Blockchain is one of the most eminent emerging technologies, and has made an impact worldwide! By now, many people from different industries are trying to find out the use of blockchain within their industries. So let's start by understanding what blockchain technology is.
Blockchain technology is the basic foundation of cryptocurrency. However, the technique is not limited to just crypto-poetry. It has got a lot of potential in various fields. To put it on the table for you guys, blockchain is an account system that basically combines blocks of data. This data is tamper-proof. Today blockchain has successfully made its mark in the fields of fintech and health.
One of the most promising uses of blockchain is using smart contracts. These contracts do not require the participation of any third party to record the contract.
How does blockchain work?
Like I mentioned above, a blockchain is a distributed database, running on multiple computers. It is essentially a distributed technology and is completely open source. What do I mean by open source? This mainly means that one has the power to change the underlying code and see what is really happening within the blockchain.
Blockchain technology uses cryptography. What does that mean? Blockchain uses cryptography that enables distributed ledgers to record transactions or any other information. The information can be in the context of the transaction, in terms of who got married and who also sold the property to whom.
When we talk about blockchain transaction-wise, the account enables us to do multiple transactions without actually knowing the source. I personally believe that blockchain technology is one of the most promising innovations when it comes to computer science. According to Statista, the worldwide blockchain technology market size will see a huge growth from 2018 to 2023. Also, the best thing is that you don't really need to look for blockchain developers to design your blockchain-based app. Today, one of the most popular ways to achieve this is by exploring the option of increasing employees.
Here are the ways Blockchain technology is re-building the world!
Keeping Records
Until now, there have been considerable controversies and problems among medical providers in the case of digital storage and exchange of medical records even in the 21st century. The blockchain, when combined with medical records, solves many problems. Here are some obstacles that blockchain technology will overcome primarily in the health industry.
- Access to medical records - This will help medical providers identify where medical records are, and how to access them.
- Data confidentiality - The amalgamation of blockchain technology with the healthcare industry will only enable authorized individuals to access essential and relevant records.
- Functionality - This ensures that records are shared in a non-proprietary fashion on platforms without loss of meaning and their authenticity and reliability is demonstrable.
Keep an eye on your fitness
Blockchain is also working to rebuild the world by entering the field of health and fitness. Today, many startups and companies are constantly working towards incorporating fitness and diet factories to deliver to patients, and anyone for that matter, has a better view of their progress in achieving their fitness goals. If you want to hire developers to build that fitness tracking app for you, now is the right time!
In the month of November 2017, one of the mobile phone giants, Nokia, came to the forefront with its pilot programs, where they are storing fitness data of some volunteers to test the ability of blockchain in achieving desired results.
Subsequently, Nokia said that they "started a pilot program to explore new opportunities in the growing field of digital health, which aims to give people more control over their personal health data - how it is shared, who can share it." Can access, and how it can be used - with a focus on privacy and security provided by blockchain technologies.
One of the biggest examples of amalgamation of blockchain with tracking your fitness is the Bolt app. The Bolt app enables you to earn digital currency for every step you take.
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