Steemit Crypto Academy Contest / S2W3 - Blockchain in our lives. by @cutlass
Hello everyone my name is Oshoke and in this post, I will be taking you through an article of blockchain on our everyday life
Blockchain is changing everyday life for everyone, what is your opinion on the matter?
The world today is gradually advancing and every sector of our life is advancing with it, the blockchain technology has so far made a very significant contribution to this advancement and blockchain can inarguably be one of the most impactful advancements we have had over the past few years.
The introduction of Blockchain has in so many ways changed the lives of many young and elderly people i know, In my country Nigeria i know a lot of individuals that became Millionaires with the introduction of blockchain, It has provided an alternative financial window for individuals and has served as a very big source of income to a huge number of individuals all around the world, there used to be a time the only way to transfer funds to anyone from any part of the world instantly was only through banks but now that has changed as well as we can easily send funds to anyone anywhere via a blockchain network.
The introduction to our everyday life does not just have an impact on our lives but it has made both positive and negative effects on the lives of individuals. A negative change we can say that blockchain has brought about in our
An advantage of blockchain is that it has made life relatively easier and much more stress-free for a lot of us, blockchain has made it possible for an individual to quit his everyday 9-5 job and earn as much if not even more from the comfort of his home, blockchain technology has created so many job opportunities that it is nowadays common for a grown man to spend all day indoors either earning as a developer or as a trader full time.
A downer that we saw with the introduction of blockchain are a few things like easy means to launder money since there is no need for personal data, cases of suicide have been reported as a result of life savings of individuals or 401ks due to the high rate of the volatility of cryptocurrency in blockchains etc amongst many more downers.
Of course as we all know for every great innovation there is always people seeking to use it for malicious intent it was not created for, blockchain is undoubtedly one of the greatest innovations of this past few years and in my opinion it has so much made life easier for individuals like us. It advantages far outweighs its disadvantages and hence I believe it will make even more positive changes to our everyday lives as times goes on
What are the main advantages and disadvantages, in adopting the use of blockchain in everyday life?
ADVANTAGES
IMMUTABILITY
With blockchain data entered is stored across multiple nodes which means that once it’s stored it can not be erased or tampered with as all nodes store data in synchronization hence once stored it can not be erased
SECURITY
Blockchain technology is backed by hash and cryptography which are complex algorithms used to secure data often with encryption and decryption keys, till date these method of securing data has not been successfully breached.
TRANSPARENCY
All data in the blockchains are secured band are distributed publicly to all nodes connected to the blockchain, transaction carried out are displayed in a public ledger for transparency
NO INTERMEDIARIES
Blockchain is self-governed which implies that it does not require a middle man to handle any end, activities carried out are strictly between sender and receiver hence the transaction fees or Rotherham cost of using it is very low and in some cases negligible
DISADVANTAGES
PERMANENT LOSS OF
In the blockchain, no personal information is required and no form of identification is needed except for your unique private key which has an embedded digital signature, now in case of loss of this private key all access to your blockchain account can be considered lost forever
SLOW
We have seen cases where transactions carry quite a significant amount of time to be executed in some blockchains.
NOT ECO-FRIENDLY
One of the most prominent blockchains (Bitcoin) has been known for taking a huge toll on the natural resources of its environment, the bitcoin blockchain uses a PoW consensus algorithm which requires a lot of power(electricity)to maintain
VOLATILITY
Cryptocurrency is the dominant aspect of the blockchain is known for how very unstable it is, one who is not very familiar with how it works will lose a lot of resources in the blockchain
Discuss the future of blockchain, and how this technology is impacting the world.
Blockchain has made a heavy impact on the current society, it is no longer news that one of the most important sectors in our lives I.e the health sector is looking forward to integrating their systems with blockchain technology. A system where health sectors use blockchain and everywhere in the world if a patient's unique hash is entered his medical record from anywhere in the world would be pulled up, this will reduce the hassle of carrying pile of documents or waiting for a one’s medical record to be sent before he can be treated, this would have a huge impact in the future as it would save countless lives
The blockchain technology is a versatile technology that can in the future be shaped to fit into various aspect of our lives, for now its dominating the financial sector and on a daily basis the integrating new features that is giving it an edge over the conventional currency we use, as the world is gradually moving towards a cashless era in the near future the need to adopt blockchain technology would be deemed inevitable rather than necessary
Currently, the blockchain has created Millions if employment to a lot of individuals and has put a lot of lives in better living conditions, the impact blockchain has had are increasingly becoming more effective as more and more individuals and other various sectors are beginning to apply its technology, in a few years from now it is my strong belief that the blockchain technology would be applied in various sectors of our day to day lives
What is your opinion about the implementation of blockchains in the health sector? Has the implementation been positive or negative? Explain a use case.
