The healthcare industry has long struggled to control soaring costs while maintaining accessibility and transparency. Applying blockchain technology may solve those issues.

Blockchain: The headline-dominating technology that disrupts every industry it touches. Once a fringe concept preached by radical technologists, blockchain has evolved into a digital landmark of society’s technological advancements. So, what is it exactly?

At its core, blockchain is a decentralized, immutable digital ledger of transactions. This highly sophisticated way of recording and exchanging information is the basic framework behind cryptocurrencies such as bitcoin, ethereum and ripple. Already, there is considerable public interest in blockchain as a disruptive and innovative platform.

More than $1 billion of venture capital was invested into the emerging blockchain ecosystem in 2014 and 2015, and the rate of investment is nearly doubling annually, per a recent study¹. Industries ranging from consulting to financial services have already begun to reap the benefits of blockchain technology. Now, industries like healthcare are looking to get in on the action.

To fully realize blockchain’s disruptive potential, however, it’s important to recognize what its technological capabilities are and how they can bolster work streams in the healthcare industry.