Blockchain: The Key Success of Healthcare Development

Abstract

Blockchain is a technology for storing and managing sensitive data such as financial information, health records, and transactions. It is a decentralised, distributed public ledger that is maintained by the network of a verified group of individuals or nodes. All nodes need to reach an agreement on whether the data should be kept in the block to guarantee that the data are safe and no corrupt branches. Healthcare is one of the potential fields where blockchain technology can be implemented, especially with the respect to health management. This brings an advantage to healthcare firms because currently patients' data are stored by third parties. This technology allows more security in the data management process and prevents the misuse of data. One of the greatest benefits of using blockchain in healthcare management is that records are stored in a distributed database due to the feature of decentralisation. Data in this system is always kept up to date and records are kept by timestamp. Interestingly, blockchain can be integrated with other advanced technologies such as artificial intelligence (AI) to generate predictive analytics models for patients’ treatment and diagnosis