It has now become significant that blockchain has moved from the esoteric underpinning of Bitcoin and mutated into a much hyped-up technology that businesses from various industry verticals believe could have a transformational impact on their overall business models.
SMEs are now exploring technology and heavily investing in Blockchain applications. As a matter of fact, in PwCs 2018 global blockchain survey, it was found that 84% of the 600 executives from 15 territories accepted that their organizations are, one or another way, involved with blockchain technology.
Undoubtedly, an ingenious invention in the technological landscape, blockchain technology has gone beyond its use in cryptocurrency development.
However, invented to power the world’s first digital currency Bitcoin initially, all of a sudden it has taken the world by storm.
Now, it’s being considered as the future of online interactions.
Explore how we leverage the power of the relatively new technology to bring significant transformations in the way the world and we operate.
You can directly connect with any of our blockchain developers here in case of any skepticism.
So, let’s begin with knowing applications of blockchain that are open to development, such as food safety or sharing healthcare data.
Writers, artists, musicians, inventors, designers, etc., could make use of blockchain technology to protect their intellectual property by having an immutable, time-stamped recording and track of their work with Ethereum Blockchain or other suitable blockchain platform development and smart contracts services.
DLTs (Distributed Ledger Technology) for IP management
Security is enhanced, as a hacker, you would need to attack (almost) all nodes simultaneously, which is quite complex.
In most countries, the right of an invention belongs to the first person filing a patent application (first-to-file method). It means the date of the application is extremely important.
In this scenario, blockchain’s ability to create an immutable record of the creation is quite appealing.
After each successful transaction, the chain gets updated. So, the users in the network can see the activities of that transaction chronologically. Essentially, creating a chain of custody for each IP request.
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Blockchain offers a secure, distributed platform (database) for healthcare data sharing that can accelerate innovation throughout the healthcare industry.
Blockchain based healthcare supply chain system can screen and track items alongside following the stream of items.
Certain biologics, for instance, need to be kept at an exact temperature. Sensors incorporated into a shipment could transmit temperature information to the blockchain.
The innovation may be useful in guarding against fake or substandard items.
Additionally, the technology could be utilized by biopharma makers to catch and record collaborations with controllers.
Using blockchain with AI and machine learning, organizations can share information generated by clinical preliminaries, for example, to understand socioeconomics and data about unfavorable responses.
The innovation likewise can help oversee and track informed consent over various sites, systems, and protocols.
Blockchain could be utilized to gather, expand upon and share patient information profiles over numerous preliminary locales—even virtual preliminary destinations as they are produced. Whenever connected to approval management, blockchain could give the patient control to give access to different scientists who may get to their information later on.
Most individuals have access only to a sliver of their wellbeing history, yet blockchain could help pull together a lifetime of exchanges from different health systems, pharmacies, and health plans. The data could be processed into decipherable form for a patient’s own utilization, or changed over into records readable by electronic medical records systems.