Health

The health industry has also been identified as another major industry that can benefit from adopting blockchain technology. The blockchain can provide an immutable, auditable, and transparent system that traditional P2P networks cannot. Also, the blockchain provides a simpler, more cost-effective infrastructure compared to traditional complex PKI networks. In healthcare, major issues such as privacy compromises, data breaches, high costs, and fraud can arise from a lack of interoperability, overly complex processes, transparency, auditability, and control. Another burning issue is counterfeit medicine; especially in developing countries, this is a major cause of concern.

With the adaptability of the blockchain in the health sector, several benefits can be realized, including cost savings, increased trust, faster processing of claims, high availability, no operational errors due to complexity in the operational procedures, and the prevention of the distribution of counterfeit...