Greetings to my noble professor @nwabueze for the lecture you have delivered on the topic "Blockchain" which I find so Interesting to be part of your students. Special greetings to you also my readers for your time...
In your own words define blockchain.
The words Blockchain is no longer a new words that someone would say that he/she is hearing it for the first time. Blockchain is simply a digital ledger that stores transactions that cannot be alter (changed) and its has been in existence since the creation of Bitcoin in 2009. In a nutshell, Blockchain is define as a system that records and keep information in such a way that can't be hack, change or manipulated by anyone. This means that in a blockchain no one can cheat the system or try to change things because it's a decentralized system that doesn't have a central authority.
Blockchain can also be defined as a digital ledger that stores transactions in way that the transactions can be duplicated and shared/distributed across the whole network of computer devices on that is link to the blockchain. In a blockchain every block in the chain network, includes a number of transaction, and each time that a new transaction happens on the blockchain network a record of the transaction would be included to every users of the ledger.
In a blockchain there is a immutable cryptographic signature which is known as Hash that records transactions in the chains that authorized the receiver of data to have asset to the data.
Bitcoin (BTC) and Ethereum (ETH) are two good examples of blockchain, that produces blocks that is added to digital ledger. However, there are several types of blockchain which; public blockchain, private blockchain, Hybrid blockchain etc.
Explain two uses of blockchain.
The uses of blockchain is so large that one can't even describe all when trying to discuss about the uses. However, here I will only going to explain two uses of blockchain which are Game and Digital asset (Cryptocurrency) are the two uses of blockchain that we are going to be looking at.
Game:
Blockchain is been used in the developing games that users can play and earn rewards. Most of these games that are created using blockchain make uses of Non-fungible tokens (NFTs). Cryptokitties was one of the first and most reknown crypto game that allow players to earn crypto. Another crypto game that is built using blockchain is Smooth Love Potion (SLP) which is an in gaming of Axie Infinity of Metaverse. One good things about all this crypto game is that their tokens can be traded on most of the popular cryptocurrency exchanges like Binance Houbi Global Kucoin etc.
Digital asset (Cryptocurrency):
Another uses of blockchain is that its to built cryptocurrency. All the cryptocurrencies that we have today are built in a blockchain network. Cryptocurrencies like Bitcoin and Ethereum are the two good examples of crypto that are built on blockchain. This means that without a blockchain cryptocurrency cannot function because it's blockchain that help in storing cryptocurrency data, making its immutable.
In your own opinion, has blockchain done more harm than good to our society?
In the world today, and not just the society that am coming from Blockchain has done more good than harm. Today, so many industries are using blockchain even government are trying to adopt blockchain which is helping industries to stay ahead of their competitors. From how things are going it's no longer a news that so many firms even our financial sectors will adopt the use of blockchain technology because of the how good it is.
When its comes to the area of transactions blockchain has done so good in such a way that transactions fees on blockchain is very less is one of the key reason why people are adopting blockchain. Blockchain is more secure and reliable that even our financial institutions have started adopting blockchain to speed up their transactions and lower cost.
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