Using Blockchain Technology Companies for Trade Finance
Right now, imagine the computer community is designed so smartly that it regularly updates the spreadsheet on its own. This is a broad overview of the Blockchain. Blockchain holds information as a shared repository. Moreover, this database will get reconciled continuously.
This method has its own benefits. Will not allow the database to be stored at any single location. The records in it have genuine public attribute and can be verified very easily. As there’s no centralised version of the records, unauthorised users do not have means to change with and corrupt the data. The blockchain technology dispersed database is simultaneously organised by millions of computer systems, making the data easily accessible to almost anyone across the virtual web.
After the advent of the eMail, the conventional way of sharing documents is to send a Microsoft 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 await till obtaining the return backup to see the changes built to the document. This particular happens because the 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 balances 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 view a single version of the document to both of them simultaneously. Just like a shared ledger, the Google Docs also acts as a shared document. The distributed part only becomes relevant when the sharing entails multiple users. The Blockchain technology is, in a way, an extension of this concept. However, it is very important point out here that the Blockchain is not intended 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 stamped record of the investigation conclusions. Blockchain technology, invented by Satoshi Nakamoto in 08, ensures that transactions entered into 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 all dealings. The strength of the system comes from its use of a distributed repository as compared to current monetary systems that require a centralized database such as can be used by credit card companies and banks. Applying this same technology to medical research increases trust in 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. Money in the past has produced this trust through government regulations and main bank oversight. Medical research during the past has attempted to create high levels of trust through peer review conducted by reputable medical journals including the New England Journal of Medicine. Both methods of making trust rely on a trusted central authority, either the government or a medical journal. As such, both methods are highly vulnerable 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 susceptible to human error.