Blockchain is often confused and used interchangeably with Cryptocurrency. while cryptocurrency simply put is crypto money, the blockchain houses the use of the crypto money and it goes far beyond cryptocurrency.
A blockchain is a decentralized and distributed ledger technology that records transactions in a peer-to-peer network. It was invented by Satoshi Nakamoto in 2008, implemented as a core component of Bitcoin that same year, and first used by Nakamoto to create the first-ever cryptocurrency.
Blockchains can be public or private, but most are open source. They enable trustless transactions between parties without needing an intermediary (or third party).
Blockchain is changing everyday life for everyone, what is your opinion on the matter?
Having explained what blockchain is, it could be agreed that the technology has further provided options for us in our everyday lives. Ranging from we sleep, to exercise or how we make payments for goods and services. The world has moved on from the traditional ways of doing things and Blockchain keeps challenging the centralized ways in which things are done.
Everyone will prefer to make a payment through crypto because of the transparency option and the fact that it can be monitored from their end. Blockchain has also revolutionized how we invest as investment options have also digitalized also. An individual would rather invest his\her fund in a project on the blockchain than a physical project which serves similar purposes. A key example is seeing someone investing in the purchase of land and buildings on a metaverse platform that is been powered by blockchain as against getting land in a real-life situation.
What are the main advantages and disadvantages, in adopting the use of blockchain in everyday life?
Blockchain is an innovative technology that has become a handy tool for many industries, including finance, health care, and real estate. However, it's still not widely used in everyday life. But if you want to start using this technology right now, you need to understand that using Blockchain in everyday life has its advantages and disadvantages.
The main benefit is that it allows you to decentralize your data, meaning that anyone can access it. This could be useful if someone wanted to check their bank balance or another person's email address in order to send them money. On the other hand, this also means that there is no way of retrieving your data if something happens with your computer or phone; it will be lost forever unless you had backed up everything else before this happened.
Another positive aspect of blockchain technology would be its ability for transparency between parties involved in transactions: for example, if two people enter into an agreement regarding some property rights, then both parties should see how much was paid out by whom so there won't be any disputes later on down the road when one party feels cheated out of what they deserve from an agreement made earlier on between both parties involved in a said transaction (this could also happen if either party tries sneaking around behind everyone else's back).
Discuss the future of blockchain, and how this technology is impacting the world
The concept of transparency and not having just a central authority has made Blockchain popular. The future remains bright as snow for blockchain as new projects and innovations continue to be built on the blockchain. The growth of the blockchain has seen it move from just Bitcoin to DeFi and Metaverse, at the moment, Web3 and NFT are the most popular concept in the blockchain world.
The growth of the use of Blockchain is as seen popular brands jump ship as the likes of Samsung, Facebook has developed a product using the Blockchain technology. Even the Nigerian government is looking to collaborate with the Algorand blockchain towards creating a payment system for Nigerians. A whole lot of countries have already looked to blockchain to provide an alternate means of payment for them. An example is El Salvador, Paraguay, Venezuela, and a host of countries that accepts crypto as a means of payment.
My opinion about the implementation of blockchains in the health sector?
You may have heard of Blockchain, but what is it? In short, Blockchain is a decentralized technology that can be used to store data, record transactions, and verify the transfer of assets. This means that if you want to give someone a record of your medical history or see their history (your doctor or insurance company), you can use Blockchain. You do not need to go through any third party as long as both parties agree on the process and technology for sharing this information with each other.
The implementation of the blockchain has been on the health sector has been positive so far as lots of Healthcare continue venturing and operating in the blockchain environment. Because of the inability to securely send and access sensitive patient data, the medical industry has suffered greatly.
Blockchain, on the other hand, will offer highly flexible openness while maintaining only the greatest security standards for true interoperability. As a result, health information systems will be able to interact both within and outside of organizational boundaries to support successful healthcare delivery to individuals and communities.
Below list of some of the healthcare clinics that has is currently using blockchain technology according to Forbes
The different ways in which this health care outlet uses blockchain was summarised by Forbes . For Chronicled, Forbes summarized what they used Blockchain
Chronicled's MediLedger Network uses blockchain technology to connect trading partners and medical institutions closer together than ever before. Without the constant threat of communication and organizational failures, there is far more room for innovation and industrial progress. Blockchain opens up a new world of trust and cooperation, from the automation of formerly time-consuming activities to increased responsibility from all stakeholders.
The rest were also explained in the article in which the above was cropped from. You could read more from the Post my by Forbes here
Before we sum up the merits and demerits of Blockchain, it would be helpful to recap what Blockchain is. Blockchain is an online ledger that records transactions in a distributed manner. It has several unique features like decentralization, transparency, immutability, and security. Blockchain can help us solve everyday problems like reducing the cost of transferring money overseas or making it easier for people who have lost their identification documents to get new ones. It also helps companies save time by speeding up previously manual processes.