📌 Blockchain-Based Data Sharing Summary
Blockchain-based data sharing is a method of exchanging information using blockchain technology. It allows multiple parties to access, store, and update data in a secure and transparent way. Each change or addition to the data is recorded on a digital ledger that cannot be easily altered or deleted. This approach helps ensure trust between participants because everyone can see and verify the data history. It is especially useful when organisations need to share information but do not fully trust each other.
🙋🏻♂️ Explain Blockchain-Based Data Sharing Simply
Imagine you and your friends keep a notebook where you write down every time someone borrows or returns a game. The notebook is locked and everyone can see every entry, so no one can cheat or erase anything. Blockchain-based data sharing works in a similar way, letting people share and update information safely, with everyone able to check that nothing has been changed secretly.
📅 How Can it be used?
A healthcare app could use blockchain-based data sharing to let hospitals securely exchange patient records with patient consent.
🗺️ Real World Examples
A group of banks uses blockchain-based data sharing to track and verify international money transfers. Each bank can see the transaction history, reducing fraud and speeding up the transfer process because they no longer rely on a central authority.
A supply chain company shares shipment data with retailers and manufacturers using blockchain. Everyone involved can trace the product journey, ensuring authenticity and reducing losses from counterfeit goods.
✅ FAQ
How does blockchain make data sharing more secure?
Blockchain keeps a record of every change made to shared data, so nothing can be hidden or quietly changed. Because all participants can see the full history, it is very difficult for anyone to tamper with the information. This transparency helps everyone trust that the data is accurate and has not been altered without agreement.
Why would organisations use blockchain for sharing data?
Organisations often need to share information but might not fully trust each other. Blockchain provides a way for them to work together without worrying about one side changing or hiding data. Each update is visible to all, so everyone has confidence in what they see. This is especially useful in industries like finance, healthcare or supply chains.
Can people change or delete information once it is on the blockchain?
Once information is added to the blockchain, it cannot easily be changed or deleted. Every update creates a new record, so the full history is always visible. This makes the system very reliable for keeping track of who did what and when, and helps prevent mistakes or fraud.
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