422
X. Liu et al.
The way business is conducted will change because of blockchain. For example,
in legal practice, blockchains can be used to store wills and other inheritance records
and wills will not be able to be tampered. Smart contracts can be used to set up
inheritance criteria as well.
A more effective insurance industry will be in place because of blockchains. It
will be very easy to verify asset owners and therefore avoid fraudulent claims. The
whole insurance industry will be more effective and reliable.
Copyrighted digital contents can be better protected when blockchains are used.
Ownership rights can be made transparent. Content creators will be able to receive
royalties speedily.
8.8.2 Healthcare
Healthcare practices will change greatly because of blockchains. Healthcare is
a complex business because it involves doctors, nurses, staff, medical service
providers, insurance companies, testing labs, and pharmacies. Parties involved in
healthcare are distributed in geo-location. However, they can all initiate transactions
and the results of these transactions are supposed to be stored in one system
and are used in an integrated manner. Currently, such transactions are stored in
different systems which are inconvenient, time-consuming, and error-prone to use
by stakeholders. Blockchains will change this completely. All transactions will be
stored in the same ledger. This means patient medical history, test results, benefits
and eligibility, insurance coverage, medication, and allergies are all available on the
same blockchain. Management of healthcare systems will be more efficient because
demands of medication, equipment, and other consumables can be managed by
using blockchains as well.
8.8.3 Energy
The energy industry is another major blockchain application domain [19]. Applications can be made in electric grid, or in the oil and gas industry. When applied
to the electric grid, blockchains can be used in wholesale or in peer-to-peer
electricity distribution systems. When used in wholesale electricity distribution
systems, blockchains can directly connect end users to the electric grid. Users can
trade energy via the electric grid. No retailers will be necessary any longer so that
electricity costs will be lowered. In fact, it has been envisioned that interconnected
electric grids will be made available and will allow participants to buy and sell
renewable energy at greatly reduced prices. Table 8.4 shows the applications of
blockchain in the energy industry.
Blockchains can be specifically implemented in electricity data systems which
manage fuel prices, market prices, and marginal costs. Such data can be recorded,
X. Liu et al.
The way business is conducted will change because of blockchain. For example,
in legal practice, blockchains can be used to store wills and other inheritance records
and wills will not be able to be tampered. Smart contracts can be used to set up
inheritance criteria as well.
A more effective insurance industry will be in place because of blockchains. It
will be very easy to verify asset owners and therefore avoid fraudulent claims. The
whole insurance industry will be more effective and reliable.
Copyrighted digital contents can be better protected when blockchains are used.
Ownership rights can be made transparent. Content creators will be able to receive
royalties speedily.
8.8.2 Healthcare
Healthcare practices will change greatly because of blockchains. Healthcare is
a complex business because it involves doctors, nurses, staff, medical service
providers, insurance companies, testing labs, and pharmacies. Parties involved in
healthcare are distributed in geo-location. However, they can all initiate transactions
and the results of these transactions are supposed to be stored in one system
and are used in an integrated manner. Currently, such transactions are stored in
different systems which are inconvenient, time-consuming, and error-prone to use
by stakeholders. Blockchains will change this completely. All transactions will be
stored in the same ledger. This means patient medical history, test results, benefits
and eligibility, insurance coverage, medication, and allergies are all available on the
same blockchain. Management of healthcare systems will be more efficient because
demands of medication, equipment, and other consumables can be managed by
using blockchains as well.
8.8.3 Energy
The energy industry is another major blockchain application domain [19]. Applications can be made in electric grid, or in the oil and gas industry. When applied
to the electric grid, blockchains can be used in wholesale or in peer-to-peer
electricity distribution systems. When used in wholesale electricity distribution
systems, blockchains can directly connect end users to the electric grid. Users can
trade energy via the electric grid. No retailers will be necessary any longer so that
electricity costs will be lowered. In fact, it has been envisioned that interconnected
electric grids will be made available and will allow participants to buy and sell
renewable energy at greatly reduced prices. Table 8.4 shows the applications of
blockchain in the energy industry.
Blockchains can be specifically implemented in electricity data systems which
manage fuel prices, market prices, and marginal costs. Such data can be recorded,