Linking Up Blockchain & Cloud
David Linthicum
Blockchain is a public ledger system that can be used to record any kind of transaction . The ledgers are stored concurrently in multiple locations and communicate using a series of nodes , with entries that are cryptographically signed to prevent modification . Blockchain also provides an auditable trail of all transactions and removes the need for a trusted middleman to oversee them .
Bitcoin relies heavily on its underlying Blockchain technology . The Blockchain model illustrates the idea of not making a centralized authority responsible for saying what is true or what is false . Instead , multiple distributed parties come to consensus , and that consensus is stored in the ledger which thereafter can be accessed by anyone . It ’ s infeasible for a single entity ( e . g ., a business or person ) to go back and modify history .
So , what are the use cases ?
Real Estate
Real estate agents can work with businesses and people located thousands of miles away , even in other countries . The transitions would take place instantly , as if a team of lawyers were involved , and even more securely . The nature of Blockchain transactions could prevent real estate fraud and eliminate the need for third party escrow services .
Finance
Many use cases are found in the world of high finance . For example , transactions involving megatrades for the purchase of a company could take place at the press of a button--again , with little risk around security or even legal issues .
Healthcare
Blockchain technology could also have a huge impact on the ability to track and protect personal healthcare data . Medical billing logs could approach the privacy issue from a financial angle . So not only will clinical data be protected , but the telling cost transactions as well , making it harder for insurance companies and healthcare institutions to make errors or commit fraud . Another use case could be consolidated medical records , or the ability to bring Electronic Health Records ( EHR ) to a centralized and secure place . Records could be created , shared and changed by multiple parties , creating complete transparency in one ’ s medical history . Prescription orders could also be verified by insurance providers and paid for through Blockchain ; validating the type of drug and correct payment for the patient .
Music
The music industry is implementing Blockchain to take on problems regarding royalty and distribution rights . PeerTracks is a startup whose music stream-
48 | THE DOPPLER | SUMMER 2016