthorized persons (hacked). It is a digital ledger that stores transactions in a way that it can not be tampered with. How? Transactions are only authorized by the digital signatures of the owner therefore the transactions are authentic and safe.

What are some real-world applications of Blockchain Technology?

Blockchain Technology has proven to be useful in many industries. From businesses, to cryptocurrency, agriculture, banking sector, medicine, Internet of Things, and even voting, Blockchain Technology has been employed. I'll only talk about the cryptocurrency, medicine, Internet of Things, and banking sectors.

Cryptocurrency Sector

screenshot from binance app

Now this the one many of us know of. There was a serious need for Blockchain Technology in the cryptocurrency sector due to the emergence of digital currencies such as bitcoin, Ethereum, and the likes. Due to Blockchain Technology, people can carry out online transactions without fear of losing the money because they know their data is safe.

One of the advantages of using Blockchain Technology in cryptocurrency is the fact that it works globally, i.e, it can be used for transactions globally.

Medical Sector

Blockchain Technology has really been helpful in the medical sector. I'll list just two benefits.

• It is no news that the information of patients are to be kept confidential. This is where Blockchain Technology comes in. It provides an avenue for storing patient information without fear of the information being hacked.

• Blockchain Technology can be used to monitor the supply of medications. This has gone a long way in preventing the spread of fake and unsafe drugs.

Banking Sector

Imagine trying to transfer money to your friend only for hackers to highjack the transfer and take all your money. It'll be devastating right?

This is why Blockchain Technology is so important. It provides a safe environment for monetary transactions without fear.

Internet of Things

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The Internet of Things (IoT) is a network of devices connected to each other so as to share information. It is useful for connecting home equipments such as fire alarm, thermostat, air conditioners, to a single platform where it can be controlled.

Now, imagine someone hacking into your fire alarm system and turning it on. Would cause a lot of ruckus right? That's where Blockchain Technology comes in. It ensures security and makes certain systems visible and accessible to ONLY trustworthy parties.

What are the key differences between public and private Blockchain?

Well, the difference lies in their accessibility and control.

• Public Blockchain Technology is open to everyone. That is, everyone can be part of the network, and contribute to the block chain. This is commonly used for cryptocurrencies as it is more decentralised.

• Private Blockchain Technology on the other hand, is restricted to only a few persons therefore it is more secure. It finds usefulness in organizations that require strict security measures as it bases more on data confidentiality.

Conclusion

Well, alot has been said. The summary of everything is, Blockchain Technology offers us something we yearn for, Security.

I invite @bossj23, @vudeme123, @whizzbro4eva to try out this contest.