{"id":4670,"date":"2017-07-15T10:11:03","date_gmt":"2017-07-15T10:11:03","guid":{"rendered":"https:\/\/codewaveinsdev.wpengine.com\/?p=4670"},"modified":"2023-07-03T07:46:55","modified_gmt":"2023-07-03T07:46:55","slug":"blockchain-demystified","status":"publish","type":"post","link":"https:\/\/codewave.com\/insights\/blockchain-demystified\/","title":{"rendered":"Blockchain Demystified"},"content":{"rendered":"\n
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It\u2019s time to embrace Blockchain, for industries & governments to operate like a well orchestrated symphony, maximizing value & delivering an integrated consumer experience.<\/strong><\/p>\n<\/blockquote>\n\n\n\n

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Let\u2019s understand what is Blockchain with an example, say Healthcare<\/strong>.<\/em><\/p>\n\n\n\n

To deliver holistic patient care, businesses from various industries have to line up, function together in harmony<\/strong>,not just \u2018operate well\u2019 as individual units. For example, a patient going through a health crisis, engages with a Diagnostic lab, a Hospital, a Paramedical support provider, a Pharmacy, a Health insurance provider, a Nutrition supplier, a Fitness center and so on. Today, we have all these businesses performing in silos, as disjointed units<\/strong>,creating multiple versions of patient information (also not digitally storing all information), creating value in fragments not as a whole, and failing to enable other participants on the \u201cpatient\u200a\u2014\u200acare value chain\u201d to make well informed decisions.

Information asymmetry, non-verified medical records and fragmented patient experience are all a result of a healthcare ecosystem without blockchain.<\/em><\/p>\n\n\n\n

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GRAPH DATABASE BUSINESS APPLICATIONS<\/a><\/div>\n<\/div>\n\n\n\n

Summarizing the challenge:<\/p>\n\n\n\n

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  1. There are multiple businesses engaging with the consumer and generating transactions, without recording these moments on a shared database for other businesses on the chain to see<\/li>\n\n\n\n
  2. There\u2019s lack of trust on the authenticity of information recorded by each party, as it\u2019s not verified by any other party on the chain, transactions look more like a non-validated claim<\/li>\n\n\n\n
  3. There\u2019s no reliable means to continuously ensure that the integrity of information is not compromised<\/li>\n<\/ol>\n\n\n\n

    Now that we\u2019re able to visualize the challenge, let\u2019s re-imagine a \u2018Blockchain ready\u2019<\/strong> healthcare ecosystem, where various businesses come together, line up as a connected network, operate in an environment of high trust, transparency & secure information exchange, co-operating to create an integrated value for the consumer!<\/p>\n\n\n\n

    Welcome to Blockchain.<\/p>\n\n\n\n

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    Congratulations! This means, we can now digitally record real-world moments of consumer engagement, get this information verified by participants on the \u201cvalue creation chain\u201d and share it with everyone on the chain, so they could use this information to deliver maximum value.<\/p>\n\n\n\n

    This worldwide interoperability, transparency and responsible information exchange<\/strong> between various forces within an industry or across industries or between industries & the government, is essential for delivering the highest level of care to the consumer.<\/p>\n\n\n\n

    With a Blockchain powered ecosystem, we can enable Businesses, Governments and other welfare organizations to use authentic information to it\u2019s highest potential and deliver greatest possible value.<\/strong><\/p>\n\n\n\n

    Summarizing key benefits of Blockchain:<\/p>\n\n\n\n