How can Blockchain Technology offer healthcare solutions?

Blockchain technology has great potential to support different businesses and sectors. Its decentralized and hack-proof feature makes it a most advanced technology so far. It is found if used appropriately blockchain technology can eradicate some of the important issues of the world. Well, with that positivity we are here trying to evaluate how blockchain technology development can offer healthcare solution.



This article offers a basic idea about the areas where the healthcare sector can use blockchain technology.

The Organisation for Economic Co-operation and Development forecasted that the healthcare spending will increase globally to $8.7 Trillion by 2020, but the same growth is missing in terms of better patient care outcomes.

Undoubtedly, the blockchain market is increasing in this situation it must be used for the overall betterment of the healthcare sector.

Initially, the technology was used for only three things:

1. Identifying and tracking different drugs.
2. Auditing doctors, healthcare provider, and hospitals which form a provider network.
3. Network providers get paid based on patient health outcomes.

Now, blockchain technology can support Electronic Health Record.

Electronic Health Record or EHR is a digital database which records the total healthcare of patients. The healthcare documents are often found spread across different doctors and healthcare service providers which a patient has to meet in the journey of his treatment. It is difficult to collate and keep track of these documents manually, in that case, EHR works great.

There is a huge potential to combine large sets of health records with public databases using blockchain technology for better processing. In healthcare, EHR is viewed as a transaction over blockchain technology, as it registers ever patient visit, analysis, recommended treatment and other essential information. EHR also prevents the misuse of drugs, reduce fraud, and improves clinical trials and data security.

The top 4 applications of the technology in healthcare:

• Data Management: By enabling health IT systems with blockchain technology, the medical data gain security and reliability assurance. The patients gain complete control of their medical records and the patient care community can have local copies.

• Billing and claims management: Filing and processing of medical claims related to patient diagnoses, treatments and medicines can be made easy with blockchain technology development.

• Medical research: The medical data stored over the public database can be easily distributed to medical researchers and doctors worldwide. It increases the change of medical collaboration and new research and development.

• Data security: Blockchain technology is hack-proof and to record any data over a blockchain it needs the consensus of all the participants involved, thus it can make alteration or duplicity impossible.

It is unfair to conclude about blockchain technology use case over the healthcare sector. The area is vast and the future is bright too. Blockchain technology coupled with Artificial Intelligence also open up great opportunities for the healthcare departments. Few governments have already started to work on it. Well, our recent blog, Next Generation Healthcare Solutions based on Blockchain Technology & AI will offer you some more insight into what’s happening around the world. For more details feel free to contact us.

How Blockchain can help in Identity Management?

At the center of any business, engagement people are there. Trust is vital to every business relationships and it is built on knowing the people over a network. That’s the reason banks and other institutions use KYC to verify and identify people they connect with.

Over the digital platform, fabricating real identities is easy these days. In an online exchange of goods or money, it is important to know the other parties. Needless, to say you have to trust. Who knows if you are connecting with a bot or not. This is where blockchain technology comes in the scene. Many organizations believe blockchain technology has the potential to responsibility handle customer information as it hack-proof and unalterable.

Today we are talking about how you can use blockchain for identity management and some tips to follow when an organization is considering blockchain development.

Self-Sovereign ID

Be that as it may, blockchain has engaging attributes for the character: Rather than only operating virtual money exchange, it's conceivable to implant identity information in the record. The expansive vision is a blockchain could be a carefully designed reference point to confirm individual information without exposing the genuine information to any service provider.

Users would be responsible for their individual data, an idea alluded to as self-sovereign identity. That decreases the chance that an information rupture would spread the details everywhere over the web.

It is a matter of few years for blockchain technology to take care of the identities over the internet as slowly different sectors have started leveraging its potential.

Unique Keys

Blockchain will not only safely store the consumer identity but also offers cryptographic codes to keep the data safe. For blockchain-empowered framework,individuals would need to vet, say, somebody's visa to guarantee it is honest to goodness. That data could then be put on a blockchain in a jumbled arrangement for different gatherings to check. In any case, the gatherings checking the data additionally need to confide in the substance that verified it. Well, the unique cryptographic only allow the main user to make changes.

