The explosion in
popularity of Bitcoin, a blockchain-based cryptocurrency, brought Blockchain
technology to the forefront. The origins of Blockchain technology date back to
the late 80s, when Merkle Tree was created. However, W. Scott Stornetta
and Stuart Haber were the first to use it. Haber and Stornetta imagined a
cryptographically secure system with blocks linked together in a chain. This
would ensure everyone keeps the timestamps of documents. The whitepaper by Satoshi
Nakamoto, Bitcoin: Peer–to–Peer Electronic Money System, went viral.
Healthcare
Cyber-attacks are most
likely to target the healthcare sector. Medical institutes must protect their
data to ensure confidentiality and safety.
Secure data sharing
between hospitals and clinics can improve healthcare services and increase the
effectiveness of treatment with an accurate diagnosis. Blockchain allows
patients, clinics, and other entities to collaborate and give access to the network
without exposing critical data.
Blockchain-driven
healthcare solutions can also significantly improve patient care, advance
medical discoveries, secure patient data management, and track medical supplies
and patient collections.
Data storage
To increase security
and integrity, blockchain technology can be used in data storage solutions. It is easier to hack into data stored in a distributed manner
than to wipe out the entire network.
One
point might be all that is needed for a centralized storage provider. Because
access is not tied to one company's activities, this allows for greater data
accessibility. Blockchain data storage may be more affordable in certain cases.
Finance and banking
Blockchain has many
benefits for the banking and finance sector. It is transparent and secure and
can improve record-keeping. It is an excellent solution for banking purposes,
such as Anti-Money Laundering, Client Onboarding, or Fraud Prevention.
Monitoring is
the apparent application of Blockchain. It provides transparency and greater
traceability and allows for faster analysis due to its digital nature.
Sharing a distributed
ledger with regulators is also an option.
This would
eliminate the need for reports and help with identifying risk faster. In
addition, Blockchain will enable automation, reducing costs and speeding up
decision-making.