What is the Blockchain and how is it relevant to the health sector?

by | Tech | 0 comments

In essence, a blockchain is a peer-to-peer network used to store and verify records and store them in the same way as a database, but in a decentralised way. 

In recent years, the term blockchain technology has been heard time and again, probably in reference to cryptocurrencies like Bitcoin. Sometimes this term is used for Bitcoin Blockchain or Ethereum Blockchain, sometimes for other virtual currencies or digital tokens. Sources: 2, 3

The term “blockchain” first appeared in the early 2000s in reference to the Bitcoin protocol and its implementation. However blockchain developed goes back to the early ’90s.

Blockchain is a transaction database shared by all nodes involved in a system based on the Bitcoin protocol. In Bitcoin, the blockchain is the record for any Bitcoin transaction ever made, as is the record for any other transaction. Sources: 1, 6, 13

To put it in technical jargon: the blockchain is an open, distributed ledger database, which means that the data it contains is distributed, duplicated and duplicated and decentralized on many computers. While the entire blockchain is a distributed network that performs certain actions programmed into it, all nodes in the blockchain are logically centralized and therefore not decentralized.

With a blockchain, each node has access to all data stored on it since its inception. Although the information and records stored on blockchain are public and decentralized, their database is not limited to a single location and decentralized, as it exchanges information between all nodes. 

It was created by unknown person/persons who were also behind the online cash currency bitcoin, under the pseudonym of Satoshi Nakamoto. I guess they were just fed up with the financial system crashing and taking everyone’s hard-earned money, whilst banks were bailed out by the government.

Blockchain has the potential to grow to be a bedrock of the worldwide record-keeping systems on the back of the 2008 Financial Crisis.

We all knew that we needed a new, transparent and balanced financial system; decentralised finance) that would prevent this from happening again in future generations. 

The invention of the blockchain for bitcoin made it the first digital currency to solve the double-spending problem without the need for a trusted authority or central server. The bitcoin design has inspired other applications and blockchains that are readable by the public and are widely used by cryptocurrencies. Keep an eye on the DAPP world for real-world applications. 

Keep reading below to understand it in less that 5 minutes!

9 ways to understand blockchain for normal people 

1. When did it first appear?

2. An open and distributed ledger database 

3. What is stored on the blockchain?

4. Peer-reviewed and validated!

5. It cannot be manipulated or centralised by humans!

6. Transparency is power

7. It has real-world application and its faster! 

8. Blockchain is not bitcoin

9. What is cryptography?

9 ways to understand Blockchain?

In recent years, the term blockchain technology has been heard time and again, probably in reference to cryptocurrencies like Bitcoin. Sometimes this term is used for Bitcoin Blockchain or Ethereum Blockchain, sometimes for other virtual currencies or digital tokens. Sources: 2, 3

1. When did it first appear?

The term “blockchain” first appeared in the early 2000s in reference to the Bitcoin protocol and its implementation.

Blockchain is a transaction database shared by all nodes involved in a system based on the Bitcoin protocol. In Bitcoin, the blockchain is the record for any Bitcoin transaction ever made, as is the record for any other transaction. Sources: 1, 6, 13

2. An open and distributed ledger database 

To put it in technical jargon: the blockchain is an open, distributed ledger database, which means that the data it contains is distributed, duplicated and duplicated and decentralized on many computers. While the entire blockchain is a distributed network that performs certain actions programmed into it, all nodes in the blockchain are logically centralized and therefore not decentralized. With a blockchain, each node has access to all data stored on it since its inception. Although the information and records stored on blockchain are public and decentralized, their database is not limited to a single location and decentralized, as it exchanges information between all nodes. Sources: 6, 8, 17, 18

3. What is stored in the blockchain?

Of course, what is stored in a block depends on the blockchain, but a simple example would be to exchange Bitcoin for Ethereum, a cryptocurrency that resembles Bitcoin but has a different name. In this case, Bitcoins are sent and received via the Ethereum blockchain instead of the Bitcoin blockchain. Because blockchains are part of the cryptocurrency Ethereum the blocks contain the information about Ethereum instead of Bitcoin. Sources: 16, 19

4. Peer-reviewed and validated!

Exactly the same blockchain is held by different nodes and participants of the network, but this is because it is the official blockchain. Once a transaction has been recorded and updated on the blockchain, any change to the recorded transaction is impossible. An invalid block is not included in the blockchain and the transaction is not changed until it is recorded and updated. Sources: 8, 16

