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

in hive-108451 •  2 months ago  (edited)

Hello Everyone…!!!



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It’s the season 2 of week 3 of the steemit engagement challenge and I’m here to express my views on the topic in question, “Blockchain in our lives”



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



Ever since the initiation of Bitcoin in 2008 as the first digital ledger, there have significant improvements in the life of humans in several aspects like the financial sector, health sector, governance, in smart contrast and many other sectors helping to ease the activities of man. Blockchain technology is raiding the world as all of the human life aspects stated indulge it function.

Blockchain technology though has rapidly gain acceptance in some part of the world, it is still limited in some areas of the glob due certain selfish reasons by government. Many parts of the country see the blockchain technology as away of eliminating the traditional centralized technology which will hinder their selfish benefits and so do anything in their capacity to prevent its implementation.

Despite this hindrance, blockchain technology has aided a lot in the financial sector, where transactions are carried out between two individuals without interference of third parties (peer-peer-peer). The amount of fees we usually pay during process of transactions has been eliminated in the peer-to-peer feature of the blockchain technology.

We can now travel the world without carrying cash due to transaction make with digital currencies. This has aided in fast transactions and safety of all persons. Blockchain technology made it easier to transact with cryptocurrency, where the receiver just send his unique address to the sender for funds to be transferred.

Many developed countries now have free and fair elections due to blockchain technology. Cryptography technology is used to encrypt messages preventing powerful parties to hack in to the system to channel the election price in their favor. Transparency of the blockchain network also bring fairness in the election process as all parties and individuals monitor the election process through digital ledgers which are immutable.

Sports have been an interesting aspects which has also adopted blockchain technology. Clubs has native token in a form of cryptocurrency of which transfer fees of players and order transactions are paid. Non Fungiable Tokens are NFTs are created in the image of classic players.



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



Blockchain technology has several advantages and disadvantage in our everyday life and I will express these in terms of its features.

Advantages


  • Security: this has been a key advantage to aspects in life that has adopted blockchain technology. Blockchain uses cryptography technology to encrypt and decrypt transactions or messages between the parties involved. After transaction is being verified, it’s recorded and stored in blocks which are link by chain using cryptography technology, making the previous block to have access to the data stored on the preceding blocks. This prevents altering of data in a particular block making almost impossible to hack. This idea is used in our general and local election to bring fairness and transparency.

  • Transparency: Transactions or messages are stored in blocks which are public ledger making it possible for every block to have access to the messages or transactions stored in other blocks. Blockchain technology provides transparency to its users in away that every individual can see the activities carried out in the system and no one gets the chance to alter anything after it has be recoded.

  • Immutability: aspects of life that has adopted blockchain technology enjoy feature of immutable, ie. when transactions or messages are being verified and recorded on blocks, there are no political or external power to manipulate or alter the transaction or message recorded on the blocks.

  • Good Production Rate: blockchain technology the ability to process millions of transactions in few seconds due to its high scalability. It also allow the peer-to-peer transactions thereby eliminating intermediaries and reducing the cost of fees paid during this process.



Disadvantages


  • Immutability is a great advantage and also a disadvantage in aspects of life that has adopted blockchain technology. When a transaction is being processed and stored on block, it is permanent and can’t be altered. So in a case where wrong address is issue for the transaction, funds will be lost and can’t be retrieved. In recent days a man mistakenly transferred funds into a wrong address of which they were able to retrieve the funds, which makes me question the immutable feature of blockchain technology.

  • Blockchain Technology required technical knowledge. Most part of the world especially Africa still lack technology know how on how to use blockchain technology, which limit its functionality in such areas.

  • Volatility of Blockchain technology: like the volatile cryptocurrency market which fluctuate every seconds compared to the traditional market which is stable. Though volatility can bring a lot of profit during high market demands but we can also experience great depreciation in value of our funds in low demands.

  • Sudden crush of blockchain network: like the LUNA network crush recently, a lot of users lost their funds and some committed suicide bringing a great drawback to blockchain technology.



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



As I mentioned earlier, blockchain technology is raiding the world as many centralized sectors are now adopting blockchain technology. The invention of Bitcoin in 2008 as the first blockchain network has created hundreds of other blockchain networks within that small time period which tell us how important blockchain technology it to our everyday life.

