The article ‘Betting onBlockchain’ by Mary K. Pratt is about the versatile use of the emergingtechnology called Blockchain. Mostly famous in keeping record for bitcoin, accordingto the article, blockchain can be used in the sector of health and humanservice as well as in Industry.
The author says, “The U.S Department of Healthand Human Services hopes to put a new technology to use in its ongoing effortto improve the health and well-being of Americans” (p. 21) which shows even thegovernment is concerned with the usefulness of blockchain. The author hopesthat “blockchain could be used to protect, manage and exchange medicalinformation” (p. 22). In the article, the author provides the definition ofblockchain as, “a distributed digital ledger in which blocks of data arechained together and shared” (p. 22).
With the rise of bitcoin, the potential ofblockchain came into existence which influences not only the author but alsoall other technologists and business leaders. In the article, the author pointsout some words of William Mougayar, author of the business blockchain, whosays, “It’s a shared ledger that can be applied to almost anything” (p.23).
Although there are many benefits ofblockchain 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 authorityto maintain the blockchain, the author puts out the question of Oxman, “Arethere 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, theauthor shows industrial potentials as well. Th author says, blockchain can beused in handling “land registries, deeds and title, manufacturing and supplychain operation, create audit trials, create permanent, transparent logs ofindustrial and commercial records, such as maintenance and inspection reports”(p.
24). Even the media named ‘Steem’ describes itself as, “blockchain-basedsocial media platform where anyone can earn rewards” (p. 24). Hence, thearticle focuses on the blockchain which has unlimited scope in every sector inthe world.