Blockchain technologies at Vinnd: implementation (part I)
You’ve probably wondered about how blockchain works in Vinnd. Designed as a means of accounting for financial transactions for digital currencies, the blockchain may be enlarged more generally as a platform for distributed computation. The blockchain creates a tamper-proof chain of content using public key cryptography, supported by a decentralized network of participating nodes.
Formation of the chain is contributed by each node, which works to solve a set of hashing exercises. This process is known as mining. The blockchain technology excludes the need for a central authority to manage data and transactions, making it extremely secure and untouchable for hackers. In short, we use the blockchain for financial transactions, security and storing of your medical data.
Why should payment transactions base on blockchain?
Through blockchain technology, we can create an irreversible digital ledger of transactions. The first implementation of Vinnd will develop using the Ethereum blockchain. Ethereum executes scripts on the blockchain using a system called smart contracts. This extends bitcoin to a Turing completeness. This system significantly increases the possibilities for decentralized computation using the blockchain, and we think that this system will be the backbone for the growth of Vinnd. Blockchain technology provides a high level of confidentiality by ensuring that purchase details are shared only among the partners involved in those transactions. There’s no need for a third party with blockchain transactions.
Storage and protection of medical data
Developed for managing a financial ledger, the blockchain sample can be extended to provide a generalized framework for realizing decentralized compute resources. Each resource can transit among elements via cryptographically-secured transactions. Smart contracts connect patients and providers to the addresses of existing medical data, acting as an intelligent database. The blockchain doesn’t store the data directly; rather unifies access to data across disparate providers, encoding metadata that allows data to be accessed securely by patients. The metadata holds information about permission, ownership and the stability of the data being requested.
Blockchain in Healthcare
Blockchain has to penetrate into all spheres of life, and healthcare — is the main part of it. With blockchain, the quality of healthcare is predicted to grow, and the costs and risks are expected to go down. Blockchain could be the tool for innovation in healthcare. It could let the medical community and the pharmaceutical production to rise to the call and build future healthcare system.
