It's yet another great opportunity for me to participate in the steemit engagement challenge contest here in the crypto academy community. This is the third week of the engagement challenge for season 2. This week, the topic of discussion is "Blockchain in our lives". I will be discussing the details of the very topic in the paragraphs below by answering the questions given. Let's take a look at the questions one after the other.
Blockchain is changing everyday life for everyone, what is your opinion on the matter?
Blockchain technology is indeed changing everyday life for everyone because we have seen its impactation on our daily activities almost every time since it came into existence. In the aspect of the health sector, social media, financial sector, educational sector, sports etc, have all felt the positive impact of blockchain technology.
In the case of the social media sector, I will be taking into consideration steem blockchain technology as a case study. A lot of people around the world have had their lives change via this very platform. The steem blockchain has changed the lives of different people and their situations and that includes me. Since I got to know about the blockchain, I have had the opportunity to learn and even earn money as well.
This is not the same for other traditional social media platforms where you are not rewarded for your hard work instead you contribute to building their bank account. The steem blockchain also allows everyone to air out his/her view about anything at all. This implies that the blockchain allows for freedom of blogging and is not restricted by the owner of the platform.
Aside from the reward and the freedom to blog another unique way that the blockchain has impacted positively and is changing our lives is the aspect of security. You will agree with me that your data stored on the blockchain are immutable and for that reason can not be edited by anyone. So your data is highly secured in blockchain technology. This is not the same in other social media platforms that do not use this technology. They can easily steal or change your data at any point in time.
Another aspect of our lives that the blockchain has greatly made an impact on is the financial sector. Today the presence of third parties in the transaction between a sender and receiver has been removed and this has made transactions easier and faster. More also, the distance between the parties involved is never a barrier because blockchain technology is characterised by the speed of transactions as well. We have seen here that blockchain technology also gives users complete control over their assets which was not so in our banks.
In our health sector, sports sector and even in keeping records, we have seen blockchain completely making a positive impact on everyone as well. When your valuable records are stored in places where they can get damaged either by fire outbreak or eaten by termites, you will surely not have peace of mind remembering that your valuables can be destroyed at any time but with the help of the blockchain technology, people are even more confident about keeping their asset right now since they know that blockchain data are immutable.
What are the main advantages and disadvantages, of adopting the use of blockchain in everyday life?
Advantages of adopting the use of blockchain in our everyday life;
One of the major advantages of adopting the use of blockchain in our everyday life is security. Just as I have mentioned above once you store your valuables in the blockchain, your mind becomes at peace because the blockchain is built in such a way that it can withstand any form of attack and hence reaching your data is nearly impossible.
2- Speed of Transaction and low charges
The speed of transaction and the low charges associated with the transaction is another key advantage of adopting the use of blockchain in our everyday lives. When transactions are carried out in our native banks, for instance, there is always some form of delay because it has to pass through a third party and also the charges incurred are very high but the case of blockchain is the reverse.
Another key advantage of adopting blockchain technology in our daily lives is the aspect of privacy. When transactions are carried out on the blockchain technology, the identity of those involved is the buyer and the seller or the sender and the receiver are kept top secret all you will see is the wallet address but in the case of our banks, you will have to provide details as a sender and the details of the receiver which will be seen by the middlemen I.e the bank.
Disadvantages of adopting the use of blockchain in our everyday life;
Scalability is one of the major disadvantages of adopting the use of blockchain in our everyday life, though a lot of improvement has been made in this regard, this has hindered the adoption of this technology greatly by many. Yet when there is much congestion in the network we see this scalability playing in action.
Since there is no central body which controls all the happenings, there are no regulations guiding users. It is a decentralised system hence no one body controls all and because of that, most people are scared of adopting it cause if they lose their assets to scammers there is no one to run to make complaints.
