Entry {3} - {Blockchain's Multidisciplinary Applications}

Blockchain's Multidisciplinary Applications

     When most people hear the term "blockchain", they usually imagine the news of the most recent Bitcoin surge or the stories of all the people getting rich overnight by trading cryptocurrencies; however, the technology powering the the existence of these cryptocurrencies is applicable in many different realms. As a reminder, the blockchain is "a digitized, decentralized, public ledger of all cryptocurrency transactions," (1). The blockchain's popularity has been exponentially increasing, and its now changing not only finance but virtually every domain of humanity such as storage, property, ride sharing, and many more.

     The healthcare system has recently been impacted by blockchain technologies in the way of infrastructure through companies like Patientory and Change Healthcare. Patientory, "...a cybersecurity blockchain-based distributed electronic medical record network," (2), was founded in 2017 and aims to revolutionize how data and accuracy of information are ensured in records. Patientory has released its own cryptocurrency which currently has a market capitalization of around $11.25 billion dollars. Through the blockchain's proof-of-work setup as well as the ability to exclude the middle-man, patientory can provide more secure, more accurate, and more efficient transfers of data and funds between parties whether it be between parties in the same hospital or parties across the globe. This speed aspect is important particularly in emergencies, which healthcare services experience, when seconds matter most.

     Another domain undergoing change due to the blockchain is cybersecurity. Civic, "...an identity management service that allows you to protect and authorize the use of your identity in real-time," (3), aims to use blockchain technology to help people protect against identity theft, fraud support, data breaches, and other cybercriminal activity. With private, 256-bit encrypted keys used in all transactions only known by the owner, the possibility for theft online greatly diminishes. Also, the implementation of the blockchain technology allows Civic to remove third parties from interactions, which helps to limit who has access to a person's sensitive information. As blockchain becomes more popular and the healthcare industry realizes the potential of the software, cybersecurity is sure to become stronger.

Infographic

     This infographic provides a snapshot of the realms and industries of society in which blockchain technology can remodel and provide improvements.
(4)

Relation to Computer Science

     Many of blockchain's applications are possible today because of smart contracts, which can be defined as, "...self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code," (5). Smart contracts operate within the code through the if-then approach to problem solving. When activated by some sort of input precondition being met(i.e. date, invoking of a function, etc.), the smart contract then checks to make sure every parameter matches the predetermined set of rules. For example, if party A wants to send party B an amount n of a currency of a certain date, the smart contract will be set up to execute only on the date and only if the precise n value of the currency has been sent. If n is incorrect, the transaction will be cancelled.

References

  1. Blockchain. (2017, September 18). Retrieved October 23, 2017, from http://www.investopedia.com/terms/b/blockchain.asp
  2. FAQs. (n.d.). Retrieved November 06, 2017, from https://patientory.com/faqs/
  3. Civic Identity Protection | Identity Fraud Service. (n.d.). Retrieved November 06, 2017, from https://www.civic.com/faq
  4. Pullicino, J. (2017, March 21). The Blockchain Revolution. Retrieved November 06, 2017, from http://theaccountant.org.mt/the-blockchain-revolution/
  5. Smart Contracts. (2017, April 18). Retrieved November 06, 2017, from http://www.investopedia.com/terms/s/smart-contracts.asp

Comments

  1. Jack ConnellyNovember 8, 2017 at 5:55 PM

    The blockchain is a fascinating break from what I'd consider a mainstream application of computer technology, but looks to be the future in a variety of fields. Decentralized information is a wild concept for many, and it leaves me wondering how these things are regulated and controlled (for instance - I'm learning more about cryptocurrencies like Bitcoin daily, but I'm still not sure how the problems that miners tackle are developed or solved).

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