BLOCKCHAIN
We look at four key areas where blockchain can transform healthcare to prepare it for the challenges of the future
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When Bitcoin , the first cryptocurrency , launched in 2009 , the world was in the middle of a great recession . More than a decade later , with the world engulfed in a pandemic , the technology underpinning Bitcoin has the potential to solve many of the challenges our healthcare systems face , both now and in the future .
Blockchain is a type of digital database that stores transactions in such a way that the information cannot be altered . When a ‘ block ’ becomes filled with data it joins the back of a chain and receives a timestamp , forming a blockchain in chronological order . Each transaction is signed with a private key , and distributed among a peer-to-peer set of participants . Without a valid signature , any new blocks created by data changes are ignored and not added to the chain . While the chain is visible , it doesn ’ t reveal any data , only the timestamp .
This visibility is important because it makes it possible to trace the history of a transaction , or a supply chain . Take De Beers , the world ’ s biggest diamond producer , a sector that has frequently come under fire due to where the diamonds are sourced . In 2018
JANUARY 2021