Blockchain technology that is applied to medical research can increase trust in science by making notes on research findings that are unchanging and time-changing. The Blockchain technology, discovered by Satoshi Nakamoto in 2008, ensures that transactions carried out in ledgers cannot be changed over time. As applied to bitcoin cryptocurrency (BTC), the result is a monetary system which, cannot be manipulated by centralized governments because it creates permanent and accurate records of all transactions. The strength of the system comes from the use of a distributed database compared to the current monetary system which requires a centralized database such as those used by credit card companies and banks. Applying this same technology to medical research increases trust in results because just like bitcoin, transactions (scientific data collected) are permanently archived in ways that cannot be changed and cannot be changed.
Exchange of money, like doing medical research, requires a high level of trust. Money in the past has generated this trust through government regulations and central bank supervision. Medical research in the past has sought to create a high level of trust through peer reviews conducted by leading medical journals such as the New England Journal of Medicine. Both methods generate trust depending on trusted central authorities, whether government or medical journals. As such, both of these methods are very vulnerable to fraud through corruption or innocent mistakes from centralized authorities. This has led to widespread mistrust in medical research. Bitcoin operates differently, because it establishes methods for relying on distributed networks based on mathematical algorithms, rather than centralized authority that is vulnerable to human error.
Financial transactions may require the highest level of trust. People need to know that all transactions recorded in the ledger are fully accurate and truly resistant to change in the future. Because blockchain technology as implemented in bitcoin has gained this trust, bitcoin has become a widely used store of value with a market capitalization of more than $ 100 billion USD. When other cryptocurrency is considered, total trust in the blockchain-based financial system exceeds $ 250 billion USD. Likewise, health care professionals must be able to believe that data obtained from medical research is truly accurate and completely irreversible. Doctors need to know that medical research doesn’t copy or cheat in any way. The Blockchain technology has made bitcoin a trusted global currency. In the same way, blockchain-based medical research will greatly increase trust in results and as a result, improve medical care.