As the world gets more comfortable with crypto, we need to learn more about blockchain, Cryptos’ safekeeper and parent. Important new inventions like Inpersona use blockchain technology to keep your medical data encrypted and safe for your use only. So just how does it work?
A Box of Data
A Block is a computer “box” full of encrypted data. Think of an old shoe box you’ve used to put all your receipts into. Only this one is full of encrypted data. Literally, a minuscule, Mirco block or box of data. Every microblock is verified by the users of that block, who keep it hidden or safe from the rest of the world’s prying eyes. (Cryptology derives from a Greek word, kryptos, meaning hidden.)
Most of us know about records stored on giant databases. The IRS databases, hospital databases, driver’s license databases, credit card databases. They store our data with millions of other data sets, and as we know from the periodic news of hacked databases, can be vulnerable to others who might steal or use the records for identity theft or anything else.
Many increasingly worry that with the move toward global currency, banks and governments know everything there is to know about our finances. Because, the giant and accessible databases store all the information.
Not so with cryptocurrency or anything else that uses what we now know as blockchain technology. Here, only the people involved with that specific box of data have the key to what opens the box. The key is a numeric string that you know and keep private and can use to unlock your box of data. A bitcoin is one such data that fills a box. Think of it as a box filled with a ledger of transactions, which is managed by the people who have access to the box.
Data Privacy
They have to reach consensus to open the box and let in or out any information – say, your spending of some bitcoin to pay a bill, or the use of a medical record you carry on Inpersona. Already, very sensitive information such as vaccines for world diseases, is stored in blocks. Indeed, only those that have secured access to the blocks or the bitcoin in them through their computers are a part of the chain that can add or modify or use the data, but no one else can get in. Thus, the term block chain.
The Block Chain Wallet
Therefore, your cryptocurrency and other encrypted devices use the block chain wallet. At some point, we’ll probably all be able to carry around our encrypted lifetime of private information – our home ownership, our financial transactions, our loans, etc. For example, developed inventions like Inpersona and cryptocurrency are two of the inventions now in the blockchain. Records in the block are virtually impossible to alter or hack, keeping them more private than anything else, such as bank records. Only you know your bitcoin assets. You’re the only one who knows when you remove some crypto from your wallet to pay for something.
Is your block and its chain of related users totally safe? No, there are hackers everywhere. But it is far safer than anything else that has been invented to date, and is safe enough to be traded on the stock market. Indeed, Cryptocurrency is an asset, for tax purposes. So it is real and here to stay, likely to replace all the huge databases everywhere as time goes on. Time to become in the know, and if you choose, to use your own blockchain and start protecting your assets through cryptocurrency. More and more businesses accept Crypto. Similarly your personal medical data is kept safe through Inpersona and is more and more accepted as the private medical records-norm of the future.
–Morningmountainview
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