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07030248044CHAPTER ONE
INTRODUCTION
The healthcare sector is described as a conventional one that is resistive to novel techniques and extremely inflexible to measure owing to the realities of change. Healthcare-related issues, such as privacy, treatment quality, and information security, have gained attention in recent years on a global scale.Blockchain technologies are being recognized more and more as a solution to solve current problems with information dissemination. It may enhance the provision of immediate healthcare services and support for excellent treatment, for instance. Blockchain technology in healthcare is predicted to generate over 42 million in value and reach a compound annual growth rate of 71.8% by 2023, according to a recent report by Market Research Future (MRFR).The innate blockchain qualities of decentralized ledge technology with better transparency, improved security and privacy, higher traceability, boosted efficiency, and decreased costs are what fuel this rapid expansion.
Several cutting-edge technologies are now evolving in several fields of the international economies. As a result, blockchain technology is one of the top leading new technologies that is extensively employed in financial institutions. It is essential for financial institutions to adopt blockchain technology to safeguard their transactions. Blockchain is defined in a way that depends on the context, and it is thought to be a significant industry disruptor.For instance, the blockchain is described as a growing collection of records, commonly referred to as blocks, that are linked together using cryptography in a way that promotes transparency and security and forbids modifications (Deloitte, 2018). Through the elimination of costs and privacy concerns, improving coverage and quality, and enabling user provision of healthcare, technology can help to improve health service delivery and quality of care support(Gordon &Catalini, 2018). One advantage of using blockchain, which is based on peer-to-peer networks, is that it updates in real-time, eliminating the need for intermediaries and the associated costs. Due to its resistance to changes, blockchain provides a transparent environment where both patients and healthcare professionals can access records seemingly and without additional fees(Zhang et al., 2018). It also improves system security by decreasing the likelihood of lost records and mistakes (Benchoufi, 2017). Blockchain technology serves as a third party in the financial system in this regard. Existing research (Clark, 2017; Ghosh, 2016; Adrian et al., 2014) indicates that the financial system has a number of financial intermediaries. Because the current financial intermediaries are expensive and time-consuming, the global financial system is still inefficient. Globally, the financial system facilitates billions of traditional financial transactions, but far fewer are conducted through electronic payments (Kallugudde et al., 2020).
Financial institutions throughout the world are implementing new technologies (such as blockchain as an intermediate) to increase the volume of electronic transactions while lowering transaction costs and shortening transaction times (Kakavand et al., 2017). Additionally, blockchain technology creates one of the most trustworthy and impartial financial systems. This type of digital record is exceptional. It is set up such that a computer can only read it. The blockchain ledger is shared by many individuals, making it impossible for one person to control it (Pilkington, 2016). The past record can be created and read in blockchain technology, but it cannot be changed, protecting customer financial transactions and financial institutions from fraud. The discussion of blockchain literature has been constrained and has only addressed the supply and demand sides of blockchain technology in an organization (Dujak et al., 2019).
Without a question, blockchain technology offers a number of benefits for a variety of industries thanks to its unique services including irreversible, transparent, and decentralized technology (Andoni et al., 2019). To assure dependability, security, and protection, the majority of organizations are focusing on integrating blockchain technology with their services (Treiblmaier et al., 2020). However, because blockchain is linked to cryptocurrencies, it has some issues like reputation issues, energy costs, and environmental costs. Technically speaking, blockchain technology is not yet developed, lacks scalability, interoperability, complex technology, and blockchain talent (DeVries, 2016).
The majority of corporate sectors, including those in banking, medical, education, and finance, are uninformed of blockchain technology, and there is a lack of user experience, education, concern of security and privacy, and regulatory oversight of blockchain technology (Janssen et al., 2020). Blockchain, according to (Joshi et al., 2016), has a negative reputation since it is overly associated with cryptocurrency. As cryptocurrencies have a bad reputation that is surrounded by many hackers and fraudsters, they are increasingly often employing developing technology for illegal activities. As a result, most corporate sectors are hesitant to utilize blockchain technology due to the negative perception of cryptocurrencies and blockchain technology.
According to Kakavand et al. (2017), the blockchain ledger in the financial system is shared by a number of parties who distribute information among themselves. Additionally, according to their analysis, blockchain technology lowers the processing times, costs, and entry barriers in the financial system by displacing the agents and documenting the transaction on their behalf. According to Alvseike and Iversen (2017), blockchain technology can operate the financial system effectively, which is why businesses are becoming increasingly interested in it.Because blockchain technologies present a great opportunity for every organization to improve its effectiveness and efficiency while enhancing financial inclusion, government agencies, private agencies, and other agencies are all utilizing them. Even the IMF and World Bank have their own blockchain research labs in recent years (Till & Meara, 2017).
