Blockchain technologies applied to medical research is able to improve trust in science by producing an unchangeable, time stamped record of the research conclusions. Blockchain technology, developed by Satoshi Nakamoto in 2008, guarantees that transactions entered into a ledger cannot be transformed with time. As used to the cryptocurrency bitcoin (BTC), the effect is a financial system which, can’t be modified by a centralized government as it makes an accurate and permanent record of all transactions. The sturdiness of the system comes from its use of a distributed database as compared to current financial systems which demand a centralized database including is used by credit card companies as well as banks. Applying this very same technology to healthcare research increases trust in the results because just love bitcoin, the transactions (scientific data collected) are permanently archived in an unchangeable, immutable manner.
The exchange of funds, just like the conduct of medical research, involves many loyalty. Cash before has produced this trust through government laws and central bank oversight. Medical research in the past has attempted to create higher levels of self-confidence through peer review conducted by respected medical journals such the New England Journal of Medicine. Both techniques for producing trust depend on a trusted central authority, either the government or a medical journal. As a result, both methods are highly prone to fraud via corruption or innocent errors of the centralized authority. This has led to widespread distrust in medical studies. Bitcoin operates differently, because it sets up a technique of being reliant on a distributed community based upon a mathematical algorithm, rather than centralized authority susceptible to human error.
Financial transactions require probably the highest measure of trust. Folks need to understand that every one transactions captured in the ledger be completely appropriate and totally resistant to being improved in the long term. Because blockchain technology as applied in bitcoin has earned this self-confidence, bitcoin has turned into a popular store of value with a market capitalization of over $100 billion USD. When Bitmain Antminer S17+ are considered, the utter loyalty in blockchain based financial systems exceeds $250 billion USD. Similarly, healthcare professionals have to be able to believe in that data extracted from medical research is both entirely accurate and completely immutable. Doctors have to understand that healthcare research is not plagiarized or fraudulent in any manner. Blockchain technology has made bitcoin a trusted, international currency. In the exact same way, blockchain based healthcare investigation will dramatically increase trust in the end result and as an outcome, improved medical care.