Steemit Crypto Academy Contest / S2W3 - Blockchain in our lives. by @jasminemary
Greetings to you and welcome to my post friend. Indeed, today is a great day in our life as we are all alive to witness this great day of our Season 2 Week 3 Engagement Challenge. In this post, I have presented my own challenge base on the questions that was asked by Steemit Crypto Academy concerning "Blockchain in our lives".
It's no longer news that the rapid grow of Blockchain technology is showing no signs that it will come to an end soon despite the much criticism that the blockchain is facing. Today, most of those things in those days that seemed to be impossible for human-being to accomplish have turn out to be false because blockchain has proof it all.
Like in those days sending money to a friend or family member was a problem because you must enter the banking hall to process your transaction which the transaction fees was too high, retrieving of lost data was also a challenge and customer was also face with fraud.
Today we can see that most of those things that seemed to be impossible are now are now possible which you and I can be inside our various room and send money across to out family/friends within 5minute. Thank God for blockchain technology that has make life easy for us.
I am a lover of blockchain and am happy with the way blockchain is changing everyday life for everyone. Blockchain has done so much good in the life of everyone in different areas such as; decentralized social media platforms, Hospitality, public policy and voting, Self-Sovereign Digital Identity Intellectual property and many more areas which blockchain is changing everyday life for everyone.
Looking at the way blockchain is changing everyday life for everyone, my opinion is that I see blockchain as a blessings for everyone to tap from. As a human-being, it is a our desire to resist change, most especially when the change disrupts old ways of doing things that isn't profitable for everyone.
Today we can see how thousands of people are now keying into blockchain to survive both industries, companies and every individual are now looking at blockchain as the future of money and technology even as it hasn't been fully regulated.
Finally to this, my opinion again is that everyone should rise up and support blockchain innovations as it is a life changing innovation. Today we can see how government are seriously fighting against blockchain innovations like that of the cryptocurrency because they know the potential that blockchain has for everyone.
Now what I will say here is that as a lover of blockchain, as someone whom blockchain has change his/her life and those that blockchain is still changing their life, we should all rise up and stand firm with blockchain by safeguarding blockchain against government criticism and those that are using it for fraudulent act which do not stands out to serve everyone.
Blockchain as we are all seeing has big dreams for everyone and the potential of blockchain is very large for changing everyday life for everyone both in the nearest future and distant future that our generation will benefit also.
My final opinion is that everyone should embrace blockchain and accept blockchain as is a life changing innovation.
There are so many advantages, in adopting the use of blockchain in everyday life and out of the many advantages it is the automation of control over transaction security that I see as the main advantages in adopting the use of blockchain in everyday life.
The aim of blockchain is to prevents abuse and fraudulent act and also solving the problems of transaction delay. To this, I have talk about other main advantages in adopting the use of blockchain in everyday life below:
Solve transaction failures: Adopting the use of blockchain in everyday life, will resist transaction failures that is associated with our local banking system. Blockchain will help to solve this issue in our everyday life if adopted. This is because in a blockchain the main point of failure, is distributed within so many nodes, which makes blockchain to be more failure resistant than our local banking system.
Trust: Another advantages here is that there will be trust, since blockchain is not controlled by a central unit which is capable of deceiving users for their own selfish gain. Everyone will trust each other transactions as long as there is a transaction hash.
Transaction speed: Users will enjoy fast transactions speed since blockchain transactions are process within a minute without passing some verification process.and also transaction are transparently done instantly and updated automatically without the both participants
Transaction Authenticity: Participants of transaction both verified and confirmed they transactions before further business deal.
| Disadvantages |
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There is a saying that whatever that has an advantages must surely has its own disadvantages and blockchain isn't exempted from that statement.
Updating and eliminating errors is difficult: One single change in a user address can lead to sending of fund to another users and it cannot be retrieve back.
Private keys; The use of private key is another disadvantages in adopting the use of blockchain in everyday life reason being that private key is difficult to remember and it can't be carry about off hand instead it's just copy and paste. Which means once it's lost it can't be retrieve back which is a big problem to users.
Time Consumption: For next block to be add in the chain there is a computation that is require which is time consuming.
Difficult to Trace transaction errors: Once you send like Bitcoin to another address due to mistake, you can't trace the user of the addeess.
In this 21st century that we are today, our topic when it comes to the technology is usually topic of blockchain and cryptocurrency. Blockchain which is usually everyone topic has come a long way starting from 2009 when Satoshi Nakamoto developed Bitcoin. Blockchain is emerging now as the backbone of other technology because it is adding value to business and everyone life across the world as a whole which has even gone beyond the initial planned of how cryptocurrency was to be used.
