A decade earlier, the basic guiding theory of the blockchain was implemented. It took a few years for the technology to be widely recognized outside the computer science sector in industry and academic communities. Since then, several scientific institutions have taken up the topic. Through this chapter, the authors focus not only on the working mechanism of the technology but also towards the use cases in varied industries. Blockchain implementations are an effective way to actively move business expertise to study goals that support both technical growth and testing through analysis, design, and research approach.
Top1. Introduction
Blockchains have risen as a platform to allow money exchanging facilities removing the cause for a trustworthy mediator for notarization, also validating these exchange transactions or facilities, while safeguarding the privacy and the protection of data. There are many new systems of blockchains that have been developed for the fulfilment in varied fields such as safety, tourism, retail, health care and many other industries using supply chain management. The emphasis of this paper is the Blockchains usage in online health and health records management and sharing to permit patients, hospitals, clinics and other health actors to connect and enhance interoperability of knowledge among themselves (Nakamoto, 2008).
The essence of the unified structure used depends on the individuals participating in the network. There are also issues that, through the use of blockchains, would alleviate confusion and provide doctors a solution, given specific clinical data that could breach the privacy of patients and ultimately weaken the entire of the stakeholder network. In this chapter, we discuss the different features of blockchains, evaluate current problems and suggest alternative solutions. They focus on issues that can expose patients' wellbeing and safety in future attacks by Blockchains.
The framework of blockchain gained popularity, beginning the journey from a distributed ledger framework based on the “Bitcoin white paper published in October 2008(Nakamoto, 2008).” Blockchain's main technology as a “Cryptocurrency” allows consumers, without the need for a single, trustworthy third party, to quickly swap electronic coins on a regional Network. In typical situations, transactions between individuals or companies involving the exchanging of electronic money have relied, as mediators, on trustworthy third parties like a bank. For a number of reasons, confidence in the TTP is not sufficient. The TTP, thus, undermines the network, as a point of failure. Any third party trustee can malfunction or make the finance system inaccessible or vulnerable. A TTP also pays prices for production and sets external operating constraints. Therefore, the driving force behind Bitcoins is to resolve the shortcomings of TTP dependency on online transactions.
Bitcoin development has been released years since the publication from the renowned research project “ Bitcoin White Paper “, with the Application published as an open-source, which allows other users to alter and improve the Application and create new generation innovations carried out in the context of BlockChain. The wave which instinctively started from the tokens carried out on the part of the blockchain, for example, for bitcoin is the initial step in the application of creation of decentralised medium known as blockchain 1.0 (Hauxe, 2006). Several 1.0 technologies like “Monero (Monero Project, n.d.), Dash (Dash Official Website, n.d.) and Litecoin (Litecoin—Open Source P2P Digital Currency, n.d.)”, to name a handful used the conceptualisation of Blockchain.
The subsequent phase of blockchain creation followed by the first one (blockchain 2.0) applies to the establishment of intellectual possessions and contracts based on distribution (Forrest, 2016). Smart property is the immaterial properties or assets to be run through a blockchain network, and the software programs based on smart contracts which code how smart property is governed and handled. “ Ethereum (Forrest, 2016), “Ethereum, Ethereum Classic, (Ethereum Classic, 2018) NEO (NEO Smart Economy, 2018) and QTUM (Qtum, 2018) are representations of blockchain 2,0 cryptocurrencies ” ”.
Figure 1. Usage of Blockchain in various Sectors
On the basis of the above, version 3.0 of blockchain now gets concerned in the purpose of non-financial blockchain applications (Monero Project, n.d.). Throughout this purpose, attempts were conducted to expand the network to other sectors, including banking, so that the revolutionary features of blockchain would be exploited for other businesses and use scenarios. As a result, blockchain is known as the general-purpose technology(Burniske et al., 2016; Jovanovic & Rousseau, 2005), which has evolved and used different fields, for example, identity management, dispute resolution, contract management, supply chains, insurance and healthcare(Androulaki et al., 2018; Burniske et al., 2016).