The applications of blockchain technology in drug discovery and development
by Bijoylaxmi Ghosh
Blockchain is a distributed ledger or database on a peer-to-peer network of personal computers known as nodes, where records are stored in digital blocks. These blocks collectively form a ‘blockchain’ which is distributed on several storage devices. As the database is distributed without a central authority, no entity can make a transaction without the knowledge of the other participants. All participants need to agree before any changes in information can be introduced in the form of new blocks. Unlike traditional databases which can be edited after information is stored in the central authority, records incorporated in a blockchain cannot be altered, so there will be no data tampering. This makes blockchains immutable, permanent and secure (Figure 1).
Figure 1. Unlike traditional databases in which information is stored by a central authority, information is stored in a decentralized peer-to-peer network in blockchain. All participants in a blockchain…