“It is possible to fool some of the people all of the time, it is also possible to fool all of the people some of the time but it’s not possible to fool all of the people all of the time”.
It holds true for Blockchain technology as the data is distributed with all participants, tampering with data is not possible.
Blockchain is database which is shared among a number of participants. At a particular time, all the participants have access to same data, so potentially the information is available to all participants at particular moment & time.
It has 3 parts
- Cryptographically secured database: Cryptographic keys is needed to write this data
- Public Key Data: This is where all data is stored & available to all participants.
- Private Key: Its personal key, which prevents others from updating the information.
Characteristics of Blockchain is 1. Secured Data 2. Digital data
This can be shared public or private network
Public Blockchain data: Example -Bitcoin, anyone can join & leave without permissions
Private Blockchain Data: Example – Banking, where everything is monitored like who is participating & who is Joining who is leaving
Why Secure even if it is publicly available?
To corrupt the data in blockchain, all participants need to make the changes using key. Due to this, if someone gets access to the data from one node, the changes will not be possible because most of the participants have to make changes using their keys.
Why Blockchain required if we have passwords to manage the data?
Cryptographic keys: Enhanced security due to cutting edge technology
Distributed database: Due to this if one database has issues or failure, the others are still intact.
Blocks of information together: History of data can be tracked like if the car sold one person to other this can be tracked with time history.
Process Integrity: Data is updated when two things happen – 1. Both public & private keys are used & majority of participants verify. 2. Democratization of updating the data process. So single person cannot make changes in database or corrupt it.
Blockchain will maintain the integrity of data entered but if the data entry is done wrong then there is no use of this technology. Data entry need to be very strict & as correct as possible.
It will help to make basic business processes better by bringing an important element called TRUST!
If we want correct information to reach end user – block chain is the way. For example, in clinical trials, exact data collected from the experiment site can reach the analytics team without any changes by any intermediaries.
Recent Use Case for Pharma: Use of Blockchain in Pharma Drug Supply to curb Fake medicines
Why to use blockchain in Pharma logistics?
Counterfeit or fake drugs is a $200 billion problem worldwide. As per WHO report 20% of all drugs sold in India are fake & also account for 35% of the fake drugs worldwide.
NITI Aayog, Oracle, Apollo Hospitals, Strides Pharma team up for real drug supply
When Drugs records (serial number, labelling, scanning) are entered permanently into the Oracle’s blockchain, it leaves no scope for record tampering. In every step of supply chain distribution, it records the drug’s movement – from manufacturer to logistics, from stockist to hospital, or from pharmacy to consumer. If any sort of tempering is done or fake drugs added, it will activate the concerned nodal point. Read full story
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