How can blockchain revolutionize personal data storage?

As the basic technology behind Bitcoin, blockchain is seen as a new technology that will completely subvert the nature of business activities. Bitcoin is a non-governmental, decentralized, peer-to-peer cryptocurrency, and its first attribute is currency. As we all know, Bitcoin is a virtual currency, but the inventor of Bitcoin wants it to be equivalent to legal tender issued by the government. Unlike other currencies issued by central banks, Bitcoin is not backed by government agencies. Bitcoin can be generated through mining. Although Bitcoin is not a legal tender, it is a system that allows transactions to be cleared, settled, tracked, recorded and verified in real time. Based on this, more and more institutions are transforming their trading systems to systems based on blockchain technology. This is entirely because of the reliability and flexibility of blockchain technology. Now we can see that various services and platforms for Bitcoin transactions and transmissions have made a qualitative leap.

Blockchain, used by Bitcoin, is a popular technology. The servers that maintain transaction ledgers in the blockchain network are called "nodes". Each node manages a ledger that records asset ownership. The blockchain ledger is broadcast to the entire network because all nodes in the network are synchronized at the same time. Therefore, it is easy to obtain a complete and continuous record of all transactions. To ensure the reliability of all transactions, the blockchain records valid transactions in blocks through cryptographic verification. The transactions recorded in the blocks are linked together to form the entire ledger.

How will blockchain technology change the world?

Blockchain technology can be flexibly applied to various types of transactions, such as:

1. Realize the transmission of digital assets

2. Recording different physical types of personal assets, such as real estate and personal property

3. Derivatives and securities trading in financial transactions

Blockchain also makes it easy to use smart contracts, such as embedding computer code into smart contracts to automatically execute them in specified scenarios. For example:

1. Automatically collect payment after renting out the house

2. Automatically use coupons for payment on a specified date

3. Automatically pay for software licenses based on actual usage or

4. Automatically collect advertising fees based on web page clicks

In traditional networks, all participants record different copies, which leads to the inability to reach a consensus on the ledger. This directly increases the time cost and also increases the indirect costs such as manpower. In the shared ledger based on blockchain, after the transaction is confirmed, it cannot be tampered with. At the same time, it saves companies costs and time, while also reducing risks. Blockchain technology automates transactions, improves transparency between participants, ensures the integrity of transaction records, and enhances customer trust.

The advantages of blockchain are reflected in consensus, fault tolerance, near real-time transactions, and flexible changes in asset ownership. No single participant can control the flow of information in the ledger alone. Blockchain technology improves the fairness and accuracy of the information flow of participating accounting nodes. The immutability of blockchain technology reduces the management costs of regulators and improves the transparency of audits.

Smart contracts executed on the Internet using blockchain technology have the characteristics of being immutable, automated and intelligent. There are many advantages for commercial organizations to use blockchain technology, such as reducing costs, increasing business execution speed, and reducing contract performance risks.

Blockchain for healthcare data

Blockchain technology is becoming more and more mature in the health field, financial field, developers and suppliers, and the medical industry is also seeking to use blockchain technology. The blockchain technology behind Bitcoin has attracted the public's attention and people are keen to discuss the technology. The blockchain medical laboratory was initiated and designed by Philips, and a blockchain startup company GEM also joined in. In the field of healthcare, blockchain can provide protection for users' private medical data and improve the security of medical data itself. Blockchain is implemented through digital signatures and distributed ledger verification.

The HIPAA privacy rules protect medical data by prohibiting authentication and re-authentication (PHI) to prevent the use of mathematical brute force signature cracking. However, the restrictions in the HIPAA Act can be completely resolved through blockchain. Travel websites, e-commerce, and credit ratings for individuals (such as police, colleagues, landlords, doctors, and teachers) have been the focus of blockchain technology due to potential privacy vulnerabilities. At the same time, the immutable nature of blockchain ledgers has also attracted people's attention.

Overview of blockchain technology used to protect Medicaid applicants

Blockchain is used to create smart health records and associate them with patients. These records will be accessible to patients and financial departments, and the information will be securely stored, eliminating the problem of Medicaid disputes. It is a tested program that records Medicaid beneficiaries in the program and associates them with the medical services they receive to keep the information linked in real time.

If you want to address the challenges of blockchain in healthcare (illegal behavior stipulated in the HIPAA Act), you need to closely integrate blockchain with dynamically changing data to prevent violent cracking, solve the mosaic effect to deal with relevant cases in the HIPAA Act, and refine individuals' control over medical privacy data. This is a relatively effective way to use data. In summary, the combination of changing data and blockchain can solve the requirements of the privacy regulations in the HIPAA Act.

Blockchain applications in healthcare can enable health service providers to jointly use their networks without compromising data integrity, data security, and data privacy. Healthcare institutions can manage the entire case lifecycle records of patients with the help of blockchain. Similarly, medical bills can also be managed through blockchain.

Blockchain technology will improve the automation level of labor-intensive industries, improve financial transaction solutions and increase work efficiency. At the same time, it will reduce transaction costs and replace traditional manual labor, promote industrial automation, especially in the real estate field, which can quickly solve property leasing and record sales data. In short, blockchain will play an important role in the field of personal data storage.