The blockchain. A vast system of computing power to record and encrypt information in such a way that it makes it nearly impossible to hack, cheat, or change. Each block in the chain (hence, "blockchain") has a certain number of transactions. Every time a transaction takes place, a record of it is stored in the blockchain with a cryptographic signature and shared with the individual. This is done with decentralization as well. You can learn more about decentralization here!
But how can we apply a blockchain to the real world? There's multiple different benefits a individual or business can gain from using a blockchain. This article is my top 3 list of how blockchains can be used in everyday life. There's no specific order, as these are all just as important as one another!
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This is not financial advice. I am not a financial advisor.
Please do your own research before making any decisions before investing.
This article is meant for educational purposes only.
Since blockchains are heavily secure and tamper-proof, patient medical records can be stored within a healthcare system's blockchain. With current healthcare systems, it can be rather difficult to obtain correct and accurate patient records. Central databases, although secure, can still be hacked into and the system can be wiped or sold to third parties. Scary (and super illegal), this can happen at any given moment. Blockchains can also be utilized in the supply chain of tracking medications from the original source to the shelf. There are a ton of counterfeit medications being tossed around all over the world posing as the correct drug. Blockchain's security could aide healthcare providers and your everyday person with the confidence and knowledge knowing exactly where their medications have been.
Supply Chain Management
The supply chain is the relationship established between a business and their suppliers. Not only can blockchain aide with supply chain management of counterfeit medications in healthcare, it can be used to ensure the accuracy of all goods and services. More often than not, once a product is produced, it is unclear where exactly it moves along the supply chain before it reaches consumers. Even your every day items... do you know exactly how that particular thing got to the store for purchase? I know I for sure don't. Blockchain would simplify this process, tagging and assigning each production batch with a cryptographic signature throughout every step of production and transport. Consumers would then be able to verify the authenticity of an item prior to purchasing, making sure they are getting exactly what they pay for every single time. If there are any issues with the product, the chain can be traced back to where the problem originated and each faulty batch produced can be tracked down with ease.
Given the full transparency of blockchain technology, charitable donations can be easily tracked and traced exactly your money is going. Unfortunately, charities can be known for fraud and not exactly putting your donations in the right place. Utilizing a blockchain for all charitable donations can give the donator full confidence that what they are donating towards is going to the right cause. The fraud that currently occurs with charity foundations would be diminished and money would actually be spent for good and not for profits to board members.
These are just my top 3 picks with blockchains potentially transforming our current world. Some foundations are already implementing these ideas and, so far, have been successful. As you can probably tell, transparency was the key factor in this list. Transparency is something that should already be implemented in daily life, but it isn't. The lack of trust between one another is a tragedy, but it serves its purpose. Individuals will typically tell you anything to benefit themselves and themselves only. Blockchain has the ability to relinquish this problem we face daily!
What are some ideas you have with blockchain benefitting our world?
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