The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
Don & Alex Tapscott, Blockchain Revolution (2016)
Blockchain, the renowned distributed data technology and platform built originally to support Bitcoin, was founded in 2011. It is rapidly revolutionizing the world’s financial system, and is the leading digital asset technology platform. It operates as a distributed open-ledger which can record transactions between two parties in an efficient, permanent and verifiable way. It can used via multiple computers belonging to a system or community. WELL is utilizing the many benefits of this state-of-the-art system, and its team members are well versed in its operation
Describing blockchain, The Harvard Business Review sees it as the “technology at the heart of Bitcoin and other virtual currencies;… an open, distributed ledger that can record transactions between two parties efficiently… in a verifiable and permanent way. [And] the ledger… can also be programmed to trigger transactions automatically.”
Just as with pre-digital gold and paper money, two 21st century digital currencies: Ethereum and Bitcoin (both of which are accepted by WELL), have enabled users to conduct transactions directly, without the need for a costly third-party intermediary. And as a result, there is better social equality as people can now enjoy very welcome lower fee charges, as well as better control over their funds.
In the case of WELL’s healthcare platform, the patients’ health records are extremely secure, and access is only permitted via blockchain based data digital signatures and authorization from multiple parties. Moreover, the WELL community, which includes: patients, doctors, and insurance companies, are all part of the overall blockchain; and to that end, healthcare payment fraud is very unlikely. In addition, although the blockchain platform allows digital data distribution, the data can never be copied. Additionally, it drastically reduces the risk of a breach in security and untoward behavior, including any instigated by its operators.
Another major blockchain benefit is the reduced cost of business procedures. This innovative technology magically transforms the most laborious operating procedures into automated orderly tasks. Moreover, in the case of storing data, blockchain generates a universal standard for data storage, thereby rendering it simpler than ever to work across organizations and systems. To that end, there is a reduction in many expensive middleman services and validations. In the case of WELL, these savings are put back into its health services for the benefit of the WELL community.
Substantial funds are also saved on contractual agreements. Blockchain enables the terms of a transaction to be documented and executed directly via smart contracts: there is no longer a need for middlemen, whom raise the cost and preparation time of contracts. Now platforms such as WELL, which are frequently overwhelmed by data and paperwork, can enjoy access to instantaneous verification, processing, and payment.
WELL is proud to be “the world’s first decentralized global marketplace for high quality healthcare.”
One day it will be obsolete?
What are you speaking about? The blockchain?