A Blockchain refers to a timestamped series of immutable data records that are managed by a cluster of computers that are not owned by any single entity. Each of the blocks of data is secured and are bound to each other by the use of cryptographic principles, known as chains. 

The Blockchain network holds a no-central authority. It is shared, and an immutable ledger and the information being stored is open for everyone to see. Any data built on the Blockchain is very transparent, and hence, everyone is accountable for their course of action. 

Costs Involved in Blockchain

A blockchain has no transaction costs involved. There is an infrastructure cost, but no transaction costs exist. It is a simple and ingenious method of passing on information from a source to a destination in a fully automated and safer way. One of the parties involved needs to initiate the transaction by creating blocks. The designed block is verified by a vast number of computers present around the net. The verified block is then added to a chain and stored across the net by creating not only a unique record but also a unique record that has a unique history. When a single record is falsified, the entire chain having millions of instances is even falsified, and it becomes virtually impossible. Bitcoin has now and then used this model for carrying out monetary transactions, and it can be deployed in various other ways as well.

The Blockchain can not only transfer and store money, but it can also replace the processes and business models that are dependent on a small fee for carrying out transactions or any other type of transaction between parties.

Working of Blockchain

The information that is held on a blockchain exists as a shared and a continuous-reconciled database. This method of using the network holds several apparent benefits. The database of the Blockchain isn’t located or stored in a single location, i.e. the records are kept public and easily verifiable. There is no centralized version of this information that exists for any hacker to corrupt. The information is hosted by millions of computers present in the network, and the data is accessible to anyone present on the Internet.

Reasons for Blockchain Being Successful

Following are some of the reasons why blockchain has become successful-

1. Not owned by a single entity and hence there are no issues of centralization
2. Data is stored using a cryptographic method
3. Blockchain is immutable, thus no one can tamper or alter the data inside the blockchain
4. The blockchain is fully transparent, so it is easy to track the data by the user according to their needs

Properties of Blockchain Technology

1. Increased Capacity

One of the most remarkable features of Blockchain is that it can increase the capacity of the entire network. Many computers working together offer more power than a few devices where things are centralized

2. Better Security

Blockchain Technology provides better security because there is no chance of shutting down the systems. Several computers known as nodes secure the blockchain network, and these nodes are responsible for confirming the transactions on the network

3. Immutability

The creation of immutable ledgers is one of the significant values which drive Blockchain. Any centralized database is prone to getting hacked, and hence, these require trust in the third parties for keeping the database secured

4. Decentralized System

Decentralized technology allows users to store their assets inside a network which is further accessed using the Internet. The asset could be either a contract, a document, etc. The owner holds direct control over his account giving him the power to transfer assets to anyone he wishes.

New Applications of Blockchain

The newer business applications that will rise from Blockchain include the following-

1. Smart Contracts

Distributed ledgers allow the coding of simple contracts that are going to get executed when a set of specific conditions are met. At this stage of technological development, smart contracts can be programmed for performing simple functions

2. Shared Economy

By enabling peer-to-peer payments, Blockchain has opened ways for directing interactions between the parties, which is a genuinely decentralized result of economy sharing

3. Governance

Making the results fully transparent and accessible to the public, distributed database technology can bring full transparency to elections or any other processes which involve poll taking

4. Auditing of Supply Chains

Distributed ledgers can provide an easy way for certifying the genuineness of the products being purchased. Transparency is achieved by a Blockchain based time timestamping of a date and location which can correspond to a product number

5. File Storage

The decentralized file storage brings a lot of benefits. Distribution of data throughout the network can protect files from getting hacked or lost

6. Prediction Markets

The crowdsourcing of predictions on an event is proven to have a higher degree of accuracy. Averaging opinions can cancel out the unexamined biases which could distort judgment

7. Identity Management

There has been an increased need for better identity management on the Internet. The ability to verify an individual’s identity has remained the anchor for all the financial transactions happening online. Distributed ledgers offer enhanced methods for proving an individual’s identity along with the possibility for the digitization of personal documents

8. Anti-Money Laundering and KYC Practices

Anti-money laundering and KYC practices have great potential and need to be adopted by  blockchain technology. Financial institutions need to perform a labour-intensive multi-step procedure for `every new customer. KYC costs can be reduced by cross-institutional client verification and also by increasing monitoring and analysis at the same time.

How Blockchain Benefits the Healthcare Industry

The healthcare industry should look to invest in Blockchain technology to gain the following benefits-

1. Easy Exchange of Health Data

The exchange of health data is one of the essential features that Blockchain offers the healthcare industry. Healthcare startups can use blockchain-enabled IT systems for delivering technological solutions for many challenges which include health data security and interoperability. 

Blockchain technology gives healthcare data exchange systems a seamless access to real-time patient data by eliminating the cost and burden of data reconciliation

2. Building Smarter Contracts for Flexibility

Blockchain technology makes it possible to develop smart contracts. Smart contracts allow doctors to exchange information with more flexibility and freedom and inline with health-related decisions, be it a patient willing to disclose health records or a doctor sharing information with his fellow doctors

3. Resolving Challenges of Cybersecurity

The healthcare industry is known for its strict policies and regulations, ensuring the security and privacy of data.  With the increase in the number of cybersecurity threats, new problems are created for emerging digital workflows. 

