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

Hello Crypto friends,

It feels good to be here again to participate in this week academy engagement contest.
This week contest promises to be very interesting and educative, believe me , you can't afford to miss it.

This week, we shall be discussing on the effect of blockchain in our everyday lives, please follow along as we begin.

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It is true that blockchain is having a significant change in the daily life of many today, but it will be unprofessional for me to continue this contest without giving a brief explanation of what a blockchain is.

A blockchain can be explained to be a ledger which keeps a record of all cryptocurrency transactions that is carried out across several computers through a peer-to-peer network.

It can also be explained to be a distributed database which is shared among a diversify nodes of a computer network.
And being a database, it helps to store information in digital form.

The key role of a blockchain is that it helps to guarantee the security and fidelity of recorded data, thus guaranteeing trust without the interference of a third party.

Due to the great potential of a blockchain, it has been adopted in various aspects of life.
Take for example the sport sector of human life, football has implemented the use of blockchain in it's governance system.

Almost every club has a fan token in which their players can be paid with.
And also, with the implementation of a blockchain technology, fans of a club can take part in the decision making of their club, this means that they have a say in whatever action a club wants to take.

The blockchain technology also helps to keep the data of footballers safe, immutable and transparent.
And as such no malicious activity can take place.

Taking a look at the music industry too, there have been great improvement since it's adoption of the blockchain technology.

In the past, it was actually difficult for upcoming artist to gain popularity and most times they have to share their income with the record label they carry.
And sometimes, the glory of their musical content are usually given to someone else, all this happened because of lack of blockchain technology.

With the adoption of blockchain technology, upcoming artist now gain full glory over their content as it cannot be stolen anymore.

The most popularly known effect of the blockchain technology is in the financial sector and I believe I don't need to say too much.
The blockchain technology has helped to greatly increase the speed of financial transactions, it has also helped to eliminate the interference of a third party, thus reducing transaction fees.

Indeed, the blockchain technology has an impact on our daily life.

No doubt, there are numerous advantages of adopting blockchain technology in our every day, but sadly, there are also some disadvantage of which we shall explore.

• TRANSPARENCY:

One of the major challenge many country are facing is as a result of lack of transparency of work being done.
Without transparency of work, numerous dubious activities can take place without the knowledge of anyone.

For example when a project is given to a group of individuals, it will be easy for them to embezzle the money due to the fact that there activities cannot be watch, but with the adoption of blockchain technology, every activity is openly exposed to the public and it will be very difficult for a malicious activity to take place.

• SECURITY:

This is one of the core concept of a blockchain, it helps to keep all data secured.

Let's take the financial sector for example, the adoption of a blockchain technology helps to guarantee security of funds sent and received.

Since we are always with our private keys, it will be very difficult for any one to gain access to our account, less they are provided with our private key, of which is not possible.
And at such, our funds are fully secured.

• ELIMINATION OF MIDDLE MEN:

The implication of the existence of middle men to a transaction is that it usually increases the transaction fee.
What I mean is that the middle men will always want to have a share in every transaction carried out.

Again, it decreases transaction speed because the funds will move to the custody of the middle man first, before getting to the final user, and all this processes takes time.

With the application of a blockchain technology, there will be no need for the interference of a middleman, as the blockchain helps to bring together the buyer and seller through a peer-to-peer network of computers.

And of course, with the elimination of middle men, transaction speed will be increased, and transactions fees will be decreased.
It is a win-win situation.

• TIME STAMPED:

Every sector of operation in our lives needs record to grow, be it the financial sector, agricultural sector, health sector or even educational sector.

They all need records in order track their activities and check their progress. Such records also helps to show areas of improvement.

And the blockchain technology plays a unique role in keeping records to the extent that it takes note of time that a transaction was validated.

It is obvious that with the adoption of blockchain in our daily lives, the progress of several sectors is assured.

• IMMUTABILITY:

This is yet another very important feature of a blockchain.
This feature explains that any data recorded in the block of a blockchain cannot be changed, irrespective of how little, large, significant or insignificant it is.

With this feature, it is totally impossible for anyone to change or alter a recorded data, for it is forever stored.

• TECHNOLOGICAL KNOW-HOW:

The operation of a blockchain requires a good technological knowledge on how it is operated.

This means that a random individual might it difficult to operate using a blockchain technology and as such many individuals needs to be enlightened well enough on the dos and don'ts of a blockchain.