Adapting the business model

Blockchain technology facilitates new paths of doing business. So, while doing any transactions and using it for peer-to-peer networking, the consumer must use the private digital signature which is either embedded in an ID card or stored electronically. This help in checking the identity and help in doing business on digital platforms.

Recording identity information over a decentralized network will also help in smart governance.Blockchain development companies are going with the pace and offering tech support to companies worldwide. If you are willing to discuss in detail that how you can add blockchain in your business, get in touch with us. We are one of the top blockchain development companies, we offer different other IT solutions which will bring best ROI. 

Check if Your Business needs Blockchain Technology

If you are thinking whether your business needs a blockchain technology or not. This article is for you then. Here you will explore if blockchain is right for your business, additionally, you will get an idea what prospects it can bring to any small or medium-sized business.

Few interesting use cases

Blockchain technology can efficiently handle huge sets of data and multiple participants in a safe and secure way. The businesses look for such fast and accurate process.  Using blockchain technology for this make sense. For example, if any business dealing in asset tracking or land agreements then using blockchain might be helpful for the business. It will help to look after all the process or journey, track the movement also get security to alter during any actions.

As it is a distributed, decentralized digital ledger it skips the need for a single entity that holds all the information. It is trusted database even if you don’t know any party.

Ledger, wallet, smart contracts are some of the main features which many businesses started trusting as it has the ability to boost the productivity of their businesses.

Businesses like telecommunication, manufacturing, and finance industries have started leveraging blockchain technology. Besides, this in healthcare also, it is helping the medical institution in keeping data safe, secure and accessible.

"When you're working with a lot of tiny bits of info that all needs to be recorded, then using Blockchain makes sense”

Set the four-step roadmap

There are few blockchain-as-a-service companies’ offers beyond consultation and whitepapers. A basic technical understanding is required to plan from where to start. For a small business, it is often expensive to hire blockchain developers. Therefore, if you are looking to go ahead with blockchain, check this four-step roadmap.

·        Understand the basics interpret which blockchain and cryptocurrencies are suited for your business.

·        Check the one which you selected is good in reducing costs, saving auditing costs and increasing customers. In total, you need to understand how blockchain can add value to your business.

·        For blockchain research and development, allocate a specific budget.

·        Find out the area in your production process which needs blockchain support more. And make sure that you are using the allocated budget wisely.

Conclusion

It is always a safe idea to select a custom-sized decentralized hosting space. The blockchain technology has a bright future. The transparency and security that blockchain technology offers are rare with other technologies.

We will help you start using blockchain in your business to reduce the cost of financial transactions. Our excellent skills will forbid anyone from rewriting the chain blocks and we guarantee that the smart contract technology will increase trust between business partners. For more details feel free to contact us.

8 Interesting Uses of Cryptocurrency and Blockchain for Better Future

Cryptocurrency and blockchain technology are growing exponentially and why not after all it got potential to do great in future. Well, cryptocurrencies are alternative digital money to make different exchanges better. If you know, Bitcoins is one of the best-known cryptocurrencies.

Blockchain technology and cryptocurrency are decentralized which means no banks or third-parties are involved in the process. Anonymous and digital, it is the fastest technology so far. It will go far beyond the finance sector.

1. Wealth engagement: The democratic ecosystem is where you can control a database of crypto assets. Using cryptocurrencies will offer investors opportunity to manage their wealth without restrictions. Thus, easy wealth management for different businesses too.

2. Ethical business practice: Blockchain-based application offers complete transparency of every record and transaction. This, in turn, will make different business work according to the rules and standard.

3. Prevent election fraud: Voting combine with blockchain technology will bring a better solution. It is incorruptible, so no one can change or delete how the votes are recorded which is important for any democracy.

4. Fundraising: Start-ups has already started using cryptocurrencies for raising funds. It is easy to raise money and keep tracks of all the funds. One can fund their ideas, services or products of course with a proper proof of work.

5. Corruption free charities: Blockchain technology cut fund leaks. It keeps the accountability which makes it easy to cover the loopholes. Organizations like World Food Programme is using blockchain to distribute cash help to the needy.