3- Lack of Technical knowledge
Technical knowledge is very important when it comes to the adoption of blockchain technology in our everyday lives. This has made a whole lot of people share away from the technology since they don't have any knowledge at all as regards how the technology works. Technology is an advancing one and it will take a lot of time for people to understand it and that has met them away.
Discuss the future of blockchain, and how this technology is impacting the world.
The future of blockchain is quite very bright judging from the achievement made by its inception to date. The term blockchain became functional in the year 2009 with the invention of the Bitcoin token which runs on the decentralised bitcoin blockchain. From 2009 to date, the number of blockchains that have been developed proves that there is a future with the technology as more people adopt its use on daily basis. At the initial, blockchain covers only the decentralized finance sector and the smart contract sector which is categorically viewed as the financial sector but today we have seen blockchain in every aspect of human life, like sports, games, health and even in our educational sector.
In the sports industries, most especially football, we have some tokens we call the fan tokens which are used today to run the affairs of the team. A lot of teams are seen using blockchain technology by paying and signing in new contracts for the team. Their fan token is used to pay players e.g of this token is the PSG token and others. More also the player's contract comes sometimes in form of the smart contract which is replacing the former way of contract players sign.
Health sectors also have been seen improving positively with the help of this technology. With this technology in place, the health system stores and saves patient data without any issues. This has replaced the traditional data storage of patient data that was initially tempered with another person who has access to it. Recall that data stored here are immutable and for that reason, patient data are saved via this amazing technology.
The future of blockchain is endless because we have seen that the world is changing and improved technology is what is needed to change the world as well. Blockchain has impacted every aspect of our lives and for that reason, I'm confident that the future of this technology has just started and more things will be seen regards this technology in the nearest future.
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 health sector is one among the many sectors that have adopted the use of blockchain technology greatly. This adoption has helped in no small way to improve the sector. I will be discussing some of the parts where this blockchain implementation has been helpful as far as the health sector is concerned.
1- Unified Health data record: Blockchain technology plays a very important role when it comes to unifying the health data records of a patient. I said this because once your data is recorded using the blockchain, it is universal the same anywhere you go. In the case of the traditional health recording, the issue of inconsistency is always associated with the data of the patient. If for instance, a patient lives in his country to another country, his health record will still be intact and can't be modified by anyone.
2- Keeping Track of supply: The supply of health-related materials like drugs and machinery can be put in check with the help of blockchain technology today. To avoid the production of fake drugs, blockchain technology can be used to ensure that all the drugs are produced and completely recorded and then distributed accordingly the same things happen in the case of health facilities. So this technology puts on check all this because they are recorded and their records can't be edited or deleted.
3- Remote monitoring of patients: With the help of this technology in the health sector, a lot of patients can be attended to even those in remote areas. There are many devices of the internet of things (IoT) that use today to track the health situations of patients and this can help medical practitioners anywhere around the globe to give recommendations even without being physically present. They know exactly how the health issues are via the IoT device.
Explain a use case of blockchain technology in the health sector
One of the use cases of the blockchain technology in the health sector is the lympo project which is mainly for promoting the health status of the patient via physical fitness. The system is designed in such a way that it offers physical fitness advice to patients based on the nature of their health status. It is an IoT project which acts like a human because it has been trained with all information to attend to patients
This is another use case of blockchain technology in the health sector where a patient is free to sell his/her DNA data to those who need it. It is a marketplace where DNA data are bought and sold. The blockchain has its native token called DNA which they use to pay all those who want to sell their DNA data.
Blockchain technology has touched our lives in one way or the other. It has been seen in many sectors of life and that has made the innovation a strong one. Blockchain technology has come to stay and in no distance time, almost every other sector may tend to adopt it as well. The technology has proven its competence when it comes to speed, security, immutability etc. With all this, I am very sure that the blockchain technology journey has just started because it will go places with time.
I want to invite @pollito22
to also stop by my blog and read through my entry in this amazing contest. Your correction and critics are welcome because it helps to build me better for the next task. Thank you.