Blockchain technology applied to medical research can improve trust in science by creating an immutable and time stamped record of research findings. Blockchain technology, invented by Satoshi Nakamoto in 2008, ensures that transactions entered in the ledger cannot be changed over time. As applied to Bitcoin Cryptocurrency (BTC), the result is a monetary system that cannot be handled by a central government because it creates a permanent and accurate record of all transactions. The strength of the system lies in its use of a distributed database compared to the current cash systems that require a central database such as that used by credit card companies and banks. Applying this same technique to medical research increases confidence in the results, because just like bitcoin, transactions (scientific data collected) are always archived in an immutable and immutable manner.
The exchange of funds, like medical research, requires a high degree of confidence. Money has in the past generated this confidence through government regulations and central bank monitoring. In the past, medical research has attempted to create high levels of trust by peer review by reputable medical journals such as The New England Journal of Medicine. Both methods of generating trust depend on a reliable central authority, either the government or a medical journal. As such, both methods are highly vulnerable to fraud by corruption or innocent mistakes of the central authority. This has resulted in widespread lack of confidence in medical research. Bitcoin works differently, because it creates a method for relying on a distributed network based on a mathematical algorithm, rather than a central authority prone to human error.
Financial transactions require perhaps the highest level of confidence. People need to know that all transactions recorded in the ledger are completely accurate and completely resistant to future change. Since blockchain technology as implemented in bitcoin has earned this trust, bitcoin has become a large-scale value trading with a market value of over $ 100 billion. When other cryptocurrencies are considered, the total confidence in blockchain-based financial systems exceeds $ 250 billion. Likewise, healthcare professionals should be able to trust that the data obtained from medical research are completely accurate and not completely changeable. Doctors need to know that medical research is not stolen or fraudulent in any way. Blockchain technology made bitcoin a reliable global coin. In the same way, blockchain-based medical research will increase confidence in the results, thus improving medical care.