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Where Will It Go Next? The Advantages Of Blockchain

The following article, which discusses the advantages of Blockchain, was given to us by our friends at CoinCentral. Per usual, we ask that you read, digest, and share this piece with all of your crypto-loving friends!

The advantages of blockchain often become a secondary topic each time prices cycle through a new bubble. Public eyes shift away from the advantages of blockchain and towards the advantages of speculation. The good news is that a burst bubble in the market often shifts the attention back to the more interesting topics.

Bubbles or not, crypto exchanges still remain the single most potent use case for distributed ledger technologies. But in the grand scheme of blockchain’s potential, speculation and value trading seems underwhelming, completely missing the mark.

Medicine and Health Care

The medical system is under colossal stress to scale to the demands of the growing population. Medical identity still lags way behind with archaic record sharing networks and insecure databases. However, the elephant in the room is the medical supply chain: a behemoth of an issue that is actively being repaired.

The Supply Chain

The supply chain within the healthcare industry, compared to other supply chains, is particularly sensitive for reasons that should be clear: your health is at stake. However, the issues that face the medical supply chain are much the same as many other large-scale supply chains. Issues that all stem from one foundational factor: trust.

The advantages of blockchain in trust

Building trust in the medical supply chain

The objective is to increase the trust in a supply chain and improve all components that contribute to the strength of the trust economy. For example, stronger communications and higher levels of transparency and accountability lend support to building trust.

The advantages of blockchain are well suited for the topic of trust, as it’s one of the novel solutions distributed ledger tech brings forth. Traditionally, trust within an expansive system is achieved through access control and well-vetted participants. But in the case of a dynamically growing system like a medical supply chain, utilizing siloed control points like this can be clunky and wildly inefficient.

Instead of these centralized points of trust and control throughout the supply chain, blockchain allows for their replacement and complete dispersion. Trust in other humans is replaced with a decentralized model of trust-by-computation.

“Here’s the most important effect of this new trust model of trust-by-computation: no one actor is trusted, and no one needs to be trusted. There is no central authority or trusted third party in a distributed consensus network.”

– Andreas M. Antonopoulos | Bitcoin security model: Trust by computation

Medical Identity and Records

At the core of the medical-data economy is an imbalance of interests not unlike that seen on Facebook. Centralized medical user data, our identities and records, are often unwittingly being used in larger research studies. Although using our medical data certainly isn’t ill meant, when monetized the issues begin to manifest. Like the for-profit data collection system Facebook, the user stops being the customer and instead becomes the product. The data we willingly supply is mismanaged and sold to a new end user.

A database seeded with a blockchain could be used to shift the power dynamic away from the data collectors and back to the data suppliers. However, mass data is still useful for research, for-profit or not. Instead of personal medical data being repurposed without direct consent or even our knowledge, blockchain has the tools to give the power to choose back to the user and create new economic incentives to for participation in research.

Embleema is an active example of a project that is tackling the issue of personal health record data. The Embleema blockchain, built on Ethereum, provides users with a trustless solution to selectively supplying health data to research projects they support. Right now, the project, called PatientTruth, can be used to collect all sorts of medical data points, from more serious chronic conditions and vital signs to more active data like daily steps and heart rate readings.

The advantages of blockchain, like Embleema’s use of smart contracts, could be the key to creating a better environment for patients, practitioners and researchers alike. Patients gain more transparency and control over their medical records, practitioners are less burdened with consent and internetwork compatibility, and researchers get access to better vetted and more secure data.

Humanitarian Projects

Blockchain tech is being expanded to worldwide humanitarian efforts and has already begun to see frontline use. Refugees are being supported with biometrics and blockchain data management to empower their financial decisions. Likewise, blockchain is enabling new fundraising methods by harnessing the idle processing power of a donator’s computer.

Blockchain in Refugee Communities

Recently, Building Blocks, a World Food Programme (WFP) pilot project, has seen success in helping facilitate and secure money transfers using blockchain tech. The program is part of a goal to safely and reliable scale up the number of direct money transfers refugees and displaced people receive.

These types of money transfers have been increasing as the favorable option over distributing goods like food and water directly. Instead, recipients can use their money transfers as they see fit for their individual needs and those of their families. Often the use of cash is more empowering than being delegated rations of particular products or services. Money transfers as a form of crisis relief can be a powerful vehicle for restoring individual confidence and procreating local economic activity back into the communities.

Building Blocks, after finding success in two other pilot programs in Pakistan and Jordan, is looking to expand their service to another community of over 500,000 Syrian refugees within Jordan. In addition to using blockchain for money transfers, the WFP program is hoping to expand the tech into other areas like supply management and digital identities.

Shifting Fundraising Models

The advantages of blockchain in humanitarian projects can be further realized as fundraisers find new potential. UNICEF Australia currently runs a unique fundraising program which takes full advantage of donator’s computer processing power.

The advantages of blockchain in fundraising

Donate passively with your computers processing power on UNICEF Australia’s Hopepage

Visitors to UNICEF Australia’s Hopepage can elect to donate some of their own computers processing power. The processing power is then used to mine cryptocurrencies with proceeds being automatically donated back to UNICEF Australia to fund their various programs.

As a new vehicle of fundraising, donating your processing power is still quite early to the scene. Doing so doesn’t yet garnish the same benefits for donors that more conventional methods typically receive. Most notably, donating your processing power doesn’t get you a tax benefit, so UNICEF Australia still asks that you make larger contributions directly to them.

However, donating your computer’s processing power is super accessible and has low barriers to entry for those already on a computer.

Again, this article was shared with us by our friends at CoinCentral. Go check out some of their other work we’ve published here.

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