What is Blockchain?

Blockchain is an innovative technology that allows computers and data processing systems to operate in a decentralized manner, with no central authority controlling the digital ledger. Due to its decentralization properties, the system allows users to store their information on a distributed network of computers rather than centralized servers. The technology works with smart contracts and has given rise to a number of applications, such as cryptocurrencies, which offer decentralized trustless communication between computer programs and a human. In many instances, however, it has also led to new privacy-preserving ways for people to share or transact their personal information with only authorized parties. While all these uses of blockchain have both advantages and disadvantages, this article goes over what blockchain is in greater detail than you might think about at first glance. With so many benefits, there are quite a few reasons why we as consumers should be interested in learning more about this emerging technology. However, before we get down to the nitty-gritty, several questions must be addressed before going into deeper depth about how blockchain will be used in our day and age: the history of blockchain, which we can learn from various sources, including Wikipedia, Bloomberg.

As much history as one would wish, blockchain hasn’t been around long enough to truly become something out of the ordinary. It was developed by Satoshi Nakamoto on July 15, 2008; the exact date it’s released (the genesis of Ethereum) remains unknown. There were multiple attempts to use bitcoin to create a currency using its cryptography, such as the infamous Bitcoin Gold Rush. But after the world went through a bear market cycle, many banks lost interest in cryptocurrency and they began experimenting with alternative methods of payment and trade, namely blockchain. Though it wasn’t until 2009 when the blockchain was tested commercially, it gained popularity in 2013 which saw the founding of public blockchain like Bitcoin. However, due to its lackadaisical nature and the difficulties it had to deal with when compared to traditional banking, it wasn’t easy for traditional businesses to accept it at first. Over the years since then — due to its relatively low cost and high-speed transactions — it has taken off significantly. For example, some industries are beginning to embrace blockchain as there are already existing real-world applications and there’s even potential for growth and innovation if companies like Microsoft, IBM, Amazon, PayPal, and Walmart are taking part in it. One notable application of the blockchain is in the healthcare industry where doctors or physicians involved in data mining and encryption can store and track medical and patient records. We end up with data siloes when large amounts of information exist within different institutions but also spread across the world due to the amount of information that is created by the internet itself. If the problem gets old and complicated, you could end up having huge files stored across hundreds or thousands of storage devices, which would actually make it impossible for healthcare professionals to find out exactly where data came from, why they occurred at certain times, and who was responsible for what. Therefore, blockchain offers the opportunity to solve those issues in a way that makes the whole process transparent and fair to every person involved.

What does blockchain mean for food production? One thing that we know is that blockchain is not just the future of the modern economy, but the very foundation of the modern economy. According to Statista, the global financial industry spent approximately $3 trillion USD in 2018 alone on IT and cloud services. This figure represents a 40% increase from 2017, and it doesn’t even include the value of blockchain that accounts for 60% of that spending. Although it’s hard to estimate, it really could be more than half of the world. Most people believe that blockchain will allow businesses to do away with paper documentation used to trace each step of production and distribution, which is particularly important in the current economic climate as consumers are increasingly demanding transparency when dealing with companies like Uber and Walmart. The average order transaction in supermarkets, for instance, is usually around three days, but in order to combat increasing transparency, many restaurants are opting to use QR codes and barcodes instead. Because of this change, manufacturers now have more visibility than ever. Even though this change is far from being flawless, it still shows how the business landscape has changed drastically over the past decade. From one-on-one interactions in factories to complete supply chains, we have seen organizations such as Apple move towards reducing complexity and making things easier to access through blockchain technology, which in turn has reduced costs and increased profits. All of this is happening thanks to the enormous investment and investments made in blockchain right now, and we can expect to see further changes in the months to come.

What do we think blockchain has to offer us at least with regards to healthcare? There’s a great variety of factors that go into creating a trustworthy healthcare environment. At the core of this is blockchain technology, which is designed and optimized to serve as the backbone for a secure healthcare system across the globe. A recent report by Deloitte found that almost 60% of US healthcare businesses plan to adopt and implement blockchain technology. They describe it as a framework that can be embedded into enterprise applications or connected on a remote or localized basis.’ This is important for two main reasons:

Deloitte says most major healthcare organizations are considering blockchain today.

The report states that ‘the adoption of blockchain across the entire continuum of management processes is expected to accelerate during 2021.’

One factor that I personally feel will be changing the way that Blockchain should be looked at when considering how to aid in fighting disease is in regards to health equity. This is important for me because as early as 2017, I spoke to someone who described his work dealing with HIV, TB, and malaria as nothing less than astonishing. He knew right from experience what it was like having to cope with HIV, TB, and malaria at the same time. Despite his success and what he experienced, he remained optimistic when it came to improving healthcare around the world, especially since many people lack access to accurate epidemiological and medical data in poor countries like his own native Africa. Nowadays, everyone knows that in the case of HIV and tuberculosis, there was no cure back then. There was simply too much uncertainty and unpredictability; hence, causing millions of deaths around the world.  With a successful RFI, however, researchers do know what drugs a specific individual is currently taking, and they can prescribe the correct dose without making a doctor’s guess which drug is best suited for that person and also save lives. Using blockchain technology in the development of a database that tracks all the medicines and their effects would allow healthcare professionals to create a picture of what an individual may be carrying for possible symptoms.

The next issue that I personally have is the issue of data accessibility. Data is incredibly valuable to healthcare companies and governments. When we look at how statistics are collected, there seems to be nothing in sight that’s safe or reliable. Data science and healthcare companies like McKinsey & Co. have invested huge sums of money in designing technologies that are open to everyone while remaining accessible and trusted. Of course, this information isn’t enough for anyone to build a perfect product or create a solution. It needs to be maintained while also being used in the development, which requires experts and people with the technical ability and skills to maintain databases and secure systems. Healthcare organizations need as many tools as possible to be able to use machine learning and artificial intelligence and stay competitive. Thanks to a well-established infrastructure built on top of solid research and development practices, it doesn’t matter if these innovations have come only with a small team or a larger team. Healthcare facilities are always looking for cutting-edge solutions, and these new technologies tend to attract teams of highly skilled people and engineers looking for the latest advances in the game of tech development. Companies like Airbnb use blockchain to develop smart cities and connect travelers around the world. With the increasing demand for online medical consultations and electronic health records, healthcare has more opportunities than ever for innovators who seek to bring healthcare technology to the masses by partnering with established healthcare organizations like Kaiser Family Foundation. These partnerships and collaborations are crucial for getting healthcare products to the community faster than ever before. By focusing on patient’s health data and providing them with relevant solutions, a hospital can leverage the power of data to gain a more accurate