, a blockchain is a distributed, digital ledger with built-in security that records transactions among the network participants in real-time. Every 10 minutes, these transactions are verified, permanently time-stamped and stored in a block that is encrypted and inextricably linked to the preceding block — creating a blockchain.Participants don’t need to trust that the ledger has not been tampered with because entries are trackable and irrevocable.
This type of ecosystem would streamline tedious and costly processes. Consider the following scenario: After a minor two-car collision, sensors in the vehicles would send alerts to the blockchain network, triggering pre-arranged smart contracts among the parties to dispatch tow trucks, which would take the cars to designated repair shops.
, 9.6 percent of all medical insurance claims are denied. Used as a billing tool, blockchain could instantly ferret out whether or not an insurer’s claim matches its specified contract terms and conditions, reducing delays and human error.expect “minimal change” from blockchain technology in the next 10 years, with the remaining 97 percent anticipating modest to significant change.