Since it is not possible to hack or modify the data saved on the Blockchain, this technology can help in resolving the cybersecurity challenges facing the industry 

4. Reducing Costs and Gaining Efficiency 

Healthcare-related organizations and firms can use the Blockchain for record management as well as bridging traditional data silos, thereby increasing efficiency and keeping medical data safe. This technology can also streamline the entire process for patients to access their medical records and securely share data. By using blockchain technology, the transfer of medical records between two institutions is likely to decrease, thereby making the process of auditing much more manageable.

SWOT Analysis of Blockchain in Healthcare

Blockchain along with other technology drivers such as IoT and machine learning have become a key driver for triggering new digital processes. It has already begun to revolutionize healthcare. With the rapid development of blockchain as a technology, many companies in the healthcare arena are looking to implement it for their business. This includes the pharmaceutical companies along with hospitals and healthcare institutions where the usage of blockchain would lead to faster and more efficient problem-solving. Blockchain will make it easier to deploy technologies for smart storage of data, different transactions as well as patient care and research.

The post How Blockchain is Shaping the Healthcare Industry appeared first on SiteProNews.

SiteColo is a managed cloud hosting and domain registration provider with 24/7 support. The Operations Center is located in Denver and the main Data Center is headquartered in Chicago. It is more than a web hosting company. It’s also an innovation company that develops proprietary software used for driving the customer success. 

SiteColo developed an Artificial Intelligence for managing the workloads of its customers and the in-house dedicated resources including CPU, memory and input-output. This has enabled the firm to provide a safer, faster and more efficient web hosting experience for its customers. The newly developed AI is proving to be revolutionary for the company and is looking to change the future of cloud services. 

An aggressively stable network with zero downtime, the firm provides all customers with free SSL Certificates for all their domains. SiteColo is PCI DSS compliant and places heavy focus on security of its customer data.  The newly-deployed AI is a massive improvement to the previous cloud hosting technologies since it locates potential risks before they turn out to be a problem. AI helps in saving an immense amount of time for both the company as well as its customers. The newly developed AI helps in accomplishing tasks within a day that previously could have taken weeks, months or years under the less developed systems. 

Facts and Figures Related to Web-Hosting Services

• There are around 1.94 billion websites 
• There are over 338 million registered domain names (as of Q1’18)
• WordPress is considered to be #1 CMS, which hosts over 20.5 million sites with a market share of 59.9%
• The top 10 hosting companies account for about 24% of the web hosting market

What can AI do for Web Hosting Businesses?

By using AI, businesses can manage their web hosting in a better manner. AI actively helps the web-hosting business by improving the way in which one can manage and control various operations of the business.

Following are some enlisted benefits for web-hosting businesses:

1. High Level of Security and Performance

No incidents of malware attempts can go unnoticed because of the adaptive learning model of the machines that support AI. The user not only gets a warning, but also gets a detailed report that can help in taking timely actions. It enables website owners and hosting companies to act at the right time before any harm is done. Management of a website infrastructure requires regular involvement as well as investment. AI is fully capable of carrying out data related tasks with more accuracy. With the use of AI, users can save their staff from carrying out such tedious and manual tasks, thereby increasing productivity time, resulting in better Return-of-Investment on manpower. It also ensures maximum accuracy and faster delivery of results which maximize realizable benefits

2. Use of Data for Report Generation

The owners and stakeholders of the company can get comprehensive reports which include activities and periodical audits which keep the data fresh and relevant to meet the current needs. The updated information is sent in real-time. One can also get better insights into website performance which can help in various ways such as cost-efficiency, better performance, more satisfied customers and smoother running infrastructure processes which adds to the user experience. Such tools are able to perform optimization functionalities like configuration, bug fixes, software fixes, and upgrades without any manual aid.

3. Improved Accuracy Over Time

Complex tasks are performed in less time with maximum accuracy and this capability is increasing with time as AI tends to learn faster than humans. AI can also be trained to take actions to resolve site issues in real-time, offering websites a consistent performance. So, be it a case of website getting heavy trafficked, or meeting unexpected glitches and fluctuations, users can be assured the performance of the site remains unaffected

4. Improving Domain Performance

AI understands very well the pattern in which data is being coded and decoded. It analyses the data and adds new patterns to it. AI can forecast the performance of domain names and individual URLs. Companies tend to use AI for research and such domains can receive higher traffic and conversion rates, thereby ultimately increasing the productivity and ROI of web-hosted customers.

5. Self-updating and Improving Systems

For anyone associated with the digital field, it is necessary to keep a website and other related digital data updated for advertising to the target audience. This increases the constant maintenance work by human intervention. When AI is used for web-hosting services, it can decrease repair work and maintenance because the systems self-update. An updated system provides a smooth workflow to all users of the digital platform.

Leaders in AI Hosting

1. SiteColo: SiteColo’s AI system can handle scaling and predicting traffic spikes thereby ensuring better user experiences. AI manages workloads and is designed to ensure that every website hosted is up. Use of dedicated resources such as CPU, memory and input/output can be adjusted automatically, which in turn improves server performance.

2. GoDaddy: GoDaddy uses AI in a creative way. ADI or Artificial Design Intelligence function is based on AI that generates templates and content for the user website. The quality of generated products is not comparable to custom solutions but can be used as something to start the process. The use of AI is not restricted to images and templates. GoDaddy uses deep learning technologies which can predict the price of a particular and give advice on what option needs to be chosen.

3. Canadian Web Hosting: Integrated an AI-based, Linux-server protection system in the year 2017 and their security system, called Imunify360, serves Wavecom as well.

AI can do a lot of things which helps web hosting companies as well as individual website owners by warning against cyber threats, keeping an activity track, taking proactive actions against performance issues and by maximizing uptime.

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