How Secure is Blockchain Technology?

Blockchain is spreading across all industries far beyond its initial fintech applications. Companies in different sectors are expanding and diversifying their blockchain initiatives. Indeed, blockchain appears to be entering a new era of broader, more practical adoption, even as those who were skeptical start to grasp its long-term potential. So, how secure is blockchain technology?

The demand for blockchain is soaring at an alarming rate as companies see it's potential. Blockchain promises transparency, scalability and, most importantly, security. Let's take a look at the challenges and vulnerabilities of this burgeoning field of technology.

Security by the blocks

The term blockchain refers to a chain of digital blocks with transaction records. Each block connects with other blocks on either side to form a chain. This makes it hard to alter a single record as one would have to change the block with the record and those connected to it to avoid detection. In addition to this, blockchain has other built-in characteristics that offer extra security. These include:

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Cryptography

Cryptography seeks to prevent third-parties from accessing data from private messages during a communication process. Blockchain uses two types of cryptographic algorithms: hash functions and asymmetric-key algorithms.

Asymmetric cryptography (or public-key) securely encrypts messages between two computers. Anyone can use another person’s public key to encrypt a message. However, one can only use a corresponding private key to decrypt an encrypted message.

Paired private and public keys let users send and receive payments. Private keys generate digital signatures for the transaction. Network members then use the wallet's public key to confirm the signature’s authenticity before adding the transaction to the blockchain. After approval, the transaction is immutably recorded into the ledger, and balances are updated.

On the other hand, the Hash function receives data input of any size and returns an output with a predictable and fixed size. Irrespective of the input size, the output will always have the same size. So, for as long as the input remains constant, the resulting hash will be the same. Hashes are used as unique data block identifiers in the blockchain. Each block's hash is created in relation to the previous block's hash, creating a chain of blocks. If someone changes a block, they will also have to change the entire history of that blockchain. The hash identifiers are what make blockchain secure and immutable.

Decentralization

Blockchain technology relies on a decentralized, digitized, and distributed ledger model. Meaning, it distributes data to nodes (users) on the blockchain network. When a user makes a change, the network validates it; then, miners add the transaction into a new block that’s then added to the blockchain. Miners are users rewarded for updating the blockchain.

Decentralization makes blockchain more robust and secure than proprietary centralized models that are currently in the market. If a user attempts to change a single block, they'd need to change the previous blocks before any new blocks could be mined. If not, the nodes would detect the fraudulent behavior and discard the changes. And since thousands of nodes confirm new blocks, it's less likely for anyone to beat their computing power to add a bad one.

Consensus

Consensus is another attribute that makes blockchain technology secure and fault-proof. It involves all peers of a blockchain network coming together and agreeing about the distributed ledger's present state. Consensus ensures that every new block added to the chain is the only version of the truth agreed upon by all the nodes in the blockchain.

The consensus protocol is reliable as it bases on goals like mandatory collaboration, cooperation and participation of every node. It also ensures that every node has equal rights and that a joint agreement is achieved. Consensus is the brain of blockchain. Without it, blockchain would fail. A good example of consensus is the Proof of Work (PoW). In PoW, 'miners' in a network have to provide the computing power needed to verify transactions and maintain the blockchain – which is a lot. They also need to ensure the network's immunity against hackers. Miners compete to chain the blocks together and can achieve that if they get 51% of votes from the nodes.

But the 51% vote is perhaps the biggest threat to this model. If a minority of colluding nodes own more than 50% of the mining power, they will control the network. They could prevent other nodes from adding new blocks. They'd also expose the network to fraud. But the good thing is that consensus is too expensive. It needs lots of energy and computing power to succeed.

Security challenges

Blockchain produces tamper-resistant ledger transactions that make it immune to fraud and hacks. But people with bad intentions can manipulate the known vulnerabilities in the blockchain infrastructure. In fact, they've been successful in a range of scams and hacks over the years. Some common examples include DAO's code exploitation, Bitfinex's stolen keys, and Bithumb's insider hacks. These security issues have been a point of concern for many businesses that want to explore blockchain technology. Blockchain creates unique security challenges for a range of reasons:

Blockchain security threats

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Blockchain security threats fall into three main groups:

Endpoint vulnerabilities: this is where technology and humans meet. Think devices, digital wallets, private key and password, breach, client-side of the application. A hacker can gain access to an account if any of this endpoint is compromised. But the threat is only limited to a victim's account and nothing further. Besides, companies are now using cold wallets along with hardware security models (HSM) that are difficult to compromise.

