In this article “A quick synopsis of Blockchain & Healthcare,” I will attempt to explain quickly and in simple terms the potential for the use and practicality of Blockchain in Healthcare.
There are several advantages to implementing Blockchain, and the most obvious is that by nature, a Blockchain has tamper-proof data. (If you need help learning about Blockchain click this link https://blockgeeks.com/guides/what-is-blockchain-technology/ With data securely written in the Blockchain, it ensures safe, secure records for clients of the Healthcare industry. These records are permanent, immutable and available 24/7 to anyone via the Blockchain on the Internet.
Think of the Blockchain like a database that’s distributed millions of times all over the world and each version of itself ensures the data is perfect and can’t be tampered with forever.
Another use case for Blockchain in the Healthcare industry would be to use the Blockchain as a permanent repository of information such as; research papers, formulas, discoveries or other information that’s encrypted and written into the Blockchain. The data can be proven to be created at a specific time using the Blockchain’s time-stamp, and the Private and Public Keys could be kept maintained for safekeeping or redistribution at any time.
We all need to get paid for our time and products, and CryptoCurrency and Blockchain technology is a fast and efficient way to set up payment systems. It’s inexpensive to set up a payment system and Crypto Shopping Cart and encourage client’s to use it by offering discounts to them. Transaction costs through typical credit card companies are at an all-time high and are projected to go higher yet so why not offer clients a cheaper, quicker alternative such as Crypto Currency. With the savings from not using traditional credit card clearing companies, you can then, in turn, give back some of the savings!
Smart contracts. There are many possibilities in this aspect of Blockchain technology as well — contracts of all types such as; Fulfillment contracts, clinical trials, Client interactions and requirements. With programmable Blockchains, any existing contracts can be put on a Blockchain and become a permanent record that is verifiable and immutable. These types of contracts can be time-stamped and self-executing. Imagine verifiable records that can be passed down safely for generations.
Dapp’s are app’s that run on a Blockchain. Any existing program or app can be a Dapp. With Dapp’s the data becomes your own and becomes a valuable asset in your business. There are significant advantages to owning your corporate data that is encrypted, and permanent on all your clients. Blockchain protects assess to that data by anyone, even your self unless your client authorizes it.
Will a Blockchain add or detract from the business is the most critical question to ask. There are many advantages as outlined here, and those advantages may prove extremely valuable if the software development budget is available to support the efforts. I believe that using existing Crypto infrastructures a model can be developed to use some of the ideas mentioned above in a “Lite” version with plans to further enhance functionality later.
Video on Blockchain
It’s the same value as Bitcoin! Wait a minute! How can that be! Bitcoin is the Gold of Crypto! Let’s find out why… Bitcoin Second Layer? RFIOS? Now I’m perplexed. It looks like a little deeper dive is needed get ready CrytptoNutz 😉
Rootstock or RSK is Turing complete side chain (think Ethereum) that makes Bitcoin programmable! Turing complete means that you can run programs on a blockchain. Like Crypto Kitties 😼. Yes, it’s true you can run the same programs that run on the Ethereum Blockchain on RSK because it uses the same solidity smart contracts that Ethereum uses! This is great news for developers since they can reuse the same code that was used to create DApp’s on the Ethereum Blockchain, way to recycle RootStock!
RootStock can offer fantastic scaling solutions for decentralized networks everywhere, and by using solidity, they kickstarted the process, hey wait we may have some Bitcoin NUTZ soon! OK wait it’s a Bitcoin Sidechain? Maybe I can make sense of this yet! A side chain is a chain that runs on its own but ties into the Bitcoin Blockchain and wow is it fast! No more waiting 10 minutes for a confirmation, with RSK smart contract right now you can do up to 100 TPS (Transactions per second), and it’s scalable to 1,000’s and 1,000 TPS with the right tech, sweet speed, like super de duper fast 🏎 You can create POS (Point of Sale) systems that are faster than PayPal.
Now all the stuff you can do with programmable chains you can do with Bitcoin? Oh Ya, this can change everything, and for the Bitcoin Maximalist, this should be music to their ears because a programmable Blockchain based off of Bitcoin means you can create anything you can imagine and have the strength of Bitcoin to back it up! Imagine DEX’s (Decentralized Exchanges), Token creations, games, applications, and any smart contract that you can imagine and create.
When you transfer BTC to the RSK sidechain, they become the RSK’s smart contract Bitcoin or RBTC. For the execution of smart contracts, you would consume a small amount of RBTC similar to the way ETH uses gas. The critical thing to remember is that there is the same amount of RBTC in the side chain as there is actual Bitcoin in the contract at one to one with no other cost other than very tiny network transfer fees.
There was only a private sale no public sale on November 9, 2018, a soft cap of 15,000 BTC and a hard cap of 20,000 BTC plus or minus 10%. No one knows how much was raised since the token total and token price was kept private. Maximum Supply is 1 Billion RSK it’s estimated that over 35% are already out there. RFIOS is a platform for Dapp developers that runs on top of the RSK layer. Now all the exciting stuff you hear about like ICO’s can happen with Bitcoin! Hey, watch out you may see Bitcoin NUTZ in the future wait that’s just like B-NUTZ our mascot 🥜, LOL weird!
I wish they’d stop calling them “crypto”. They won’t be, no way. Encryption with back doors is no encryption. Digital Currency sure, though our current Canadian Dollar is already almost entirely digital. So a whole lot of fluff essentially.