Blockchain Technology Companies applied to medical research
Blockchain Technology Companies applied to medical research can improve trust in science by creating an unchangeable, time stamped record of the research findings. Blockchain technology, invented by Satoshi Nakamoto in 2008, ensures that transactions entered into a ledger can’t be changed with time. As applied to the cryptocurrency bitcoin (BTC), the result’s a medium of exchange that, can’t be manipulated by a centralized government because it creates a permanent and accurate record of all transactions. The strength of the system comes from its use of a distributed database as compared to current monetary systems that need a centralized database like is employed by mastercard companies and banks. Applying this same technology to medical research increases trust within the results because a bit like bitcoin, the transactions (scientific data collected) are permanently archived in an unchangeable, immutable manner.
The exchange of cash , a bit like the conduct of medical research, requires a high level of trust. Money within the past has generated this trust through government regulations and financial institution oversight. Medical research within the past has attempted to make high levels of trust through referee conducted by reputable medical journals like the New England Journal of drugs . Both methods of generating trust believe a trusted central authority, either the govt or a medical journal.
What is Blockchain Technology?
While blockchain tech brings many benefits to diverse application areas, the concept can be challenging to understand. Imagine a chain of multiple blocks, as its name suggests. Each of these blocks carries essential digital information, and they are linked to each other. Also, there is no single party that controls the information flow or owns it. Every party involved in the transactions has access to this chain of information blocks, also called a ledger. The data becomes open to everyone. Hence, one cannot secretly change a part of it without disturbing other blocks. Plus, a sophisticated encryption algorithm protects each block. Therefore, blockchain tech allows decentralized and secure transmission of information.
Why is Blockchain Technology Services Popular?
- No central authority exists – the data is not owned or controlled by one party.
- High-level security is provided – data is stored in encrypted blocks.
- Third-party interference is not possible – unauthorized parties cannot distort or change the information.
- Information transfer is transparent – everyone can track the data and verify it.
Traditionally, people rely on centralized networks to retrieve or input data. For instance, money transfers are done through banks, and they control the transactions. It was not possible to send money or receive it without involving a third-party or intermediary. While centralization is not damaging, it surely has some disadvantages. First, there is one party that collects all the necessary information. Hence, this party becomes attractive to malicious attacks. Plus, when attacks happen, or even technical issues occur, the system turns to be useless. If this controlling entity shuts down for any cause, then none will be able to access their data. Thankfully, in a decentralized system, every involved party is the owner of the data. They all can access the information. In such a network, people do not need to involve banks or transfer services to send money. They are the only decision-makers about their transactions.