Untested code: the original code by Satoshi Nakamoto that resulted in the creation of Bitcoin Blockchain is unbreakable. But the same cannot be said for all code in apps built upon the blockchain. Developers who are in a rush to outdo their peers risk producing inadequately tested code on the live blockchain. Considering the decentralization aspect, the risk is higher because of the irreversibility of blockchain.

Ecosystem/third-party risks: the security of this technology relies on the entire ecosystem. This includes other solution providers like smart contracts, payment platforms, fintech, wallets, etc. With other parties in play, a blockchain application's security is only as strong as its weakest link within the ecosystem.

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Does this mean blockchain is not immutable?

No network is 100% secure. And blockchain is not any different. But since the nodes in a blockchain network are distributed, it is almost impossible to alter the chains. It takes a consensus of more than half of the nodes in the same distributed ledger to make any changes. And the fact that all this has to happen within 10 minutes makes it virtually impossible for a hacker to make changes.

Security and privacy

Blockchain technology resolves the security and privacy issues that most organizations struggle with today. Its public key infrastructure maintains the ledger size and prevents any ill-attempts from changing data. Inasmuch as the large and more distributed network makes blockchain more secure, there are concerns around various aspects. For example, by default, the blockchain design doesn't have confidentiality. All data on-chain is visible to all peers in the network.

Blockchain is hard to crack

The blockchain is still in its infancy stages. And like any technology, it is bound to encounter hurdles along the way. But the good thing is that the security issues are addressed quickly. Developers are also coming up with new versions of blockchains to ensure security. Besides, when compared to other technologies, blockchain does a great job storing and exchanging digital value. This explains why health care, supply chain, Wall Street companies, etc., are all adopting the technology.

 

The Best Things to Give Your Loved One in a Nursing Home

Nothing can replace your love and attention when it comes to things to give your loved one in a nursing home. But there are a few things you can get to brighten their days and make their life more comfortable – most of which we'll discuss in this article.

Before you set out to buy these things, keep in mind that:

With that in mind, here are the best things to give your loved one in a nursing home:

Games and fun

Spending days, weeks, or months in the nursing home can get boring. Your loved one needs something to brighten up their days, all while engaging their body and mind. And what better way to achieve that than by getting them fun games. Games are exciting and entertaining and can also improve their daily life skills, memory, and overall mental health. The best part is there's no limit to the fun items you can get them. Here are some quick picks – but you can always find more.

·       Board games and puzzles

Board games never really go out of fashion. If your loved one has a friend who doesn't mind gaming, this should be your ultimate choice. Games like jig-saw puzzles, puzzle books, dominoes, chess, cards, scrabble, word search, and backgammon are perfect for old members in nursing homes. It’s even better when there’s some candies and snacks to share.

·       Adult coloring book or audiobooks

Coloring books are fun, just as they are engaging. And with lots of time to spare in the nursing home, your loved one will surely love to color to keep busy. But if they are not the type that loves to color, you can opt for something more entertaining and calming, like an audiobook or a print-book. In the latter case, make sure the words are large enough so they don’t strain.

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Coloring books are a great way to stimulate memory and overall mental health.

·       Art and craft supplies

For your loved one in the nursing home, creating art and craft pieces is not only a smart way to use imagination but also maintain dexterity in hands and fingers. There are plenty of art and craft supplies to match vast needs. Just find out what your loved one wants. Here are some good examples:

Flashlight and reading light

Flashlight and reading light come in handy at night. They allow your loved one to carry one with activities without disturbing their roommates. With these lights, the elderly can read or play their games at night, or even search for items. When shopping for flashlights, find those that use LED as they shine brighter and keep power for long. You may also want to find beautiful reading lights so it adds to the room’s décor.

