Globally, new technologies are fundamentally changing businesses across all industries including financial services, healthcare and education. Managers have chosen to reevaluate their assumptions and processes to deliver value with a new business solution. Management teams are proving their understanding of how to achieve business goals and improved performance with analytical application of these new technologies like Blockchain, AI and IoT.
What is Blockchain?
Blockchain is a continuously updated ledger in a specific system, on a network that is secure, cannot be tampered with and easily accessible. The shared record of transactions are distributed over a peer-to-peer network. A blockchain is made up of a series of blocks, each of which contains the data of a set of transactions. Blocks are electronically linked together and secured with cryptography, and a record of every transaction is established which is open to all persons. The most known blockchain implementation is the Bitcoin network.
A Blockchain Example
Every five years, Trinbagonian voters have to line up at the polling stations and fill out cards. With Blockchain voters would be able to cast digital ballots online from their own computers. Votes could be recorded as individual transactions and executed by the blockchain which would prevent fraudulent votes. Also, networks would have access to the the tallied votes, therefore, it would be no questions of how many votes each candidate received for their party. This capability would eliminate marginal errors in elections and avoid recounting of votes. The use of blockchain could reduce fraudulent voting and help solve the problem of low voter turnout.
Many people would express the view agree that our healthcare system in Trinidad and Tobago is in need of a generous amount of assistance. Blockchain can be useful in managing patients’ records. Very often stories are heard of patients’ records being misplaced causing them to retake important tests or delaying surgeries. An Electronic Medical Record can manage the patient’s record through its system taking the place of paper records. The electronic based records have the advantage of allowing patients and doctors to follow prognosis along the way without having to sift through mountainous piles of paper.
Public Sector Service
Blockchain can be used to improve data management in the public sector to protect trusted records and simplify communication with citizens. This technology can be used to simplify the management of data including birth and dates or information about marital status, criminal activity, property transfers and business licenses. What if citizens of Trinidad and Tobago did not wait in long lines and spend most of the day at the Ministry of Legal Affairs on South Quay in Port of Spain or an Elections and Boundaries Commissions in their constituency to replace their ID due to human error, misplaced and backlogged paperwork? What if the government agencies implemented blockchain technology to manage data and protect digital assets with blockchain? The existing records would be digitized and managed within a secure infrastructure. It departments can create a set of rules and algorithms (smart contracts) that will allow third parties access once the predefined conditions are met. A level of transparency could eventually be reached with the distributed ledger, as individuals and organizations can have access to the information the government keeps on them.
Blockchain is setting the path for digital transformation across many industries all over the world. Vote in the comfort of your home via your computer or access your medical records whether you’re admitted to a public or private hospital or manage and protect your data with blockchain. How do we get to this point? The first critical step is for the sector to identify business, management and process problems. Secondly establish objectives and goals. Lastly, thinking about how Blockchain and other technologies that can meet its requirements.
CEO, Troika X TT, Tiana Rodriguez, Director, Carigamers. Marketing Strategist. Digital Transformation Manager. Blockchain Professional Certified Google Professional. Digital Media Trainer.
Overachiever. Global Thinker. Leader. Strategist. Food Enthusiast. Super Passionate about the transformational power of technology and businesses. Random Love of binge-watching tv shows and movies.