Last updated on October 24th, 2019 at 06:25 am
If you were wondering whether the new disruptor, blockchain, can be applied to your industry, let us tell you that Blockchain has applications to virtually every industry. You just need the right minds working with you and you will easily find numerous ways of integrating blockchain technology to your business. Please note that Blockchain technology is actually a decentralized and distributed mechanism for keeping records. Financially, it can be translated as a digital transaction ledger that is distributed across multiple servers. This makes it really secure, especially when you are working in a trustless environment. The multiple applications of blockchain technology are already multiple industries, such as:
· Financial services
· Global logistics and shipping
· Land use
To know how blockchain technology can be applied within your industry you need to first understand it properly. Perhaps the best way of comprehending it is thinking of it as a decentralized ledger. Now in terms of your medical history from birth to present, each medical visit you make creates a block (a block of data). A block is actually an event with some data tied to it. All blocks (medical visits) when strung together create a chain and this is called the blockchain.
All these blocks are immutable and cannot be deleted. You can edit the information but editing will create a new block linked to the block intended to be edited and the original block unchanged. For example, a new medical visit becomes a new block and although the doctor can create a new block, they cannot alter or change the old blocks — even those that they themselves created. This protects the patient data, in cases of malpractice when doctors attempt to edit or alter the old records for their own benefits.
Blockchain makes it safer to store and access data. Since it is decentralized, it means all your records do not exist in one place. Furthermore, each server on the blockchain network validates each transaction and this makes it very difficult to create fraudulent blocks. If a hacker was to access or modify your data, he would need to hack every separate block across many servers.
Now that you know the multiple functions of the Blockchain Technology, you can easily think of ways you can implement it within your industry and use it to your benefit. Good Luck.