Steemit Crypto Academy Contest / S8W1 - The Importance Of Blockchain Technology.
Assalamualaikum,
I hope all of you will be fine and happy and enjoying good health with the great blessing of Allah Almighty. My Name is Ali Hassan and Today I'm going to take part in this Is Interesting Contest.
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This Post is my Participation in Steemit Engagement Challenge Season 8 and Week 1. Good luck to every participant.
Blockchain is the Invention of Current Century. With the Development of Blockchain Our Financial System is also developing and both are related to each other. As, the time is passing Blockchain is claiming itself as legal tender because we can't survive in this modren without this technology. Blockchain is the Future of World. We can't escape from it.
Blockchain is still under development, The meaning of my saying is Blockchain is developing day by day because nothing is perfect and No one can stable. Like life technology also change with the hour of need. Same with Blockchain technology, there are some issues araising in Blockchain technology and these issues or limitations are mentioned below.
Privacy:
As Blockchain is a Decentralized network which is available to view for everyone. Anyone from Anywhere can view the transaction and information on digital leadger.
Due to this the privacy is compromised. Your information can be seen by anyone. Like Steemit is Blockchain Based Blogging Platform and here you can see anyone Comments, Votes and even the Wallet and the assets in it.Security:
Security is another Concern to existing Blockchain, we have seen that many times Blockchain was hacked somehow by hackers and the tokens and Coins of users were washed from thier accounts. Cyber Attack also seen on Blockchain so security us another major concern of Blockchain.Scability:
Scability is also a major Concern with Existing Blockchain. We have seen that the Blockchain Congested and the transactions took much time to take place and the load on Blockchain also change the gas fee and this thing is common with Ethereum Blockchain. In this way the performance of Blockchain is affecting due to Scability factor.Network Problems:
The Main Problem in Blockchain technology is the network Selection Issues. Most of the users left using Blockchain because they lose thier assests by sending them using a wrong network. There should be communication between different Blockchain which ensure users assets.
There are some other issues which are limiting Blockchain and need to improve so we have a better experience and get more benefits from this technology.
Blockchain technology is a New and Innovative way to Handle your Financial Assets. Blockchain allow users to send and store digital assets. Users can store and make transactions using Blockchain all over the world without any border limitations. Blockchain is more secure and transparent than our banking system.
Secure than other wallets:
Blockchain provide a secure wallet than all other type of Digital wallet. Blockchain has open source built in system but the wallets are conded in such a way that it is very difficult to decode them and to hack them.
Hacking is normal thing in financial system but Blockchain wallets are much safer than other types of digital wallets. So, Blockchain is safe to use.Transparency:
Blockchain is Transparent and can be used for the accountability of corrupt mafia. If Blockchain practiced at bigger level than corruption can be eradicated from this world. Blockchain is very transparent and the transactions and stored data can be seen easily without any permission.Changing the World:
Blockchain is Changing the world and converting the world into digital worlds. There are many innovations of Blockchain and VR technology is because of Blockchain. Blockchain very digitalize the world soon and will change the financial sector.Provide Borderless Transactions:
Blockchain Provide boederless transactions with a few seconds of time. You can transfer your assets to anyone wallet anywhere in world without any charges. I think Blockchain will replace the Captaincy of Dollar in the world and will become the international currency Soon.Data Can't Manipulated:
One of the key feature of Blockchain is it's Uneditable system. The information which once processed on Blockchain can't be edit and can't be deleted from the system. That's why it is very safe and secure way to make your deals because the data can't be manipulated not destroyed anyway.
Blockchain is a innovation in this world and provide many features which are attracting new users and investors towards itself. Blockchain will Improve more and will make our life more easier.
Blockchain is a evolving technology, It is spreading day by day and more and more people are getting familiar with it's processing, working and usecase. In start it was very difficult to understand it and many users didn't get intrest in it but with the passage of time it pass through development process and now Become easily understandable.
Now Blockchain is the fastest growing network and attracting new users due to its features and usecase now Inshallah one time will came when Blockchain will become a part of our life.
The Word Blockchain is made up of two words Block and Chain. Means the information and the transactions that process on Blockchain is stored in Blocks and when a block complete it attach with the existing one in form of chain. This chain continues and form a network called Blockchain Network.
Above was the simple definition Working of Blockchain now here i will tell you technically how Blockchain works. Blockchain is a digital leadger where Minners process the Transactions and validate it and take the reward. The total gas fee is disturbed in all the nodes that take part in processing thaat transaction.
- Blockchain works on smart contracts and the smart contracts could be immutable digital ids and information and a transaction. Blockchain provide a platform where users can contract with each other using Smart Contracts.
So, this is the way how Blockchain work, Blockchain is providing a good source of money to minners who process and validiate the information from different part of world and get rewarded in form of coin.
Zero Knowledge Proof:
Zero knowledge Proof is cryptographic way to confirm the authenticity of both users without showing the sensitive information. Actually this is a digital way where users confirm thier authenticity and in this way they don't need to disclose thier information to other users.
