Steemit Crypto Academy Contest / S2W3 - Blockchain in our lives. by @lhorgic

in hive-108451 •  2 months ago 

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It's good to be back in our faces once again to participate in this week's contest. I love the way we are gradually progressing with this contest challenge. The topics so far have been interesting and engaging since the very first week. This week topic is what we can relate with. Thanks to the team for putting up this contest. Without taking much of our time,let's get into the business of the day.

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

No doubt blockchain is really changing everyday life for everyone. Blockchain is still been adopted and not fully adopted but we can all see that it has been changing our everyday life for the better. A good case study is in the area if finance. It has really changed that sector in no small way and many of us today are beneficiary.

Who would have thought that he can single handedly take care of millions of dollars if not for the advent of blockchain which championed the use of cryptocurrency. Now with crypto you can be the your own banker and also have a very reliable source of record for yourself which shows you every transaction carried out using your bank which in this case is referred to as your wallet.

The innovation that blockchain technology has brought is generic and this makes it easy for it to work in any sector it is introduced. It doesn't matter what sector you want to integrate it into,it will still give you a very reliable output. We have seen a very huge success in the area of finance, we are also seeing a remarkable progress in the health and phamaceutcal sector, it's also playing out well in the insurance and commercial industry and many more.

Human being wants anything that will bring them comfort and efficiency. Permit me to say, blockchain technology is that very comfort and easy that human being had always longed for. The more we discover it hidden potential which has been revealed to a degree,the wider the level of acceptance and adoption even in other areas.

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

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In this section,I will be discussing the advantages and disadvantages of blockchain in our everyday life,but it is important to mention that it advantages far outweighs the disadvantages and that is why it's being adopted.

Adavantages

  • Efficiency and ease

This is the overall goal of the blockchain technology. It has really introduce ease and convenience into things that were done with alot of effort and man power before it advent. A very good example is in the area of finance. Financial Transactions use to be a bit difficult before the blockchain system brought it a better solution i.e smart contract, p2p etc.

  • Elimination of middle men

Since the blockchain system hope to make life a lot easier,it ensured that the need for middlemen or third party is eliminated. Middlemen like bank are being sidelined when it comes to transaction between two individual or party. Smart contract has really helped in this area,P2P has also been doing a lot of good in this area. In the music industry, we have very wonderful blockchain platform called audius which help music artist get in touch with their audience and also promote their content without promoters,especially the greedy ones who don't mind eating into your profit in the name of promoting your work.

  • Time-stamped

Blockchain is notable for it ability to keep record such that the smallest information you could ever think of can be traced and gotten if it was captured on the blockchain in the first place.It doesn't matter what sector you're in,in fact every establishment need some sort of record for growth and development and also for reference. So with this you can gain access to any information and you can be sure that information can never get missing.

  • Permissionless

Everything on the blockchain can be accessed by everyone, the information is not restricted to a particular set of people. It is also pertinent to note that it is not run or controlled by some authority. So just as the word implies,you don't need permission to gain access to any information on the blockchain.

  • Immutability

This talks about the unchanging nature of the blockchain. Any information that finds it way into the blockchain become a permanent information that can never be edited,no one on the blockchain can alter it. Come to think of it,what would the government/ public sector look like if records were being stored using the blockchain technology and not paper work which can easily be altered...your guess is as good as mine many secret would have been exposed by default and it will also keep many in check even without being supervised because the blockchain itself will singlehandedly carry out the supervision via this means.

Disadvantages

  • Cost of maintenance

Everything good comes with a price. It is very clear that the blockchain system has a lot of good to offer but it is also important to mention that it takes alot to get it up and running.The power consumption and resources needed must be put into consideration.

  • Scalability

This is one issue that seems to be a major problem on the blockchain. Scalability talk about a blockchain's ability to carry out it activity with speed inspite of the increasing number of data it has to process. This has not been achieved by most blockchain.

  • Hacker and fraudsters

Hacker are always on the look out to hack into any blockchain system for their own selfish interest and once an hacker can achieve a 51% control of the blockchain,he can successfully manipulate the blockchain to his advantage.

  • Loss of access (Key)

Once you loss your access which is your key in this case,then you have lost the information even though it still exist on the blockchain. The key is your access to your very important data on the blockchain.

  • Mistakes cannot be corrected

It's also important to mention that any information wrongly sent in cannot be alter anymore be it mistake or error. It can't be edited. This is the reason why you have to be careful with blockchain.

  • Complexity

Since this system seems to be new,many people don't understand how it works and because of this they find it difficult to flow with this tide. It will require a lot to educate or sensitize many on how this system work. Sometime you might even need to give people some kind of incentive to encourage them to learn about blockchain just like the way platforms like Binance and coinbase are doing because they know it for our greater good. Ignorance is one of the reason why we are still behind in this things.

