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Blockchain and its role in handling biomedical transactions

Editor IJSMI

Abstract


Blockchain technology [1,2] was introduced around the year 2008 for processing crypto currency application known as Bitcoin. Bitcoin used as a digital currency, monitored by the users in a peer to peer network and importantly not monitored by government agencies like central banks. Blockchain technologies are kind of distributed databases (ledgers) which are managed by the users in the network. The Blockchain technology is now used in different fields such as healthcare [3,4,5] apart from the financial sector. Advantages of Blockchain Technologies are decentralized management, unalterable(immutable) & verifiable transactions, reduced risk of network failure, reduced risk of loss due to hacking and it is secured as it uses encryption technologies to store the information.   The paper starts with an overview of Bitcoin Blockchain technology, its structure and workflows and provides insight into role of Blockchain technology in biomedical transactions.


Keywords


Blockchain, smart contract, proof of work, proof of concept, healthcare, biomedical

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References


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DOI: http://dx.doi.org/10.3000/ijsmi.v10i1.15

DOI (PDF): http://dx.doi.org/10.3000/ijsmi.v10i1.15.g61

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