blockchain

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What is Block Chain?

People usually connect Block Chain with Bitcoin, but the fact is Block Chain is a technology and Bitcoin is a Crypto currency. Crypto currencies are using Block Chain Technology to come into existence and grow its usage.

Block Chain actually has given a solution to a problem. People think it’s a product, software or hardware… Of course they are supporting ingredients to make Block Chain work. But my recommendation is to treat Block Chain as a Technology Solution that’s makes decentralized process possible.

Block Chain will change the way Organizations work.

Block Chain is the only solution to moving Organizations and Industries from a Centralized system to one that is Decentralized in order to bring Trust, Integrity & Security.

Cyber Security

Let’s take an example of an online virus attack – whenever the world faces online virus attack, within a very small span of time, the whole internet faces problems.

In this scenario most of the antivirus companies start marketing their product, saying that they have the patch or solution upgrade, which can secure your computer.

How can Block Chain solve this problem? There are many solutions that come up around the world at the same time. Hence we can start punching these patches with the help of Block Chain and within a very small span of time, the whole world will be updated with a perfect security patch.

Hence this problem can be solved by decentralizing the update for antivirus and the perfect solution will be delivered at very low cost.

 Voting

Now-a-day’s countries follow a voting system that uses electronic voting machines. These voting machines have now come into the radar of being hacked. This has happened because voting is centralized. If countries use voting systems with the help of Block Chain, then there is absolutely no chance of hacking, because this will take support of decentralized mechanism.

 Media & News

We are experiencing fake news on many platforms of social media … This fake news harms society, people, community etc… Block Chain can solve this problem. Before sharing any news, if every media checks the news index provided by Block Chain, then fake news can be suppressed within minutes, and true news will keep on getting high index and will be validated.

Moreover this can help society vice versa i.e., most of the governments suppress news for their vested interests but after successful indexing of news via Block Chain, this problem will also be solved.

Legal Industry

The biggest problem in the Legal Industry is that it has many areas, like security of documents, forensics… etc. Over a period of time, Legal Industry is the domain and this has been in news. Block Chain can solve the problem of making it centralized to decentralized.

 Real Estate Registration

When a person buys a home, there are three parties involved – (a) Buyer (b) Seller (c) Registrar.

Whenever this deal takes place, papers are made and are registered with a centralized registrar which could be any Government Department. But Block Chain will solve this problem by making the centralized control to a decentralized one, hence making it more transparent, secure & cheap.

Money Transfer

In order to send money across borders, three parties are involved, i.e., Sender, Receiver and Company (Bank). In This case you will register a deal at the Bank or Company’s Server which is centralized… and they charge huge commissions on this transfer. Block Chain makes it secure, simple and even free of charge.

 Healthcare

Let’s talk about the Healthcare Industry. There is a big need to keep health records universal and secure. This can be achieved by using Block Chain Technology, again making it decentralized from centralized.

 Some of the below industries will also get affected by the new process implementation in future Education , IPR Industry, TelecomShare Markets, Genetics, Medical Research, Space etc.

(Note: “Centralized” – This is The word hated by Block Chain … That’s why the concept of Block Chain came into existence. Block Chain is De-centralized, that means many registrars and once the deal is finalized, every registrar updates their register and shakes hand. Please note – This Deal can’t be changed at all…By anything! Once punched, its registered..! This is Actually the Beauty of the Block Chain Concept.

This actually has solved the problem and the trust has increased….Business will become simpler, less expensive, cross border)

 How does BITCOIN support the BLOCK CHAIN Concept?

Bitcoin is a crypto currency and it was in existence, but was finding its way to spread all around. It took the help of Block Chain to make it robust and go on … proved history.

 What is Crypto Currency?

It’s a Digital form of Currency which has some value attached it.

Types of Crypto Currencies?

After success of BITCOIN, there is a wave of crypto currencies in the world, some of being Litecoin(LTC), Ethereum (ETH), Zcash (ZEC), DASH, RIPPLE(XRP), Monero (XMR), Peercoin, Namecoin…

A more interesting fact is that the internet has come up with a new Crypto Currency Exchange also, which keeps giving live information regarding Market Capitalization, Exchange Price in ($), Supply, Volume  etc  and it’s Live..!

Who are Miners?

Mining is the process of solving some mathematical problem.

Cloud Mining or Cloud Hashing enables users to purchase mining capacity of hardware in datacenters.

Bitcoin cloud mining enables people to earn Bitcoins without managing hardware, software, electricity, bandwidth or other offline issues.

Hence all Bitcoin mining is done remotely online.

What is wallet?

Its a software which can be installed on computer or mobile. Functionality of the wallet is to store, send and receive digital currency.

Most of the crypto currencies have their own wallet. We can use third-party wallets for this also.

Wallet actually acts as a personal ledger for all transactions.

Security of the wallet depends upon the source of the wallet developing company. It is always recommended to download from known sources.

Every Wallet will give you a key to access as a user. You should never forget or lose that key. If you lose that key, then you will lose your coins also.

