Blockchain in our lives
I would be sharing my views on blockchain and it's importance so far to our lives. Below are some major points I have for you on the impact of blockchain technology to the world.
My Opinion On The Impact Of Blockchain In Our Everyday Life
In our today's world, blockchain technology is one of the most popularly known concept used in many financial industries and establishments. Nevertheless, alot of people thinks that the use of this technology is limited to cryptocurrencies due to the fact that the blockchain concept became widely used in 2009 for the creation of the first cryptocurrency (Bitcoin).
Over the years, they have been lots of definition about the blockchain technology, which in summary has been regarded as an incorruptible, immutable, and distributed technological system that is transparent, trustworthy, and decentralized.
But It's now clearer that the blockchain technology goes way beyond the creation of cryptocurrencies, and it could be used to solve alot of problems facing our society today. Basically, Blockchain technology is an online distributed system that is capable of storing information, and is based on interconnected blocks accessible by anybody.
This means this technology can be used in almost every areas of life be it medical, agricultural, educational and many other sectors. Because it could securely stores any type of information which can't be manipulated or centralized, and it's accessible to everyone.
I can now clearly see why this technology has the potential of changing how this world have been operating for thousands of years, and making it a better place for everyone.
The Main Advantages And Disadvantages In Adopting The Use Of Blockchain In Our Everyday Life
It has been observed within the past few years that alot of establishments and firms have started considering the use of this revolutionary technology called blockchain because of it's unique ability to reduce frauds and manipulations. There are really lots of advantages to this technology, in the same manner, we also know that there are always some few downsides to everything. So below are some main advantages and disadvantages of using blockchain in our daily life's.
Advantages
It can be used for Accounting and Recording every transactions carried out in a given establishment, whereby providing an easy and traceable audit-trail.
Blockchain has been designed to be accessible to everybody, hence informations can be shared among millions of users who come into the blockchain
Adopting the use of blockchain to a firm will enhance transparency and trackability of goods as well as it's origin with less cost.
The adoption of blockchain to financial institutions could significantly increase it's security and speed by detecting fraudulent transactions within few seconds, as a result of the peer-to-peer nature of it's operation.
Disadvantages
It usually requires heavy energy consumption due to the fact that constant power is required to continuously update the ledger and communicate with every other nodes.
The users in a particular blockchain network are given unique private keys for their account control, but if the user losses this private key, he won't be able to access the blockchain.
Blockchain as highlighted by Satoshi Nakamoto has a security flaw regarded as the 51% attack, whereby if more than half of the entire computers working as node gives a false testimony, then that testimony would be regarded as the truth.
The implementation of a blockchain project requires a high level of expertise in consensus algorithm, hash functions and many other structures, which is really very difficult for lots of software developers.
Discussing The Future Of Blockchain And How This Technology Is Impacting The World
Over the years, we have seen situations where election votes are recounted or even reconducted in big nations, due to the fact that the masses don't even trust their government or it's system. It's funnier that even after the recounting, they would still be some insecurities among the masses because the system isn't transparent or trustworthy enough.
The blockchain technology has been designed for situations like this. where no one will be able to cheat the system because every votes are transparent, and accessible by everybody.
Do you also know that blockchain could save the future of many poor and rural countries? Yes, blockchain can eliminate poverty from millions of people, especially in poor and corrupt countries. You would agree with me that in most of these countries, there are people with great ideas and intelligence to start up good and successful businesses in their countries, but the problem is that they are not opportuned to get loans or support from the banks or the government. Even if loans are granted to these people, the interest rates are usually too high, because the banks/government are not having any authentic documents or previous records of the borrowers.
Blockchain could play vital roles here to ensure that people with business plans get support even without any third party, because thier documents would be visible and accessible worldwide and it can't be changed, thanks to blockchain immutability.
There are lots of ways in which blockchain technology is Impacting the world today, and below are some of them:
The Creation Of Many Cryptocurrency Projects: You would agree with me that this is by far one of the biggest technological creation in our today's world. All of us in this platform has in one way or the other benefited from this creation, because the Steemit ecosystem is equally a cryptocurrency project that is built using the blockchain technology. Alot of people are currently benefiting from the creation of cryptocurrencies, as it is observed that over 100 million people are into cryptocurrency businesses worldwide.
It Is Enhancing The Operation Of Insurance Services: Because of the transparency of blockchain technology, it has been used for managing the claims between the insurers and it's customers, as well as eliminating invalid claims. OpenIDL is one of the network that uses blockchain to execute it's insurance services.
People Are Getting Rewarded With Cryptocurrencies From NFTs: Thanks to the ethereum blockchain, a live music streaming network called Reel Mood is been created where artist can directly connect to their fans and even get collectibles from them. NFTs are exchanged here and sold for cryptocurrencies.
My Opinion On The Implementation Of Blockchain In The Health Sector
For the fact that blockchain has the capability of storing data in a distributed ledger, that is open to everybody to come in, and that no one can manipulate the record, is a property that is very necessary for the health sector. Because this allows health care records to be immutably stored which guarantee integrity in the system.
And again, the drug supply chain is something really interesting for the health sector, because even in developing nations they have been cases of low quality drugs being shifted to the medical sector, but with the implementation of blockchain technology, we could see and trace where the originality of the drugs is now coming from and this will greatly reduce the issue of fraudulent drug supply.
Basically, I think the implementation of blockchain to the health sector has greatly increased the security of data as well as creating a more interactive and interoperability session between the medical sector and it's patient.
Has The Implementation Been Positive or Negative? Explain A Use Case
So far, the implementation has really been positive, given the fact that the medical data stored in the blockchain replicated across every node making it more clear and open to everyone including the patient on how their informations are been handled by the medical staffs.
More importantly, settling only one node will not affect the status of the ledger, because it has been replicated across all nodes, this means that the medical sector can account for any fraudulent attack, losses, or security issues concerning the record.
A Use Case
Let's take a case study of blood donations in the health sector and how it has positively impacted the the patients. In some big medical establishments using this technology, it's usually easy for patients to locate a specific blood group needed for donations without calling or contacting any third party like blood banks, or foundations for help of any possible matching blood group.C
Conclusion
Everyday of our lives, we see that the world has continued to evolve and no doubt blockchain has proven to be essential in our everyday life's, and as this technology continue to spread across the globe we continue to realized how efficient and necessary it is to us. I greatly believe this technology will change how this world has been working for centuries if it is used in every areas of life.