6. Digital publishing engagement: Blockchain development services have helped in introducing a unique of pay-per-article advertising. The proprietary form of cryptocurrency helps both publishers and audience to earn digital currency by commenting and posting original contents. Advertisers also get a chance to buy tokens to choose their ad placements in the relevant articles.

7. Education: As the cryptocurrencies are becoming popular, few universities are accepting it as a form of payment.

8.Travel: In the travel and hospitality industry, the future of blockchain technology and cryptocurrencies are bright. The ease of transaction, transparency, promptness are some of the main aspects which makes it a preferred platform. It will slowly take time to spread worldwide, but few travel agencies have started taking the advantages.

The world of blockchain technology is no doubt huge. The potentials are so amazing that it can eradicate hunger and different world issues. It is the time that will reveal. However, developing good blockchain-based applications is needed for any business to efficiently take advantage of it.

We at Sphinx Solutions are leveraging different blockchain features. If you need any help or want to discuss more, get in touch.

How Food industry started using Blockchain Technology

Food industry and its processes are vital to any government. It is a huge system which needs special attention for better working. Several companies are exploring ways to use blockchain development services to advance the food system.

Manual, paper-based procedures, heavy managerial works expanding administrative prerequisites, (for example, the Food Safety Modernization Act), developing fines for infringement and absence of identification into food safety certificates and review reports are only a portion of the difficulties food system is facing. Getting food from the farmers to the customer’s home involves several intermediaries: food suppliers, processors, brokers, retailers, logistics, and regulators. Very fewer people actually know the end-to-end process and also data sharing is not transparent. Information comes from different sources and often incomplete.

    

Blockchain technology could help consumers and retailers receive clear information about the whole process. Everyone is curious to know where the crops are coming, how it is transported and so on, all of these queries can be solved by blockchain technology.

Tracking food products

Blockchain gives end-to-end traceability in light of the fact that the whole biological community shares a solitary, alter the safety record of data that must be refreshed through agreement. Members can see their segment of a similar data in permission, trusted and adaptable system. This empowers biological community members to trade information and executes the trust, enhancing straightforwardness and effectiveness inside the production network.

Not exclusively would traceability be able to encourage through blockchain enhance sustenance wellbeing; it can likewise diminish misrepresentation in the business. Not long ago, it was reported that 50 organizations are cooperating to prevent illicit fish from going to the market. This open-source communitarian exertion will utilize instruments, for example, blockchain innovation and satellite following to screen sea assets.

Explore more opportunities

There are several potential uses of this technology. Above are some of the popular use cases. Blockchain technology is in its infancy and most people are still not confident about its usefulness. In the food industry, some organizations are moving ahead, while others wait to see what happens next. The best part would be there will be no secrets and everything will be transparent. The faster and fairer payment option is one of the best things about blockchain technology. The oversea coordination for Food Corporation will also open a new chapter.

We being one of the top blockchain app development company hope for the best use of this technology. At Sphinx Solutions, we are continuously studying about the potential use cases for offering better blockchain development services to different industry needs. If you want to discuss your idea about blockchain technology, feel free to comment. 

How Blockchain Security keeps transaction data safe?

It is already been said that blockchain technology is one of the best ways to secure transactions. This article talks about how blockchain offers more security than traditional processes.

A blockchain as the name suggests is a chain of virtual “blocks” that contain records of the transaction. Each block is connected to other. This makes it difficult to hack with single information as the blocks are linked with each other and the hacker has to decode each unique signature to avoid detection. Additionally, blockchain technology has some built-in properties that provide extra security.

The records on each block are secured through codes known as cryptography. Network participants called as nodes have their own private keys which is the unique digital signature assigned for the transactions they make. If the information is altered, the digital signature becomes invalid and the nodes get a notification that some activity has taken place.

The blockchain is a decentralized ledger and distributed across peer-to-peer networks that are continuously kept in sync. It requires huge computing resources to access every block of a particular blockchain and duplicate or alter them. It is vital to note that, the bigger a blockchain network will be, and the more temper-resistant it will be. However, there are some other requirements to check when you want to utilize the blockchain for business.