5. It cannot be manipulated or centralised by humans!

In the context of a blockchain, invariability means that something entered into the blockchain cannot be manipulated, even if it has been modified. With cryptocurrencies like Bitcoin and others based on blockchain technology, encryption software guarantees that no one will ever be able to delete or modify a block. Sources: 7, 20

6. Transparency is power

The data stored on a blockchain is accessible to all, because everything is public, even if it is private or private to a select group of people. Sources: 7

Blockchain decentralisation also acts as a security feature, because so many copies of the blockchain are held together that it can be extremely difficult for an attacker to affect all of them simultaneously. In cases where Bitcoins are stolen from time to time, there is a flaw whether or not the “blockchain” itself is involved, but the application that is built on it. Bitcoin’s blockchain has both features: it is distributed and runs on computers provided by volunteers around the world. The decision whether a blockchain is really suitable for a particular application depends heavily on the definition of the blockchain used. Sources: 9, 12, 13, 14

In essence, a blockchain is a peer-to-peer network used to store and verify records and store them in the same way as a database, but in a decentralised way. Sources: 11

The term simply refers to the structure of the arrangement of data in blocks, and all blockchain transactions go through the same steps with the blockchain.

Blockchain is effective because it is distributed among many computers that have copies of it. The system needs miners and tokens to qualify as blockchain, but they are not the only ones. Sources: 0, 8, 10

7. It has real-world application and its faster! 

Blockchain technology provides beneficiaries with money and food, and all types of transactions are registered on the blockchain to ensure security and transparency in this process. All transactions made on a blockchain are completely secure and are logged of what happened, a function of blockchain technology. Sources: 3, 4

8. Blockchain is not bitcoin

Various types of information can be stored on a blockchain, but the most common use so far has been as trade repositories. The frequency with which blockchains and distributed ledgers are used interchangeably has created confusion across the technology spectrum, leading many to dismiss blockchain as a simple tool like Bitcoin. Disunity is a notable feature of the blockchain industry, and this disunity is expressed by consensus, which involves updating blockchain protocols when the majority of blockchain users agree. After all, consensus mechanisms are the process by which the blockchain network reaches agreement on what the current, precise blockchain is. Sources: 4, 5, 6, 10

A blockchain is the data structure used by the cryptocurrency Bitcoin, where transactions are recorded on its public register, or “public register.” Sources: 13

9. What is cryptography?

A blockchain is an ever-growing list of data sets called “blocks” that are linked and secured by cryptography. Essentially, it is a digital, decentralised public register that acts as a public record of transactions that can be checked and stored in the same way for each block order. Bitcoin blockchain, like other public blockchains, can be used in a hybrid blockchain that combines it with your own private blockchain to create smart contracts that certify physical diamonds. 

 

blockchain

SUMMARY

Blockchain in its  essence is a framework and balanced ledger with the potential to enable all human beings to exchange value in more ethical and transparent ways. You may even find that one day soon, the concept of “money” may no longer be a relevant concept.

The application for the health and wellness sector is monumental.

Consider patient records being sent in less than 1 second between allied health professionals to enable your care.

Imagine all the paperwork and time that would be saved. 

Freeing peoples time and resources will allow allied health professionals to spend more time actually caring and solving problems for their patients! 

Call to embodiment – Script

How is the blockchain going to be relevant in your life and for future generations. 

1.

2.

3. 

Tag us on Instagram @selfcare.global >>> facebook @selfcare.global.official           

Rory Callaghan
Rory Callaghan

Founder Selfcare.global

R ory is the founder of selfcare.global and author of SelfCare – Lifestyle medicine for the people. He has a background in sports science, human movement, exercise physiology, yoga, pilates and a masters degree in physiotherapy. He takes a human, nature and spiritually energetic approach to good health, wellbeing and longevity. Over time he has developed an integrated, holistic and functional tool belt that helps him consult with high performing humans and entrepreneurs. His passion is to merge ancient wisdom with the modern lifestyle. Empowering people on their own journeys, whilst co-creating thriving :blue zone” communities & longevity hot spots.

Categories

Click to Get Your Copy

INSTAGRAM

This error message is only visible to WordPress admins

Error: API requests are being delayed for this account. New posts will not be retrieved.

Log in as an administrator and view the Instagram Feed settings page for more details.