Blockchain technology which is also known as the distributed ledger technology has the potential to eliminate high volumes of data thereby saving money. Blockchain technology is based on distributed topology where users can view data which is stored and shared globally. No entity can take control of the data storage world. Any entity, from healthcare to mobile payments, can use blockchain technology. Initially, blockchain technology was used only for bitcoins. The technology is programmed to record financial and value-based transactions.
The blockchain is an electronic ledger shared amongst users and creates a non-editable record but keeps track of all the digital transactions. Each transaction is called a block. The block is made accessible to all the users or a set of controlled users. Any block can be updated only with the permission of the set of controlled users. Data is virtually encrypted. Blockchain uses one time editable and many time appendable concept. Blockchain transactions are encrypted (secured) and decentralized. Blockchain data can be modified only when both the parties agree to modify. For instance, in real estate business, to edit a transaction, the buyer, the seller, and their financial institutions should agree to edit. Private and public blockchains work private and public respectively. Technically, each record or transaction is linked with a hash. When a hacker tries to peep or steal the data, the hash value is altered thereby he cannot get access to the data. Only at instances of the same hash value, data will be shared.
Why Blockchain in Digital world?
To protect data and keep data open amongst the parties with simple and cost-effective programming. Real-time industries like Logistics and Finance use blockchain technology to keep data and transactions secure. Let’s explore why blockchain is needed in this digital era.
For a cargo shipment to happen, we need sign-off from many shipping officers, receivers and so on. If we apply blockchain technology in this instance, every member involved will be able to view the progress of the shipment online. In the future, the same will get expanded to e-commerce industries to streamline the trade online.
Blockchain technology removes unwanted third parties. Hence, in the field of finance and payments, there will be no need of a government player for clearance of documents. For instance, the settlement time taken in stock markets will be drastically reduced with the implementation of blockchain methodology. Also, in the track of identity management when it comes to online transactions, blockchain will reduce online fraud.
Maintaining the sensitive and PHI data of the patients securely through blockchain allows only the physician, the patient, and the insurance party. This helps in maintaining the privacy of the patient. This allows the insurance parties to customize plans for the patients. In turn, the patients can follow up the health behavior thereby predicting the poor health if any.
To sum up, experts have identified blockchain as the best possible secure way of transactions. The blockchain is the best method for record keeping and auditing purposes. This will increase privacy and security of data. As icing on top of the cake, no blockchain network is hacked. In the near future, blockchain will become unavoidable. If you plan to implement any type of data storage, try using blockchain for your next venture and do visit our blockchain development and improvement page. We are one of the prime developers in this niche technology. Time is not far when we adapt and apply blockchain in our day to day lives.