With its versatility, blockchain technology can revolutionize the science domain. Deloitte’s blockchain survey for 2018 predicts that blockchain can change the entire face of several industries. Science is going to be one of them.
Blockchain can secure the classified data, manage it efficiently, distribute and share the data without any intermediary, even set a claim for the inventor of any experiment. A conglomeration of data science and blockchain can do wonders for the management of data in blockchain technology.
Transparency in research through blockchain
In statistical analysis, extensive data is generated in figures and graphs. This volume of data is enormously complicated and is classified. If blockchains are used in this domain, it could be beneficial to store the data securely and systematically. The specified data containing blocks can be all created storing the information. These data can be shared with permitted entities and has the minimum possibility of getting leaked.
Transparency within the network will additionally be maintained and the updated information can be communicated with all the nodes within the network. Instant sharing of data and fast communication will ensure productivity and momentum to the research.
Robust Security for Stored Data
Blockchains have decentralized design and thus, the sensible database can be stored at every node within the network. Hashes are being used to save the data on the blockchain.
Blockchains are tamper-proof, immutable, and transparent. They provide security with all of these features. Essential changes in the sensitive information can be made by the authorized entity and these changes are transparent within the group of nodes.
Transparency within the network
Transparency is one of the essential features of blockchains and this transparency is gained by smart contracts. Smart Contracts are created as a computer program. These smart contracts work as an intermediary between various nodes to circulate the data within the network.
This feature can be used to track the data and share it speedily within the network.
Blockchains have two main features, which can be very useful in the science domain.
- Distributed and decentralized nature
- Immutability
Distributed and decentralized nature
The decentralized feature of the blockchain can control several malfunctions within the research field. Smart contracts are tamper-proof. An intelligent contract validates the output results of the research.
The classified information becomes secured and organized due to decentralization. It is impossible for anyone to leak data without the knowledge of the entire network.
Immutability
Science projects often seek funding from outside corporates or individuals or governments. Once the smart contract is made between two parties, these terms cannot be changed. The delay in the funding process or obstacles, including the walkout of the contract or delay or alteration in any action, is thus accountable in smart contracts.
Blockchain technology is still in the primary stage and evolving as a new arena for developments and progress in many sectors.
Authorization of the Research
Scientific research often needs large storage capacity machines and enormous power to run them. Research members who are contributing to research may require permission to write the data and maintain the system with consensus. The process becomes expensive with the usage of massive power. So, the authorization of the contributing members may occur in the long term.
Legislation Issue
Legislation issues can be detrimental in the blockchain network.
Jurisdiction boundaries
The blockchain network can be spread across the boundaries and thus, some nodes may face the regulatory issue from their native country, or any litigation can be challenging to resolve.
Intellectual Property Rights
If the blockchain vendor wants to misuse the research data or monetary benefits and commercialize it, then data security can be breached, and intellectual property issues can occur.
Data Privacy
Classified information is stored at various nodes and is transparent and accessible for several people, so it could be difficult to maintain confidentiality.
Vulnerability to Hacking Attacks
Blockchain has a robust security mechanism, but still, they are vulnerable to hacking attacks due to human errors and lack of security protocols and sometimes due to bugs as well.
These issues need more clarity and demands more technical advancement in blockchain technology. However, in the future, blockchain is going to assist science in resolving several issues.