We have seen a great effect on the global economy ever since the adoption of blockchain technology, transaction process has become easier than before and we can now even initiate transactions during odd ours without any questions or interference. Unlike the centralized sectors where process of transaction is not possible when the central system isn’t operating.

In our political election blockchain technology has help to maintain the free and fair elections we have been singing for years. Blockchain technology provides transparency and immutability for every individual in the election process. I always use my country Ghana 🇬🇭 for an example. We still use the traditional system of voting which always bring loss of lives in every general election, and as well the election results is declare in the law court. Several countries that has adopted blockchain technology in their election process has not experienced such difficulties and I hope by we will as well adopt it to safe a lot of lives.

The election process also take several hours to accomplish in the traditional system, with the adoption of blockchain technology, scalability of the blockchain networks allow for the process of millions of transactions or vote cast within few seconds which leads to efficient use of time.

Many centralized systems has complained a lot about cyber attacks and their confidential data is being published to the general public. Blockchain technology uses cryptography technology which keeps data confidential between the parties involved. For instance, drones in the United State were hacked by the Iranian in their recent misunderstanding and their security technology was exposed to Iran 🇮🇷. This wouldn’t have been possible if the American system was blockchain technology.

In our education sectors, many universities has adopted the blockchain technology where every student has the power to take part in decision making, and both students and tutors has to come into consensus before implementing anything concerning the welfare of the institution.



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



Blockchain technology in the health sector has done a lot of good to patients, health professionals and even to the economy. Below are my reasons.

  • Tracking of health products: at every public hospital, drugs and medical equipments have frequently been distributed from the main source. Several leaders of the public hospitals channel these products to their private clinics rendering the public hospitals useless. When blockchain technology is used to monitor the distribution of these products, every hospital will be equipped with medical products which will be given to patient when the need arises. These safe the economy from unnecessary spending and safe lives at the hospitals.

  • Electronic Medical Record: patient records instead of written in documents and carried along always has be made easy with blockchain where medical records of patients are stored in blocks and can be access by medical professionals when the need arises. This prevents lost of medical records by patients and only medical professionals gets access to these data. These data can’t be altered and can easily be referenced to when needed.

  • Link between health professionals: transparency of blockchain technology allows for every medical professional to have access to each and every patient medical records. Professionals attending to patients with same health issues can share ideas and bring a quick solution.


One user case I will talk about is Supply Chain Transparency


The distribution of medical products globally has always be a major problem. Blockchain based system will be use to keep track of medical products from manufacturing state to each phase through supply chain which allows patients to have full transparency of the products they are paying for.

Several fake products distribution has caused thousands of deaths in the health sector as a result of poor monitoring of health products from supply.

MediLedger is a blockchain protocol that has ensured that product being supplied globally is authenticated from manufacturing phase through supply companies to consumers and as well check the expiry date of each product.



CONCLUSION



Blockchain technology has improved our daily life in every sector and has made life very easy and affordable for everyone. Though blockchain technology has several benefits, there certain drawbacks that still limits its implementation in several parts of the world and when these drawbacks are solved, blockchain will eventually take over the centralized system.



Thanks For Your Attention

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Hello @sadiqxylo, you have written a beautiful post outlining the differeny advantages of Blockchain like security, transparency etc. I do agree with you that Blockchain has helped out political landscape for free and fair elections..

Good luck the contest

Blockchain technology has really improve the election process of several countries bringing fairness and just to the people.

That’s so great to see this write up. I think the blockchain has really impacted the lives of humans positively and we must affirm to that. I wish to partake in this challenge if only time permits. Good luck bro

Blockchain technology has improve human life in so many areas. Thanks for your time.

Good discussion and very interesting to read, I am very impressed with this discussion.

Thanks for your time

The unique point you raised about using blockchain in elections.

Several people now thinking about this platform nad the system, several changes already happened and people taking them positively.

It could be quite possible that in future Blockchain will cover several more sectors.
Nice post. Best of luck.

Election process has lead to loss of lives in my community and I hope with time we will adopt to blockchain technology system of voting. Thanks for your time.

Blockchain is permissionless as well as safe, it is secure and has come to stay, with just little review it will be accepted in almost all sectors. In the Healthcare sector, apart from detecting the authenticity of drugs, as well as organized patient record, have you heard of the Dentacoin? This is one use case in the healthcare sector that enables patients to pay as well as locate dentist close to them.

