“A blockchain is a digital ledger that allows parties to transact without the use of a central authority to validate those transactions. The use of a central authority (i.e., a third party) can be avoided because in a blockchain, as transactions are added, the identities of the parties conducting those transactions are verified, and transactions are verified as they are added to the ledger as a block of transactions”…Read More
“Blockchains are exciting technologies that have the potential to address real corporate and consumer needs using a strong and verified trust model”…Read More
“Now let me tell you how blockchain actually changes the game.
1. Time is saved because multi-party transactions can settle immediately avoiding exhaustive reconciliation that often takes days or even months.
2. Cost is reduced because business-to-business processing eliminates overhead caused by “middlemen”.
3. Risk is mitigated because the ledger acts as an immutable audit trail greatly reducing the chances for tampering and collusion.
Not all blockchain technology is created equal. For broad business and government use, enterprise blockchain technology is now available that solves four fundamental requirements: accountability, privacy, scalability and security
Accountability means the participants transacting in a network, and the data they are transacting on, are both known and trusted. In an enterprise-ready blockchain, participants are known and are identified by membership keys. The data can be trusted because transactions committed to the ledger are immutable – such that they cannot be removed or changed by the actions of a single party.
With this accountability, the network is auditable allowing members to follow and adhere to existing government regulations like HIPAA and GDPR.
These four requirements are delivered today in the Hyperledger Fabric, one of the popular blockchain frameworks from the Hyperledger project. It now serves as the basis for over 40 active blockchain networks that are running on the IBM Blockchain Platform”…Read More
HIT Think Why blockchain will pay dividends in clinical research
The blockchain is the buzzword in healthcare IT. But what is it about blockchain that makes it so valuable for clinical research?Currently, most electronic health records (EHRs) are scattered across several data silos, with healthcare providers only having access to data on their specific network.This means that patients don’t have access to their own records….. Read More
What Are Smart Contracts?