Blockchain in Drug Discovery and Clinical Trials Market Share, Size, Trends and Analysis by 2023-2035

Blockchain Technology – A new Paradigm in Data Storage and Maintenance

Over the years, the blockchain technology also referred to as distributed ledger technology has proven to be a versatile tool for decentralized monetary transactions and data exchange in various industries, including healthcare. Several stakeholders in healthcare have adopted blockchain for various operations, including maintenance of patient records, while ensuring privacy and security as the records are stored on a network, recruiting patients for trials and providing transparency and traceability in the supply chain.

Gradually, blockchain technology has disclosed unprecedented opportunities in this sector by unlocking significant advantages.

The term blockchain refers to the way it stores transaction data in blocks that are linked to form a chain. Since every entry is stored as a block on the chain, the length of the chain increases as more transactions are recorded and stored. This digital ledger technology was developed in 2008 by Satoshi Nakamoto. It is designed in such a way that transactions are immutable, which means that digital information, or transactions records can be recorded and distributed but cannot be altered, deleted or destroyed.

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