Blockchain is changing everyday life what is your opinion?

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Like I will always tell people, Blockchain is not just about cryptocurrencies, it is a technology that transcends the financial sector and can integrate with any Sector it assimilates with. Now what is a Blockchain? A blockchain is an immutable shared ledger that enhances the process of recording and tracking transactions and assets this reducing the risk of security breach and cuts cost for the parties involved.

Immutable means that the recorded transactions in a blockchain cannot be tampered with, they are permanent and cannot be manipulated, it also allows error in a transaction to be reversed. Blockchain technology is transparent, all network users have access to the recorded transactions and they are only recorded once to prevent duplication.

Blockchain technology has become a trend in the financial and technological world as financial institutions, government and individuals find practical ways to leverage this technology. I believe it is wrong for people to assume that blockchain technology is just all about cryptocurrencies why failing to see it's potential beyond financial transactions.

Blockchain is an embodiment of privacy and protection of users data because it provides a decentralized social network. Social media platforms that operates on Blockchain technology ensures that users privacy are protected, censorship prevented, freedom of speech protected, this gives an individual control over information and communication on the Blockchain is more secured than in main stream media.

Looking at the scandal between Cambridge Analytical and Facebook, we see the importance of Blockchain Technology. Take Steemit for example users are free to use their opinion without fear of retaliation and it's distributed ledger technology allows users to make private financial transaction without the scrutiny of third parties.

Thus in my opinion Blockchain Technology will make our lives better and easier and we'll secured, it will protect users privacy. Blockchain Technology provides and organized way of doing things in a decentralized manner. There are a lot of opportunities to Blockchain technology and this is something we must take advantage of.

What are the main advantages and disadvantages of adopting the use of Blockchain Technology

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Advantages of Blockchain

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i. Blockchain operates an immutable ledger, this means that information or transactions recorded in a blockchain cannot be tampered with or manipulated. This because blockchain are difficult to hack and access can only be granted to authorized users.

ii. Blockchain is highly decentralized, it eliminates third parties thus ensuring user privacy. It also allows users to communicate in an encrypted manner and prevents censorship.

iii. Blockchain technology makes use of smart contract which makes transactions fast and convenient and reduces cost. This is an upgrade and a great advantage to the financial sector. It also reduces cost and parties can trade directly without the need for banks.

iv. It is a very transparent system as transactions done on the Blockchain are open to the network users, once a transaction is recorded it cannot be duplicated thus eliminating fraud.

Disadvantages of Blockchain Technology

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i. Blockchain technology consumes a lot of power due to mining activities. This leads to increase in energy cost and it is not good for the environment.

ii. Blockchain technology is relatively new and people do not have much confidence in this technology and as a result people do not want to be part of it or recognize it's importance. But I believe that with time their will be a great acceptance of Blockchain Technology.

iii. It is difficult to implement hasty changes or development in a blockchain technology without redeployment of the network or forking.

iv. A blockchain technology especially one that operates a proof of work consensus algorithm are not resistible to a 51% attack. Thus if an individual or entity is able to control more than 50% of the network hashing power, this would allow such entity to disrupt the network by modifying or excluding transactions.

Discuss the future of Blockchain and how this technology is impacting the world

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The impact of Blockchain Technology in the financial sector via Cryptocurrency has drawn the attention of the world to the importance of this technology. At a time where the conventional system of doing things can no longer keep up with everyday development. Blockchain technology has proven to provide solutions to the shortcomings of our conventional system. It has proven to be able to integrate and assimilate with every sector of the society be it the health, financial, electoral, educational sector etc.

In a time where individual privacy and freedom is threatened, blockchain technology provides a safety net. How is blockchain impacting the world?

Blockchain technology has revolutionized the financial sector, it has successfully eliminated third parties or traditional financial institutions, this means that individuals can transact directly and anonymously without the scrutiny of third parties. It makes transaction faster and more convenient all thanks to its smart contract features. Blockchain operates efficiently in a society with a high unbanked population.
Blockchain also helps to protect intellectual property this deterring theft and fraud. This is possible through the use of distribution tracking, detection of counterfeit goods, registration and authentication.

Blockchain Technology ensures transparency and this is good for our electoral system as it helps to prevent votes fraud. Since the identity of voters are recorded on the Blockchain only eligible voters can vote and votes cannot be duplicated.

Take for example, on Steemit Blockchain you can only upvote a post once, duplicated votes are detected and cancelled, so we can see it is not a far fetched idea. In the area of sports blockchain technology has breached the gap between clubs and fans, through the use of utility tokens fans are now involved in certain decision making process of the club.

We can go on and on about the impact of Blockchain technology in the world, it is here to stay because it has provided solutions to everyday problem.

Implementation of Blockchain in the health Sector? Has it been positive or negative? Explain a use case

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One of the issues in the health care sector is patient privacy. Most hospitals still makes use of paper files which can be easily stolen or destroyed this exposing private informations of patients that was given in confidentiality. Some hospitals have moved these days to private servers online but privacy is not guaranteed because these servers can be hacked.

The cost of storing and protecting patients information is expensive to maintain. However blockchain technology offers a solution to these problems, it's decentralized nature allows patients data to be stored on various database or server, this means that nodes will continue to operate even if one is down.

Once patients information is recorded on a Blockchain it cannot be manipulated or tampered with, access to such information will be restricted to only authorized persons. Thus that is a use of Blockchain in the health sector protecting patients privacy. This will reduce the risk of data breaches and patients data will be secured.

Conclusion

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The impact of Blockchain Technology is very positive and an improvement to the way we do things. Blockchain is very flexible and can Integrate with any sector of the society. It has proven to be reliable, transparent and we'll secured. This is something the world needs to embrace.