BLOCKCHAIN IN OUR DAILY LIFE

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


Blockchain goes beyond the technology of bitcoin, Ethereum, Serey and other related cryptocurrencies. Blockchain however determines the cause of an event for every individual due to the fact that it has been integrated into many sectors of life. And some of these sectors are what everyone in the modern world relates with in almost all our day-to-day activities.


As we will know that Blockchain technology is the system whereby information is stored in a way that makes it difficult or better still impossible to be changed, hack or cheat the system made possible by operating with some mechanisms such as immutability and consensus and others. These features ensure that the data stored are authentic and irreplaceable.


The smooth operation of Blockchain technology using some unique features has so far changed everyday life for everyone regarding the digital world. The technology is gaining more wide adoption every single day.


✓ So many sectors are being built on Blockchain technology for collection, storage as well as retrieving of information and data such as the education system, Hospital and military sector.

✓ Blockchain has brought about transformation in the economy's digital assets.

✓ Blockchain helps to protect assets by setting organization boundaries for intermediaries.

✓ Blockchain technology helps to govern transactions and interactions between individuals, communities and nations at large.

✓ Blockchain technology mechanisms are being adopted in the electoral process which governs the voting process and guarantees accuracy.


In a nutshell, blockchain technology has made lives more comfortable and easy. Some activities that require strength, power and crowd can now be carried out with ease digitally through blockchain technology.



WHAT ARE THE MAIN ADVANTAGES AND DISADVANTAGES IN ADOPTING THE USE OF BLOCKCHAIN IN EVERYDAY LIFE?.



ADVANTAGES


✅ DECENTRALIZATION: This however, the undisputed main features of blockchain technology. The decentralized nature played an important role in the wide acceptance of the blockchain concept. This is an instance where an individual has total control and can independently make decisions in authenticating transactions without the authorization of a third party.


This is a huge advantage to the public as Blockchain completely eliminates the role intermediary plays in decision making concerning transactions.


✅ TRANSPARENCY: Blockchain operates in a way that it is open to the general public, transactions made are open to everyone to see. This however drives positive values among its users in adoption of the blockchain technology concept.


✅ NETWORK DISTRIBUTION: The decentralized nature of blockchain technology has the ability to accommodate lots of users at the same time and allows dispensation of the same services without any practical failure on the network. Different users will always have access to multiple copies of the same information.


✅ SAVES COST: For the fact that blockchain is decentralized in nature, this allows for the validation of person-to-person transactions faster and secure. Eliminating the authorization of intermediaries. The adoption of Blockchain benefits users as there's reduction in cost of transaction.


DISADVANTAGES


📌High cost of implementation: The cost of operation is low for users compare to organizations and big companies. Any firm or organization that wishes to operate using blockchain will have to spend a lot of money for maintenance and a sustainable network which some companies can not afford to spend that much on. This however has been one of the factors affecting the reduction in adoption of blockchain technology.

📌unemployment: The implementation of Blockchain has indirectly discard the need for hiring a personnel to work in some sectors. For example, the job required for an intermediary is no longer needed as blockchain technology is decentralized and does not need the service of an intermediary to authenticate transactions.


📌Lost of keys: For without key there is no way to operate an account. This however scares some big organizations and companies into adopting blockchain because it is still bearable for an individual to lose private keys than for a big organization because of the worth of assets that would be lost the loss will be unbearable because there is no way to recover the account.



DISCUSS THE FUTURE OF BLOCKCHAIN AND HOW THIS TECHNOLOGY IS IMPACTING THE WORLD.



The future looks very promising and bright for blockchain. Blockchain has immensely contributed to the growth of the financial and economic sector of the world at large.


Apart from cryptocurrencies features of Blockchain, it can also be implemented in some other applications like healthcare, voting, music, welfare benefits, artist royalties and gambling.


Let's take a look at how blockchain will present its adoption benefits and usefulness in the near future through the following sectors.


✅ Global Recognition And Acceptance

Gaining global recognition and acceptance has been one of the major priorities of blockchain. This looks promising to achieve, as in no time governments worldwide might incorporate blockchain technology to conduct many operations, from voting to communication and payment systems. The profitable technology is gradually or let me say drastically gaining the attention of big tech companies. Big investors are investing in cryptocurrencies networks because of their profitable features. Countries such as Australia are making steps to incorporate blockchain technology for the local voting system. The UK is thinking of incorporating blockchain technology to monitor and track welfare distribution.


FINANCE SECTOR


Finance aspect is yet to experience the best version of blockchain technology as better and faster experiences are being predicted in the future while it keeps being revised, reviewed and improving every day. Let's look at the following example of how blockchain will impact the world in the near future in the financial sector.


✅ International Business Machine Blockchain World Wire (IBM): To make cross-borders transaction, series of intermediaries is required for both clearing and settlement. In which this process delays transactions. IBM’s Blockchain World Wire is predicted to enables conduit use the Stellar protocol which allows banks to clear and settle cross-borders payments almost immediately and effectively.


✅ AZA Finance: This is one of many innovations in which blockchain has introduced. Aza finance is built on blockchain technology where small businesses can send and collect payments to and from Africa. This is done by converting fiat currencies into stablecoins rather than U.S dollars when trading. AZA therefore enables it to reduce the reliance on dollar dominant systems. Now trade efficiency will increase.


These are some of the fascinating benefits and impact of the adoption of blockchain as regards to the financial sector now let's move on to another.


✅ Most demand technology

Blockchain has proven that it will be the most in-demand technology in the near future because of its uniqueness, irreplaceable and immutable features and security level. As blockchain technology gets revised, reviewed it gets adapted to solving and handling more complex problems. Job opportunities are being created as it calls for more experienced developers to improve its effectiveness.



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



Health Innovations using blockchain technology will cause a notable improvement in the health sector. Some of the issues currently facing the sector like low security of patient's data, management of medical products and equipment's supply chain, payment of medical personnel salaries and so on will be improved.


Other applications are as follow:


📌Protection of healthcare data: Implementation of blockchain technology will ensure that patients data and informations are stored in a very secured and unauthorized to a third party for access. Digital data of patients will be accessible only by hospitals and healthcare administrators


📌MedicalChain– This like a chain format created for user centric-digital health record which can be shared to doctors easily. All information is securely stored in audit format and it is transparent.


Blockchain has slash the cost of transactions and reshape the economy in many ways.

Blockchain has brought about so much development and shift of power from our centralized government body and big organizations. Blockchain innovation has improved the way datas is safely stored. The future of blockchain is very promising and will soon be implemented in almost all sectors of life .