Blockchain Technology in Healthcare Industry: Benefits and Issues

Abstract

Blockchain technology upends the status quo by providing a productive and decentralized platform for data management. Blockchain is a data management system that has the potential to enable accountability and transparency. Every computer network user may have a duplicate copy of the Blockchain, a ledger of transactions where network members validate data submitted into the ledger; once entered, the data cannot be changed [1], [2]. Revenue cycle administration, doctor credentialing, electronic health records, and supply chain administration are applications in the healthcare industry, yet, their widespread adoption is threatened by prospective government regulation and internal concerns [3].Additionally, the fact that the data in the Blockchain is duplicated across all of the network’s nodes fosters openness and transparency, enabling healthcare stakeholders, particularly the patients, to understand how, by whom, when, and how their data is utilized [4]. More crucially, since the data in the ledger is duplicated throughout several nodes in the network has no impact on the ledger’s current state. As a result, Blockchain, by its very nature, can defend against possible data loss, corruption, and security threats like ransomware assault [5].