So… Exactly “What is a Blockchain?
A blockchain is a concept that sounds complicated, but when we break it down, bit by bit, we begin to understand and appreciate its brilliance. Basically, a blockchain is a computer program developed for the purpose of creating a type of “distributed ledger.” The distributed ledger utilizes a dynamic list of records (blocks) that are linked together in a transparent and highly secure way via cryptographic hashes. Cryptographic hashes are simply a technical method used to compress data.
Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. The timestamp provides proof the data existed when the block was created. Because each block contains information about the previous block, these blocks effectively form a chain, with each additional block linking to the ones before it. Thus, the term “blockchain.”
This uniquely intricate design ensures blockchain transactions are irreversible. Once they are recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks.
Blockchain technology is utilized to create innovative solutions in various sectors, including, but not limited to, business, accounting, finance, science, and healthcare. (Wikipedia).
How is blockchain related to Bitcoin?
Blockchain is still in its’ infancy and there is massive competition to develop applications utilizing the power its decentralized network offers. One of the first use of blockchain technology was the creation of a digital currency known as Bitcoin. Michael Crider, a clever Bitcoin guru, provides a simple description of Bitcoin:
“{Bitcoin} isn’t simply an assigned value of money stored in a digital account, like your bank account or credit line. Bitcoin has no corresponding physical element, like coins or paper bills. The value and verification of individual Bitcoins are provided by a global peer-to-peer network.
Bitcoins are blocks of ultra-secure data that are treated like money. Moving this data from one person or place to another and verifying the transaction, i.e., spending the money, requires computing power. Users called “miners” allow their computers to be used by the system to safely verify the individual transactions. Those users are rewarded with new Bitcoins for their contributions. Those users can then spend their new Bitcoins on goods and services, and the process repeats.” (Michael Crider, What Is Bitcoin, and How Does it Work? (howtogeek.com) January 25, 2022).
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Blockchain-Enabled Medical Devices – A gift that may save your life!
A Blockchain network is used in the healthcare system to create, preserve, and exchange patient data with hospitals, physicians, diagnostic laboratories, pharmacies, and rehabilitation facilities. The Blockchain resides on a decentralized data network that provides secure and accurate data transport and exchange to determine a patient’s health.
Now, let’s learn how Blockchain-enabled medical devices will create a new level of trust and confidence between patients and their community of healthcare providers.
Blockchain technology is designed to create, protect, store, and transfer health records in such a way as to prevent a patient’s records from being lost, manipulated, or altered. In short, Blockchain-Enabled Medical Devices are designed to provide a patient’s critical medical data to treating physicians.
Through rapid and secure blockchain analytics, accurate information about the patient’s medical condition, special needs, allergies, current medications, and other critical, life-saving information will be readily available to medical professionals.