Different Blockchains, different security level  

The public and private blockchain differ in terms of security too. The public blockchain use computers connected to the public internet to verify transactions and arrange them into blocks to add to the chain. Any user connected to that public internet can join the process. On the other hand, private blockchain only permits known organizations to participate.

Public blockchain might not be right for a company as it is designed around the principle of anonymity, whereas private blockchain use identity to confirm participation. Everyone in the private blockchain gets aware with whom they are dealing.

For a transaction to be recorded to a blockchain, every participant must agree with it. Bitcoin is one of the most popular blockchains and it gets the agreement through mining. In the private blockchain, the known users validate the transaction through selective endorsement.

Before considering any project, you must decide on the best platform to start with.

At Sphinx, we have unleashed the main aspect of Blockchain App Development and its utilization. Our skills in the blockchain, Machine learning, Smart Contract development can shape your new projects. Want to know how we can help you in building a productive blockchain process and also take advantage of the services. Just contact us.  

Why should you really care about blockchain technology?

The global blockchain market is expected to be $20 billion by 2024. Blockchain technology is evolving and it is going to stay for really long. This is the high time that you should really care about it for a better business process.

To clear your idea more, remember bitcoin and blockchain technology are a different concept. Understanding blockchain will help you to understand how this technology will it serve different industries.

What is Blockchain?

Blockchain technology is a digital ledger which works as a series of a block that contains information, chained together to offer a reliable and secure accounting for any particular field of work. In a block the information shared is encrypted, confirmed and distributed to a number of linked computers (in the network which are known as nodes). This ledger is secure and tamper-proof. The activities such as transactions, exchanging cryptocurrency, medical records, shareholder records, agreements are some of the best uses so far. However, it has a huge potential.

Benefits :
·    Data management: Strong verification process for better data management.
·   Logistics: Goods can be traced to their origin which offers company and consumers better transparency.

·  Investing: It provides a strong space for crowd-based funding and other investment.
·  Internet of Things: Offers an infrastructure to assign automation for remote systems as many IoT devices come with some privacy concerns.

 ·   Security: Decentralize data makes it easy to save files in multiple locations.

What is Bitcoin?

In simple words, it is a digital currency exists in codes (encrypted) form. It is one of the most popular cryptocurrency. Users can use high-end computing hardware to mine bitcoin. There is a limited supply of bitcoin as it requires a lot of computer resources and time. In 2017, a single bitcoin was worth about $17,112 USD. It is a viable currency online for many e-commerce.

How bitcoin works over blockchain?

Let’s assume that Mr. A wants to send money to Mr. B. Initially, they both need a bitcoin “wallets” as it works as software to use blockchain. A wallet is just an access door.

Mr. A uses his cryptographic key to request the transaction. The cryptographic key is transforming plain text into coded one. The key is private and ensures high security. This is the main part of the cryptographic operation. Mr. A’s request is joining the other requests or orders in a block, containing a cryptographic sign or hash of the previous block, a timestamp and transaction data too. This ensures that a block is linked to other blocks and can’t be altered separately.

The requests are then analyzed by others in the network. They check whether Mr. A really has the bitcoin to spend to Mr. B. If everything is okay, miners on the network will initiate the request with other similar transaction to form a new block. The block is marked with a date and it is added to the chain over the network. Finally, Mr. B receives his money.

We at Sphinx Solutions are working on the blockchain app development, wallet development, smart contracts and many more. We are an experienced IT team offers the best solution to the different industry. Curious to know more, contact us to take this forward.

How Blockchain will influence the Social Media Marketing

This article talks about 5 blockchain trends that will influence the Social Media marketing. Whether you are a marketer or business owner using social media to reach your potential customers, this article will offer a fair idea and how to deal with it. 

Blockchain technology is all set to jump on different industries and create new opportunities. Unlike other technologies, blockchain has immense popularity and media space. Probably, it can put an end to the advertising revenue issues for influencers.

Social media is now the heartbeat of communication and connecting with others. Companies use platforms like Facebook, and Twitter to build their brands are going to witness a dramatic change. Blockchain technology will make an impact on how companies network, their customers and all business related activities over social media platforms.

