Blurttradinghub Academy season 2 week 2 - Blockchain

in blurttradinghub •  2 years ago 

In your own words define blockchain.

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Blockchain is a revolutionary technology which has changed how transaction work, it provides a safe and secure mood of transactions by using cryptocurrency which ofcourse can't be easily manipulated by anyone for their nefarious purpose.

Blockchain is like a set of block which records information of transaction involving the sender and the receiver, the amount of trade in the form of a digital ledger that's distributed across the entire network which makes it more secure and and almost impossible to change or to hack or even cheat the system so to speak. Each transaction is verified and validated by every node in the blockchain network.

A blockchain can be seen as a distributed software network which serves as a digital record as well as a system used for transferring assets securely without the need of any third party or intermediary, it's simply a technology which allows for the easy exchange of digital value units. tokenization, storing and trading of currency or land rights are made possible with blockchain network, indeed there isn't any thing or technology we have witnessed like blockchain technology.

Explain two uses of blockchain.

Well they are various aspect that blockchain can be applied or could be used so we will be discussing two of those here;

Social Media:


In the social media industry today we have the problem of censorship, this censorship is a problem for democracy because not everyone can have their voices heard but blockchain can help with this regard because with the blockchain based social media network we will be completely censorship resistant and no one absolutely no one could silence your voice we can freely voice out our feelings and share whatever content we want in a truly decentralized manner we write and voice out our opinion in any matter without fear of anything all this is possible through blockchain social media an example of a social media blockchain platform are Steemit, hive and our very own blurt.


Election:


Though is not currently being used in election but in most countries today both in the US and even here in Nigeria we often hear of voting fraud or rigging of election or stealing of ballot of paper by thugs especially in my country Nigeria or miscounting and stuffs like that this has lead to mistrust of the voting system by the ordinary citizens so for democracy to be preserved then we have to preserve the trust in the voting system.

With blockchain technology if is being used or applied then we would have full transparency in the election and no one could dispute the election results because all the data of a blockchain are completely public and can be easily verified by anybody and no one could do a vote suppression with a blockchain system, all you need to vote is internet connection or wireless connection with this system the citizens could vote for anyone they want to and take power away from those who wishes to manipulate election and no thug could carry away ballot paper because it's all digital and secure which also makes hack or cheating of the system impossible so blockchain could be used in election

In your own opinion, has blockchain done more harm than good to our society?

Well for me the good of blockchain technology isn't disputed and indeed it has done far more good than any possible harm there is, take for instance when it comes to payment system it has completely redefined how transaction takes place eliminating the need of the middle man taking away any third party from each and every transaction, today even because of the positive impact of blockchain technology on the payment system it has led several countries of the world in accepting cryptocurrency based on blockchain technology as a means of payment which has proven to be more secure, safe fast and more reliable than paper money and with lower transaction fees unlike what we see in our traditional financial institutions.

Indeed blockchain technology has done more good with little or no harm at all i mean only if you did not apply blockchain in any system will there be harm, there is no system that will not greatly improve in it applies blockchain whether education system or security system or payment system or election process or in business or medical records no system at all we not greatly benefit if it applies blockchain technology in its systems no hassles at all involved and makes things easier infact in time i believe the rest of the world would adopt blockchain technology in everything not just in payment system

So yes to me the good of blockchain technology far outweighs any bad which may include the fact that some blockchain consumes enormous amount of energy and some are not really that scaleble but in all with some project working to improve and solve the trilema facing blockchain with time there won't be any issues at all with blockchain except computational power but despite this the good far exceed the harm this i believe

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