Bringing Scientific Rigor to Medical Research Using Blockchain Technology
Blockchain technology applied to medical research can improve self-confidence in science by producing an unchangeable, time stamped track record of the research results. Blockchain technology, created by Satoshi Nakamoto in 2008, ensures that transactions entered into a ledger can’t be transformed with time. As used to Bitmain Antminer S17 Pro (BTC), the result is a monetary system that, cannot be changed by a centralized government because it creates a permanent and accurate track record of all transactions. The strength of the system arises from its usage of a distributed database as compared to current monetary methods which call for a centralized database like is employed by credit card companies as well as banks. Applying this same technology to health-related research increases trust in the end result because just love bitcoin, the transactions (scientific data collected) are permanently archived in an unchangeable, immutable manner.
The exchange of cash, just like the conduct of medical research, requires many trust. Income in the past has produced the trust through government polices and central bank oversight. Medical investigation before has attempted to make high levels of trust through peer review conducted by trustworthy medical journals such as the New England Journal of Medicine. Both ways of generating trust bank on a trusted central authority, either the government or a medical journal. As a result, both strategies are highly susceptible to fraud via corruption or maybe innocent errors of the centralized authority. This has resulted in widespread distrust in medical research. Bitcoin operates differently, because it sets up a method of depending on a distributed network based upon a mathematical algorithm, rather than centralized authority prone to human error.
Financial transactions require probably the top level of loyalty. Individuals need to understand that all transactions recorded in the ledger be totally appropriate and totally resistant to being improved in the future. Since blockchain technology as applied in bitcoin has acquired this trust, bitcoin has turned into a widely used store of value with a market capitalization of more than $100 billion USD. When other cryptocurrencies are considered, the utter loyalty in blockchain based financial systems exceeds $250 billion USD. Similarly, health care professionals have to be able to believe in the information obtained from medical research is both completely immutable and entirely accurate. Doctors have to know that medical research is not plagiarized or fraudulent in every manner. Blockchain technology makes bitcoin a trusted, global currency. In the very same way, blockchain based medical investigation will significantly increase trust in the results and as an outcome, improved medical care.