No central authority

by Tomasz Pawul, co-founder, infoShare

Blockchain technologies can be implemented in all areas where the information that is stored and transmitted needs to be protected from deletion or unauthorized alteration. The first time that the world heard about blockchain was back in 2009, when the first block of bitcoin was created. Now, there are thousands of different blockchains, with a variety of applications.

Implementing blockchain technologies for data administration has a lot of advantages that current databases cannot offer. This is certainly revolutionary technology. The construction of this ledger and the specific nature of data storage mean it is distributed, open and public, thus minimizing the risk of hacker attacks and uncontrolled data manipulation. Blockchain is also decentralized, which means that data is available all over the world, regardless of national borders and without the need for a central authority.

The industry where blockchain application is natural and necessary is finance. It will bring down the cost of maintaining the payment and settlement system. It will also allow for transactions to become faster and more efficient. Today, we need intermediaries who verify each transaction. Blockchain makes them obsolete.

The technology can also be useful in keeping court and administrative registers, making them less susceptible to hacker attacks. Another area where blockchain can make a real difference – and which is a problem in practically every country in the world – is keeping medical records of all lab results, vaccinations, appointments, consultations, surgeries etc. Right now, each medical center has its own register and information exchange is difficult.

 

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