Understanding Blockchain: Why Physicians Should Care

Abstract

Blockchain has emerged as a foundational technology primed to change how our world functions. There are multiple avenues for blockchain application from smart contracts, surgical billing, managing inventories, disease tracking real time, and health insurance claims. The value of blockchain is that anything and everything can have a unique identifier, be recorded, and tracked. Blockchain can unlock future growth and value with unmet efficiency and transparency by providing the foundation to be a system of record for all transactions. While full implementation remains years from realization, this article will define blockchain and discuss why orthopaedic surgeons and physicians should learn about blockchain along with future applications of this technology. The primary aim of this article is to highlight how this technology can be utilized to improve our understanding of surgical billing, supply chain in medical care, and introduce smart contracts.