Blockchain can be loosely described as a distributed database or digital ledger which maintains a continuously-growing list of transactions. Because it is distributed, no central authority is required to approve transactions and it’s immutable, meaning the data posted onto the ledger cannot be retrospectively changed.
Currently, the way the healthcare sector stores data is fragmented, inefficient for medical practice and vulnerable to security breaches.
Medical Expert Dr Ntuthuko Bhengu spoke to Moneyweb about how this technology, that’s more commonly known for powering cryptocurrency, could curb losses to fraudulent activities, improve health outcomes, empower patients and ultimately reduce the cost of medical care.
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