Woo!! Dentacoin is a nice initiative of blockchain in the health sector since our dental health is as important to us other organs. Thanks for your time

Blockchain technology though has rapidly gain acceptance in some part of the world, it is still limited in some areas of the glob due to certain selfish reasons by government

Yes, and I believe those countries that are refusing to accept it will soon accept it cause they will have no choice. I believe in future blockchain will be the easier way out and even if a country didn’t want it they will still have to accept it.

We can now travel the world without carrying cash due to transaction make with digital currencies

We can call it mobile banking right, the only difference is that it is available 24/7 and is faster than the baking system with less transaction fees.

Blockchain Technology required technical knowledge

This has always been the problem. For Instance.

We have graphic online but we still find people who would prefer buying the news paper because they have no knowledge on how to use their phones to search the internet.

The election process also take several hours to accomplish in the traditional system,

Yes with the parties having to look for people who will be present for the voting process and a whole lot of stuff.

With the blockchain all this hustle will be controlled.

You’ve gone through every bit of my content, I appreciate that. Blockchain technology will soon be accepted globally since upcoming networks have been adopted this technology in its functioning.

We can now travel the world without carrying cash due to transaction make with digital currencies.

Wow very lovely benefit of this technologh to us. Because now we not need to taking our cash money with us for the travel of the world. Now we can travel the world in a very good way with crypto money. Because it is an online money and we can save that money in our cell phone Easily and carry it anywhere easily.

blockchain technology has aided a lot in the financial sector, where transactions are carried out between two individuals without interference of third parties (peer-2-peer).

Yes now we can do p2p deals with each other with the help of blockchain that mean now we do not have any third party need we are free to make a trensaction.

Thank you for this article. Your method of presentation is very good. Brother please visit my post if you have some time for me. I hope you will come.

Greetings 🇵🇰

Blockchain technology has really done so much good to human life. Thanks for your time.

As much as Immutability is a great features of Blockchain because once it is stored it can not be altered, it is also has its disadvantages in which once transaction was made to a wrong address, it is irreversible.

You are right, some wicked and corrupt leaders that do channels the government equipment to their private hospitals will not be able to do so if Blockchain is being implemented in health sector because all the equipment will be tracked.
Thank you for sharing.

This corruption in the health sector has be a great issue in my country and I hope we adopt to blockchain technology to prevent these problems. Than for your time.

You are welcome

You have really taken your time in writing this contest. I so much believe that the future of Blockchain is very bright. Thank you for sharing.

Blockchain technology will eradicate the centralized technology in no time. Thanks for you time.

The Medledger blockchain technology you mentioned above as a use case is a nice one. Like it makes the whole process of tracking medical supplies easy so as to know they have the stand and quality.

Great work there!

Many companies have sold out fake medical products to the health sector leading several loss of lives. When this products are tracked from manufacturing phase, we can be sure of the medical products we buy are authentic. Thanksgiving for your time.

The distribution of medical products globally has always be a major problem. Blockchain based system will be use to keep track of medical products from manufacturing state to each phase through supply chain

That is very correct, adopting blockchain would correct the setbacks initially seen in the logistics unit of the medical supply chain where medicals are less tracked. With the aid of blockchain adoption, medical products can now be tracked from end to end with geo-location taken into consideration.

Thank you for sharing @sadiqxylo

Thanks for your time

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Many developed countries now have free and fair elections due to blockchain technology. Cryptography technology is used to encrypt messages preventing powerful parties to hack in to the system to channel the election price in their favor. Transparency of the blockchain network also bring fairness in the election process as all parties and individuals monitor the election process through digital ledgers which are immutable.

The application of Blockchain-based information technology about this, meaning that voting has not been implemented in our country,

This hasn’t been adopted in my country too and I hope with time we will be able to adopt to this technology.

at every public hospital, drugs and medical equipments have frequently been distributed from the main source. Several leaders of the public hospitals channel these products to their private clinics rendering the public hospitals useless.

You have said very nice and very important things. I like the subject a lot. In fact, if blockchain technology is used in the health sector, then no one from a government hospital will be able to supply any medicine or product to a private clinic.

The leaders always channel the health products to their private clinics and with blockchain technology we will be able to stop this problem. Thanks for your time.