Brief about 4th generation distributed ledger technology
Written as part of citizen science effort on distributed ledger technology, led by Sukant Khurana
Empowering the licensed medical professionals with the intiva token and a decentralized credential platform.
What is 4thDLT?
So, this will interest you all to know more about the generations of DLT and how it has improved in time. Intiva health is a platform built over the 4th generation DLT called the hashgraph technology which is a patented technology by Dr. Leemon bird and Mance Harmon, and they give a statement of patenting the technology to avoid forking of the network, so this is the reason to call it as the 4th gen of DLT? Maybe, but the actual answer is when you understand the previous three generations of DLT.
1st generation: Bitcoin financial distributed ledger technology
It’s a milestone in DLT when Satoshi namakto invented the bitcoin, making it possible to store a digital currency safe which was not possible before, with the use of blockchain technology. They found a way to safely store a digital asset and make transactions online and store them all in an immutable way. from where it all started and this is the 1st generation of DLT.
So in the 1st generation DLT Proof-of-work has emerged, which is a way of attaining the consensus in the network and its main purpose is to make sure that the transactions are not malicious by miner who validates it so it followed a mathematical way to attain the security, but it lags time to attain the consensus and also uses a lot of computational power, and the ledger is updated by a broadcast message.
2nd generation: ownership (non-financial distributed ledger technology)
When people found out that the technology is vast and even we can store any kind of data in the distributed ledger other than financial transaction data, it got emerged as a utility token from a payment token, and it’s the era of trading crypto for goods and services or exchange of ownership through blockchain.
For example, in a car auction market built on the blockchain, uses its native token to exchange ownership of the car, through the utility token provided.
So at this generation forking started taking place, as blockchain is open-source anyone can fork a network to create a side chain of the main net and use the same functionality of the parent chain, and from now on more developers are open to create a blockchain of their own and start issuing tokens.
And what the 2nd generation mainly did to blockchain is the introduction to PERMISSION BLOCKCHAIN, till then bitcoin was the major crypto-currency and there were experiments going on to shape this technology for business which needs particular nodes to be controlling the transactions in the network and then emerged many permissioned blockchain networks, which allowed business to use their blockchain to build a permission network.
EXAMPLE FOR A 2ND GENERATION DLT
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TRADING IS BROUGHT IN FOR EXCHANGE OF ASSETS.
We can set up a B2B permissioned network in 2nd gen DLT
Starbucks, café day and Costa Rica coffee indulge in a trade with the Brazil coffee bean estates. Now the estates can decide to whom they want to sell the 1st-grade beans and an auction is made and they take the orders, in which the details are private between the parties but the transaction made information will be alone broadcasted in the network.
This is in simple known as creating a marketplace for coffee trade and securing the individual ledger to be synced only with the ledger of the seller and the main ledger is used to keep the basic information of the trade happened in the blockchain and it is allowed to be public.
Transactions are validated by permission nodes in the network.
3rd gen: smart contacts for a complex circumstance of the transaction.
Now there is a question how to automate all the transactions made on a network and how to bring efficiency in validating each transaction which needs different conditions to satisfy each of those, how to codify the complex circumstances under which the agreements are made between two parties?
Ethereum smart contracts came up with a solution to make it possible to engage X in a complex agreement with varsh in a change of ownership using crypto as the payment mode and make sure that an agreement is made on personalized conditions needed by the two parties, so this is awesome, right?
For example:
X wants to get funding for his project and he feels that kickstart is demanding more fees which makes his funding purpose useless for a very small amount. So he feels blockchain can help him with that, but it has no option to save the investors from risk of funding the project without any sort of asset exchange for their money robustly, as blockchain transactions cannot be reverted we miss a middleman here to engage as a trusted 3rd party service provider to make sure the investors get the equal value of asset or his money back.
Now the smart contracts came into action with a condition that, investors receive 1token for 1$ investment and a hard cap is stated as 700$, if the funding doesn’t reach the goal of $700, the investor will get back his money, if its success he will be automatically credited with the token asset, and this is made simple without the need of a middlemen into the system and with very minimal charges.
