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  • Is Blockchain Technology Ready to Transform Healthcare Industry?

    Published: Jun 7, 2019  |   | 

    Blockchain is one of the biggest trends in the technology sector right now. The worldwide Blockchain technology market is projected to build up 20 billion dollars in overall revenue by the year 2024.

    But what is it? And why are all the professionals talking about it? A Blockchain is really nothing more than a non-centralized and secure database. It keeps on validating events that occur in the past.

    Except it can have a few commands over your run-of-the-mill data warehouse which comprises of below characteristics.

    • Multi-dominating: no single entity controls the flow of information
    • Copying-based: different parties maintain exact copies of the same ledger, so everyone has to agree on the information being added
    • Add-only’: you can’t change a previous entry, you can only add to it
    • New data can’t clash with what’s already on the Blockchain
    • Every individual on the network can see and edit the information feed there

    What is the Blockchain innovation?

    With the commencement of digitalization in almost all the technology marketplaces, Blockchain was one of the foremost contributors as found back in 2008. However, Blockchain was not utilized much and fully made its mark at the closing stages of 2016. It is now penetrating fast in multiple industries and sectors having a superior blend with advanced technologies such as AI.

    Blockchain works on straightforward methodologies, however, it is consistently transforming with modifications in the requirements of different industries and demand in marketplaces. The Blockchain is formed on the basis of distributed accounts which comprise of information or transactions. When the block is developed, it is added to the chain of last blocks and a massive structure is built where transactions are created and information is readily fed and can be way in at any instance of time.

    With time, more and more companies are adopting Blockchain technology in one or the other forms. As in the IT sector, Blockchain is utilized for digital storages and involved in software programs; so even the Blockchain developers are highly valued in the markets.

    The main function of Blockchain innovation that can be utilized in drug traceability is its security. Every transaction that is attached to a block will be fair as well as time. This will make it quite fine to track a product and ensure that the data of the block cannot be altered.

    It is predicted that Blockchain will even transform how analysis and forecasting is done as compared to traditional approaches. Likewise is the energy sector wherein companies are using Blockchain to improve energy distribution. For instance, some companies are enabling people to generate their own electricity and energy resources.

    Also Read: Is Blockchain Reshaping in the Banking Sector?

    What all has Blockchain changed in the healthcare industry?

    Even the medical and health-related fields are observing transformation because of Blockchain adoption. The advancements used in the healthcare industry through Blockchain are also decentralized. For instance, Blockchain has made keeping the assortment of medicine-related data and information highly secure than it was earlier.

    So, the world is now experiencing the benefits of this system in more domains that too at a quick pace.

    As Blockchain healthcare software distributors and other stakeholders have already entered the market, it is predicted by leading research firms that around 55% of healthcare applications would likely accept Blockchain for business-related deployment by the year 2025.

    How Blockchain innovation brings fractional ownership?

    Most Crypto Health solutions have made a resourceful ecosystem (like BitMed or MedRec) with a security token offering among distributors to encourage, and patients to engage, in a healthy schedule. The hope is that a well-informed client (patient) will reduce the risk associated with chronic diseases like obesity, hypertension, alcohol, diabetes, and substance abuse, and it also reduces healthcare costs.

    Blockchain development, the lifeline of the Bitcoin network has the potential to deal with the concerns regarding access, security, dealing, and privacy of electronic medical records. A centralized field that decentralizes healthcare data is not far. Conceptually, patient’s data can be feed on the Bitcoin Blockchain or similar innovation, creating a multisig address for each patient’s records. The patient can be provided with a private key and an accessible address for his data.

    Besides, each healthcare distributor using this information and keeping the system can be assigned a unique signature. Using the same multisig address utilized by wallets, a patient can select to grant access to any healthcare provider of his choice by his signature along with that of the clinic. This way, the patients will have a full allowance to their own data, and they can choose the healthcare provider they would like to deal it with. It will also save hospitals from the costs associated with setting up and maintaining patients’ records beneficially, and much reliability is there.

    Exploring the public health management, the problems are faced in the functions related to interoperability, shareability, and data security. If the patient information is not sharable and is stored on numerous systems that do not allow the seamless exchange of information, the public health data would experience troubles. Blockchain offers a set of trustworthy solutions to this problem. When applied finely, Blockchain will allow superior security of data sharing, interoperability, and data access.

    Key Takeaways

    The success of Blockchain for healthcare highly depends on its adoption to transform current technology infrastructure. So, despite the fact that there are high-level of concerns with respect to Blockchain implementation and integration with in-progress healthcare systems and its adoption, the technology is still prevalent in the healthcare industry.

    With swift penetration of Blockchain in different industries, many corporations around this space are exploring the implementation of this technology to be part of their businesses. This adoption even comprises medicine companies, hospitals, and healthcare institutions where the acceptance of Blockchain will steer their operations much rapidly and effectively.

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