At the same time, Azarenkova et al. (2018) investigate that there is a quick growth in the financial system's use of blockchain technology, but there are still certain problems associated with doing so. Comparing the scalability of blockchain technology to that of other technologies like the Visa network, Ethereum, and bitcoins is incredibly inefficient. Due to the numerous technological advancements and intricate algorithms that have been implemented, Ethereum can conduct 20 financial transactions in one second. While the Visa network could complete 24000 transactions in a single second, only seven transactions could be completed in a single second using bitcoin. Application platforms and efficient solution development, however, are still in their infancy. Blockchain promises fundamental changes in a number of sectors, including supply chain, government, and fintech (Casino et al., 2019). Increased security, improved regulation, and reduced costs and complexity of transactions between parties are just a few of its potential advantages. Healthcare is regarded as a traditional sector that is difficult to measure due to the realities of change and resistant to novel approaches. In recent years, concerns about healthcare (such as privacy, care quality, and information security) have received attention on a global scale. As a tool to address current problems with information distribution, blockchain technologies are becoming more widely accepted. It might enhance current healthcare procedures, such as enhancing the provision of health services and care support for quality.Blockchain technology in healthcare is predicted to create over 42 million in value and achieve a compound annual growth rate of 71.8% by 2023, according to a recent analysis by Market Research Future (MRFR).
Another issue with blockchain, according to Kosmarski (2020), is the contradicting tension it might cause. The regulatory authority is particularly concerned that blockchain technology would make it difficult to distinguish between financial firms that are anonymous or pseudonymous. In addition, the regulatory department is concerned with investor protection, market integrity, and disclosure of public policy objectives in order to secure and reduce illegal activities like tax evasion, money laundering, and terrorism financing. According to Hughes, et al. (2019), the use of blockchain is currently only being used for investment and applications; however, it can be improved by incorporating it into both public policy and the legal system.The blockchain has a similar difficulty in that various participants in the financial system might take benefit from it. Consortia are used in many projects because of this. The blockchain and its uses in healthcare are still in the early stages of comprehension, according to a number of polls. Despite the growing hype surrounding blockchain technology, a recent survey by Deloitte (2018) reveals that people's perceptions of the technology vary depending on the actual functions it serves. Despite their limited knowledge (for instance, only about 40% of US senior executives knew much about blockchain), 55% of US senior executives intend to invest more than $1 million USD in blockchain technology over the coming year.These findings imply that, despite senior management's optimism about the blockchain's potential, there is a rising need for knowledge to develop a grasp of the applications and features of such technology, particularly for IS industry practitioners and academics. This underlines the necessity of creating a landscape study that highlights the technology's potential advantages and shows how it can solve a number of long-standing issues, such as resource waste, unmet expectations, and the slow uptake of new technologies. Therefore, the current study's goal is to analyze the potential impact of a blockchain-based record system on Nigeria's radiology industry.
1.2 Statement of the Problem
In the current technology era, the majority of industries are currently implementing Blockchain technologies broadly in order to speed up, make operations transparent, safe, and secure. Security of transactions, which encompasses all forms of online transactions, is the main issue with blockchain technology. Due to improper channels, much confidential data have been taken through several illicit operations (Karame, 2016). According to Garg et al. (2020), because Blockchain technology is still in its infancy, businesses are not yet prepared to use it. Furthermore, the majority of businesses are still ignorant of the uses and advantages of blockchain technology.The most cutting-edge and groundbreaking technology that will drive additional growth in many businesses is blockchain technology. In order for blockchain technology to spread globally, the challenges that have been raised must be overcome and resolved as quickly as feasible. Currently, Blockchain is well-known in the healthcare industry and is essential to many hospitals and healthcare organizations in protecting their daily routine data inputs related to the number of patients admitted, the number of patients discharged, but still struggling with multiple issues. It is based on this backdrop that the research aims at investigating blockchain-based record system: potential effect on Nigeria'sradiology sector
The main objective of this study is to examine the blockchain-based record system: potential effect on Nigeria'sradiology sector. Other specific objectives of the study include;
Through the current study, the following research questions are addressed to explore the historical perspective of blockchain technology's role in radiology health in the case of Nigeria.
The rapid expansion and transition of the old health system to the cutting-edge digital system enhanced the relevance of comprehending blockchain technology, and the current study has been built to fulfill those requirements.
The results of the current study will aid in the development of public and private health policies that encourage the adoption of new technologies or minimize the negative effects of their use in the healthcare industry.
Blockchain: Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network.
Radiology:Radiology is the medical discipline that uses medical imaging to diagnose diseases and guide their treatment, within the bodies of humans and other animals.
Record System: Records systems provide controls which support the creation, capture and management of authentic, accurate, complete, unaltered and useable records
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