Bringing Medical Rigor to Medical Study Using Blockchain Technology
Imagine an digital spreadsheet, which is copied umpteen number of times across a pc network. Right now, imagine the computer community is designed so intelligently that it regularly updates the spreadsheet on their own. This is a broad overview of the Blockchain. Blockchain holds information as a shared database. Moreover, this database will get reconciled continuously.
This strategy has its own benefits. It does not allow the repository to be stored at any single location. The particular records in it own genuine public attribute and is verified very easily. As body fat centralised version of the records, unauthorised users have zero means to change with and corrupt the data. The Blockchain Promising ico allocated database is simultaneously hosted by millions of computer systems, making the data easily accessible to almost anyone across the virtual web.
After the advent of the eMail, the traditional way of sharing documents is to send a Microsof company 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 strategy, one needs to await till obtaining the return backup to see the changes designed to the document. This particular happens because the fernsehsender is locked out from making corrections till the recipient is done with the editing and sends the document back. Modern day databases do not allow two owners access the same record at the same time. This is how banks maintain bills of their clients or account-holders.
In contrast to the set practice, Yahoo docs allow both the parties to access the same document at the same time. Moreover, it also allows to see a single version of the document to both of them simultaneously. Just like a shared ledger, the Google Docs also provides for a shared document. The allocated part only becomes relevant when the sharing requires multiple users. The Blockchain technology is, in a way, action of this concept. However, it is very important point out here that the Blockchain is not designed to share documents. Rather, it is merely an analogy, which will help to have clear-cut idea about this cutting-edge technology.
Blockchain technology applied to medical research can improve trust in science by creating an unchangeable, time placed record of the research results. Blockchain technology, invented by Satoshi Nakamoto in 2008, ensures that transactions created a ledger cannot be changed with time. Since 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 dealings. The strength of the system arises from its use of a distributed database as compared to current monetary systems that require a centralized database such as is utilized by credit card companies and financial institutions. 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, similar to the conduct of medical research, requires a high level of trust. Funds in the past has made this trust through government regulations and central bank oversight. Medical research in the past has attempted to create high levels of trust through peer review conducted by reputable medical journals including the New Britain Journal of Medicine. Each methods of making trust rely on a reliable central authority, either the government or a medical journal. As such, both methods are highly prone to fraud via 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.