Yes the Implementation is has had a positive impact in the society, let’s say for instance a fellow with a rare type of brain tumor is on a vacation very far from his country and doctors, in the case of an emergency he gets rushed to the hospital all the doctors will need to access his previous medical record and history would be to input his blockchain info maybe a tag and he will be given proper attention in the manner that would be appropriate.
If the doctors don’t have his medical history they can give him a treatment that might react controversially with his previous medications and end up losing his life or stable health, with the blockchain technology in our health sectors the need for transferring medical records from one hospital to another would be obsolete.
The size of Tennessee with the population of Maine, Estonia began using blockchain technology in 2012 to secure healthcare data and process transactions. Now all of the country's healthcare billing is handled on a blockchain, 95% of health information is ledger-based and 99% of all prescription information is digital.source
The implementation of blockchain technology has had positive effect on the health sector in various ways
- Securing patients data has never been safer, in the conventional data base pattern we have seen records of multiple occasions where a hospital data base was hacked and multiple credit card and other personal information were stolen for either blackmail or other reasons
- Transferring medical records can be done very easily from one part of the continent to another without hassle
- Payment can be made very easily with cryptocurrency
CONCLUSION
In conclusion, the application of blockchain in our everyday to day activity would go a long way in reducing a lot of stress and even save a lot of lives. We hope with time the integration of blockchain would be done without hassle
The scalability of some blockchain projects are nothing to write home about but they are still a better means when compared to what we have with centralized bodies that control all activities for us. The fact remains that the slownature many of these blockchain projects needs to be improved upon.
Yes, they are a lot of consensus mechanisms that can be adopted to improve this speed, I am sure they are all working toward integrating them
Yes blockchain makes our life much easier and stress-free due to its uncountable benefits. Blockchain is very powerful technology of the present era.
Actually due to this issue many people refused to accept it. This is really a big issue of blockchain technology we may face a big loss due to this problem. I agree with you my friend.
Yes blockchain has also reduce the ratio of unemployment. Thats a big revolution of this technology. Thanks for this article. I invite you to visit and engage with my post. Best of luck....
Greetings.🇵🇰
Thank you very much my friend I appreciate your input
I totally agree. Hopefully, over the years, blockchain will improve the lives of more individuals across the world
Yes. I hope so as well. Thank you for your time
You are doing well man
I and so many steemians can gladly testify to this because it's the truth, Blockchain technology and it platform built on this technology has really generated a large source of income for a lot of friends and families world both directly and indirectly.
For example:
I know a Ukrainian because of the war in her country no longer goes to work and has no other sources of income for her and her family but Steemit has been sustaining them and her friends too.
Example 2:
I used to be broke and jobless hoping on my family to support me in school and other things but since I met steemit my story changed and now I am independent financially and I don't need to call dad or mom for money again
Thanks for sharing
Wishing you success
Yes.. the blockchain has definitely helped a lot of individuals . Thank you very much and you too
Yes we can send funds to anyone anywhere in the world with a few costing almost nothing. If we were to do it in a bank it will Cost us a huge transaction fee.
Because we have become accustomed with the fact that a blockchain is generally fast and should be able to finish our transactions In under 5 mins we normally get worried or bothered when it is not so. Even when a blockchain delays a transaction is can bet you that it is still better than going to form a long queue at the bank just to send money across or receive money.
Yes this has been of major problem to most people.
Because mining of crypto requires a lot of power and it ends up harming the environment.
Yes this will intend save the sick from all the pain whilst he is waiting to see the doctor.
You have written a good post my friend. We all can agree that Blockchain technology has affected our life very positively. As you said on your words, it has made life to be very easy and comfortable.
Permanent loss of keys is a big issue. In order to work well Blockchain, one needs to be super careful when it comes to safeguarding keys
Good luck in the contest
The transactions that are executed are but ledgers and this information is open source. These can be viewed in real-time by anyone sitting anywhere at any time. And this blockchain technology is being adopted by people. And I think blockchain technology should be used in our health sector, banking sector. You have discussed some excellent topics today, your post has been very good.
Hello friend,
Greetings.
The disadvantage stated above along side ignorance is among the reasons that have made people shy away from the use of blockchain. I just hope more modifications and review will be carried out in the future so as to provide a solution of this. Apart from the problem associated with blockchain, one can say that the advantages outweighs the disadvantages. Kudos!