Application of Blockchain Technology in Healthcare

Abstract

A reformative innovation in the field of information technology, the blockchain is perceived as a secure, distributed digital ledger that stores data quietly and promises to govern numerous capabilities of industries in the future. Incorporating blockchain technology in healthcare will foster secure and effective data management, data exchange, and provide a platform for the amalgamation of healthcare services. The purpose of this paper is to bring forward the potential implications of the blockchain and its applications to safeguard the privacy and security of patients' records, thereby diminishing the risk of data breaches in interoperable systems of distributed healthcare. Significantly, the principal objective of the research paper is to present the ethical and socio-economic aspects of health data privacy and their anonymization issues. The basic tenet of the paper revolves around two key areas: proposed solutions to address the potential abuses and data privacy challenges within blockchain-DLT based healthcare ecosystems and the incentives that may be driving significant multinational companies to incorporate the healthcare blockchain-DLT ecosystem.