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SMART SYSTEMS USING OPEN SOURCE BLOCKCHAIN PLATFORMS

by Izac Coin Izaccoin

Blockchains are an emerging data structure that keeps the record of data by storing them in blocks and linking them using cryptography. It is a stable and extremely reliable form of record that is resistant to any form of fraud or manipulation and modification of data. It is capable of permanently storing the details of transactions between entities in an encrypted form that cannot be accessed by outside intruders.

Ethereum is based on blockchains and provides a distributed computing platform for Ethereum blockchain developers to develop and publish applications. Ethereum is generally associated with the Ether cryptocurrency whose blockchain has been generated by this platform. But being open source Ethereum allows the developers to design, create and publish applications using the platform. The process often turns out to be extensive and exhausting and moreover, the apps developed are decentralized (known as DApps). However, this does not stop them from using one of the most interesting environments to develop their app. Ethereum is being used for a few things at the present moment but its potential use has been estimated to be huge. These uses include finance, IOT or Internet of Things, sports betting, managing market stats, and industrial processes. The Ethereum Virtual Machine adds flexibility to the compatibility of the applications based on Ethereum blockchains.

One of the most alarming situations of the applications that we use every day is the leak of information, even the most personal ones without our awareness. This information is again taken up by third parties and the chain continues. The online identification systems being employed today are not efficient enough to avoid this situation. But blockchain based identity management is capable of dealing with this situation and prevent the fraudulent activities and theft of information that prevails in the current online scenario. In the business sector, blockchains can enhance the authentication processes to increase the efficiency of various methods and applications involved in its functioning and help the companies reduce the time and the resources involved. It is also possible to spare people of the need to remember different login details for different accounts by allowing the use of encrypted digital identities which are more comprehensive and also, more secure.

The use of blockchain is not confined to finance, business and security. Healthcare identity management is a new field in which blockchain can make a big difference. The healthcare institutions need to handle huge amounts of data regarding the patients and their diseases, trends in the diseases, medicines prescribed, employee details, etc. This information needs to be shared but also needs to be secured at the same time. Blockchains can facilitate better collaboration along with increased transparency that enhances the patient experience. It can even play a role in medical research and innovation through statistical analysis of various diseases and health issues.


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About Izac Coin Junior   Izaccoin

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Joined APSense since, August 8th, 2018, From Canberra, Australia.

Created on Sep 25th 2018 02:02. Viewed 266 times.

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