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How IBM Blockchain Revolutionizes Societies We Live In

How IBM Blockchain Revolutionizes Societies We Live In

In 2021 our world is going towards universal digitalization at an enormous speed. It is now impossible to live a technology-free life as more and more spheres and institutions make transitions to the virtual world one way or another. This is just the time for blockchain to take its place in the lead. But in what ways is it useful? 

First of all, What is Blockchain?

Blockchain is a system of data record and storage which functions on the basis of chains of blocks. Block symbolizes digital information, while chain indicates that these blocks are linked into immutable storage. The data can never be changed. Any member of the blockchain has access to the information. Thus the data is securely stored and is transparent for all members. To create new blocks the users need to agree that a transaction is valid through a consensus algorithm. 

The popularity and practical value of blockchain technology are rising because it is an effective and innovative tool to confirm, secure, and trust digital information of private and public nature. 

One of the first big corporations to adopt blockchain to help businesses and social institutions is IBM. 

What is IBM Blockchain?

So, what is IBM Blockchain? International Business Machines Corporation (IBM), a reputable technology corporation, actively supports the technology and acts as a blockchain advisory group. The IBM Blockchain Platform is blockchain-as-a-service, offering many options for blockchain network development, operation, governance, and expansion. It provides easy solutions to create and manage blockchain networks, channels, and smart contracts. 

What Does IBM Blockchain Offer for Social Changes? 

Hyperledger Fabric being a core technology of the IBM Blockchain provides critical features for the building of reliable permissioned blockchain networks for businesses and institutions of any size. 

Due to the modular architecture of Hyperledger Fabric, it is possible to implement a variety of cryptographic algorithms, identity schemes, consensus protocols, smart contracts, and other features of blockchain. Thus, all spheres from banking and insurance to healthcare and education can enhance the speed of the operations and transactions while being sure that all data is safe. It will significantly impact the workflow and vital actions and decisions will be made much faster and in a more effective manner. 

IBM Blockchain Use Cases

Is there any application of blockchain in education? Or healthcare? Certainly.

  • Education

Education opens quite a few options for blockchain technology. With tons of paperwork still managed in physical copies, it is often really time-consuming and sometimes stressful to collect the documents needed. Blockchain offers secure storage of any documents with easy and round-the-clock access. 

With blockchain, students would be able to control their academic and extra-curricular records. 

It would be not only useful for the students themselves but also could be used when continuing the education or when going through job interviews. Thus, the progress in learning and attendance records would be evident. As it was mentioned, once the data comes to the ledger it is immutable, so tampering is hardly possible. 

  • Healthcare 

Healthcare matches education in the ways blockchain can be applied. As well as education, the healthcare sector accumulates paperwork real quick. To handle it properly is very important because the patients’ lives are at stake. Blockchain can store any number of documents and provide quick access to them from any place in the world. Nowadays, when tourism and relocation are inseparable parts of our life, it is very handy to have all your records in one place. 

As Blockchain guarantees a high level of transparency, concerns about the safety of this or that medication are to be resolved. The patients could track all the stages of drugs’ creation: from the components and their origin to transportation details. 

Blockchain has proved itself very useful in times of Covid-19. IBM released Digital Healthpass – a mobile app acting as a passport for individuals’ health credentials such as vaccines, tests, and other data. Healthpass works on the privacy-first principle and allows users to maintain control of their personal information and share it in a verifiable and secure way.

Is IBM Really Impactful for Many Spheres of Life?

According to the fact that lots of institutions and businesses are now adopting blockchain, it will soon become a new norm in many spheres. Blockchain possesses obvious advantages and has the potential to conduct actions, that used to be tiring and time-consuming, in a matter of minutes. 

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