Blockchain is a distributed system that is open but secure, which records and stores transactional records. It is public as well as private at the same time. It is an append only, shared, immutable open digital ledger which records all peer-to-peer transactions. Each transaction within the network is authenticated by the nodes in the network before it is added to the ledger. Once the entries are recorded in the shared ledger, they cannot be changed. Each block is sequenced with a cryptographic reference to the preceding block, providing the basis for immutability. There is no central authority; instead, transactions records are stored and distributed across all network participants.
Blockchain has the potential to revolutionize the healthcare industry, there lie several opportunities where blockchain can provide advantage including reimbursement of healthcare services, exchange of health data, security and access, clinical trials, Drug Supply Chain & Provenance, smart contracts. Understanding blockchain technology is of utmost importance so as to see how blockchain is being and can be applied to healthcare systems.