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Blockchain in Healthcare

Blockchain in Healthcare

A few years ago, we witnessed a wave of interest and investment targeted at Blockchain Applications for the financial administrations. As the years pass, that same momentum is carrying blockchain technology beyond the boundaries of financial services driving forward another industry – Healthcare.

It won’t be wrong to say healthcare space has some of the smartest and well-educated people in the world. Still, if you compare the industry to two decades ago, you’ll notice that hospitals, overall, still function pretty much the same way.

However, saying that no innovations have been made in the industry would be wrong. There are enough medicines, machines, equipment and what not? Despite having everything, the people look at the industry with a quite suspicious face. They simply don’t trust as many times they fall as a prey to their gains. Something was needed, and the blockchain arrived.

Let’s find out how blockchain can/is changing the healthcare standards!

Blockchain Era
Blockchain Era has already begun. Considering the fast progress in the development of efficient healthcare record systems, medical examination systems, and wearable devices implementing AI (Artificial Intelligence), cryptography will be a significant part of the way hospitals work.

However, there are a few improvements needed for seamless blockchain adoption across the entire medical industry. So, what are the advantages of Blockchain Technology in Healthcare?

Data Provenance and Integrity
Secure data sharing methods are crucial to ensure proper medical services. This is where it can turn out to be very useful since one of its primary advantages is data integrity.

Once information is recorded and encrypted on a blockchain, it is impossible to change or remove it. One of the approaches, blockchain uses allows for secure data recording and sharing is anchoring the data to the public blockchain. This approach incorporates generating proof of data integrity, using which, users can verify their data timestamp themselves without relying on third parties.

More Secured Standards
Yes, Blockchain offers a more secure way of protecting data. The nascent technology allows for the usage of new standards in managing PHI, insurance claims, and medical records. It even excludes intermediation in data sharing, while using blockchain.

Data Transparency
Needless to say, blockchain offers a decentralized register of ownership by recording transactions made through the system. It stores all the details, be it the formation of a data block or any digits related to a particular transaction.

Each device, as part of the system, stores a copy of this block as a proof of authenticity. The system, before making a transaction, confirms whether a blockchain version is matching with the other in the network or not. Therefore, each blockchain user can easily identify the owner of a particular data block at any point in time.

Moreover, the blockchain is not just a secure way to send money, but a highly protected data sharing method widening its potential use in the healthcare industry.

There you have it!

With the above discussion, it is clear that blockchain has a good scope to disrupt the healthcare industry. The above-mentioned advantages of blockchain in healthcare are just the tip of the iceberg. There is a lot blockchain can potentially impart to the healthcare industry.

Until we see a proper implementation of this technology, this is just hearsay. What can be stated for a fact is that various institutes and spaces have already begun experimenting and working with blockchain technology.

03 Apr 2019 BlockchainHealthcare
The views and opinions expressed in blogs are those of the authors and are not the official policy or position of ICObench. Any content provided by our bloggers or experts is of their opinion and they are fully responsible for it. ICObench is not legally responsible for the blog's content.

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