Stationery and other writing supplies

The baby boomer generation loves the pen and paper. It would be thoughtful of you to give them a nice piece of paper, an envelope, and stamps. It's pretty hard for residents to get stamps. It's even harder to get cards for all occasions – whether it's birthday or Christmas and so on. When you give them blank cards, stamps, and envelopes, they'll be able to write to their loved ones during holidays, which is just great. You can also add in some dairy, notepads, pens, pencils, and other stationery that will allow them to write down or document things/events.

Toiletries

Most nursing homes provide toiletries for their residents. But as you know, you can never have enough of some things. Besides, these homes only provide select toiletries – like tissues and soap. So always want to ensure that your loved one has enough supply of other toiletries they need. Toiletries like lip balm (in seasonal flavors), aftershave, deodorant lotion, body spray, etc., are always a good gift idea. Do, however, ensure that your loved one is not allergic and can safely use these items. Most nursing homes have a locking cabinet for specific toiletries to ensure they aren't stolen or ingested mistakenly. As a caution, you can label the bottle with the owner's name.

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Home Décor

Your loved one will be staying in the nursing home for a while. So you might as well make it as homely as possible. Depending on how their rooms look, you can get the wallpapers, carpet, lovely covers, and so on. You may also bring flowers to liven up the room. But the vase should be easy to clean and appealing too. Again, be cautious while picking flowers, so they don't look like the "get well soon" flowers.

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Flowers are a great way to show someone you love them.

Senior-friendly clothing and footwear

Clothing is one of the top choices when looking for things to buy for a loved one. And with plenty of variety available in the market, there's no limit to what you can get. Since your loved one is in a nursing home, you want to find clothing and footwear that are warm, cozy, safe, and stylish too. Your elderly still want to look sharp even in the nursing home.

·       Comfortable clothing

When shopping for clothes, go for those that are comfortable and easy to wear. Try to avoid clothes with tiny zips or small buttons as they are hard to maneuver. Opt for wrap-around styles instead. Again, choose fabrics that are machine-washed and dried and avoid those that need special care.

·       Gripper footwear

You also want to find comfortable, breathable, and adjustable footwear. Gripper slippers or socks are a great option as they keep the cold feet warm and are easy to put on. Besides, these can keep your loved one safe by lowering the chances of slip and falls.

·       Shawls and wraps

Shawls, blankets, wraps are always welcome. Blankets can transform the room while keeping your loved one warm and cozy. And since the elderly always seem to be cold all year round, wraps, wearable sleeved blankets, shawls, button-up sweaters etc., are a perfect choice.

Show them love

Everyone – including those in a nursing home – enjoy a little love. You can show it to them whenever you visit. Sometimes even a simple visit can go a long way to brightening up their day! We all know how short-staffed some nursing homes can be. Simply spending time with your loved one is an incredibly valuable gift. You could also get them something funny or cute to look at when you are not around. If your loved one loves cats, you might be able to get them a cat. And if they are more of teddy bear lovers, then a stuffed toy would work the magic. Of all the things to give your loved one in a nursing home, time is going to be the one that is truly cherished.

The Future of Healthcare on the Blockchain

Blockchain technology has many applications in healthcare. It can improve monitoring devices, mobile health applications, and clinical trial data. It can also offer a new model for health information exchanges by making electronic medical records more secure, efficient, and decentralized. While not a magic bullet, blockchain technology offers a platform for investment, experimentation, and proof-of-concept testing.

There's so much hype around blockchain. You'd think it is the cure-all technology or one that will solve the chronic data security and interoperability issues that cripple health data sharing. Blockchain will be used to share health information securely and to approve and monitor health data usage. However, the technology alone won't make health data interoperable or ensure data is shared. A lot has to go into standardizing health data formats and coding and controlling data sharing for research and system-wide improvement.

The first blockchain applications will likely handle the secure exchange of well-defined healthcare transactions like tracking the drug supply chain to prevent counterfeiting or settling insurance claims, and so on. But it will take a while to address challenges like interoperability, sharing, and access.

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What is blockchain technology?