If many are not enlightened, they will end up making severe mistakes such as loss of private keys of an account, transfer to funds to a wrong account and some other minor but significant mistake.

In a nutshell, the blockchain technology can only be operated by learned individuals.

• LOSS OF KEYS:

Since the blockchain is free of the interruption of a third party and it is not under the control of a central authority, it will be difficult to recover an account if the private keys are lost.

Remember, with the adoption of the blockchain technology, each user will be given access to his private keys and when it is misplaced, the account is forever gone.

• IRREVERSIBILITY OF TRANSACTIONS:

Another challenge of the implementation of a blockchain is that any transaction that has been validated cannot be reversed.

This means that if you mistakenly send some money to another account, it cannot be reversed, the money is forever lost.

And for this reason, users need to be extra careful when making financial transactions.

• ENVIRONMENTAL HAZARDS:

Truly, the implementation of a blockchain technology will impose some environmental hazard to the health of living things.

Since the blockchain is related to cryptocurrency, it will need a lot of energy for it to be maintained and this energy cannot be supplied by electricity.
And as such, more complex machines will be needed to get the job done, which will in effect emit carbon into the environment.

No doubt, blockchain technology has proven severally to have a very bright future, I do refer to it as the future of the world.

Looking at how it all started in 2008 with Bitcoin as the only cryptocurrency using the blockchain technology.
Now there are numerous cryptocurrencies that operates using the blockchain technology.

Many other sector has began adopting the use of cryptocurrency in their mode of operation, sectors like the health sector, music industry, sports and many more.

• Looking at the financial sector, every individual want a guarantee for the security of their funds, no one wants to toil all day only for their funds to be taken by an anonymous individual.

And the blockchain is playing an important role in ensuring the security of funds.

• Moving to the political sector, every citizen wants a free and fair election, every citizen want their voices to be heard.
  The issue of free and fair election has been a challenge for a while now but with the implementation of a blockchain technology, all voting activities will be seen by all individuals and as such making it impossible for election to be rigged.

• Moving to sports, the fans of a team definitely wants to know what's going on with the team, they want to be able to take part in the decision making of the team and this wouldn't have been possible if not for the adoption of the blockchain technology.

The blockchain technology made it possible for fans to engage with their team and also support their team through its fan token.

• Then exploring the business sector, no business can operate without accounting and book keeping.
  Every business needs a good record of it's daily activities, they need records of their income and expenditure, and I believe that with the implementation of the blockchain technology, the business sector will do excellently well.

• Let's discuss the banking sector a little, the adoption of the blockchain technology to banks will be very helpful, as it will help ensure transparency of members activities.

It will be very difficult for member to plan heists against the bank as all activities are plainly seen.

Blockchain is indeed the future of the world and implementation will bring about numerous positive changes in the operation of the world activities.

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The implementation of the blockchain technology into health sector and would be a very smart initiative as it will bring about numerous advancement to the health sector:

• The implementation of blockchain to the health sector will help to solve the challenge of manually transporting the medical records of a patient from one health organization to another, and this process might lead to the loss of some significant information on the patient.

Since the records will be stored in the blockchain, it is then impossible for any data of a patient to get loss

• The immutable feature of the blockchain will also help to improve the health sector, as it will be impossible for the medical records of a patient to be altered for any selfish interest.

It happened in the past where some medical personnels are bribed to manipulate the medical records of a patient.
The implementation of a blockchain will stop all this practice.

• Another Importance of the blockchain to health sector is that medical personnel at any location and any period of time can begin treatment on a patient without contacting her previous medical personnel, since all the needed information would have been stored on the blockchain.

• Another advancement that will be brought to the health sector by the blockchain technology is that the consumption of health products can be monitored.

Since the blockchain is transparent, the production, distribution and consumption of drugs can be easily monitored, and this will help reduce the rate of drug trafficking and drug abuse in the country.

• The blockchain also guarantee privacy of an individual account and as such it will be difficult for the financial account of a medical institution to be monitored, thus reducing the rate of armed robbery.

No doubt, blockchain technology is really going to have a positive effect on our daily activities.

It is also going to be very useful to other sectors of life, like the health sector, sports, music industry and many more.

I eagerly wait to a time when blockchain technology will be fully adopted into our lives.

I invite @msquaretk @msquaretwins and @favrite to join me on this contest.