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{"id":683,"date":"2018-03-10T14:42:53","date_gmt":"2018-03-10T04:42:53","guid":{"rendered":"http:\/\/thedigitaljournal.net\/?p=683"},"modified":"2022-10-17T17:04:35","modified_gmt":"2022-10-17T07:04:35","slug":"blockchain-is-already-shaking-things-up","status":"publish","type":"post","link":"https:\/\/thedigitaljournal.net\/blockchain-is-already-shaking-things-up\/","title":{"rendered":"Blockchain is already shaking things up…"},"content":{"rendered":"
Blockchain is either the first or second most popular phrase these days when discussing Artificial Intelligence and Machine Learning and it is surprising how few actually know about the technology itself, let alone the applications that it has for business. \u00a0To explain the technology, Blockchain is a series of transactions or records on a ledger. \u00a0Which might sound simple enough and not exactly revolutionary, but in the case of blockchain technology, the ledger is both encrypted and shared (or distributed) across a set of peers or networks. \u00a0As records are created, added, maintained or deleted they include the typical information of a ledger in the encrypted format and then added to the chain across the shared versions. \u00a0Its the sharing aspect that adds more security as there is no single point of control on the blockchain and a single point of failure. \u00a0The capability of corrupting the blockchain would take considerable computing power as it would need to infiltrate the entire network rather than a single point.<\/div>\n
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Courtesy: Blockgeeks<\/p><\/div>\n<\/div>\n

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If they are not already, then government agencies should be throwing themselves at Blockchain for the vast number of applications it has for them. \u00a0Particularly when considering the need to transfer and manage sensitive data regarding their relative public sectors. \u00a0Imagine not requiring property title insurance (try this web-site<\/a> to get the best one) because secure blockchain records can maintain a chronology of every aspect of the title in the form of a crypto ledger. \u00a0The same distributed ledger technology can be used in almost any area of government for health records, accounts, local government and even voting polls which can include instantly auditable records for live voting results.<\/div>\n
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Insurance companies have great potential to use blockchain in their businesses, particularly when moving money overseas, paying for claims and keeping records and their own data. \u00a0They can use the technology in either a private or public blockchain which would depend on the business case. \u00a0They can use it where multiple parties share and update data, require verification and trust between the parties, where intermediaries add costs (two insurers already are building blockchain for their intermediated businesses which will be launched in 2018), where the interactions are time sensitive and when the transactions depend on each other. \u00a0These scenarios occur in almost every facet of insurance and will most certainly be the chosen method of the future Peer to Peer insurance models that we see emerging already.<\/div>\n
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Blockchain is going to have a significant impact on the agricultural industry, particularly where the industry is working on managing and monitoring the \u2018farm to fork\u2019 concept and every part of the supply chain. \u00a0By monitoring the supply chain, every stakeholder from the farmer, the distributors and the customers will know more about the food, where it has come from and how it was treated. The potential to then implement more technology via \u2018smart farms\u2019 becomes an even greater opportunity.<\/div>\n
<\/div>\n
The potential to impact healthcare is perhaps one of the most significant, from patient information data which can be shared among medical practitioners, government agencies (Medicare) and then health funds. \u00a0Billing management has often been an issue in the industry and blockchain technology can simplify and improve that with the management of the ledger. \u00a0The ledger can move data, billing and payment information among the ledger within seconds as the transactions are updated.<\/div>\n
<\/div>\n
The application of Blockchain is going to be around for a while, and analysts are predicting that this is only the start of how much it is going to disrupt many industries.<\/div>\n","protected":false},"excerpt":{"rendered":"

Blockchain is either the first or second most popular phrase these days when discussing Artificial Intelligence and Machine Learning and it is surprising how few actually know about the technology…<\/p>\n","protected":false},"author":1,"featured_media":684,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[19,20],"tags":[51,49,50,42],"yoast_head":"\nBlockchain is already shaking things up... - The Digital Journal<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thedigitaljournal.net\/blockchain-is-already-shaking-things-up\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Chris Rathborne\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thedigitaljournal.net\/blockchain-is-already-shaking-things-up\/\",\"url\":\"https:\/\/thedigitaljournal.net\/blockchain-is-already-shaking-things-up\/\",\"name\":\"Blockchain is already shaking things up... - 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