Blockchain is continuously penetrating several industries across the board. Cryptocurrencies are making headlines and gathering public interest as an alternative hedge investment and remittance method. But this is just the start of this wonderful technology.
While this may be limited to finance in the past, the United Arab Emirates made a revolutionary movement to store data using blockchain. Along with the Health Ministry, the UAE Presidential Affairs and Dubai Healthcare City and other government-based agencies, UAE is the first to aggressively utilize blockchain-based data storage in early February this year. Continue reading to learn more about blockchain and the benefits it offers for the UAE.
The Efficiency of Blockchain in Data Storage
Leading blockchain technology examples such as Bitcoin and Ethereum is no stranger to hedge fund managers, traders, and even investors. This decentralized ledger allows for an efficient, faster, and transparent transaction between two parties. The security of blockchain lies in its block sequences where tampering of a block cancels its validity.
The world is no stranger to hacking and data breaches especially for high profile companies and government agencies. Cloud storage is easily accessible locally and through the Internet with a larger capacity to load thousands of data. However, it's also prone to security issues and cyberhacking. For the most part since its launch, it has become a major target for hackers and data breaches leaving people with unease to use it.
Data storage is an essential asset to any organization or business today. But using centralized systems such as cloud storage may mean more harm than good. This is where the use of blockchain technology comes to play.
Decentralized cloud storage using blockchain gives its users peace of mind, unlike its predecessors. Here are the reasons:
-It provides better security against breaches and hacking
-It's cost-efficient. Unlike cloud storage, cloud computing using blockchain technology reduces cloud computing to a maximum of 100 percent.
-Loss of data is prevented. When you encounter errors, decentralized storage stores extra copies.
In the event a cyberattack occurs, blockchain data storage will continue to operate without having any detrimental effects. Data shared will still be distributed across the world with no glitches or tampering. The owner is the only one who knows the encryption so security breaches are impossible.
Blockchain data storage uses two things: sharding and swarming.
Here's how it goes.
Data uploaded will be reduced into small pieces. These pieces uploaded in the blockchain are encrypted. If in case part of the system is down, these encrypted pieces would still be available (also known as redundancy). There's a level of redundancy in the system to ensure data will be available for the owners or recipients.
In file-sharing, data shared will be broken into small chunks. These shards provide efficient delivery to and fro of data in the system using only a few nodes and successfully process each transaction. The good thing about this technology is that only the uploader knows where the shards are located using a private key. Each shard is also encrypted and the nodes in the network cannot read these pieces of data. By swarming, shards are then grouped together. Upon data retrieval, swarming lowers latency and efficiently transfers data from the most convenient nodes available.
The Crucial Role of Blockchain in UAE Healthcare Services
Blockchain technology is expected to improve MoHAP operations and deliver smart healthcare solutions in collaboration with other government agencies. This technology is believed to provide better access to searching healthcare facilities available including personnel involved in that given agency. MoHAP's integration of blockchain also looks into recording and sharing valuable information of health professionals. Users will also get to search for drug details (e.g. manufacturer, dosage, method of use) using this technology. Users can also seamlessly look into supply chain processes.
Furthermore, this platform may also become a benchmark to enhance medical tourism for the UAE with its provision of efficient and secure data. All of these are part of MoHAP's strategy for developing smart systems, exceptional technology services, and deliver optimum client satisfaction.
Dr. Lubna Al Shaali (Director of the Public Health Policy Department) believed that the platform would help provide the utmost security for information stored using data encryption and verification systems. The goal is to give users accurate and reliable information whenever and wherever they need it. The combination of cloud storage and the high security of blockchain makes this the ultimate data storage system.
The use of artificial intelligence (AI) will likely play a crucial role in further enhancing healthcare solutions with its UAE Centennial 2071 in future projects. In the race to becoming a top destination for world-class healthcare services, the Gulf Country is poised to use AI to automate processes using robotics in future projects.
While the healthcare sector may expect stellar results from integrating blockchain in their system, challenges of using it in real-world applications such as privacy and healthcare-specific regulations, patient relationships, and business-provider relationships are still left to question.
Future Progression in Other UAE Agencies Using Blockchain Technology
Today, UAE predominantly uses blockchain in various agencies and entities. Dubai's Department of Economic Development also shifted to using blockchain in the business registry to ease business transactions in Dubai. The use of blockchain by license issuers also utilizes in managing trade licenses including corporate registries.
The UAE government further embraced this technology after responding to a research paper done a month prior stating it could save the government $3 billion per year. This research was collaborated by the World Economic Forum, Fourth Industrial Revolution AE, and the Dubai Future Foundation aimed at transforming industries using science and technology. Further explanation of their research pointed the government could save up to $398 million from printed documents and a reduction of up to 77 million hours' worth of work per year through blockchain.
The Dubai Multi Commodities Center (DMCC) also launched a 'Crypto Valley' wherein they will be providing co-working spaces, mentoring, and education for business entities looking to get into the crypto space. It is expected to be placed in a Dubai free zone where businesses are not expected to pay taxes, corporate or withholding.