Blockchain Application

Blockchain Is Secure, Robust & The New Internet

A blockchain is a digitized, decentralized, public ledger of all blockchain transactions. Constantly growing as ‘completed’ blocks (the most recent transactions) are recorded and added to it in chronological order, it allows market participants to keep track of digital currency transactions without central keeping. Each node (a computer connected to the network) gets a copy of the blockchain, which is downloaded automatically.

Blockchain's EU Public Sector practice helps federal

Originally developed as the accounting method for the virtual currency Bitcoin, blockchains – which use what’s known as distributed ledger technology (DLT) – are appearing in a variety of commercial applications today. Currently, the technology is primarily used to verify transactions, within digital currencies though it is possible to digitize, code and insert practically any document into the blockchain. Doing so creates an indelible record that cannot be changed; furthermore, the record’s authenticity can be verified by the entire community using the blockchain instead of a single centralized authority.

  • Automotive  – Blockchain technology has been the new kid on the “block” for some time now and is especially hot when enabling new currencies with the rollercoaster rides that these have recently taken. However, blockchains are not limited to crypto-currencies but are widely being adopted by other industries as well, especially the automotive industry.

One example on the use of Blockchain outside crypto use is the fact that Toyota is exploring blockchain technology in collaboration with MIT Media Lab to develop a new mobility ecosystem that could accelerate the development of autonomous driving technology, particularly with secure data sharing, car/ride share transactions and usage-based insurance. German supplier ZF and IBMannounced in 2017 that they were jointly developing Car eWallet, a payment technology targeting future mobility services. According to the two companies, the Car eWallet could be used by automakers and service providers to handle tolls, parking, electric vehicle charging, car sharing and in-car services. These are just a couple of blockchain investments among many others in the global automotive industry. For now, let us look at what blockchain technology is and how it is being used for connected and autonomous vehicles.

  • Preventing fraud and data theft

Blockchain technology provides one of the best tools we currently have to protect data from hackers, preventing potential fraud and decreasing the chance of data being stolen or compromised.

In order to destroy or corrupt a blockchain, a hacker would have to destroy the data stored on every user’s computer in the global network. This could be millions of computers, with each one storing a copy of some or all the data. Unless the hacker could simultaneously bring down an entire network (which is near impossible), undamaged computers, also known as “nodes”, would continue running to verify and keep record of all the data on the network. The impossibility of a task like taking down a whole chain increases along with the amount of users on a network. Bigger blockchain networks with more users have an infinitely lower risk of getting attacked by hackers because of the complexity required to penetrate such a network.

This complex structure provides blockchain technology with the ability to be the most secure form of storing and sharing information online that we’ve discovered so far. That’s why innovators have begun applying the technology in different sectors to prevent fraud and increase protection of data.

A blockchain is a decentralized and distributed public digital ledger, that is used to store static records and dynamic transaction data across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the collusion of the network. The validity of these transactions is certified using a consensus-based mechanism.Today, different arrangements of blockchain are available ranging from public open source networks to private blockchains that require clear permissions to read and write. The following diagram describes the process of adding a new block to a public blockchain.

Blockchain technology has been the new kid on the “block” for some time now and is especially hot when enabling new currencies with the rollercoaster rides that these have recently taken. However, blockchains are not limited to crypto-currencies but are widely being adopted by other industries as well, especially the automotive industry

Technology is central to meeting the demands of the newly insured patients and an aging population. Blockchain can guide agencies with a technology-led strategy that includes GTDs, PKJ, analytics, remote patient monitoring, mobility, social media, emerging and predictive care management, and privacy/security.

In order to destroy or corrupt a blockchain, a hacker would have to destroy the data stored on every user’s computer in the global network. This could be millions of computers, with each one storing a copy of some or all the data. Unless the hacker could simultaneously bring down an entire network (which is near impossible), undamaged computers, also known as “nodes”, would continue running to verify and keep record of all the data on the network. The impossibility of a task like taking down a whole chain increases along with the amount of users on a network. Bigger blockchain networks with more users have an infinitely lower risk of getting attacked by hackers because of the complexity required to penetrate such a network.

 

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