Demystifying the Role of Blockchain Technology in Healthcare and Transaction

Abstract

In this chapter, blockchain technology and its applications in healthcare and transaction are studied, along with how certain features of this cutting-edge technology might disrupt established business practices. The authors have discovered several studies and open exploratory areas that will be valuable to both academics and practitioners. Recent developments in cryptocurrency systems like bitcoin have increased interest in building robust distributed networks. Various DLTs are presently involved in a furious battle to display their superior skills and how they can overcome the flaws of their rivals. There are two main approaches to the distributed ledger problem: one uses cryptographic hashes and the other uses an open, distributed peer-to-peer network. However, the usage of the system of data structure, error tolerance, and consensus mechanisms differs significantly. This distinction has an impact on the cost, security, latency, and efficiency of any DLT situation. This chapter is a detailed review of blockchain usage in healthcare and transaction.