In general, blockcahin technology is a distributed system that is used to record and store transaction records.

1. BLOCKCHAIN TECH
BENEFITS OF
IN THE HEALTHCARE INDUSTRY
FASTER TRANSACTIONS
CONSISTENT DATA
EMPOWERED USERS
LOWER TRANSACTION COST
DURABILITY & RELIABILITY
SIMPLIFICATION
Blockchain transactions can reduce
transaction times to minutes, and are
processed around the clock.
Blockchain data is complete, timely,
accurate, and widely available, making for
high-quality information whenever
needed.
Information and transactions are user-
controlled, bringing the power where it
should be.
Blockchain technology has the potential to
reduce transaction fees by eliminating
third-party intermediaries.
Blockchain technology is better able to
withstand any malicious attacks due to
decentralized networks.
With all transactions being added to a
single system, it reduces clutter and
complication.
Source: Deloitte