Blockchain is a shared immutable ledger used for recording transactions and tracking assets.
It’s a data structure consisting of linked blocks of data.
It operates a decentralized technology that allows the participants of a peer-to-peer network to make transactions without the need for a central authority.
An asset can be tangible (cash, land, or house) or intangible (intellectual property rights, branding it copyrights)
Types of blockchain
We have mainly four types
Public blockchains: this is the first type of blockchain, it removes the problems of centralization so a user which is part of the public can access previous records, and there is full transparency of transaction, the anonymity of this blockchain is why so many people are attracted to it
Private blockchain: private blockchains are not as open as public,
They have only selected nodes as participants which makes it more secure,
The rate of a transaction is very high due to few participants, for data confidentiality, networking at the corporate level frequently necessitates a higher level of privacy.
Hybrid blockchain: this is a mixture of both public and private because some parts are controlled by the organizations while some are made visible as a public blockchain.
Consortium blockchain: this is also known as a federated blockchain
it’s an innovative method to solve company needs, some parts are public, and some parts are private.
Blockchain in Health
This means using blockchain distributed ledger to secure transfer of patients’ medical records, strengthens healthcare data defenses, and manage the medicine supply chain.
Blockchain health companies
Block pharma: there are a lot of cases of counterfeit drugs out there, which is detrimental to human health,
It’s difficult to confirm if a drug is original or counterfeit but with Block pharma which specialize in tracing the originality of drugs by scanning the supply chain and verifying all points of shipments. This issue has greatly reduced.
Akiri: medical records are confidential records that are to be disclosed to only concerned parties
But the reverse is the case as most times, you will discover that a third party has access to a patient data.
but company like Akiri, they help to protect patients’ data and ensure that only authorized parties have access to the records.
Importance of block chain in health
With the use of EMR, patients get to see when their records are updated.
It makes it possible for people to pay for health plans using crypto currencies.
Patients health records are saved in ways that only authorized authorities have access, and they can’t be hacked.