As readers may know, blockchain is the supporting architecture now used in e-finance as a widely accepted electronic currency. It’s captured healthcare professionals’ increasing interest due to the extended functionality of blockchain and emerging application program interface (API) services that enable and expedite several collaborative, financial, and operational services processes. These processes are intended to save money, increase trust between buyers and sellers, and enable data-sharing.
According to Broeder, et al / Accenture (2016, p.5), “Blockchains are cryptographic protocols that allow a network of computers (nodes) collectively to maintain a shared ledger of information without the need for complete trust between the nodes. Each blockchain database is a time-sequenced chain of events that have been authenticated using a consensus mechanism specified by the protocol. The mechanism guarantees that, as long as the majority of the network validates the blocks posted to the ledger (i.e., chain) as per the stated governance rules, information stored on the blockchain can be trusted as reliable. This ensures that the transaction data is replicated consistently across the network. The effect of the distributed consensus mechanisms often means that all of the nodes of the network hold all the information stored on the blockchain.