Blockchain is a distributed ledger technology (DLT) used to securely record transactions across many computers in a peer-to-peer network without the need of a third party. In the blockchain, every block of data (block) is secured and linked to the next one using cryptographic principles (chain). It's emerging as one of the most promising technologies of the 21st century and is widely applied in healthcare for these reasons:

But despite its potential in healthcare, blockchain remains immature. Gartner's research describes it as a technology in a "hype cycle,” meaning one that's marked with stages of innovation triggers, enlightenment, disillusionment, inflated expectation but ending in a "plateau of productivity." Health blockchain is still in its early days. It cannot be compared to sectors like supply chain, logistics, and financial services that have seen a much faster adoption rate.

Future of healthcare on the blockchain

From biomedical research, to insurance payments and everything in between, blockchain applications will impact almost all healthcare system aspects. This is because the healthcare sector thrives on data generation and sharing. Here is what the health blockchain may look like soon.

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Solution for the Drug Supply Chain Security Act (DSCSA)

Blockchain's ability to trace and store time-stamped data across a P2P network makes it perfect in solving DSCSA's traceability requirements. DSCSA upholds drug security standards by ensuring that all drugs are traceable from when they leave the manufacturer to the time they reach the dispenser. This is in a bid to boost tracking, detection, and removal of misbranded, counterfeit, or potentially dangerous drugs from the supply chain. A network using blockchain is uniquely secured and could be effective in drug fraud prevention. Today, various trials are underway as different vendors try to craft solutions that meet DSCSA's requirements.

A possible solution for EHRs

Electronic health record management is an important application area for blockchain technology. It deals with data exchanges across various health sectors and ensures to protect the data's source, integrity, and privacy for accurate analysis and insights. EHR is an excellent example of the blockchain-based privacy-preserving prediction model. Facilities are now applying machine learning to study data in their EHRs and using the learned model to predict patient outcome. But since no facility has enough patient records, there's the need to share various data across organizations. However, they have to apply privacy-preserving prediction modeling methods – like blockchain to avoid re-identification and data breach risks. Blockchain stores medical records securely and allows real-time updates. It can also allow secure access for all permissible users.

Solution for medical staff credentialing

Credentialing can be time-consuming and expensive when done through snail mail, faxes, and phone calls. Since blockchain can be approved and updated in stages, it may be a perfect solution in the credentialing process. Credentialing smart contract is an excellent example of a possible blockchain application. A smart contract is a self-executing contract with terms of the agreement between parties written into code lines. It facilitates trusted agreements and transactions to be carried out among disparate, anonymous parties without the need for a legal system, central authority, or external enforcement mechanism. Smart contracts can be used:

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Solution to the need for sharing and privacy

Many blockchain-based features can help facilities strike a balance between privacy and sharing. For years, healthcare organizations have depended on policy to maintain patient data and siloed. But without technologies to resolve the sharing and privacy issues, these organizations risk compromising data. In the coming years, blockchain will take care of such issues, allowing facilities to share critical data without the fear of breach and arising suits. This is thanks to its ability to audit who, when, and where the data is used.

On top of that, the disruptive technology will enable open health data exchange markets run by patients. These markets will only have valuable, verified, and validated data from treatment outcomes, verified diagnostics, genetics, real-world evidence, etc. Permissioned blockchains will allow patients to decide how they want to use their data in exchange for health solutions and compensation.

Adoption of blockchain in healthcare

The perception that blockchain is fairy a new technology and closely linked to the Bitcoin cryptocurrency, hinders its adoption within the healthcare community. Besides, the technology cost can be high. The proof of work, for instance, consumes a large amount of computational power. Again, blockchain doesn't remove or replace modified records but adds blocks to the chain to represent modifications and deletions, which adds to the storage problem.

With that said, blockchain absolutely is a viable technology. And while it could take years for its practical application across the industry, blockchain adoption has already taken off with financial institutions and in dozens of companies. For instance, IBM is using AI to detect patterns with Block Chains to help find treatments or remedies for specific diseases. Mount Sinai also uses blockchain in AI to rapidly read chest CAT Scans of potential COVID-19 patients. There is no telling what the future holds, but we know that blockchain will immensely disrupt the healthcare sector, perhaps for the better.