The a shared ledger that can be applied

The article ‘Betting on
Blockchain’ by Mary K. Pratt is about the versatile use of the emerging
technology called Blockchain. Mostly famous in keeping record for bitcoin, according
to the article, blockchain can be used in the sector of health and human
service as well as in Industry. The author says, “The U.S Department of Health
and Human Services hopes to put a new technology to use in its ongoing effort
to improve the health and well-being of Americans” (p. 21) which shows even the
government is concerned with the usefulness of blockchain. The author hopes
that “blockchain could be used to protect, manage and exchange medical
information” (p. 22). In the article, the author provides the definition of
blockchain as, “a distributed digital ledger in which blocks of data are
chained together and shared” (p. 22). With the rise of bitcoin, the potential of
blockchain came into existence which influences not only the author but also
all other technologists and business leaders. In the article, the author points
out some words of William Mougayar, author of the business blockchain, who
says, “It’s a shared ledger that can be applied to almost anything” (p.
23).  Although there are many benefits of
blockchain like the open ledger system which shows transparency in transection,
the author is afraid with the risk of it as well. Since there is no authority
to maintain the blockchain, the author puts out the question of Oxman, “Are
there enough safeguards to know who is responsible when something goes wrong?”
(p. 23). Since the article is about the use of blockchain in other sector, the
author shows industrial potentials as well. Th author says, blockchain can be
used in handling “land registries, deeds and title, manufacturing and supply
chain operation, create audit trials, create permanent, transparent logs of
industrial and commercial records, such as maintenance and inspection reports”
(p. 24). Even the media named ‘Steem’ describes itself as, “blockchain-based
social media platform where anyone can earn rewards” (p. 24). Hence, the
article focuses on the blockchain which has unlimited scope in every sector in
the world.