This method is getting popular because this system help to confirm the authenticity of user without knowing it's personal details and disclosing his privacy.
This Method is used in many online services, It is used to confirm that the user entering the site or using the service is verified and nor spamming the network.
The practical application of Zero Knowledge Technology is Captcha. In Captcha it js confirmed that only human can enter the website and place a puzzle or simple question which can be solved by every human and confirms Only human is entering the website not a bot.
Zero Knowledge Proof has potential Uses it can be used to make deals, The peer to peer deals can be possible by this method because both the parties are unknown to each other and a intermediate party which has the information of both parties can act as broker to process that deal.
This is a best way to transfer data between two users keeping the privacy of both, this protocol is getting popular and this is a innovation of Blockchain.
There is nothing in this world which is perfect Expect Allah and Prophet SAW. Blockchain has number of Advantages and Disadvantages but there is need to improve to convert disadvantage into advantages.
Blockchain is becoming famous in current decade and new users are getting impressed from it's potential Usecases. I think now every person know about Blockchain but some of them know how to use it but day by day it's popularity is getting increased. Here are some Major Advantages of Blockchain.
Security:
Blockchain provide a secure way to transfer your assets. It is best way to store assets on Blockchain with little or no risk. Blockchain based wallets are very difficult to hack but hacking is possible but in rare cases.Transparency:
Blockchain is a transparent network, every information present on it can be viewed from anywhere by anyone without any permission. Every information is public and stored on digital leadger.Data can't Manipulated:
The data present on Blockchain neither be edited nor Deleted. The information that once processed become part of Blockchain and saved in blocks which can be edited.Low gas fees:
Blockchain process the Transactions with low fees, Transactions can be processed in whole world with same and low fee. If we use bank to transfer money it will cost high to transfer internationally and take much time but in Blockchain transactions process within a second and cost the same value to transfer assets anywhere in the world.
Blockchain has advantages as well as disadvantages some of the disadvantages are given below.
Polluting Environment:
Blockchain is polluting environment indirectly, as Blockchain need electricity to run it's system and the method to produce electricity which are cost efficient are polluting environment.High Consumption of Electricity:
Blockchain mining system run on electricity and the Graphics card which process the Transactions cost high consumption of energy and in this way a large amount of energy is consuming on daily bases.Complex and Risky:
Blockchain is complex and need proper knowledge to use it any mistake can lead your assets to be lost and can't recovered again.No Regulatory Body:
Blockchain is fully decentralized and no one is owing it so the hacks, bankruptcy and in any other condition users assets are at risk because there is no back regulatory body.
Blockchain is still under process it has benefits as well as disadvantages. But it is sure thing our further is based on Blockchain and we can't escape from the innovations of Blockchain. One day we will see Blockchain playing it's part in every part of our life.
I want to invite @steemdoctor1, @malikusman1, @suboohi, @janemorane, @xiguang, @fantvwiki and @preye2 to take part in this Contest.
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some newer Blockchain networks are being designed to be more energy-efficient, such as the Proof-of-Stake (PoS) consensus algorithm, which uses significantly less energy than the traditional Proof-of-Work (PoW) algorithm.
while Blockchain technology can indirectly contribute to environmental pollution, there are efforts being made to address this issue. As the technology continues to evolve, I am optimistic that we will find more sustainable and eco-friendly ways to power Blockchain networks. Thank you for raising this important topic in your comment.
Yes you're right that improvements are taking place day by day in existing Blockchain, I hope we will find a best way to make Blockchain environmental friendly. Best of luck my friend 🤞☺️
Greetings: You have explained well in this contest that Blockchain technology is a revolutionary system that enables secure, transparent, and borderless transactions. It has been widely adopted across different industries including banking, healthcare, and government services due to its many advantages. You explain well about Blockchain that provides data security that is far superior to other wallets and ensures that data cannot be manipulated or tampered with. In addition, it enables the transfer of funds without having to go through the traditional banking system, resulting in faster transactions and lower fees. But there are few problems in blockchain now that need to be addressed that bring more inovation in this technology.
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As always dear friend, you keep delivering interesting and educative contents for us. You have delivered excellent in the topic of blockchain Importance.
You have presented very interesting features as regards blockchain, ranging from security, transparency, innovative, and immutable. I must commend that these are very important and interesting attributes of this great technology.
Let me add that another exciting and widespread feature of blockchain is it's decentralization, as it allows users to transact directly with one another without having to rely on a third-party institution.
This results in faster, more secure transactions and reduces fees associated with traditional methods.
You equally made a very correct and realistic point here, as regulation remains one of the most challenging aspect of this innovations called blockchain.
Generally, I commend the effort and time you put into your work friend. Best of luck in this contest.
Thank you my friend for your comment on my post. I appreciate your reading and explaining the good points of my post. I wish you good luck in this contest 🙂☺️