Blockchain in health; Will it bring any significant changes?
Blockchain is a modern technology that is getting increasingly popular. It is the same technology on which bitcoin is based on and seeing the massive success of bitcoin; several other industries are also planning to adopt blockchain technology.
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What is blockchain technology?
Before you learn about the uses of blockchain technology in the healthcare industry, you need to understand blockchain technology. Blockchain was created by Satoshi Nakamoto, who is also the founder of bitcoin, in the year 2008. If we talk in simple words, blockchain is a public ledger that stores records, data, and information in chronological order and shares it with a vast number of people on the same peer-to-peer network.
It records transactions in a ledger that is shared over the blockchain network and can be accessed by any user on the same network. All the transactions recorded in the blockchain are immutable which means once it is recorded, it cannot be modified or deleted. It offers better security as all the transactions are encrypted, and they are first verified by the users, which minimizes the risk of any fraud or scam.
Let’s understand the working of blockchain
If you want to understand blockchain, you will have to learn about all of its important aspects. So, some of the crucial aspects of bitcoin's technology are as follows;
P2P Network: Blockchain is a distributed network that is shared and controlled by all users. Each user present on the network has a copy of the blockchain and validates each transaction before it is added to the blockchain ledger.
Virtual transactions: Every transaction recorded in the blockchain is a digital transaction. All the transactions are compiled into groups called 'blocks.' Each block has a hash that helps the users place the transactions in a suitable and chronological order.
Why is blockchain beneficial for the healthcare industry?
Now, let's talk about the application of blockchain in healthcare. There are several changes that blockchain will bring into the healthcare world, but one of the biggest changes is that it will help limit central administrators' roles. Normally, all the data is stored either in computers or in physical files, and the person who manages the database is free to exploit that data or make any changes to it. It increases the risk of data breach and theft, but there is no such thing with blockchain.
Blockchain ensures that no one will be able to corrupt the data as no one would have access to it. Blockchain technology is based on cryptography which removes the role of any central administrator. Healthcare requires handling a lot of crucial and confidential details of patients, medicines, and other important medical records. Blockchain allows the storage of all the data safely and shares it with other health experts through a secure method. Blockchain will surely help in data management will offer a wide range of benefits over the long term.
Top ways in which blockchain is useful in healthcare
Single overall patient records
There are different types of records of a single patient, such as medicines, lab test results, disease registries, etc. Different records had to be kept for each patient, but all the information about a certain patient is available with a single click with blockchain.
Blockchain technology is based on the validation-based database. Each information is verified by the users on the network before it is added to the blockchain. It is highly convenient as there is no central entity that has control over the database. It increases safety and minimizes the risk of human errors, frauds, and scams.
Better supply chain management
Blockchain records will also make it easier for healthcare institutions and workers to keep an eye on the supply and demand and see the complete process of a transaction. It will help them to ensure that the contract is successful, and it will also alert them if there is any delay or issues so that they can fix them in the future.
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