The Tech Quiz - Season 9

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Introduction
As a tech enthusiast and a computer educationist, I am always glad to talk about technology, its applications and how it has helped to advance people lives, experiences and the human society as a whole. One of such technology is the Blockchain technology that has become popular over the last decade. Interestingly, it is this particular topic that made me join steemit @steemit, I came across it when I was presenting my seminar topic that was on Emerging Technologies. I @jbeecom, am glad to join this quiz/contest to share my thoughts and experience about the Blockchain Technology

What is blockchain technology?
Blockchain is a decentralized public ledger. It is an ‘open book’ or ‘storage’ where information is stored and shared among the entities involve in the system. The system is decentralized so no one person or source has monopoly over the system or the information stored in it.

Whenever someone wants to add a new information to the system, a block representing that information is created, after the information has been verified and validated by the entities in the Blockchain, the block is added to the existing block and once added, it becomes immutable.

What are some real-world applications of Blockchain technology?
Most times, when people hear the word Blockchain, Bitcoin comes to their mind and some people use the two terms interchangeably. It is true that the first and most popular application of blockchain was the Bitcoin cryptocurrency, however its uses is not limited to cryptocurrency alone.
Blockchain can also be used in real estate, when uncertain about the particulars or identity of a property, Blockchain can help in such scenarios if such information where encoded on a blockchain system where the client can go to verify.
Blockchain can also be used in financial institution to aid in the process of validating identities and transactions.

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Blockchain is currently used in building what is known as Web3 which will help people in the near future to take control of their data and intellectual works.

Blockchain is used in cryptocurrency like mentioned earlier.

Blockchain can be used to execute smart contracts.

Blockchain can be used in voting systems to show transparency.

As we are advancing the Blockchain technology, there is no doubt we will find other application areas in the near future.

What are the key differences between public and private blockchains?
Public Blockchain are those blockchain that are open and can be accessible by any member of the public without having to belong to any particular group or organization.
Private Blockchain are blockchain owned by private organizations and institution, the information stored there are private and it can only be accessible by members of the organization or anyone meeting the requirement to join such chains.

Final Thoughts
As we are advancing in technology and more people are creating intellectual properties, Blockchain will help in giving people more control over their data and protecting them. The monopoly exercised by private corporations when it comes to data storage will cease and this will give people more freedom to make their voice or opinion to be heard.

Platforms like steemit.com are leading already in some of these endeavors.

Finally, there will be more transparency when it comes to finance and other areas of the economy that needs transparency.

I invite you @allison001 @crystal247 @kidi40 to participate in this great contest.

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