THE IMPACT OF BLOCKCHAIN IN OUR WORLD PART 2- by @preshy101| 10% payout to the community account

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Hello to everyone here in this community and I welcome you all to yet the continuation of my previous article which I have titled the impact of blockchain in our world part 2. It has been a wonderful discussion so far and from our previous discussion on this topic, we were able to see the need for the existence of this blockchain and today we will proceed to discussing more insight on this topic. here is the link to the previous discussion if you wish to follow.

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The blockchain has impacted the world greatly with many advantages and we can widely see how people have profited through the blockchain. as a new user that I was then, I was wondering, where does this cryptocurrency lives, where is it kept, is it just like our fiat money? those were the questions I kept asking myself until the day I attended a class on cryptocurrency then I realized that it has been the blockchain that is accommodating the cryptocurrency, giving it a place to stay.

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I was so curious then asking myself when will I have a contact with the crypto currency for I was thing that the cryptocurrency is touchable and hearing that people often profits from it, so I wanted to be a partaker of the profits but little did I know that unlike the fiat currency, one can not touch or feel the crypto currency and that is why the blockchain serves as a room or a reservoir for the crypto currency to find shelter in.

Now you can see how the world began to evolve from this very first stage, a digital money that has been brought into existence to help improve the economy of mankind and to limit the action of theft and armed robbers that collect and steal people's money. now the blockchain has provided a means to reduce such behavior, and that is why the digital currency came into existence in other to impact mankind. so with that been said, why not we look into some factors of the blockchain in our lives, that is the merits and demerits of it.

CERTAIN MERITS OF THE BLOCKCHAIN IN OUR WORLD

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There are certain merits that comes with the existence of the blockchain which I will be providing some of these merits to us all in other for us to confirm and agree with me that the blockchain is truly impacting our world, making it more advance and improving our economy.

• RECORDS ARE KEPT INTACT - This is a great merits of the blockchain in our world. here we get to see that all operations and transactions that are carried out in the blockchain are duly recorded and are kept intact. there is no cause for alarm when saving your asset or performing transactions because every record will be kept safe for future purpose and that is why the blockchain is necessary in our lives.

With this, one can easily see the record of every transactions that has been carried out a long time ago and also see current transactions. as you can all see, with the help of the blockchain it will assist users to recall of certain transaction that has been carried out, and the most important thing about this is that transaction history is never wiped out. it remains there totally. so with this one can nit over write the history of operation that has been carried out in the blockchain.

• FAST TRANSACTION PROCESSING - This is another major advantage of the blockchain, with is one is sure of a fast transaction. it is fast and reliable when performing transactions. unlike the banking system, it takes time for one to receive a successful confirmation on a transaction that has been carried out. but in the blockchain, it takes seconds to get a confirmation concerning an asset either received from an a wallet or sent to another wallet.

• IT RENDERS PROPER SECURITY - This is the most important aspect which I like so much. for the fact that the blockchain has tackled the issue of security to one's asset is great. the blockchain provides a well developed security which helps to protect our funds from people who try to steal from us. and that is why we are being provided with keys that are created with the combination of letters and numbers that is difficult to guess and the keys are always in the possession of the person that owns the account.

• NO INTERMEDIARY - Another great advantage of the blockchain is that, there are no intermediaries connected to your transactions. you do not have to go anywhere before you can execute a transaction, as easy as it is, one can choose to be anywhere in as much as you are with your the keys to your account, then you can perform the transaction with no one there to monitor the movement of your assets or to know how an asset got into your account. so the issue of a third person when making your transactions is eradicated completely.

I want to believe that we this few examples of mine, we now have an idea on some advantages of the blockchain in our world.

CERTAIN DEMERITS OF THE BLOCKCHAIN IN OUR WORLD

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there are also some demerits that are involve and seen in the blockchain as well. since nothing is 100% sure, why not we look at some demerits of this blockchain.

• NO PASSWORD RECOVERY - This is one o the major turndown of how the blockchain works. whenever a user misplaces his or her keys to a given account or wallet as the case may be, it is very difficult and impossible to regain the account or wallet back and that is why users are often told to keep their keys safe and in good condition. no wonder newbies are often asked to write an achievement article about the steemit basic security keys for with that, a user will be much aware of the danger of losing his or her keys completely.

• VOLATILITY - Volatility is in no doubt a great issue and as such it is another disadvantage to the blockchain. the price of the cryptocurrency is not stable and hence it often goes up and comes down anytime, we could all saw how the bitcoin was going higher in price and eventually falls downtrend within some minutes. price volatility is a big issue and that is why we are yet to see more great things as touching the blockchain, but we hope for better days.

• IT IS YET TO BE ACCEPTED WORLD WIDE - This is the reason why we have not seen a new trend in regards to cryptocurrency. some countries are yet to legally accept the cryptocurrency as a means of exchange. even as we speak, the cryptocurrency is not well accepted in Nigeria. only people that know the worth of it make transactions with each other for it is not yet legalized and this is a major demerit of the blockchain. this limitation is a blockage to the blockchain advancement.

And until all the demerits are adjusted, the blockchain will remain the way it is. even with the demerits of the blockchain, many investors are already in money with the help of the blockchain in our world. it has already impacted many lives and it is still impacting many lives. just like me, I write on the steemit blockchain and I get rewarded, so this reward is an impact in my life too. the world has indeed felt the impact of the blockchain and till date, it is still feeling the impact.

I will be stopping here for now, and I hope to see you in my next article on this topic. I will be talking about what do we expect to see in the future of the blockchain. so stay with me for this is an interesting topic to be discussed.

Thank you all for your precious time, we will meet again soon.