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

The future of blockchain is really bright. We have seen how good this blockchain technology is and how much it has impacted the world so far. I will like to say that this is just a tip of the iceberg because we have not fully utilized it inherent potential

We are seeing adoption in different sections today because somehow it has been discovered that it has a lot to offer. I hope to see a massive adoption of the blockchain technology in the area of Governance, especially in the voting system. With Blockchain technology,accurate and precise vote count can be achieved. Although this has not being fully embraced by many nation but it will do us alot of good especially in countries or nation where there is high level of manipulation. I wouldn't mind if this is introduced in Nigeria in the forthcoming election where citizen will exercise their voting right even with their identity protected yet record will be free from all form of manipulation.

The use of blockchain technology has also helped in *Hospitality and Travel sector. With this system one could do all manner of booking and reservations around the world with just few clicks. This is already being implement by a very sophisticated organization called TUI, their aim is to connect people directly with the management of the hotel or relaxation places they hope to visit across the world. This is still being worked upon even as at this time.

The blockchain system can also affect commerce positively in that distribution of good and service can be monitored and tracked right from the warehouse to the final consumer. The truth is that there is really no sectors where the blockchain system can not be integrated into. You will get the same result it has been given to other sectors where it has worked.

Integrating blockchain into the banking system will be a major breakthrough but this might seem difficult. Athough this is already being practised by some prominent banks around the world and the resultant effect is that it ensure smooth transaction,permanent and updated record and transparency in the banking industry.

There are so many sectors that are being reorganized and rebranded by
The blockchain system,it is still being gradually embraced but am very sure that in years to come,blockchain technology will be the order of the day in every notable sector of the world and the reason is not farfetched,the benefits are obvious for all to see.

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

This will be a welcome development in health sectors. Although this is already being implemented in some circles and the result has been good so far. Like I said earlier,every sector has a place for blockchain technology to come in.

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The implementation of blockchain technology in the health sector has really being beneficial.With the implementation of this technology, the health record of patience can be kept permanently on the blockchain. It simply mean you can trace the record of a patient right from inception and then a medical practitioner can carry out his or her duty dutifully on the strength of the information gotten about the patience.

You can also secure a users record on the blockchain such that it can't be altered or manipulated for any selfish reasons. We have seen it in the past how that documented record were altered by some unprofessional and dubious health workers. With the use of blockchain,this will be impossible because record are not easily manipulated.

Another beautiful thing is that it solves the problem of transiting medical history or records of patient from one location to the other physically since the information are stored electronically. This will prevent records from what we call loss in transit which is bound to happen if it is to be moved manually or physically from one location to the other in the case of transfer of a patient

Conclusion

Form my write-up,it is clear that we have the solution to many of our seeming struggles and problem in different sectors. In my opinion,the earlier we embrace the blockchain technology,the better for us. Let's us flow with the tide and enjoy efficiency and convenience. Thanks for your time. I will love to invite
@ruthjoe @jueco, @temitopef, @beckie96830, @steemdoctor1, @badmus-official, @olabillions, @tamighty, @ebunoluwani, @lhorgic and @mesola @beautybb @patjewell to participate in this contest.

Regards:
@lhorgic♥️

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You are doing well, Boss. Excellent entry from you. Like you have said in your article. I believe that the future of Blockchain is very bright too. Businesses who adopt cryptocurrency and Blockchain will enjoy the benefit therein. It is time nation started adopting cryptocurrency, those who are left out will later regret not adopting it earlier, and I hope that won't be the case of Nigeria government.

Thank you for sharing.

#steem-on.

You're right dear friend,you are right,may it not be too late for us in Nigeria,our govt seems to fight this system just like in the case of crypto,but if we must move forward and level up with countries and nations around us then we need to embrace this system.I feel honoured have you visit my blog. Thanks for coming around,I really appreciate.

I hope to see a massive adoption of the blockchain technology in the area of Governance, especially in the voting system. With Blockchain technology,accurate and precise vote count can be achieved. Although this has not being fully embraced by many nation but it will do us alot of good especially in countries or nation where there is high level of manipulation.

This proposal Is a good one, but will there be a chance to bring this to reality... No

Thanks for your invitation, blockchain technology will improve a lot of things if adopted, we have seen it immense growth in sector which has incorporated with it

Thanks for reminding us the usefulness of blockchain tech in out lives

I know it's a bit difficult to make this happen but the truth is we hay would never remain backward... people like I will push for it implementation. Thanks once again for visiting my post with your encouraging comment.

