Nowadays, technology is scaling more recent heights of success at an unbelievably fast pace. A single of the latest triumphs in this direction is the evolution of the Kristinn Spence Blockchain technology. The new technology has greatly influenced the finance sector. Inside fact, it was primarily developed for Bitcoin – the digital currency. But now, it finds the application in a number of other things as well.
Imagine an digital spreadsheet, which is copied umpteen number of times across your computer network. Now, imagine the computer network is designed so smartly that it regularly updates the spreadsheet on its own. This is a broad overview of the Blockchain. Blockchain holds information as a shared repository. Moreover, this database becomes reconciled continuously.
This approach has its own benefits. It will not allow the repository to be stored at any single location. The records in it own genuine public attribute and is verified very easily. Because there’s no centralised version of the records, unauthorised users have zero means to change with and corrupt the data. The Blockchain distributed database is simultaneously managed by millions of computer systems, making the data easily accessible to almost anyone across the virtual web.
After the advent of the eMail, the standard way of sharing documents is to send a Microsof company Word doc as add-on to a recipient or recipients. The recipients is going to take their sweet time to go through it, before they send back the revised copy. In this method, one needs to wait till getting the return duplicate to see the changes designed to the document. This particular happens because the tv-sender is locked out from making corrections till the recipient is done with the editing and transmits the document back. Modern databases do not allow two owners access the same record at the same time. This is how banks maintain balances of their clients or account-holders.
In contrast to the set practice, Yahoo docs allow both the parties to access the same document at the same time. Moreover, it also allows to view a single version of the document to both of them simultaneously. Just like a shared ledger, the Google Docs also provides for a shared document. The distributed part only becomes relevant when the sharing involves multiple users. The Blockchain technology is, in a way, an extension of this concept. However, you should point out here that the Blockchain is not designed to share documents. Rather, it is merely an analogy, which will help to have clear-cut idea concerning this cutting-edge technology.
Blockchain technology applied to medical research can improve trust in science by creating an unchangeable, time rubber-stamped record of the research conclusions. Blockchain technology, invented by Satoshi Nakamoto in 08, ensures that transactions entered into a ledger cannot be changed with time. As applied to the cryptocurrency bitcoin (BTC), the result is a monetary system that, are not able to be manipulated by a centralized government because it creates a long term and accurate record of all transactions. The strength of the system arises from its use of a distributed repository as compared to current monetary systems that require a centralized database such as is employed by credit card companies and banking institutions. Applying this same technology to medical research boosts trust in the results because just like bitcoin, the transactions (scientific data collected) are permanently archived in an unchangeable, immutable manner.