Steemit Crypto Academy Contest / S2W3 - Blockchain in our lives. by @msquaretwins
Introduction
Hello Steemians!
It is another great day again on this platform. The steemit engagement challenge is moving well, and we are in week 3 of season 2 of the initiative called engagement challenge which was orchestrated by the steemitblog team. It has been a season full of engagement for users across all the selected communities on the platform.
Briefly, before I move on, I will to introduce myself for the purpose of those that may reading my article for the first time. I. Kehinde Micheal and my username is @msquaretwins. I hail from Okeho, a town in Oyo State, Nigeria. Currently, I live in Ibadan, the capital city of Oyo State.
In this post, I am going to be discussing a topic "Blockchain in our lives". I will be talking about how Blockchain is changing the lives of people, the advantages and disadvantages of Blockchain, and the future of Blockchain. Happy reading!
Blockchain is changing everyday life for everyone, what is your opinion on the matter?
Blockchain is a decentralized platform that is used to record transaction made in cryptocurrency and makes it impossible to change the record of transaction that is recorded on it. Blockchain makes it possible to have cryptocurrency in operation. Without Blockchain, there will be nothing like cryptocurrency. The first Blockchain developed is Bitcoin Blockchain.
Shortly after the creation of Bitcoin Blockchain, people started adopting the use of Bitcoin. Hence, many begin to know the importance of Blockchain and cryptocurrency. This however ,lead to the development of many other Blockchain.
Consequently, it opened up many people to the world of Blockchain. Individuals and businesses started adopting and using blockchain. For example, during the early stage of Bitcoin which was deployed on Bitcoin Blockchain, many people acquired the coin then and their lives was greatly transformed. In fact, many that later adopted it have their lives transformed in few months after the joined the Bitcoin.
It is of no doubt that Blockchain is changing the lives of people all over the world. Businesses that have adopted the use of it are doing well in the market. Individual have testimony of Blockchain as a change agent in their lives. It should be noted that without Blockchain, there won't be cryptocurrency. I can also testify that Blockchain has changed many lives even in my country Nigeria. I know many people whom their lives have been positively transformed through the use of cryptocurrency and Blockchain.
More so, personally, I have steemit Blockchain has been helpful to me. I have not only earned to support my daily living on the platform, but also learned the use of other Blockchain and cryptocurrency trading on steemit platform. And this is true for so many people from different part of the world.
What are the main advantages and disadvantages, in adopting the use of blockchain in everyday life?
There are many advantages and disadvantages of Blockchain adoption in everyday life. Let's start with the advantages
Advantages of Blockchain Adoption
Transparency of Transaction
One of the advantages of Blockchain adoption in our everyday life is transparency. Blockchain is a technology that keep records of transaction secured yet in a very transparent manner. Blockchain makes it possible for the transaction to be transparent since it is visible of Blockchain ledger.
Secured Transaction
Another importance of Blockchain adoption is secured transaction. Blockchain technology is design in such a way that people can not temper with the record or the data on the Blockchain. This action is achieved through cryptographic technology that is employed.
Fast Transaction
Apart from security of the data on Blockchain, another importance in adopting Blockchain in our daily life is fast transaction. The transaction done on Blockchain is very fast because of the scalability that is associated in the use of Blockchain. Therefore, transaction done on Blockchain is very fast compared with those that are not done on Blockchain.
Elimination of Intermediary
Transaction done with traditional means like bank or institutions or commercial institution always goes through third party, and as such, it always result in delay and some other issues. The transaction done on Blockchain is however very easy and does not need the attention of third party. Hence, it is very fast and realiable.
Global Audience
What do I mean by global audience? Businesses that adopt the use of Blockchain technology has ability to reach global audience faster than those that do not adopt it. The reason been that there is no additional fee attached to transaction done on Blockchain. This is not so for businesses that try to reach global customer.
