Understanding how blockchain works is not that difficult but it can be understood only when it is explained in a proper way, and today in this article we will be having a clear explanation and surely an easy one about how a blockchain works and some other essential information about it.
The main purpose of blockchain is to allow digital information to get distributed correctly, only to the companies and people who should have access to but not copied or sent to wrong parties. In other words, blockchain is all about data ownership and the secure passway of day between two entities.
Where does the ‘blockchain’ term come from?
According to HealthcareWeekly, this is how blockchain is used in healthcare:
‘Using blockchain technology, patient records can be accessed securely and reliably. In addition, patients can share their entire medical histories anonymously with researchers and healthcare organizations — thereby increasing the efficiency of data-driven processes such as new drug discovery.
In other words, different blocks on the blockchain record unique pieces of information (pricing, contracts, personal data etc). And when that single block is stored with information or transactions it gets attached into the blockchain. The owner of this blockchain-based transaction will have his or her own private password which tied to a single address on the chain or blockchain. And this also the place where the ownership of that particular person is been regarded or recorded.
And when you have your blockchain on hand there will not be any need of intermediaries.
That’s why the writers at Digital Authority Partners, are particularly excited about the future of blockchain: ‘More than a buzzword for cryptocurrency, blockchain is revolutionizing the healthcare space by allowing the sharing and analysis of critical patient data in real time to improve quality of care and transparency’.
How blockchain works
Many great doctors are really excited about the future of health technologies blockchain. For example, cardiologist Simon Stetzer believes that artificial intelligence and blockchain will completely redefine biotechnology as a field over the next decade.
So why are people so excited about the application of blockchain in healthcare? Let’s give a specific example. Let’s start with imagining 2 people who are willing to make updates in their account balances at the condition when they need to transfer money from one customer to the other. You don’t know but, in these situations, you will have to spend a lot a time and effort for the coordination and you also need to spend time checking that each of the 2 transactions is going in a right way or the way it should go. You will have to sit at your chair and wait until you get a word from the recipient that he or she has received them. But when you use blockchain you can easily get connecting between the 2 parties to know or see all the stuff related to it. So, using a blockchain in this condition can be a lot easier.
And this is just a simple transaction example. The reality is that in healthcare alone, blockchain can be used to store patient data, share information between doctors, and even share information back to drug manufacturers about on-stock availability for specific drugs to help with inventory forecasting and mass production.