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

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Up until the engagement challenges started I totally misjudge blockchains and the power they have. Who would have thought that a chain of blocks can indeed change our lives? Not me

What is blockchain

The proper way to address this point is actually to answer on what blockchain is not as with each day I am discovering the potential of blockchain more and more.

Blockchain is a business ledger which is;

☛ Shared among many
☛ Unchangeable
☛ Fast
☛ Facilitating processes
☛ Records transactions and
☛ Tracks transactions

Peter Smith is the CEO of Blockchain.com which is a private company. He was also one of the founders.

As of April 2022 there are +/- 1,000 blockchains in four types of blockchain networks operating on various platforms. It is projected that blockchain industry will grow to 67.4 billion USD dollars 2026.

Blockchain is changing everyday life for everyone

It is for sure that blockchain is changing life for all of us, yesterday, today and in days to come.
Today I am focusing on five sectors which I find blockchain made the most changes;

1. As a currency

Our money is these days not only safe but also secured and transparent. Transactions happen faster and is costing less. There is also no need to wait for clearance on funds.
Not one financial institution can offer this.

As a currency it makes “banking” so much easier for those living in underdeveloped countries

2. Smart contracts

In the normal world there is always a “middleman”. It was never easy to take this step out of the equation. Blockchain has generated the way in which this can be down. All contracts can now be conclude, checked and regulated and a friction of a time.

In the process the heavy costing for setting up and handling of contracts by the middleman is no longer an issue.

3. Companies can now operate in a flawless manner

Through blockchain companies can no become “paperless” and contribute to saving “Mother Earth”. Employee contracts, client contracts, legalities, business plans etc. can now all be conducted through a decentralized autonomous company which is not only cost effective but also safe and fast.

4. Changing the life of the ordinary man in the streets

Booking a flight ticket, paying a fine, signing a lease agreement or applying for an insurance cover is no so much easier and cheaper. In today’s busy life time and money is of the essence.
Pretty soon we will see more blockchain incentives for the man in the street

5. Proof of identity

In today’s world where identity fraud is part of our lives blockchains has changed not on the safe keeping of identity but also the proofing thereof. So often identity documents and lost, stolen or damaged and to replace it becomes a nightmare not only to mention costly.

Blockchain offers the ideal solution as so many users have access to a mobile device. From registration of birth to proof of identity during an election process can be done through blockchain.

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Top 5 advantages and disadvantages of adopting the use of blockchain in everyday life

ADVANTAGES	DESCRIPTION
FAST	Transactions happens in a fast and efficient manner
COST EFFECTIVE	No middleman which makes it cost effective
TRANSPARENT	Everything that happens, happens in the open where it can be seen by all
SECURE	Transactions are encrypted which makes it secure and it cannot be changed
AUTOMATE	Smart contracts makes it possible to automatization of deals

DISADVANTAGES	DESCRIPTION
INSTABILITY OF PRICE	The volatility of price has hindered a lot of people of taking the first step to use blockchain as a currency
SCALABILITY	With more and more people and nodes joining on blockchain networks can become congested and slow down the process
PUBLIC KEYS	Users losing their keys which can result into users losing money
REGULATIONS	Regulatory regimes for countries and other institutions makes it difficult for open acceptance
KNOWLEDGE	Blockchain are not only new but also complexed which makes acceptance more difficult

I am of the view that overall the advantages of blockchain outweighs the disadvantages by far.

The future of blockchain

Of importance is to remember that email is not internet and Bitcoins is not blockchain.

Bitcoin is here to stay and will be changing our lives forever the same we have experienced with the internet.
I based the future of blockchain on two things;

1. Trust
2. Verification

Trust

Currently we have to put your faith into other people, organizations and governments for things to happen. We have to trust that things will happen.

I believe that with blockchain acceptance the future or trust will change forever and individuals as well as companies will realize this soon.

Verification

The verification and transparency that goes with a transaction and which is used in blockchain will secure its usage in the future. This enables supply lines to work efficiently and fast from manufacturing to selling to distributing.

The impact of blockchain technology on the world

One of the toughest manoeuvres pilots can do is to land an aircraft carrier landing on a moving target like a ship. A company who built multi million dollar box simulators to train pilots was exhibiting at a show. During the show a ten year old boy asked them if he could try to land one of these aircraft's. They allowed him and one of the instructors wanted to explain how the consoles works. The boy told them not to worry as he knows. The instructor was adamant that the boy will not get it right as many experienced pilots failed.

With the first try the boy came in too fast with the aircraft so he fly pass, make a turn and came in for the second try. This time he was too high and again he fly pass and made a turn. The instructor told him that there is an “easy button” he can use but the boy insisted that he is going to do it. Third time, he succeeded!
What they didn’t know was that the boy was playing video games from a very young age.

The worrying factor here is the company. How can they expect to sell a multi million dollar simulator if a boy of ten years can get it right? The instructors replied that it is so much different in real life than in a simulator and that the boy for sure will not get it right.

Now, this boy is only ten years old. Do you think when he is twenty years old pilots will actually do these landings? My answer is NO!

Blockchain for me is that ten year old boy who is not looking at landing an aircraft in ten years’ time but instead of landing it now. It will open the doors of “flying aircraft's” without pilots and if companies does not adapt they will for sure stay behind.

The implementation of blockchains in the health sector

With a family member as a doctor I can for sure confirm the use of blockchain in the health sector can only be a huge benefit and in many cases can only contribute to the saving of lives.

• Standing in queues to register as a patient will no longer be needed
• Tracking of medical record, doctor visits, medicine prescribed, test done, operations underwent, allergies, blood type is at your finger tips
• Physical scripts are no longer required for collection of medicine from a pharmacy
• Medical records are availability to any doctor at any time at any health institution

Time is the important factor when it comes to the health sector. Blockchain can save doctor’s time and us money.

Unfortunately the true impact that blockchain can have in the health sector has not hit home yet.

MediLedger is a network of companies in the health sector. They are using blockchain protocol through;

Alignment

– Through the network trading partners have an insight view of data pertaining to products, price, customers and contracts

Accuracy

– Greater accuracy of transactions against the business rules of the companies and network

Privacy

– Through a secure network the company controls the data which are sent and received

Decentralization

– There are not middleman which can only mean one thing, less cost

This is indeed a positive case. No wonder they can claim “Chargebacks without errors or disputes”

"Whereas most technologies tend to automate workers on the periphery doing menial tasks, blockchains automate away the center. Instead of putting the taxi driver out of a job, blockchain puts Uber out of a job and lets the taxi drivers work with the customer directly" Vitalik Buterin, Co-Founder of Ethereum