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

Greetings everyone. I hope you all enjoyed your weekend. I did enjoy mine and I am grateful to God Almighty for His grace and mercy over me. It is new week in the engagement challenge and I am glad to be part of it again. This week's contest in the Crypto Academy is on the subject of blockchain and its relevance in every sector of the world.

INTRODUCTION

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Blockchain in simple terms is a digital ledger that is used to keep record of transactions and information in the cryptocurrency space and every other sector of the world's organization where it has been adopted. Blockchain is also called Distributed Ledger Technology that allows keeping 9f records with cryptographic signatures known as hash. This hash is immutable meaning that any information kept in the blockchain cannot be changed.

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

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The power of blockchain technology much. It is a technology that can be applied in all sectors of the world economy.

To many who have been jobless and poverty stricken in the past, the blockchain technology which ushered in cryptocurrency has liberated many people. Many persons have spent there last money to invest in order to gain the knowledge of blockchain technology and have been equipped to provide the services that will make the use and trading of cryptocurrency easier. Changpeng Zhao, the founder of Binance is one of such persons.

Also, some individuals who invested in cryptocurrency from the early stages of its growth have made it big time and are now employer of labour as they have been made millionnaires and billionnaires by cryptocurrency which had been thriving with the help of the technology provided by blockchain.

The blockchain technology wasn't just made for cryptocurrencies and transactions that concerns their use. It was made to be useful in all sectors of the society where records and information of past events needs to be kept. The technology of blockchain is useful in the finance and business sector, health sector, legal and judicial sector, transportation and logistics, energy and even in the security agencies.

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

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Adopting the use of blockchain in everyday life is very important as the world go digital in all aspects but this may also pose some damaging effects.

ADVANTAGES

1. Blockchain provides inexhaustible space for the store of information and transactions.

2. It provides unlimited access to information already stored in blocks. For instance, in the health and information sector.

3. Transactions and informations kept in blockchains are not immutable by anyone. Once information or transactions are saved, they saved forever.

4. Blockchain provides fast transaction and secure transaction.

5. Blockchain offer transparency that we do not get in the traditional systems of transactions and keeping information.

6. There is no third party interference in the use of blockchain

DISADVANTAGES

• Personal information in a blockchain can be lost if private keys are lost.
• Hackers can get there way into the information of a person and use it against the person.
• Due to the complex nature of using blockchain technology, many individuals will not be able to use it.
• Blockchain technology consumes a lot of energy. It will cost more to maintain the blockchain if it is adopted in all aspects of our lives.
• The scalability offered by many blockchain is weak and can cause a lot of delay in transactions. Example is the one of Bitcoin.
• The security of some blockchains are weak and can lead to hacking which can make one lose assets and also allow third party access one's personal information.

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

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Blockchain is the future every sector where records and information have to be kept. This is a digital public ledger that powers the works of popular cryptocurrencies like Bitcoin and Ethereum. Blockchain use and technology, the products it works with will keep affecting businesses positively all over the world.

Apart from keeping records of financial transactions which involved the transfer of coins associated with cryptocurrencies, blockchain is applicable in the healthcare, governance, insurance, gambling activities and welfare benefits for societies. The positive influence of blockchain on business and the society has led the preparation of blockchain revolution in majority of the largest companies around the world affecting the world's economy. They are building clusters of products including blockchain technology.

In the future, blockchain will have its full application in the business sector, it will be incorporated in the financial system of the world, it will find application in the legal sector for the sake of keeping records, in the management of real estate companies, it will also be very much applied. Also, it's application and full adoption into the healthcare sector by all countries to provide better healthcare delivery systems which will come from secure data, management of patients information and proper tracking of disease cannot be doubted to happen.

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Blockchain is the technology that helps every cryptocurrency to thrive. Every cryptocurrency operates on the technology that keep records of the transaction that happens with its confines. It has given birth to the emergency of many crypto projects that have made their trading possible on some exchanges. This has given many crypto lovers a means of making wealth based on their knowledge of the crypto market. The trading and investments done on crypto platforms are only possible due to the blockchain technology.

Also, many companies have adopted the blockchain technology in running the affairs of their businesses. Examples are Apple, Walmart, Unilever, BBVA, Visa, Barclay, De Beers, DHL, Centres for disease control and prevention, AIA group, MetLife, AIG, Shell, Siemens, Singapore Airlines, UAE National Airlines, British Airways, Delta Airlines, Coldwell banker, Westfield, Monetary Authority of Singapore, Lantmateriet, McKesson and Common Wealth Bank. This list is endless and it touches businesses in major sectors of the economy.

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

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Blockchain technology in the health sector has been a great innovation. In many of the countries where blockchain has been incorporated into the health records system, it has made keeping of records easier for health information and records officers.

The incorporation of blockchain in the health sector helps in keeping records about past pandemic and epidemic diseases and their causes, prevention and treatment modalities available. They help the health sector get access to them in the future if their is any future outbreak of this same diseases. This makes them easily provide timely and the needed treatment for people who get infected without having to check and check before knowing what to do about a patient's condition.

The implementation of blockchain in the health sector is most useful in keeping records information about patients. This provides the record of a patient even after many years of visit to the hospital because these records cannot be erased. The patients themselves may want to verify an information of one or two things concerning their health as at the time they visited an hospital in the past and without visiting the hospital, they can use the available technology to check up what has already been recorded. Or it need be to visit the hospital, there won't be a problem in the hospital to provide what these patients need no matter the time. This information is protected for as long as possible.

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Blockchain implementation has provided many positive impacts on the health sector. These positive impacts cannot be overemphasized. I will mention some of these positive impacts.

• Blockchain technology provides easy change of patient between healthcare providers.
• It provides quicker, less costly and better care for sick people.
• Blockchain technology provides health records that are easily accessible electronically by all.
• Blockchain technology makes possible the tracing and keeping of medical supplies possible.
• It makes possible the tracing of diseases and their outbreaks.
• It makes the security of information possible.

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Out of all that have been mentioned above, I shall explain the last point.

Security of Information

One special aspect of blockchain technology in every sector is the security of information. This function is not left out in the health sector. The information of the Healthcare industry is kept save In all the hospitals or health agencies is used. Every one's information is saved privately in such a way that the public does not have access to information that is not theirs.

Undue access by a third party to get information about another individual is not usually possible with the application of blockchain in the health sector. This information are kept safe in the blockchain and cannot be changed by anyone.

CONCLUSION

The technology with which cryptocurrencies are transacted is called blockchain. It is the backbone of every cryptocurrency. Without it, no cryptocurrency exists. Though widely used in the cryptocurrency space, it had also been useful in business, healthcare, real estate, transportation and security systems of many organizations around the world. It has a bright future in developing developing and underdeveloped countries and in the world at large.

Thanks for your time!