Consider, for example, how a car insurance blockchain could store policy details and contract rules and automatically process third-party claims, improving efficiency and reducing fraud; or a hospital blockchain could capture medical records and share them on-demand with authorized providers; or a blockchain could capture the custody trail of French wine all the way back to the vineyard, or diamonds to the mine, reducing counterfeiting.
There are many versions of public blockchains in existence, but the majority of them share a basic premise: they offer a secure, decentralised infrastructure to maintain a “single version of the truth”, recording all changes made on the blockchain database since its formation.
The lack of development witnessed in the music industry can be associated with its decline in the past decades.
A former corporate solicitor with PricewaterhouseCoopers Legal LLP and now inaugural vice-dean (innovation) at University College London’s law faculty, Dr Donovan said in an accompanying paper: “DLT offer[s] enormous opportunities for the legal services sector.
This is changing, thanks to telematics. Companies such as Amodo, an insurance technology company, for example, facilitate recording driving behaviour via a black-box or smartphone app. Insurers can then offer motorists bespoke cover as well as advice on better driving.
Patients can upload comprehensive medical records on to Medicalchain’s Hyperledger Fabric blockchain, which allows them to access their health history to use with new doctors or while travelling.