Blockchain was previously referred to as the blockchain. It is a growing list record known as blocks which are linked by means of cryptography. Each block has a cryptographic hash of the preceding block, a timestamp, and data pertaining to the transaction. This is generally represented as a Merkle Tree.
From the perspective of design, a blockchain is resistant to modification of its data. This is because that data when once recorded, data in any given block cannot be changed on a retroactive basis without altering all other subsequent blocks.
For using blockchain as a distributed ledger, a blockchain is usually managed by a peer-to-peer network on a collective basis. This follows a protocol for inter-node communication and helping validate new blocks.
Though blockchain records are not unalterable, blockchains may be considered secure in terms of design. It must also represent a distributed computing system with a high interactive consistency tolerance. Blockchain has been described as an open & distributed ledger that can record transactions between two parties efficiently. Transactions must be recorded in a verifiable and permanent way.
The top apps on Blockchain – what are they?
Considering the popularity and hype gained by blockchain technology in the past 10 years or so, it would not be unrealistic to say that blockchain technology is a game-changer of sorts and is often regarded as the next big thing to have ever happened since the internet’s inception.
In simple words, it holds a record of each and every transaction which can be easily accessed by everyone, which thus removes the need for a central authority. Blockchain itself is a repository collecting data in encrypted blocks.
Now it is time to have a look at some of the best and real-world 10 blockchain applications made using blockchain technology across various industries that can demonstrate substance beyond the hype:
The healthcare industry
The patient is the central point of the healthcare ecosystem. They have rights to accurate information and top-notch healthcare. This can also be looked upon as a matter of life and death. Security and privacy of health data are imperative to the industry as it helps to track serial and batch numbers of prescription drugs and medicine.
Hospitals today have now moved away from paper in terms of recordkeeping and now are using blockchain for storing patient data (kept in a confidential manner). The patient would then be given a number-based key in accessing these records, thereby keeping the patient in control of who can view that kind of data and info. Patient diagnoses are also stored that way to easily track patient health records.
Supply chain management
Blockchain can increase the overall efficiency of supply chains in various regions. It helps provide accurate location identification as well as accurate identification of the location of items in movement on the supply chain.
Blockchain also helps reduce the need of the usage of paper, prevent losses, and monitor the quality of products that are in production (Ask Mr. Robot).
Digital Identification and IDs
It is estimated that a billion people around the world do not have an identity. Microsoft right now is working on the creation of identification to help empower impoverished people as well as refugees. This will help in linking them with the financial sector via formal means. In fact, Microsoft aims to do this through the Authenticator app.
The authenticator does not just any password. Instead, it uses an extra layer of protection that uses a code or a token for identifying a returning user or a device. This itself is proven to be an ideal way for users in controlling their digital identities.
Inheritance and will
Though this is risky, there are instances that paper-based wills can now be replaced with digitized wills which can be created and stored on blockchain networks. This should be used along with smart contracts as it would make the document be legally binding and crystal clear as to who should receive which assets and why whenever the holder passes away, putting end-of-life concerns at ease.
Blockchain in food safety can help trace the food from its rightful origins, storage, transportation, and process to the end user’s home, fridge, stove, and plate. Blockchain’s immutable nature helps monitor the transport of food products from the origin to the marketplace. It also helps detect sources of contaminants, toxins, and food borne illnesses.