How does Blockchain Impact the Healthcare Industry?

Blockchain technology was first introduced by Satoshi Nakamoto in 2008 as the underlying technology behind Bitcoin. It is a distributed ledger system that enables secure and transparent transactions without intermediaries. Blockchain stands as a disruptive force with the potential to reshape various sectors beyond its association with cryptocurrencies like Bitcoin and Ethereum. Its applicability extends across industries such as healthcare, supply chain management, digital rights management, energy, and government. At its core, blockchain platforms utilise a decentralised network of distributed nodes to validate transactions and uphold data integrity. 

The fundamental principles of blockchain include decentralisation, transmission, transparency, pseudonymity, irreversibility of transactions, heightened security, and computational logic. By utilising a chain of blocks containing transaction information, blockchain eliminates the need for central repositories or intermediaries, thus streamlining transactions. However, to ensure data consistency and prevent malicious activity, consensus mechanisms are essential among nodes. These mechanisms can manifest in blockchains with and without permissions, with the former allowing only invited parties to join the network while the latter permits anyone to participate.