You are welcome, if it was implemented, it will be of good use to the voting system

Blockchain is permissionless, one does not need to belong to any social class or have specific appointment before they can get connected to blockchain technology. It is easy, and very secure to use. Kudos friend.

Thanks so much for your encouraging comment...I really appreciate.I am looking forward to reading your entry.

This has been some great eye opener.thanks

Thanks for your response. I really appreciate.

This is beautifully written. You have presented this topic in a very simple way. Blockchain has really brought ease and convenience to the world.

Thank you for sharing your opinion with us. I wish you good luck in your entry.

Kind regards, my friend.

Thank you so much dear friend. Am glad you found can relate. Thanks once again for dropping by.

Now with crypto you can be the your own banker and also have a very reliable source of record for yourself which shows you every transaction carried out using your bank which in this case is referred to as your wallet.

This makes me love crypto more and more cause I don’t have to go to the bank to make a transaction.

The power consumption and resources needed must be put into consideration.

Yes I believe this Is the reason why less privileged people do not want to use her blockchain. But even if you use it you get rewarded so I believe it can still help you cover the cost of the power consumption used.

It's also important to mention that any information wrongly sent in cannot be alter anymore be it mistake or error.

Previously we thought this was the case, but as time passes wrong transactions are being frozen and reversed to their real owners. This can be seen in the NFT space where NFTs stolen can be frozen and then returned later to the original owner.

Athough this is already being practised by some prominent banks around the world and the resultant effect is that it ensure smooth transaction

Oh wow this is great news, although I’ve not heard of this use case yet I think it’s a good start if the banking sectors are beginning to accept it slowly.

Wao! This is a very good development...NFT can now be returned to their owners. It a good one,I believe that possible because Nft have real owners with exclusive right of ownership but in the case of token and coin it could be a bit difficult,but since a means has been created to solve this issue under the NFT category,it wouldn't be long before this will affect the whole financial realm.

Oh wow this is great news, although I’ve not heard of this use case yet I think it’s a good start if the banking sectors are beginning to accept it slowly.

Barclay bank has started this. I read this online. Still on a low-key,I believe it will soon affect other Banks around the world
Thanks for visiting my blog.

ownership but in the case of token and coin it could be a bit difficult,but since a means has been created to solve this issue under the NFT category,it wouldn't be long before this will affect the whole financial realm.

Oh Yes you make a valid point here.

When a cryptocurrency is stolen I don’t think it can be returned, but recently a user made a wrong transaction into an accept that wasn’t supposed to accept that currency and after all hopes were lost the assets were recovered and sent back to him.

The user after getting the coins back said he lost all hopes because that was virtually everything he got.

Hello friend @lhorgic
I am really glad to have read your entry, to be honest you really did well.

You have analysed and give your opinion on how the blockchain technology will affect the health sector, and I love the points you gave.

Another aspect of your post I enjoyed was the advantages of blockchain that you explained.

And the little I'll love to add is that I believe that blockchain is the future of our world.
Wish you all the best in this contest.

Kindly drop your review on my engagement contest

Thanks for this wonderful feedback. I really appreciate your comment on my post. I totally agree with your submission.

Everything on the blockchain can be accessed by everyone, the information is not restricted to a particular set of people.

The best thing about Blockchain to me is that it is not in anyone's hands but anyone can use it. Everyone is allowed to see the blockchain data from wherever he wants which is very good and also beneficial for the people. So guess how blockchain helps people.

Thanks for sharing your knowledge with us. Best of luck for the contest.

Greetings from pakistan 🇵🇰.

Thanks dear friend. I really appreciate your good comment. I also wish you the very best in this contest.

Blockchain is notable for it ability to keep record such that the smallest information you could ever think of can be traced and gotten if it was captured on the blockchain in the first place.

That why so many people, company, industries and organization are fastly adopting to this new innovative technology. This makes it very transparent and trustworthy because nothing can be hidden from anyone and if there is a doubt everyone can track the transactions back to its original source.

Since this system seems to be new,many people don't understand how it works and because of this they find it difficult to flow with this tide.

Yes to work on a Blockchain technology you really need atleast the basic concept and knowledge about the platform, because it's the first of it kind and mankind are not used to it yet.

Thanks for educating me

wishing you success

My pleasure friend. Thanks for coming around,I really appreciate. Am also glad you found this post educative. Will be looking forward to your entry.

You have written a good post about Blockchain technology in our lives. I had some few take homes

  • Permissionless. This is one of the most amazing feature of Blockchain technology..it doesn't require permission for anyone to be operate it.

I love what you said about the banks adopting Blockchain. Though it came to reduce the power of banks but banks adopting it is a great idea and I do like it.

Good luck in the contest.