Fintech

Medical Applications for Blockchain Tech

Geplaatst

Trust in science cans improve by making a time stamped record of the study findings. Blockchain technology ensures that transactions can’t be changed with time. As applied to the bitcoin, the consequence is since it creates a record of all transactions, a system which, can’t be manipulated by a government. The system’s potency comes in the use of a database compared with. Applying this technologies in the outcomes only like bitcoin to research increases confidence, the transactions are permanently archived in an immutable manner. The exchange of money, such as the conduct of research, requires a high degree of trust. 

This confidence has been generated by money before by bank supervision and government regulations. Research before has tried to create levels of confidence via peer review conducted by health journals such as this New England Journal of Medicine. Both methods of confidence depend on a diary, either the authorities or a dependable authority. As such, both methods are extremely susceptible to fraud through corruption or innocent errors of this centralized authority. This has led to widespread diffidence in medical research. Bitcoin operates differently, since it sets up a method of relying upon a distributed network based upon a mathematical algorithm, as opposed to centralized authority susceptible to human error. 

Financial transactions require maybe the highest level of trust. People need to know that all trades recorded in the ledger are completely accurate and completely resistant to being altered in the future. Since blockchain technologies as implemented in bitcoin has gained this trust, bitcoin became a widely used store of value with a market capitalization of over $100 billion USD. When other cryptocurrencies are considered, this total confidence in blockchain based monetary systems exceeds $250 billion USD. 

Similarly, healthcare professionals need to be capable to trust that data obtained from health study is both totally accurate and totally immutable. Physicians need to know that medical study isn’t plagiarized or fraudulent in whatever way. Blockchain technology has made bitcoin a reliable, global currency. In the same way, blockchain based health study will considerably increase trust in the results and consequently, improved healthcare.