Applications of blockchain in healthcare industry

Abstract

Recently, with the advent of Bitcoin and other cryptocurrencies, blockchain took center stage in the financial world, owing to its complex yet secure data protection and transmission structure. Blockchain is a decentralized system of data storage in which each data-set (known as a block) is connected to other blocks using a “chain”, which is a cryptographic hash with a timestamp, transaction details connected to the previous block All of this data is stored in a peer-to-peer network, where each participant has a copy of the entire blockchain. Due to this decentralized system, it is tough to tamper with the data, and since it is cryptically protected, cracking the data by a single server is difficult. Blockchain is particularly useful in the financial world, due to the apparent requirement of highly secure transactions which are required not just between customers, but between institutions and countries as well- especially in cases where a considerable lump sum is transferred. Bitcoin utilized this technology in a more refined way, by incorporating the technology not just in the transaction recording stage but building a “currency” around the technology which itself can be used for trading.