Application of Blockchain
- 03 Jun 2022
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Blockchain is an emerging technology. Most people have no idea about how this technology works, how this technology is creating an impact on various sectors, etc. In this article, we will analyze in detail, the various sectors where this technology is bringing revolutionary changes.
In simple language, a blockchain is a digital ledger. A ledger is a book used for recording business transactions in the form of debit and credit, just like in a bank statement. In the same way, a blockchain is a digitized, decentralized, public ledger. This ledger is programmed to record virtually everything of value.
Blockchain is a technology that in some way affects each industry. The principle of Blockchain technology is very straightforward and constantly evolving, so it adapts itself to the industry's various needs and specific characteristics.
Let's see the various sector where blockchain is currently playing an active role!
Use of Blockchain in Healthcare:
As far as healthcare is concerned, most people these days appreciate quality healthcare facilities supported by advanced and latest technologies. The health care sector is following a patient-centered approach. Blockchain is playing a critical role in this direction by enabling healthcare organizations to provide high-quality healthcare facilities to the patient. The most prominent need is felt in the area of the exchange of information. Exchanging information is a repetitive and time-consuming process that leads to high health industry costs. Besides, the other major issues faced by health industries are data protection from intruders. This particular problem is well handled by using Blockchain. This technology ensures the safety and integrity of data, real-time updates, and timely access. This provides a great sense of relief to people engaged in medical lines by bringing safe and straightforward means of data exchange. Blockchain enables various health ecosystem organizations to remain in touch and exchange information on a commonly distributed ledger for better safety and transparency. This technology will effectively improve the functioning of the health care sector by removing all obstacles and barriers in multi-level authentication. The reason is that Blockchain can preserve an incorruptible, decentralized, and transparent log of patient data by hiding any individual's entity behind complicated and secure algorithms to protect this highly sensitive information. Because all the data is stored safely in an encrypted Blockchain database, it can save organizations from external risks and attacks. Further, it improves the quality of treatment given to the patient because a doctor can conveniently obtain all the details available to make correct diagnoses and recommendations, using this technology. It allows the transfer of permanent time-stamped clinical trial reports and results, which help to reduce the chances of scams and mistake occurrences in clinical trials.
Smart contracts are those that are embedded with if/then statements, written into code on a blockchain, and executed without the involvement of any intermediary, using blockchain technology. These contracts are automatically executed when predetermined terms and conditions are met. This leads to automation, triggering the next course of action when conditions are met. These contracts ensure safety, security, and time saving, by making the transactions traceable, transparent, and irreversible.
The term ‘smart contract’ was first coined in 1993, but it gained popularity in the year 2013, with the release of the Ethereum Project. This Project “is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.”
According to Chris DeRose ‘smart contracts’ are “self-automated computer programs that can carry out the terms of any contract.” In essence, “it is a financial security held in escrow by a network that is routed to recipients based on future events, and computer code.”
Supply Chain Management:
Blockchain can improve the supply chain by more transparent and accurate end-to-end tracking in the supply chain, as well as reducing cost and risk across the supply chain. Improvement in a supply chain using Blockchain can deliver the following key benefits:
1. Primary potential benefits:
- Increase traceability of material supply chain to ensure timely delivery as per standards laid down in the organization.
- Lower down of losses from counterfeit/gray market trading
- Improve visibility and compliance
- Reduction in paperwork and administrative costs
- Strengthen corporate reputation through providing transparency of materials used in products
- Improve creditability and public trust
- Reduce risk from supply chain malpractice
- Engage stakeholders
Finally, blockchain will help to streamline administrative processes by enabling an effective audit of supply chain data. The old process of manual checks for compliance purposes that may currently take weeks can be accelerated through a distributed ledger maintained under the blockchain. This will lead to saving time and cost involved to a great extent.
2. Education Sector:
With the help of blockchain, data (e.g., credentials, skills learned, etc.) associated with students’ identity is not owned by a central administrator such as a university, but by the student. It will allow students to store their lifelong learning data, fully own it, and control who has access to it (e.g., employers). This way, learners can prove that the credentials in their resumes are accurate and have more control over what can be accessed by their employers.
Blockchain has the potential to ensure the identity, privacy, and security of students’ data. This immutability is possible through its hash chain. For instance, students cannot alter past educational certifications stored on the blockchain, while they may easily do that with paper records. Additionally, privacy is ensured through blockchain not storing the data, but rather a hash of the data. Further, the data may also be encrypted before being stored on the blockchain.
Blockchain ensures that students cannot alter their grades, degrees, and certification, thus offering employers the guarantee that the job applicants indeed have the necessary skills to succeed in the workplace. According to Tapscott and Kaplan, blockchain becomes a “trust anchor of one truth for credentials”. Additionally, this anchor also offers the opportunity to create better matches between job seekers and employers. These distributed ledger technologies support learning and secure academic records which lead to trust and transparency in the skills transactions and sharing processes.
Blockchain technology can be used for entertainment purposes also. One of the best examples is "CryptoKitties". It is a blockchain game on Ethereum, developed by Canadian studio Dapper Labs that allows players to purchase, collect, breed, and sell virtual cats. It is one of the earliest attempts to deploy blockchain technology for recreation and leisure. Each CryptoKitty is a non-fungible token (NFT). Each is unique and owned by the user, validated through the blockchain, and its value can appreciate or depreciate based on the market. CryptoKitties cannot be replicated and cannot be transferred without the user's permission even by the game developers. The game's popularity in December 2017 congested the Ethereum network, causing it to reach an all-time high in the number of transactions and slowing it down significantly.
Leadership in Blockchain:
We at Koderspedia strive to be a leader in blockchain technology. We believe this technology is transforming the way we do business, from transactions and purchases to distribution and security. We’re excited to be part of this evolving technology and look forward to the transformation it brings to the many industries we participate in.
As a leading developer in blockchain, custom software, mobile application and web-based development, we look forward to hearing about your next project.
Please visit our profiles on Clutch.co, where we’re the number one ranked Northern California provider in the above combined services, on DesignRush.com, where we’re among the leading IOS and Android App Development Companies, and as a multi-service developer on GoodFirms.co.
- https://www2.deloitte.com/us/en/pages/operations/articles/blockchain-supply-chain-innovation.html, An article "Using blockchain to drive supply chain transparency"
- https://www.sciencedirect.com. An article on "Blockchain technology applications in healthcare: An overview"
- An article by John Rampton "5 applications for blockchain in your business"
- An article by Nimish Rustagi, and Anirban Chakraborti "Blockchain in schools and colleges"