Disadvantages of Blockchain Adoption
Lost of Data gives Loss of Asset
Blockchain wallet which can be likened to traditional bank account operate not in the same way as the traditional account. In traditional account, if one lose or forget his information, he can seek help in retrieving the information. This is not so in Blockchain, you can't do that with the use of Blockchain. The loss of data equals the loss of assets in Blockchain technology.
Regulation Issue
Nobody, no institution, bank or government control any Blockchain in the crypto world. Therefore, it may not be fully protected and this is risky especially for investment. As a result of this, users of Blockchain are vulnerable to attack of hackers at any time.
Possibility of Hacking
There is no online system that is 100% secured. There is a possibility of Hacking of users' asset. There are have been hacking of some assets on some popular Blockchain platform in the past.
Consumption of Power
Blockchain is associated with energy consumption. Some cryptocurrency that are built on Blockchain use mining as a way of keeping the system up and running. The major Disadvantage of mining however is energy consumption. Therefore, many nations of the world can not adopt Blockchain because of high consumption of energy which also affect environment in some ways.
Discuss the future of blockchain, and how this technology is impacting the world.
The future is now. Blockchain since inception has been gaining more influence. Despite the hurdles and the challenges it faced and still facing in many nations of the world. For instance, the Nigeria government does not support the use of Blockchain and cryptocurrency, but despite this fact, the adoption of Blockchain has drastically increase in Nigeria among the citizens.
Apart from this, the global happening in the Blockchain establishes that Blockchain has come to being in the world. The development of do many things via Blockchain makes it trend globally and this has increased the adoption of Blockchain. For example the creation of NFT which is one of the major project on Blockchain is making so many people adopt the use of Blockchain around the world.
Apart from these, many business owners have started adopting the use of Blockchain for their businesses and this is incredible to the growth of Blockchain. For instance, I attended a webinar some weeks ago. In the seminar, I got to know that real estate owners have started using blockchain for their business, and I believe this will help their customers greatly in their transaction and of course makes some who have not adopted Blockchain to give it a try. In short, I believe Blockchain is the future of all businesses.
What is your opinion about the implementation of blockchains in the health sector? Has the implementation been positive or negative? Explain a use case.
The implementation of Blockchain in the health sector is a better way of improving so many healthcare unit. The implementation of Blockchain will help to securely keep the patients data. Medical records in some of the hospital is handled and stored in such a way that it becomes difficult to locate patients data and record, and this sometimes keep patients waiting.
I believe that the implementation of Blockchain in the in the health sector will help in solving the issues of patients record and data. Some of the Blockchain company that are currently doing good job are; Factom, Medicalchain, RoboMed, Chronicled, proCredEx, Avaneer etc.
I believe the implementation of Blockchain in the health sector has been positive to an extent. Although we have not have enough of Blockchain health company but some that have started are doing their best. As the adoption of Blockchain keep increasing, there will be increase of such implementation in the health sector.
- Medicalchain - A use Case of Blockchain in the Health Sector
Medicalchain is a Blockchain company that keep the record of patients electronically on the Blockchain. It is located in London, England. The company keeps medical records of patients securely on Blockchain while maintaining trustworthiness and integrity. Then, verified Doctors, hospital and laboratories can have access to patients records on demand from the company while the patients identify is kept.
The company created myclinic.com, which is a telemedicine platform in 2018. The platform allows patients to consult with their doctors on the internet and then pay with a token called MedToken.
Conclusion
In this post, I have explained the use of Blockchain and how it has become a life changing opportunity for many individuals. Not only that I have highlighted and discussed both the advantages and disadvantages of Blockchain adoption in every day life. Lastly, I put down my opinion about the future of Blockchain and how the implementation of Blockchain in the health sector will benefit mankind a lot. Thank you for reading my article.
I invite @marajah, @ijelady, @ngoenyin, @jueco, @temitopef, @olabillion, @beckie96830 to participate in this contest.
