An Introduction to the Blockchain Technology for the Beginners

This strategy has its own benefits. It does not allow the repository to be stored at any single location. The records in it own genuine public attribute and can be verified very easily. As there is centralised version of the records, unauthorised users do not have means to change with and corrupt the data. The Blockchain allocated database is simultaneously managed by millions of computers, making the data easily accessible to almost anyone across the virtual web.

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After the advent of the eMail, the traditional way of sharing documents is to send a Ms Word doc as connection to a recipient or recipients. The recipients will take their sweet time to undergo it, before they send back the revised copy. In this method, one needs to wait until getting the return duplicate to see the changes made to the document. This happens because the tv-sender is locked out from making corrections till the recipient is done with the editing and sends the document back. Modern databases do not allow two owners access the same record at the same time. This is how banks maintain amounts of their clients or account-holders.

In contrast to the set practice, Search engines docs allow both the parties to access the same document at the same time. Moreover, it also allows to watch a single version of the document to both of them simultaneously. Just like a shared ledger, the Google Docs also provides a shared document. The dispersed part only becomes relevant when the sharing entails multiple users. The Blockchain technology is, in a way, action of this concept. However, it is very important point out here that the Blockchain ico is not meant to share documents. Rather, it is merely an analogy, which supports to have clear-cut idea relating to this cutting-edge technology.

Blockchain technology applied to medical research can improve trust in science by creating an unchangeable, time rubber-stamped record of the study conclusions. Blockchain technology, invented by Satoshi Nakamoto in 2008, ensures that transactions created a ledger cannot be changed with time. Because applied to the cryptocurrency bitcoin (BTC), the result is a monetary system that, are unable to be manipulated by a centralized government because it creates a everlasting and accurate record of most transactions. The strength of the system originates from its use of a distributed repository as compared to current monetary systems that require a centralized database such as is employed by credit card companies and banks. Applying this same technology to medical research increases rely upon the results because just like bitcoin, the transactions (scientific data collected) are permanently archived in an unchangeable, immutable manner.

The exchange of money, just as the conduct of medical research, requires a high level of trust. Funds in the past has made this trust through government regulations and key bank oversight. Medical research previously has attempted to create high levels of trust through peer review conducted by reputable medical journals including the New Great britain Journal of Medicine. Each methods of making trust rely on a trusted central authority, either the government or a medical journal. As such, both methods are highly susceptible to fraud via data corruption or innocent errors of the centralized authority. This has led to common distrust in medical research. Bitcoin operates differently, as it sets up a method of relying on a distributed network based after a mathematical algorithm, instead than centralized authority prone to human error.