Blockchain Technology is a phrase that we’re sure you’ve heard of before but haven’t really paid attention to since it doesn’t seem all that interesting. A lot of people are unware that it involves cryptocurrencies and hosts like BitCoins and ClearCoin.But what is Blockchain Technology about?
Understanding Blockchain Technology can be a bit tricky at first since you stumble on computer and technology jargons quite often in the process. Blockchain is essentially a distributed database, which means that not every storage device that involved are connected to a single processor. The technology handles an ever growing list of records which are then called blocks. Take note that each and every block contains a link alongside a timestamp that connects it to the previous one. Thanks to cryptography, all users are limited to editing the parts that they specifically own, this is mainly facilitated by getting hold of the corresponding private keys; the private keys will be your access to the files. Apart from that, it ensures that everyone connected to a certain blockchain is in synch.
Let’s take it into perspective, imagine a digital record that involves a hospital or medical institution and all entries are called blocks. The blocks feature the timestamp or the exact time and date when it was created. It’s programmed in a way that changes can only be made retroactively; they want the records and treatments to be unmodified. The doctors who was given the private key and the patient who has the other are the only ones who are able to fully access the included data and information. The information could be shared when any of the official users share their private keys to another party like a specialist or another hospital. Keep in mind that blockchains are not limited to medical database.