The health industry has been identified as another major industry that can benefit by adapting blockchain technology. Blockchain provides an immutable, auditable, and transparent system that traditional P2P networks cannot. In addition blockchain provides a cost-effective, simpler infrastructure as compared to traditional complex PKI networks. In healthcare, major issues such as privacy compromises, data breaches, high costs, and fraud can arise from lack of interoperability, overly complex processes, transparency, auditability, and control. Another burning issue is counterfeit medicines; especially in developing countries, this is a major cause of concern.
With the adaptability of blockchain in the health sector, several benefits can be realized, ranging from cost saving, increased trust, faster processing of claims, high availability, no operational errors due to complexity in the operational procedures, and preventing the distribution of counterfeit medicines.
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