This is a broad overview of the Blockchain. Blockchain holds information as a shared data source. Moreover, this database gets reconciled continuously.
This method has its own benefits. Will not allow the data source to be stored at any single location. The records in it have genuine public attribute and is verified very easily. Since body fat centralised version of the records, unauthorised users have no means to manipulate with and corrupt the data. The Blockchain dispersed database is simultaneously hosted by millions of computers, making the data easily accessible to almost anyone across the virtual web.
After the advent of the eMail, the standard way of sharing documents is to send a Microsof company Word doc as attachment to a recipient or recipients. The recipients is going to take their sweet time to experience it, before they send back the revised copy. In this method, one needs to wait right up until obtaining the return duplicate to see the changes made to the document. This particular happens because the fernsehsender is locked out from making corrections till the recipient is done with the editing and sends the document back. Contemporary databases do not allow two owners access the same record at the same time. This is how banks maintain balances of their clients or account-holders.
In contrast to the set practice, Google docs allow both the parties to access the same document at the same time. Moreover, it also allows to view a single version of the document to both of them simultaneously. Just like a shared ledger, the Google Docs also provides for a shared document. The distributed part only becomes relevant when the sharing requires multiple users. The Blockchain technology crypto is, in a way, action of this concept. However, it is very important point out here that the Blockchain is not designed to share documents. Rather, it is merely an analogy, which will help to have clear-cut idea relating to this cutting-edge technology.
Blockchain technology applied to medical research can improve trust in science by creating an unchangeable, time placed record of the research results. Blockchain technology, invented by Satoshi Nakamoto in 08, ensures that transactions entered into a ledger cannot be changed with time. As applied to the cryptocurrency bitcoin (BTC), in this way a monetary system that, are unable to be manipulated by a centralized government because it creates a long term and accurate record of most transactions. The strength of the system arises from its use of a distributed repository as compared to current monetary systems that require a centralized database such as is utilized by credit card companies and banking institutions. Applying this same technology to medical research increases trust in the results because just like bitcoin, the transactions (scientific data collected) are permanently archived in an unchangeable, immutable manner.
The exchange of money, similar to the conduct of medical research, requires a high level of trust. Funds in the past has made this trust through government regulations and main bank oversight. Medical research during the past has attempted to create high levels of trust through peer review conducted by reputable medical journals like the New Britain Journal of Medicine. Both methods of creating trust rely on a trusted central authority, either the government or a medical journal. As such, both methods are highly prone to fraud via problem or innocent errors of the centralized authority. This particular has led to widespread distrust in medical research. Bitcoin operates differently, because it sets up a method of relying on a distributed network based after a mathematical algorithm, rather than centralized authority susceptible to human error.