Blockchain is a rapidly growing industry buzzword, with applications from financial services to supply chain management. The technology’s inherent transparency, security, and reliability can solve several problems in the healthcare industry and can play a critical role in the digital transformation of healthcare in the United States. But before we go into some of the use cases, let’s first get acquainted with the underpinnings of this technology.
What is Blockchain?
Blockchain technology, best known as the technology that powers the digital cryptocurrency Bitcoin, bases itself on a distributed ledger system that assigns a block to each digital transaction. A ledger is formed by chaining each block to the transaction occurring immediately before and immediately after it. The shared records then form the chain amongst a network of computers, hence the term “distributed ledger”.
All encrypted transactions in the blockchain have a cryptographic hash which locks that event in place, creating an unchangeable or immutable record of transactions. A very important characteristic of this distributed ledger is that all transactions must be verified and recorded through the consensus of all parties belonging to the network. New transactions cannot be approved unless a majority of the members in a blockchain… Read More »