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Healthcare and Blockchain Technology

Blockchain Technology refers to storing and distributing data through a distributed database. With Blockchain the database is not located at a single location. It is identically spread throughout the network of systems connected in this loop. Information is hosted up on hundreds of systems and it is accessible to anyone, creating a distributed ledger. In simpler words that data existing on a Blockchain gets verified with other systems connected in the loop and it would require huge amount of computation and work to change a data entry in all of the nodes connected in that Blockchain. The data saved on a Blockchain cannot be controlled by a solitary unit, since identical data is stored in the form of information blocks, it cannot have a single point of failure. All of this ensures data integrity between the parties which share the information. It is contrary to centralized and decentralized networks, Blockchain is referred as a distributed network. The storing, viewing and sharing of information can occur without the pre-existing trust between participants in network. Any change or interaction in the Blockchain is known by all the participants, audit trail of the interactions is recorded in an immutable manner.

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