#Blockchain: changing the way (your) business is done
Blockchain is basically a decentralised general ledger (made public). As a backbone to Bitcoin, the blockchain records all transactions that have ever taken place on Bitcoin. Transactions are placed into blocks which, once completed, the blocks get added to a chain of blocks in chronological order… Hence, Blockchain.
In my previous article I separated Bitcoin from the Blockchain because we need to discuss and dissect the technologies that is the blockchain and how it’s pretty much a big deal in almost every industry. See, with blockchain, transactions are more transparent as there is not intermediary between two parties making a transaction- it’s just me and you, no policing, no asking for permission, no counterparty risk.
When you’re alone you sit and think “why hasn’t this been the way we conduct our business [?]” because, you make the instruction and protocol will be followed, in shorter time too, with lower transaction costs.
“Beyond Bitcoin, Blockchain is coming to disrupt your industry” by David Schatsky and Craig Muraskin, is a report released this year by the Deloitte University Press essentially studying the application of the technology in various industries besides the financial sector, industries like industrial products, consumer products, media, hospitality, travel, retail, and others.
According to Coindesk, a billion Dollars in venture capital has flowed to more than 120 blockchain-related startups, with half that amount invested in the last 2 years. The R3 blockchain group is a consortium of thirty of the world’s largest banks set to design and build blockchain solutions, all the while Nasdaq is piloting a blockchain-powered private market exchange. These are major signals.
Anyway, this is an excerpt from the report of how blockchain technology can be used in life sciences and health care for example:
The health care sector is starting to show interest in blockchain technology as a means of securing digital assets. Blockchain-based record-keeping service Factom, for instance, has struck a partnershipwith a provider of medical-procedure ordering and billing services. The companies intend to use blockchain to store health care records such as medical bills and client-physician communications to claims and disputes. The cryptographic security is likely to enhance the security of such records, while the immutable, irrevocable nature of transactions is intended to make claims processing more efficient and simplify dispute resolution. 23 Health records secured via a blockchain could make it easier, in theory, for patients to share records with multiple providers while retaining control over those records.
Philips Healthcare has confirmed it is currently exploring potential applications for blockchain technology as well, though it has not disclosed what applications it is evaluating.
So what I'm saying is; don’t exclude yourself from the blockchain conversation, it’s a technology set to change the way we do business across the board.
That is all.
