Blockchain in the Healthcare Industry

Abstract

Blockchain was first conceptualized in 2008, but became all the rage with Bitcoin. Blockchain is a digital ledger that records the transactions, excluding any third party. It has many features like transparency, security, privacy, accuracy, reliability, and decentralization. In the present study, the process and applications of blockchain in healthcare, and how and where blockchain is helpful for the healthcare industry, are discussed. The study shows that blockchain helps in generating a private key for its use, which can be accessed by that key only, ensuring privacy and security. Blockchain can record and manage the data of patients, which improves doctor-patient interaction with accuracy. It can also keep track of any upcoming outbreak of disease by helping epidemiologists and can help in claiming health insurance, which is helpful for both parties, i.e., insurer and insured. Lastly, it can help trace and secure the medical supplies without any fraud or manipulation, which can increase the product lifecycle by protecting the rights.