Today, even with the much criticism of blockchain and it key innovation cryptocurrency there is still stronger believe that blockchain is the future of technology because of how it has been growing rapidly. Today, blockchain is being use in the health sector, finance etc.
With blockchain technology countries has even started looking at how their can create digital currency which is a clear proof that blockchain is the future technology. There are so many countries which have now jump into the use of blockchain technology. UAE, Canada, Brazil, US, Switzerland, Singapore, China etc.
The truth is that blockchain technology is going to be the game-chnager in the future which we have already started seeing. So many new upcoming innovative companies will start using blockchain technology and companies that are created with blockchain technology would definitely rise above $15 billion by 2023. By 2030, I see blockchain technology as one of the technology that could be used by 60 percent of global companies as a fundamental technology for receiving payment and carryingout many other things.
Currently blockchain has been adding a business value and by looking at the way blockchain is fast growing more business value will be added in 2025 that will grow close to $1 trillion dollars.
With how blockchain technology has been impacting the world with technological advancements the world has changed and it's still changing. Today, blockchain is changing our health sectors, educational sector, real estate, finance and so many other sectors.
Blockchain has also impact the world by changing how money is pass through institutions or traded among traders in the financial institutions. Infact blockchain technology is impacting every industry and it can create a world that is more trustworthy where everyone can connect with each other without the need for third parties.
The implementation of blockchain in the health sector has been positive. There are several challenges in the health sector that blockchain has changed. In the health sector, patients always had to carry their file (documents) along which can result to wrong input of data.
However, the implementation of blockchain has been positive in the health sector in the following ways;
- It helps in tracing drugs
- It helps in keeping patient document (data) safe
- It provides electronic health record and better clinical trials.
With the implementation of blockchain in the health sector, a lot of health problem has been changed and manage properly. Blockchain has help in keeping medical record of patients in a decentralized way, which can only be accessed by the patient itself.
Also the implementation of blockchain has make health practitioners to understand the case of their patient more better. Also the implementation of blockchain in the health sector has also reduced the circulation of fake and stolen drugs which also make diagnosis more faster and successful in the health sector.
Finally, the implementation of blockchain in the health sector has removes a central authority, and brings about quick access to patient data.
| Conclusion: |
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Blockchain technology has a brighter future for the world and it's going to change and grow rapidly in the areas of business, finance, health, law, real estate, hospitality. The fact is that whether the world like it or not blockchain is the future of technology and soon the world will adopt the use of blockchain fully in all fields both military and palamiliatary.
I am inviting @sminonnwigwe, @preye2, @emmy7924 and @olabillions to also join me and participate in this wonderful contest.
Within a click, transaction on blockchain will be transferred to the target and can also be done at anytime.
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Blockchain has come to stay with its unique feature. It is growing rapidly and invading every sector of the economy. It is permissionless and as such any individual can use it, irrespective of social class. Kudos friend.
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Blockchain tech is permissionless, you dont need permission to explore through the blockchain, it is fast, easy and highly secured, information on the blockchain technology cannot be altered as such it is immutable. The need for this tech cannot be overemphasised
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You are welcome
All these sectors of economy are looking for a safe and secure place to trust their records and info being partially aware of benefits blockchain technology offers.
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Blockchain technology does not require a license, and the stored data cannot be modified. In addition, it is fast, simple and quite secure. No one has the foresight to desist from seeing the importance of this technology. All these economic sectors are looking for a safe haven and are incorporating blockchain technology into their operations.
It is interesting and useful:
I agree with you
Thank you for reading.
The blockchain have a unique features, which have add benefits to the world and make things more easier for us. You have explained so well and I wish you all the best.
Thank you fir stopping by.
You are welcome
You've got a free upvote from witness fuli.
Peace & Love!
This is one thing that will make me love the blockchain forever. The process of going to stand in long queues just to send a little amount of money or take out a little about or money is always very frustrating.
I think it was because of this that keychains were introduced. Keychains are offline password books which can be used to log in or confirm transactions by entering the password which a user he himself has set after allowing the key Chain to access his private keys.
If I may ask how does the blockchain help in doing this?🤔
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Blockchain is no doubt the future of the global economy. I am not surprised about the fact that it is estimated to rise above $15 billion by 2023. Nice article you have here, goodluck in this contest.
I agree with you on this, the transparency blockchain brings is something very unique and very beneficial to the society.
Thank you for stopping by sir