4th gen: Fairness to the market
So here is the 4th gen DLT — The Hashgraph Technology
So, everything was fine with the evolution of DLT, but still, something is missing in the network? Don’t you feel that the transactions happening in the network is not fair enough as the decentralized ledger?
Yes, is the answer because till the 3rd gen DLT, the transactions that enter the network and get validated in the network are not fair enough, as it is decided by the miners or validators to start working on a transaction according to an order and then the pending block is added to the existing chain.
So hashgraph brings in the fairness in the consensus mechanism and here the transactions are included with a timestamp and whoever comes first will be handled first, no more disordering of any transactions entering the network based on fees or preference, so now the 4th gen DLT brings the complete fairness to the market.
So, what 4th gen DLT offers for the healthcare industry?
So, you have the answer, right?
Yes, it’s the fairness to the market at 1st place with many other added advantages
1. PERFORMANCE
The new virtual-voting algorithm can validate millions of signatures in seconds, over 2,50,000 TPS/per sec with a latency of 2.3 seconds, which means 100% consensus which will never change. this kind of speed is required for the healthcare industry because this industry needs that level of performance to make sure there is no more pending and disordering of transactions.
2. SECURITY
Health care records cannot be subjected to hacking and thus it needs the highest level of security which is provided by asynchronous Byzantine fault tolerance (aBFT), SYBIL attack resistant and also Distributed denial of services (DDoS) of the hedera hashgraph platform.
Which is the only DLT formally proven this kind of quality.
3. FAIRNESS
The network ensures that the consensus order will reflect the transaction order received by the community and make sure that no single user or group of users influence the order of transaction, thus bringing in the fairness to the system.
4. GOVERNANCE
The hedera hashgraph council will consist of 39 leading organizations from various sectors and region to make sure that the decentralization and stability are maintained in the network by framing policy and approving codebase change and also this combined with a strong security will engender the trust needed to achieve board-based adoption.
INTIVA HEALTH IS THE FIRST HEALTHCARE PLATFORM BUILT OVER THE HASHGRAPH NETWORK
It is a credential-based platform for medical professionals to have a digitally authenticated credentials of their complete identity from various institutions within seconds.
Problems in medical credential management: current inefficiency of medical credential management cause medical professionals to wait for at least 3 months to start their work which causes a huge loss to the hospitals of $900,000/ per hospitals & $59,000/per professionals according to their claim.
http://blog.silversheet.com/consequences-of-poorly-managed-credential-files
https://whatisbluesky.com/why-credential-management-matters/
http://www.physicianspractice.com/healthcare-careers/which-credentials-count
http://www.helixongroup.com/qa-investigation-peer-review-credentials-committee/
https://www.shiftboard.com/blog/5-reasons-to-integrate-credential-management-staff-scheduling/
Providers and administrators can use the platform to manage credentials and verify them for approval of privileges, thus by using the hashgraph technology initiva health shorten the procedure for seconds which is much faster than any other blockchain. Solutions with Ready Doc
The Ready Doc will help the provider by approving the credentials in seconds by incorporating the hashgraph technology, which is usually done in months wasting time and billions of cash.
NTVA TOKEN
The native crypto-currency of the platform will reward the end-user with its NTVA token for every process he makes in the platform, which can be used to purchase products provided on the network, like a continuation of courses and other purchases made on the platform can pay using the NTVA token.
What makes intiva unique?
The hashgraph technology makes sure they are the fastest credential management platform at the current date and allow the professionals to earn while they spend with the NTVA token.
Thus the 4th generation DLT offers an instant solution with a high-speed network with the best scalability and also provides the security which is tremendous, in short
So, viewers, I guess you have understood about the various generations of distributed ledger technology which made it possible here for us to move forward, and how the 4th gen DLT hashgraph might help us to have the fairness in the market with an outperforming speed and security.
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