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Ashutosh Kumar May 10, 2020 0
Properties of Blockchain
Blockchain, at its most basic level, is a way to store data. Data has been and can be stored in many ways, starting from as simple as writing it in a book to getting a little more modern and technical with storing data in file systems that then kind of went to storing data in databases. I mean, the databases came within multiple types like relational non-relational, etc and then blockchain is another way to store data, which has some very nice properties.
Properties of Blockchain:
So, first property is that it guarantees immutability. What that means is that if you have stored data on the blockchain it is guaranteed that data cannot be changed later. This is very important when you want to trust something or when you want to make something more trustable. Because if I am building an application and if I want to change data because everything is in my control, I can change the data and change the data in any way I want to. But with blockchain, That is not possible.
The second property of blockchain which is interesting is that it is decentralized. Which means that no single entity has control. Blockchain needs a group of nodes to be able to serve that work as points where all the data is stored in a decentralized manner. And these nodes work together to make sure that the correct provenance of data is maintained, which means that the correct timeline of data is maintained.
And the third property is that blockchains are timestamped by default. This means that it helps in a decentralized manner. So, that helps, again in trying to see what data how the data has changed when some record was updated. Who updated it on this kind of thing. So these properties are what make blockchain interesting.
Without these properties, blockchain is just like any other place where you can store data. But these properties are what makes blockchain and the reason it is called blockchain is that every data point is termed as a block. As you store more and more data, it gets stored as a chain of blocks. That’s why it’s called a blockchain. It came into mainstream with the advent of cryptocurrencies but given the properties of blockchain it is, it can definitely be used apart from cryptocurrencies.
Blockchain As a Solution
Blockchain as a solution for the banking sector
Investing in powerful technology is a short-term cost to gain long-term efficiency in the banking and financial sector. This certainly applies to the powerful technology, Blockchain, which has the potential to enhance several processes within the financial and banking sector. From making cross-border payments faster to removing the costly middleman it’s already impacting the international as well as domestic banking network. Implementing distributed ledger technology in the banking sector is a great step towards making banks more profitable and valuable.
Possible ways in which Blockchain technology will transform banking are:
Blockchain as a solution for supply chain industries
The proper implementation of Supply Chain Management comes with a lot of benefits. Even in today’s technologically advanced world, Supply Chain Management could be dramatically improved to gain efficiency, audible monitoring of goods, and limit frauds and exploitative counterfeiting.
So, the question arises on how to achieve such improved traceability and transparency in the Supply Chain network. The answer is Blockchain Technology.
Blockchain as a solution for the healthcare sector
Blockchain technology is a flourishing technology that has helped various industries due to its vast applications and secured mode of functioning. The adoption of blockchain technology has helped to solve various issues that include efficient management, streamlined processes, and security. Blockchain has a wide range of applications and uses in the healthcare industry. The ledger technology can facilitate the secure transfer of patient data or medical records, has the potential to manage the medicine supply chain, and can prove handy for medical research.
Possible ways in which blockchain will impact the healthcare industry are: