The new technology has greatly affected the finance sector. In fact, it was primarily developed for Bitcoin – the digital currency. But now, it finds their application in a quantity of other things as well.
Imagine an electronic spreadsheet, which is duplicated umpteen number of times across your computer network. Now, imagine the computer network is designed so smartly that it regularly improvements the spreadsheet on its own. This is a broad overview of the Blockchain. Blockchain Kristinn Spence holds information as a shared repository. Moreover, this database becomes reconciled continuously.
This method has its own benefits. Will not allow the data source to be stored at any single location. The records in it have genuine public attribute and is verified very easily. Because there is centralised version of the records, unauthorised users have zero means to manipulate with and corrupt the data. The Blockchain dispersed database is simultaneously organised by millions of personal computers, making the data easily accessible to almost anyone across the virtual web.
After the advent of the eMail, the traditional way of sharing documents is to send a Microsoft Word doc as add-on to a recipient or recipients. The recipients is going to take their sweet time to undergo it, before they send back the revised copy. In this approach, one needs to await until obtaining the return backup to see the changes designed to the document. This happens because the tv-sender is locked out from making corrections till the recipient is done with the editing and sends the document back. Modern day 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, Google 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 acts as a shared document. The dispersed part only becomes relevant when the sharing requires 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 supports 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 stamped record of the study results. Blockchain technology, invented by Satoshi Nakamoto in 08, ensures that transactions created a ledger cannot be changed with time. Since applied to the cryptocurrency bitcoin (BTC), the result is a monetary system that, cannot be manipulated by a centralized government because it creates a long term and accurate record of all dealings. The strength of the system originates from its use of a distributed database as compared to current monetary systems that require a centralized database such as is employed by credit card companies and financial institutions. Applying this same technology to medical research raises rely upon the results because just like bitcoin, the transactions (scientific data collected) are permanently archived in an unchangeable, immutable manner.