I also think that if blockchain technology can be used in the health sector, it will be very beneficial for the patients. Patient information will be safe there and the doctor will be able to understand a lot about the patient through that information even if he goes to another doctor later. You have made a wonderful post about how blockchain technology can impact our human lives. I really liked your post.
You are very correct on this Sir. Thank you so much for engaging. I really appreciate your support.
Ths is so true. The Steemit platform is a good Decentralized and we all know the importance of Steemit.
I believe that you take out time to work inu field I do wish you luck in the contest.
You have done a great job writing about Blockchain, I like how you explained the advantages and disadvantages of Blockchain adoption. Implementation of Blockchain in health sector is good as patient data can easily be retrived without wasting time, and patient confidentiality is secured. Thank you for sharing.
Very correct ma. Implementation of Blockchain in the health sector has so many advantages, and the advantages are not only for patients but also for the medical practitioners. Thank you for reading my article.
You are welcome
Wow! I found it so interesting that the real estate in Nigeria is starting to use blockchain.
I’m sure it must be for contract signing. That is awesome as I suggested it some time ago in one of my posts. I wish South Africa will also wake up.
Thanks for sharing & good luck 🤞🏻
Yes oo.. in fact, they have their token called Safe home token. But then, they are still in their early stage. Thank you for supporting my article. It is well appreciated.
Although we have heard of stories and testimonies of the miracle that the blockchain has performed on people lives, we must also accept that it has rekt some people . Especially those who didn’t know when to take profits when dealing with cryptocurrency.
I think this is a very solid point brother.
Business who accept cryptocurrency will have people all over the world buying from them even though those people do not spend their currency. More so the transaction fees when spending with them will be less rather than sitting in a different country and sending through a bank or something.
I think this is what gives the thrill to people like me about the blockchain. Although I must say that I love it but it is also an avenue for people who know that no one can control them to use it for bad stuff
Very correct! That is one thing about crypto. You know, some people who have big investment have it in one cryptocurrency, and cryptocurrency investment does not work that way. An investor must understand that he must spread his asset and not put everything on just one crypto. Thank you for reading my entry.
What more can i add to the information on Blockchain that you have provided, yes ,it advantages, blockchain is permissionless, it requires no permission from anybody to access it, and also i would like the incorporation of blockchain in to the voting system so that the vote will be fair and clear
Yes. Thank you. This is another sector that need Transparency. If Blockchain can be adopted in this sector, I think there will be total transparency in the voting system. Thank you friend for supporting my article.
You are welcome, I see you agree with my point
You are right, steemit blockchain have helped a lot of people which i am living witness.
Thank you for the invite
Thank you ma. I am happy you are a living witness. Steemit is really doing well in helping many people from different part of the world. Thank you for your support. I really do appreciate it.
Thank you too
This has always been my greatest regret. I wish I knew blockchain technology as early as the invention of Bitcoin. Those who didn’t hesitate to buy are worth millions now.
I can also testify to this, knowing blockchain especially the steemit network has transformed my life.
We those in Africa have frequently experienced shortages of power due to few companies that operate in our communities. Imagine each community having at least an individual to mine Bitcoin, we wouldn’t have power for several months.
Honestly speaking.... I can remember that it was not long that Mavrodi came with MMM, and many people used Bitcoin to "provide help" and "get help" then. Little did we know the benefit of crypto then. But I tell you, some people used the avenue of Mr. Mavrodi of MMM to invest in Bitcoin then and there lives did not remain the same. Well, thank God will now have understanding of how crypto works now.
Thank you for reading and supporting my article.
Your post was upvoted and resteemed on @crypto.defrag
Thank you for supporting my article. It is well appreciated.
I can imagine. There are countless scenarios of such but what can be done given the kind of system available to this sector. We all know that blockchain adoption is the future to regularise these limitations and drawbacks.
Thank you @msquaretwins, for sharing this piece.
Yes oo.. As the adoption of Blockchain increases, we hope that there will be more implementation in the health sector. Thank you for engaging.