Investigation into Applicability of Blockchain Technology in Healthcare Systems

Blockchain technology has gained reputation over the years, and its potential in revolutionizing the world is absolute. Blockchain offers enhanced security, transparency, credibility, and authenticity in storing data. The foundation of blockchain is removing the central governing authority and making the network decentralized. The healthcare sector primarily faces issues like security, accessibility, and shareability. Blockchain technology has the potential to address these numerous challenges facing the industry such as medical data privacy and management of records of drugs and medical devices supply chain, clinical trials, and insurance claims to improve good health and wellbeing in general. This review paper provides a comprehensive overview of blockchain and its applications in the healthcare industry. This paper explores the fundamental concepts of blockchain such as decentralized and distributed digital ledger technology, consensus algorithms, smart contracts, and cryptography and security. Further, the paper discusses the application of blockchain technology in the healthcare sector such as MedRec and HealthChain. Finally, the paper summarizes the significant contribution that blockchain technology has in solving the challenges faced by the industry and leading the healthcare sector to a brighter future.