It’s a high time that you prepare yourself to develop a blockchain app to fight with the changing online business world and get best out of it.   

·        Look for verified consumers
No company wants to continue to market in the black hole of social media and false PPC ad impressions. Now, the business will get the chance to connect with verified consumers and not bot. This is all by blockchain technology and smart contracts which look after consumer verification for increase in marketing Return on Investment.

·        Verified marketplaces too

Just like verified identities will influence, so will be the verified marketplaces. Getting connected to already interested and the verified marketplace will definitely lessen the effort of marketing and increase the ROI. You will actually get in touch with a verified group of individuals and blockchain technology will continue this phenomenon over social platforms.

·        Crypto-enabled social media

You will see an interesting mix of cryptocurrencies and blockchain-enabled social media platforms. The social media users will get a choice on which to network as the decentralized platform will become a commonplace. If each business post you make earn you a little amount of bitcoin, then automatically the platform will attract more engagement. The crypto-enabled social platforms will offer the opportunity to get rewarded.

·        Crypto Collectibles on the scene

These are entirely a new class within the crypto-sphere. Each Crypto Collectible is unique and its value is dependent on that uniqueness. The crypto collectible sector will influence the future social media. The virtual goods, crypto trading and many more things will open new investment opportunities over social media.

·        No more fake content

The life of fake news and spam bots are in danger. The content distribution will be based on verified information and it will be traceable. So, the smart contracts and blockchain technology have all the potential to restrict all such poor activities over social media which is a great option for brand builders.

Early adopters will definitely have some advantages. The platforms like Snapchat, Facebook, Instagram, Pinterest and Twitter will see a dramatic change. The sooner you understand the potential, the sooner you can implement changes to your social media marketing strategy.

We are an IT solution company working on the latest development of Blockchain Technology, ICO launch and Mobile application. We provide an end-to-end software solution. If you seek any help regarding blockchain and how it can boost your business. Get in touch.

Why these industries should implement Blockchain technology today!

Blockchain for these industries are going to define the future. You need to move fast and take advantage of the blockchain technology to stay ahead of your competition.

Here are some industries, which can massively benefit by adopting to blockchain:

1) Banking:

Banking is just the beginning. In any case, from a large scale point of view, banks fill in as the basic storage facilities and exchange centers of significant worth. As a digitized, secure, and tamper-proof ledger, blockchain could serve the same function, injecting enhanced accuracy and information sharing into the financial services ecosystem.

2) Government (Identities & Voting):

In the present framework, it's hard to build up your actual character, and your own data lives on government servers for applications you use with little between operability. There's a blockchain future where your character can be effortlessly conveyed with you the web. Utilizing blockchain for example, a client will get to applications on decentralized systems and have perfect portability of their data. By capturing votes as transactions through blockchain, governments and voters would have a verifiable audit trail, ensuring no votes are changed or removed and no illegitimate votes are added.

3) Education & Academia:

By nature, academic accreditations must be all around perceived and obvious. In both the essential/optional tutoring and college conditions, confirming scholarly accreditations remains to a great extent a manual procedure (overwhelming on paper documentation and case-by-case checking). Deploying blockchain solutions in education could streamline verification procedures – thus reducing fraudulent claims of un-earned educational credits.

4) Real Estate:

Pain points for buying and selling property include a lack of transparency during and after transactions, copious amounts of paperwork, possible fraud, and errors in public records. Blockchain offers an approach to decrease the requirement for paper-based record keeping and accelerate exchanges — helping partners enhance proficiency and diminish exchange costs on all sides of the exchange. Land blockchain applications can enable record, to track, and exchange arrive titles, property deeds, liens, and the sky is the limit from there, and can help guarantee that all archives are precise and unquestionable.

5) Healthcare:

Healthcare institutions suffer from an inability to securely share data across platforms. Better information coordinated effort between suppliers could eventually mean higher likelihood of effective treatments, and the overall increased ability of healthcare systems to deliver cost-effective care.. Use of blockchain technology could allow hospitals, payers, and other parties in the healthcare value chain to share access to their networks without compromising data security and integrity.

If you need assistance with your blockchain development project get in touch with us.