Thu Jun 28
Reading time: 5 minute(s)
One of the biggest questions we get a BitCanuck, is getting a clearer understanding of Blockchain, and how it can be applied in a variety of contexts.
Blockchain, at the end of the day, is a list of records.
From a business perspective, with most of the organizations building their lists, the huge opportunity offered by blockchain is driven by the specific nature of the blockchain record keeping.
One major difference between blockchain and the typical database, from a record keeping perspective, is that once recorded, the data in a block cannot be modified retroactively.
This leads to the idea that the blockchain maintains what we could call “a single version of the truth” and maintains this historically from the first block and any additional new block that is created after. To change one block will lead to changes to subsequent blocks and through the current development, adoption, increased number of users, this becomes more and more unlikely and virtually impossible.
Proving this true has become currently one of the bottlenecks of the blockchain adoption that from a design perspective, an business person would want to employ processes where he or she was absolutely positive that alterations of records were not possible.
The immediate wider use of the blockchain in business could be driven by the understanding, as well as the enforcement of this requirement: “Absolutely positively no alterations of records are possible”
– Is it valuable and can it make a difference, for example, for a doctor to see the entire list of allergies of an unconscious patient brought to ER?
– Can the need for privacy be resolved while having this data available?
– Can a reference blockchain system be developed to create the “next generation” of medical record keeping that is available to any trained professional worldwide who interacts with any patient who provides consent to access the data.
– Can we confident that this data will not be abused such as situations where insurance may not be provided?
We hope that this introduction to Blockchain has been helpful. It is exciting times, and cryptocurrency is just the beginning.