The main technology behind bitcoin and other cryptocurrencies are Blockchain. The primary goal of blockchain was to form a distributed ledger that stores all the transactions happening within a network. Adopting blockchain technology for digital transactions was a pivotal step to ensure foremost security to the transactions of users by allowing total transparency within the network.
Nevertheless, the use of blockchain is not just restrained to the financial sector, the former has an immense potential and it is being used for a wide range of non-financial applications as well. We’ve written about many exciting uses of blockchain technology in our earlier blogs. Some of these applications are eVoting, Smart Contracts, Smart Property, Digital Identity and Copyright Protection. As exciting as it sounds, blockchain is also being used to fight crime and corruption in some countries. You can read about all such astounding applications of blockchain technology in our previous blogs. However, something that was left out earlier was the contribution of blockchain technology in Research and Development.
Yes, there has been an indelible contribution of blockchain technology in the field of Research and Development. In this blog post, we’re going to talk about some amazing endowments of blockchain technology in scientific research and development.
Astroblocks is a blockchain project initiated by Dr Jeff Flowers, a professor at College of San Mateo and an ex-astronomer named Yvonne Tang after working at the Blockchain University for some time. Astroblocks forms a Laboratory notebook application platform based on the blockchain technology. Using the Astroblocks application, the researchers can make notes of their observations and those notes will be automatically shared with the team of reviewers, curators and decision-makers.
FoldingCoin is a digital token developed and managed by Stanford University. FoldingCoin is created to give incentives to all those who offer the unused computing power of their computers for various research operations. This computing power is then used to run some complex protein folding experiments. The data gathered from these protein folding experiments is then analyzed by a team of experts. Later on, the data collected from these experiments help in the discovery of drugs and medicines for some precarious human diseases. The contributors a certain amount of FoldingCoins depending on the amount of computing power donated by them. This whole FoldingCoin project is built over the Counterparty protocol and is powered by the blockchain technology.
For all one knows, this is the latest endowment of blockchain technology. Many clinicians have proposed the idea of employing the blockchain proof-of-concept for various clinical trials. This can be very helpful in the treatment of cardiovascular diseases and can also contribute to ethanol research.
As a matter of fact, no one can extrapolate the future of blockchain technology. These applications are just a diminutive glimpse of an earth-shattering technology that can veritably revolutionize the entire planet.