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Blockchain Archive

Blockchain In Healthcare: Can It Make Our Lives Longer?

There is a lot of talk about blockchain in healthcare and how it may help. Also known as the distributed ledger technology, blockchain is a hot topic in many industries including healthcare. But how can it actually help this sector and eliminate the problems present in it?

Essentially, blockchain in healthcare is something that will improve the security, privacy, and comprehensiveness of tracking patient health records or sending and receiving them.

Right now, a patient’s medical history is a puzzle with many pieces dispersed around multiple providers and organizations. For example, one piece of your medical history is held by your primary doctor, others are held by different specialists and another might be held in wearables or medical devices that track your health.

The real question (and possibility) here is – can all of this data be combined into one system?

The answer is yes. Blockchain can help us assemble all of the pieces in real-time and view the big picture of patient’s health. It can give us the confidence of knowing every bit of information about our health, condition and up-to-date information. If it is successfully implemented, blockchain will update billions of patient records and can definitely help with curing diseases and preventing deadly ones from coming.

Aside from this, blockchain can solve many cybersecurity challenges that are present in healthcare nowadays. For example, it can prevent stealing patient data by phishing scams – all thanks to gathering the data in one place.

Currently, the only challenge that remains to be solved for possible adoption of blockchain in healthcare are the integrity-based attacks. In these attacks, malicious insiders can modify and delete data in a way that is not trackable and one that cannot be sanctioned. However, once this is properly addressed and solved, we can all enjoy the benefits of blockchain in healthcare.

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Blockchain Archive

What Is The Best Way To Store BTC?

As you can see, Bitcoin’s popularity grew in the past few years which led to a great price surge. Many cryptocurrencies followed this path. Of course, this was a great opportunity for hackers to get their hands on this new technology. The attacks increased as the time went by.

A lot of money is invested daily into digital currencies and there are also a lot of new investors on the market that unfortunately don’t know how to keep their investments as secure as possible.

It’s really important to know that when storing your bitcoins you aren’t really storing them physically. They are an encrypted address on the blockchain. In order to reach them, you will need a unique key for a special and unique bitcoin location.

Here are some of the ways for best storing of your bitcoins.

  1. Electronic Wallet

These wallets can be downloaded as software or on a cloud. They usually have a very easy-going and user-friendly interface but there is a third party involved since you will trust your private keys to them.

  1. Software Wallet

In order to use it, you will need to download it to your computer. Most of them are free and have an easy configuration. The negative side is that they don’t require lot maintenance for backups so if your laptop gets stolen, for example, you will lose your bitcoins.

  1. Online Wallet

Online wallets are really convenient. You can access your bitcoin from many different devices using your passwords. They are easy to use and mostly free. They are however with a lower level of security.

  1. Hardware Wallets

These are the best wallets to use. They are usually as big as a USB flash drive, they are very secure and since they are offline they are hack free. Just be careful not to lose it. It’s best to keep it safe in a bank.

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Blockchain Archive

10 Of The Funniest Crypto Memes We Saw This Month

Last year was an all-Bitcoin year. It hit the mainstream, it reached almost 20.000$, it crashed to 6000$, overall it was an intense period for the Bitcoin community. Also, we saw another plunge in price the last month. During this hype, many found the opportunity to share their hilarious opinions on Bitcoin. It’s not only Bitcoin that was at the center of attention. Ethereum and Litecoin also found themselves in the hot spot of making fun. Having a little fun is always a good idea. You can find many websites, blogs, and even social media platforms where people share their opinions on all the cryptocurrencies. Whether you are a crypto-enthusiasts or a serious long-term investor, these memes can make you laugh for sure.

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Blockchain Archive

Proof-Of-Work Algorithm Explained

PoW is the consensus algorithm that works in the Blockchain network. This algorithm is used in the blockchain for transaction confirmation and for production of а new block. Miners are basically are working as in a competition and are trying to complete tasks on the network so they can get a reward from that.

Its main goal is to deter cyber-attacks such as DDoS attacks which are most dangerous and they work by sending tons of fake requests to a computer system. It’s hard to locate whether the PoW concept existed before Bitcoin but we can say for sure that Bitcoin was the first cryptocurrency that used this algorithm.

In fact, Proof-of-Work mechanism originates back in 1993 when the term itself first shows up in a document in 1999 by Markus Jakobsson and Ari Juels.

The great thing about PoW is the ability to provide a distributed consensus. This means that if you want to receive or send some money to someone, you will not require a third-party service. With traditional methods of payment, you need to use a bank or a credit card issued by a bank. They all have a private storage and register where they keep all of the transactions history data. With Bitcoin, however, everyone owns a copy of the blockchain and anyone can directly verify the information.

In order for this mechanism to function, you will need an expensive computer that has the ability to mine in order to create trustless transactions, better known as a block. The mining makes possible to verify how legitimate a transaction is and also helps to create new currencies by rewarding the miners for completing the previous task.

The important thing is that PoW is used by the bitcoin blockchain but also by the ethereum one and many other too!

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Blockchain Archive

Ethereum’s Smart Contracts Real Life Applications

Smart Contracts have the ability to authenticate documents via the blockchain technology. The great thing about it is that it avoids relying on third-party systems and allows the process to be entirely automated. They also allow a completely automated, easier process. Here are all the possible ways you can benefit from smart contracts. By using smart contracts, users can control all their personal data and reputation. Users are given the opportunity to choose whether to share this data with other parties, making the entire process much safer. Users won’t need to give away their identity when verifying transactions.

  1. Banking

The financial sector including the banking sector as a subsector in the financial one can have huge benefits from the smart contracts. They can be used when taking mortgages, bonds, settlements, payments, and insurance.

  1. ICOs

ICO token sales can be much more effective and efficient using smart contracts. This way they become more transparent and fair.

  1. Digital Identity

With smart contracts, digital identities are much easier to be managed and with them, they can solve the most important problem of identity theft.

  1. Record Keeping

This is possibly the best advantage that larger industries can have. Using smart contracts, industries can improve the speed and security of record keeping and shearing. One of the industries that might benefit the most is the healthcare one. The current healthcare system contains millions of patient medical record in their computers. Huge amounts of money are put into these systems to keep them up to date and running. The data is much more vulnerable on those systems and this is why there has to be an improvement done. Blockchain technology can help in storing the data safe and encrypted.

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