Types of Crypto Currency Wallets:

Crypto currency wallets are available in different forms. We have Desktop Software Wallet, Mobile App Wallet, Online Wallet, Hardware Wallet, Paper Wallet etc

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The impact of blockchain is no longer a matter of imagination and science fiction. Tech behemoths such as IBM have spent significant resources towards conducting comprehensive studies to understand how vital blockchain can be for healthcare, and dozens of high-octane blockchain startups have set out to revolutionize the healthcare space for the better.

The intersection of blockchain, tokenization, and smart contracts with the healthcare industry paves the way for new and highly innovative solutions to solve problems that have been festering for decades.

The startups in this article are utilizing the above technologies to fight dangerous and rampant global pharmaceutical counterfeiting, streamline the transmission and storage of medical records, and even create long-term incentivization-based loyalty programs for dental communities.

1. Fighting Fake Pharma with MediLedger

The pharmaceutical industry has been slowly bleeding out to the tune of $75 billion every year due to counterfeit drugs. With over 100,000 deaths worldwide directly linked to the use of these counterfeit drugs, fake pharma not only poses a global threat to corporate innovation but also to thousands of people unknowingly taking drugs that may end up killing them.

The fake pharma problem doesn’t show any signs of slowing down; experts estimate that an investment of $1000 in a counterfeit prescription drug operation could result in a $30,000 return – nearly ten times the profit of trafficking heroin. To spice up the deal for pharma bootleggers, the criminal penalties for selling counterfeit medications are far less than dealing their more illegal and nefarious cousins, making the profit margins higher and the risks lower.

The rise of internet pharmacies has also made it incredibly difficult for authorities to keep up with the tracking and verification of billions of pills shipped out every year. United States consumers are largely oblivious to the dangers of purchasing drugs online, as an estimated 36 million Americans have been able to buy drugs online without a valid prescription. Stricter regulatory supervision would require a technological asset to help track supply chains at scale.

That’s where MediLedger comes in. MediLedger is an open and decentralized network for the pharmaceutical supply chain. Blockchain has long been praised for its supply chain applications, and it has already been used broadly in large shipping networks that share similar logistical concerns as the pharmaceutical industry.

Using a project such as MediLedger allows pharmacists and patients to verify the legitimacy of their drugs, and even see minute details such as the date and manufacturing details for each order. MediLedger utilizes features such as compliance, track, trace, and security protocols to create a cost-effective GS1-compliant verification system for pharmaceutical companies. Regulators are also able to use the MediLedger platform to obtain crucial information whenever needed.

2. Decreasing the Patient’s Need for Patience with MedicalChain

Medical records create several cumbersome responsibilities for doctors, hospitals, pharmacists, and patients, particularly for maintenance and storage.

Medicalchain utilizes blockchain to securely store and maintain health records in a single location, allowing for different organizations such as doctor offices, hospitals, pharmacists, laboratories, and pharmacists to request permission to access each patient’s record.

Each patient would essentially be assigned a unique blockchain fingerprint that verifies their identity and provides them will full access and control over their data. Patients will be able to grant different levels of access to various users by setting access permissions and designating who is able to write data to their blockchain.

This feature is particularly notable in the context of the emerging trend of telemedicine, or the online consultation between doctors and patients using a webcam. Medicalchain would make it possible for patients to grant their digital doctor access to their records, ultimately leading to more in-depth consultations.

Maintaining medical records on the Medicalchainblockchain would not only offer higher degrees of flexibility in treatment, but is also much less expensive than current methods.

3. Incentivizing Patient Responsibility with Dentacoin

Although it might not be your typical healthcare startup, Dentacoin showcases a unique consumer-facing application of blockchain and smart contracts.

For many people, going to the dentist is an experience forced by circumstance rather than preventative care, and procedures such as root canals can be very expensive and painful. $440 billion is spent on dental treatment globally every year, and according to the American Dental Association, 90% of these expenses can be avoided if patients visit a dentist at least three times a year for early preventative treatments and checkups, while also establishing healthier dental habits like flossing and better nutrition.

Dentacoin removes the need for big insurance companies acting as intermediaries via smart contracts that link patients directly with dentists.

Essentially, each smart contract encourages patients to take control of their preemptive dental care such as flossing, proper nutrition, and routine check-ups with dentists. Additionally, patients can earn rewards by providing accurate reviews for each visit to help increase the overall quality of the dental community. Since these reviews are stored on the blockchain, they’re immutable and can’t be manipulated.

Dentists are incentivized to ensure long-term dental success for each patient using the Dentacoin network and are rewarded in small monthly contributions of the Dentacoin token, which can later be sold for fiat currency on a variety of exchanges.

Since its launch on August 17th, 2017, there are over 4093 dentists using the Dentacoin platform.

Final Thoughts

Blockchain enables a fundamental increase in the technological capabilities of multiple sectors that focus on the well-being and longevity of the human population. The startups listed above are not only showcasing how this new technology can impact such a critical industry such as healthcare, but they’re also paving the way for countless future startups and applications.

** Original article from SingleCare.

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