The blockchain explained to everyone (with examples)

Impossible to live in a digitized company and have never heard of blockchain technology. In this specific historical moment, characterized by unbridled innovation and progress, however, we often make the mistake of confusing blockchain platforms with cryptocurrencies or smart contracts. Let's try to tidy up, shall we?

What is blockchain and what do we need it for?

La blockchain exploits the characteristics of a computer network of nodes and allows you to securely manage, update and modify a data registry containing information in an open, shared and distributed way without the need for a central control and verification entity.

Applications of the blockchain: when is it used?

There are many sectors that can benefit from blockchain technology and they already do, or they don't know it yet but they can do it. This innovation allows you to concretely help those who need disintermediation and decentralizationwithout compromising on data security and quality. The blockchain in its maximum expression allows you, on a potential level, to be able do without banks, notaries and financial institutions.

The Blockchain is included in the family of Distributed Ledger, i.e. systems that are based on a distributed register that can be read and modified by multiple nodes on a network. Who validates these changes? In the absence of a central control body, the information is validated by consensus. How consensus is reached depends on the characteristics of the blockchain.

This technology is part of the Distributed Ledger subfamily, or rather, a set of technologies whose registry is structured as a chain of blocks (hence the name in English), each of which contains the transactions and has the consent of whoever distributes it on the nodes of the network. All nodes actively participate in the validation process (consensus).

The concept of blockchain allows us to explore some of the most interesting aspects related to this technology. There digital revolution of the blockchain arises above all from the famous cryptocurrencies, such as Bitcoin, and from there it is ready to grow dramatically. What are the opportunities of the blockchain for your company? Are there any benefits you could reap by carefully working on this new technology? Absolutely yes!

Here are the main characteristics of a blockchain:

  • Decentralization. The information is recorded by being distributed across multiple nodes, to ensure IT security and system resistance.
  • Traceability of transfers. Each of the elements is traced on the register in its entirety, and makes it possible to trace its exact origin.
  • Disintermediation. Platforms remove the need to use reliable intermediaries, i.e. central bodies who, of course, want their share of transactions.
  • Transparency and verifiability. This kind of technology cannot exist without a system of transparency and verifiability. After all, all information is verifiable and can be consulted.
  • Registry immutability. Once written to the registry, the data cannot be changed without the consent of the rest of the network.
  • Programmability of transfers. Transfers can be programmed through certain actions, which are carried out when certain conditions occur.

How was the blockchain born?

There is a lot of confusion between blockchain and bitcoin precisely because their birth is substantially as narrow as it is important to understand their quality. Bitcoin was first released in 2009, and was the first cryptocurrency to use a new type of distributed ledger known as a blockchain.

What was new about this legendary cryptocurrency named Bitcoin? She had that each transaction was legitimized by a decentralized network and not by the central authorities that regulate the monetary transactions of today's world. Lasting like a cat on the highway, the story of Bitcoin has opened our eyes to the potential of blockchain technology, giving birth to wild experiments, speculations and dreams of riches not even during America's gold rush. And the future? We can write the future ourselves.

Areas of application of the blockchain

By now the great attention of the web world for the blockchain is full-blown. And it brings with it a lot of confusion as to how well they work. What are, therefore, clarifying once and for all, the areas of application of the blockchain? Nowadays, different companies around the world have kicked off a experiments with blockchain solutions and Distributed Ledger. The areas of application and the platforms for solutions and development thus emerged clearly. The sector where the blockchain has most clearly taken hold is that of Finance & Insurance, which was the first to take action to respond to the threat of Bitcoin. Now, however, Agrifood, Advertising, Logistics and Medicine are also approaching this new and different world.

The examples of blockchain that works

We at Innovando could not avoid throwing ourselves headlong into such an exciting adventure. It was precisely our cooperation with Klinik St. Moritz, a clinic based in Switzerland, which has allowed us to experiment extensively with the wonders and the possibility of blockchain technology. Their goal is to certify the qualifications of doctors who work, in collaboration with the institute, in a practical and safe way.

KSM (for short) provides state-of-the-art high-end medical services which are managed by constantly evolving technologies and therefore aimed at a very limited and exclusive audience of customers. The avant-garde of the sector inevitably increases the price, and every person who has access to this type of market can afford the services of the Klinik Sankt Moritz, accessing not only online services, but also single rooms in private clinics.

Medicine is a fluid discipline based not only on predictive ability, but also on understanding the specific needs of the client. At this juncture, innovando has no competitors also thanks to Medicalchain, a medical data exchange solution where patient health data is locked down and can only be consulted by treating doctors when needed. Innovando deals with providing answers to carry out statistical studies and develop new research.

Blockchain technology is used to certify medical degrees anywhere in the world, at any time. Today, each country provides for a precise exchange of information with the Medical Association, the Ministry of Health and the Ministry of Justice of the State from which the doctor of medicine comes. With the blockchain, the documentation of the Klinik Sankt Moritz is received, verified and includes more than 90% of the information required by any host country to carry out its recognition. Over time, it will also be possible to reach an agreement with the World Health Organization to request the reduction of the time required for carrying out the practice, requesting an authorization to practice the profession automatically and valid throughout the world for a period of 30 days.

The blockchain system is perfect for clinics with a strong international approach, whose clients travel a lot and need 24/7 medical protection everywhere, even in meetings outside the European community.

Among the objectives in the pipeline is that of also include specialization in the blockchain, which is a much more complex and articulated thing than a degree. In fact, specializations differ all over the world, and tend to become increasingly specific and widespread. Subsequently, the blockchain will become the leading tool for registering attendance at congresses, keeping the doctors' curriculum updated in a transparent and recognizable way.

Each doctor has a personal profile that is secure and visible online: in this way not only is the information always up-to-date and accurate, but it can be consulted by users looking for a specialist.