What is blockchain and why do you need it?
Updated: Apr 29, 2020
With an estimated worldwide spending on blockchain services to reach up to $8.1 billion in 2021, more and more businesses and entities are starting to rely on blockchain based solutions to execute their transactions and make sure they are regulations compliant.
Defined in very simplistic terms, it is a series of transactions linked to each other and stored on a distributed public ledger as blocks. These blocks are connected to each other using hash cryptography and are thus strongly resistant to alternation and tampering. In other words, if a change is to be made in the system, everyone connected to the blockchain network will immediately see what activity is taking place. The transparency, security and traceability of the blockchain system, which is also decentralized and where users own and control their data, is very appealing to many industries, such as fintech, health and the public sector.
How can industries benefit from it?
Currently, financial institutions are under tremendous pressure to demonstrate regulatory compliance and many are now moving ahead with Blockchain implementations. Since blockchain provides secure storage where transactions cannot be reversed and edited, fintech can benefit from the increased trust in transactions and reduced risk of fraud and data breach. As a result, digital payments can be completed faster and more securely without having to rely on a central authority.
Also, the health sector is greatly going to benefit from distributed ledger technology. Estimated to amount to $5.61 billion by 2025, healthcare blockchain can store complete indexed history of all patient’s data in complete security due to hash technology encryption. Upon creation of a medical record, a digital signature can help verify the authenticity of the document. Moreover, the user has full access to his data and can control how this sensitive data is shared and with who.
From a technical point of view, healthcare blockchain ensures faster and easier interoperability between systems and can efficiently scale to handle larger volumes of data. Stored securely on the ledger, health data can be securely shared between patients, the healthcare community and researchers, thus making sure no information is blocked and no data is leaked.
About Trust1Team blockchain based solutions
Partnering with leading experts in blockchain, Trust1Team is proud to propose blockchain-based solutions from which our network can benefit, be that in finance, health or the public sector.
Learn more about our solution in fintech
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