Steemit CryptoAcademy|| Season 2 week 3~ Blockchain in our lives by @merci26

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Greetings Beloved friends,
Time they say, moves with the speed of light. Just of a recent, we were rejoicing on the commencement of the Steemit Engagement challenge into season2. Season2 has moved so fast that we are already in the 3rd week, with another interesting and captivating topic, here in the CryptoAcademy. This week, we are to discuss Blockchain as well as its benefit in our day to day life, as well as other sectors. Let’s progress.

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

The word ‘Blockchain’ has become a very interesting topic over the years. It has continued to raise eye brows as to its user friendly nature, as well as how it has helped its users when it comes to their day to day activities. It would be so unfair to discuss its benefits, without understanding what the word Blockchain is all about.

Blockchain is seen as a distributed ledger that is designed in such a way that tracked assets as well as transactions recorded on it’s network cannot be changed. The blockchain makes use of 3 unique components and they are;

• cryptographic keys, which could be either private or public keys. The cryptographic keys help users to perform transactions on the blockchain network, it enables users to perform secured transactions as well as control those transactions through the use of digital signatures.
• A peer to peer network which is used together with the digital signature to be able to reach a consensus when it comes to transactions.
• Computing system that enables transactions as well as records of a network remains in tact, as well as free from hackers.

The unique features of the Blockchain listed above, is one that has helped to improve the everyday life of individuals, as transactions are carried out easily without the approval of Governmental authorities or officials. Individuals are able to carry out a consensus transaction which have made it very easy and fast.

The use of blockchain is one that has made transactions very secure as it makes use of cryptographic keys, and has helped to remove fraudulent transactions.

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

Advantages of Blockchain

• Blockchains are free from cyber hacks as well as technical failures, this is because the blockchain datas are stored on a distributed network of nodes, and the nodes play a major role in replicating data, which has helped to reduce any kind of failures and hacks.

• The technology behind Blockchain is very great especially in a financial system, as blockchain data that are already confirmed cannot be changed or reversed, this in turn makes the system very stable.

• Blockchain technology has helped to eliminate middlemen, as well as high transaction cost, since it’s transactions are verified through a process known as mining.

• Blockchain operates an open system, as any one irrespective of social class is free to participate in the distributed network.

• Blockchain makes use of Zero knowledge proof, which helps information on a data to be verified to another user without revealing the information found on the data.

• Confirmation of transactions using blockchain occurs within split seconds.

Disadvantages of Blockchain

• For a secure system, blockchain makes use of private keys which is held only by the original owners of an account. These private keys when lost or misplaced leaves that particular account useless and funds lost.

• Blockchains are ineffective as high computational power are required for mining. Majority of the Blockchains makes use of the Proof of work, which I turn is ineffective.

•Blockchains are not legally formal as lots of institutions are yet to accept blockchain technology as legal tender.

•A lot of time is required for miners to be able to add a block to a chain.

• There is lack of confidence in the use of Blockchain technology, this is as a result of ignorance and lack of awareness.

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

The future of blockchain is actually very green,as we already know, most Blockchain makes use of the proof of work network, but soon Blockchain will be Eco-friendly as well as sustainable when the use of proof of stake is incorporated into it, as this will help to reduce the rate at which energy is consumed.

Big tech companies as well as individuals are already buying the idea of Blockchain. Blockchain is secure as well as very transparent as such some countries such as Australia are thinking of adopting Blockchain into its voting system for a free and fair Election.

In the near future, Blockchain technologies will be accepted as a legal tender. Infact it has happened in El Salvador, more countries will still buy the idea, or local Banks or financial institutions will have no option than to create their own local coins that are based on Blockchain.

The Blockchain technology will continue to grow, reviewed and revised and make its way into the e-learning market, which will lead to a rise for more developers, hence creating more Job opportunities for individuals.

The Blockchain technology is green, and has created mind blowing technology that are already in use. Just a little modification, Blockchain will invade into all the various sectors, as humans all we need to do is to exercise patience and watch on how Blockchain technology will invade like a locust.

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

The implementation of Blockchain in the health sector will be a good one. The blockchain makes use of distributed ledger which works in chains, this will help in the health sector to store patients information in an organized manner. Blockchain also makes use of encryption, which in turn makes it safe and secure, with the use of private keys, patients information will be private and safe, as well as free from hackers. Blockchain is one that is easily accessible, as such patients will be able to have access to doctors, while doctors will be able to access information from any part of the world. The use of blockchain can solve the problem of fake drugs as the transactions between the producer of a drug and the distributor will be recorded on chains, where the authenticity can be verified, an example is the Mediledger which is a Blockchain protocol that enables companies to verify authenticity of drugs. The use of blockchain technology in the healthcare sector is one that has produced positive yield.

Conclusion

Blockchain technology is one that everyone has to watch out for, as technology keeps evolving, so is blockchain. In due time, some features of blockchain will be reviewed and it will be generally accepted by every sector as well as country. All we need to do is watch and have a little patience.